10 Best Online Loans With Monthly Payments in Nigeria

The introduction of online loans with monthly payments has become a popular financing option for individuals and businesses in Nigeria. These loans offer flexible repayment plans, allowing borrowers to pay back their loans in manageable installments over a period of time.

Online lending platforms like FairMoney and CarrotPay have made applying for loans easy, from the comfort of your home or office, thereby eliminating the need for physical visits to banks and other lending institutions.

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List of best Online Loans with Monthly Payments in Nigeria

The reliable and excellent online loans with monthly payments in Nigeria are listed below.

FairMoney
Carbon
Branch Loan
Specta
Baobab Loan
EZ Cash For SME
ALAT Salary-Based Loan
Renmoney
Quick Credit
CarrotPay

#1. FairMoney

One of the online loans with monthly payments in Nigeria is called Fairmoney. When a customer has a strong and trustworthy app profile, Fairmoney will lend them up to N2 million.

The most popular loan app in Nigeria, Fairmoney, is known for providing loans to applicants quickly. In contrast to bank loans, which need you to submit paperwork, offer collateral security, and provide a guarantor before your loan application can be accepted, Fairmoney merely needs your bank information and a few other pieces of information from you in order to authorize your loan.

Once your loan application has been granted on Fairmoney, you can choose the frequency of your payments, such as whether they will be made monthly or in full when you have repaid the entire amount you borrowed.

#2. Carbon

Another online loan with monthly payments in Nigeria is called Carbon. Applying for a carbon loan is done online through the Carbon mobile app. It is fairly simple to have a loan approved on Carbon, and most payments are made to the bank account you indicated on the application form.

Once you’ve received the loan amount you requested, payments will be due every month until you can repay the entire amount that was lent to you.

#3. Branch Loan App

One of the online loans with monthly payments in Nigeria is the branch loan app. You must have a Branch account in order to apply for a loan using the Branch mobile application.

You can get a loan without filling out any paperwork or meeting any physical agents. All loan applications are submitted online, and as soon as they are received, they are processed online, leading to the deposit of funds into your account.

Branch apps rarely reject loan applications; when they do, it may be because your documents were falsified. For this reason, if you want a hassle-free application process, always provide accurate information about yourself when applying for a loan.

Payments are made monthly in accordance with the amount that was supplied to you until you have completed your repayment. You will be able to access a large number of loans if you utilize the Branch app frequently.

#4. Specta

This is an online loan in Nigeria with monthly payments. In Nigeria, Specta has proven to be one of the simplest and safest loan mobile applications, making it simple for Nigerians who need money urgently and plan to pay it back each month to obtain loans.

Without a loan guarantor or any collateral security, one can apply for a loan of up to $5,000,000 on Specta. You may have a 12-month payback period, which means you could pay back a portion of the loan each month until it is all paid back.

The Specta website or Specta mobile application is used for all online loan applications.

#5. Baobab Loan

Another excellent lending marketplace in Nigeria is called Baobab Loan. When you repay Baobab, they grant you a loan without charging you interest.

Baobab offers loans starting at $20,000 and going up to $500,000 in total. On the web pages for Baobab, this was offered.

You have a greater possibility of unlocking a larger loan amount the more frequently you utilize and repay the Baobab loan.

It takes 72 hours for your loan application to be approved if it is submitted online. When making a payment, you are free to select the payment length and method that best fits you.

Depending on the amount you were given, the loan could run for months or even years. Those whose loan balances are considerable have a long repayment period, while those whose balances are little have a brief one.

#6. EZ Cash For SME

This loan is provided by Stanbic IBTC Bank in Nigeria. Small business owners and entrepreneurs that wish to grow their businesses but lack the funding to do so can apply for this loan.

Utilizing the mobile applications offered by Stanbic Bank, you can apply for a loan. If you meet all the requirements, such as a business registration certificate or another kind of identification that verifies your legitimacy, you may be eligible for a loan of $5 million.

Utilizing the Bank mobile application, payments can be graded monthly. Depending on how much was lent to you, the repayment period could last for 2 to 24 months.

You must have an account with one of the Stanbic IBTC banks in order to apply for this loan.

#7. ALAT Salary-Based Loan

Through the ALAT mobile application, WEMA bank customers can pay for loans. You are given this loan based on your pay scale. Loan amounts range from N50,000 to N5,000,000.

Payments are paid monthly with a 2% loan interest rate. You must have a WEMA account in order to submit an application for this loan.

#8. Renmoney

The ideal loan provider for all of your needs is Renmoney. Additionally, compared to other loan sites, it boasts one of the better payback schedules. You can get a loan from Renmoney for up to $2,000,000 with a 12-month repayment period. The fact that they also have a cheap interest rate makes them one of the greatest sites currently available. Your bank statement and ID card are all you need to borrow money from us.

#9. Quick Credit

This is a loan that you may apply for online from GTBank with a 12-month repayment schedule. However, you will be provided with a summary of your monthly repayments so you may estimate your monthly obligations.

The repayment interest rate for Quick Credit is 1.5% per month on the principal sum. Depending on your monthly wage or income, Quick Credit may be able to lend you up to N5m without requiring any collateral or paperwork.

#10. CarrotPay

This loan application might also be ideal for your requirements. You don’t have to stress about going through a time-consuming process in order to acquire credit if you use the CarrotPay loan app. With a repayment schedule that lasts between one and six months, the lending site offers you credit in the amount of N50,000. Along with quick payments when the loan is repaid, they also have cheap interest rates.

With CarrotPay, obtaining a loan is practically as simple as contemplating it. You can quickly obtain a loan as soon as you pass the automated checks and have a good credit score.

Online Microfinance Loan in Nigeria

IPPIS Loan
Oracle Loan
Private Sector Loan
Business Loan

#1. IPPIS Loan

Most likely, the IPPIS system is used to pay federal government employees in Nigeria their salaries. Integrated Payroll and Personnel Information System is the full name of this system.

The Federal Government of Nigeria (FGN) launched the project to increase the efficacy and efficiency of payroll administration for its Ministries, Departments, and Agencies (MDAs).

You can proceed to submit an application for an online microloan in Nigeria if you have a validated IPPIS number and have started to receive your income through IPPIS.

#2. Oracle Loan

The Lagos State Government also has a system for paying its employees called ORACLE that is similar to the IPPIS system.

All employees of the Lagos State Government are given an Oracle number. All of the government’s staff salaries are paid using it.

Applying for a microloan online in Nigeria is quick and easy with the Oracle number.

#3. Private Sector Loan

As a member of the private sector, you require more collateral to be approved for a loan. Private sector jobs are less secure than those in the government.

If you have been with the organization for a while and have a significant position, though, things may be quite different.

In some circumstances, before your loan may be authorized, you might need to communicate with your employer to go over loan payments.

But if you offer a good guarantor, you can apply for and be granted a microloan in Nigeria online.

#4. Business Loan

Even without a salary, a business owner in Nigeria can still apply for and be granted a microloan online.

But there are distinct criteria. Verification is required of the business’s location and cash flow.

In rare circumstances, a direct debit mandate on their business account, collateral, and a guarantor may be required.

You may apply if all of these conditions are satisfied.

Loans Without BVN In Nigeria

OKash
Renmoney
Branch
PalmCredit
CarrotPay
Quickteller Loan
Eyowo

a. OKash

You can receive a loan on Okash in the range of $3000 and $500,000. A repayment term of 15 to 91 days is also included.

Interest rate: Determined daily with a minimum of 0.1% and a maximum of 1%.
APR (Annual Percentage Rate): 36.5% to 360%
Origination Fee: A one-time fee that can be anywhere from NGN 1,229 and NGN 6,000.

Blue Ridge Microfinance Bank Limited, which has been authorized and regulated by the CBN, is the owner and manager of OKash.

b. Renmoney

In Nigeria, Renmoney is a leading provider of fast loans without BVN.

Without a BVN, collateral, or other tangible documentation, you can easily obtain a loan from Renmoney of up to 6 million today. The money can be used to cover expenses like expanding your business, paying rent, purchasing a car, covering school costs, etc.

c. Branch

On the list of the top instant loans in Nigeria without BVN, Branch is ranked third. Your phone number, Facebook account, and Nigerian bank account number are all you need to apply for a branch loan.

Loan amounts range from $2,000 to $500,000 at Branch. 4 to 52 weeks are the possible loan terms. Depending on your loan option, interest ranges from 17% to 40% with an equivalent monthly interest of 1.5% to 20% and an APR of 18% to 260%.

There are no rollover or late fees, and no security is required. Your history of repayment and the Branch’s cost of lending are two factors that affect interest rates.

d. PalmCredit

The fourth option on the list of the best instant loans without BVN in Nigeria is palm credit, one of the few well-liked credit solutions that are at your disposal. Without requiring BVN, you can utilize PalmCredit to get a loan in Nigeria within a short period of time.

In only a few minutes, you can apply for loans ranging from #5,000 to #500,000. Additionally, it offers a window duration of 7 to 180 days and an interest rate as low as 24 to 4%. The interest rates they give are among the lowest of any loan companies.

e. CarrotPay

With the CarrotPay loan application, you won’t have to worry about going through a lengthy process to acquire credit. You can get credit from the lending site up to N50,000 with a repayment period of 1 to 6 months. In addition, they provide low-interest rates and prompt payments for loan payback.

Loan amounts range from N5,000 to N50,000, and repayment terms range from 60 to 180 days using CarrotPay. The typical payback schedule is monthly. The credit rating algorithm establishes the minimum interest rates, which typically range from 3% per month to a maximum of 10% per month. With this, the Annual Percentage Rate (APR) ranges from 36% to 120%.

f. Quickteller Loan

If you want to apply for a quick loan online without entering your BVN information, this website is one you might want to take into account. You can obtain immediate cash with Quickteller, which can be quite helpful in dealing with any situation you could encounter. With an interest rate as low as 15%, Quickteller offers loans up to $10,000.

Quickteller makes it rather simple for Nigerians to get a fast loan without a BVN. Just enter your name, email address, password, and phone number to register on their website.

g. Eyowo

The platform is a provider of payment solutions authorized by the Central Bank of Nigeria. If you want to receive a quick loan without necessarily associating your BVN, you can get loans on Eyowo. You can obtain loans from Eyowo with little or no interest.

Obtaining a loan is a rather simple process. All you have to do is register with them. There is no documentation or personal information needed for registration; all you need is an active phone number.

You may also consider How To Get Personal Loans With Good Credit Score

Personal Loans In Nigeria

You can get the money you urgently need but don’t currently have access to it with the help of personal loans in Nigeria. By evaluating loan possibilities in advance of looking for a loan, you can save money and guard against needless hard inquiries that could harm your credit score.

Millions of customers can acquire cash quite easily through personal loans. Because you’ll be able to compare lenders and interest rates, it makes sense to do some online research on personal loans in Nigeria.

If you’re looking for a personal loan in Nigeria, you should also make sure you qualify because the advertised interest rates might not be applicable to you.

Before you commit to a loan, you should consider costs in addition to interest rates. This gives you the ability to determine how much money you need to borrow as well as the type of loan you need, such as a short-term agreement.

The best choices in each category are shown below. One of these personal loans may be the ideal choice for you, depending on your circumstances and the reason you need to borrow money.