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Cash-strapped Nigerians are cushioning the effects of a tough year by turning to digital lending platforms for quick loans. These quick loans are disbursed immediately without human intervention to meet urgent financial needs. They are fast, convenient, and secure and easily accessible through mobile apps, USSD and websites.
For putting a smile on the face of everyday Nigerians, digital lenders are highly regarded and sought after. We have compiled a list of industry favourites below to guide your those in need of quick cash:
FirstAdvance
First Advance is a mobile loan app, designed for salary earners. The app is promoted by First Bank of Nigeria PLC. Beneficiaries must have received a regular salary for a minimum of six months to be eligible.
Key Features:
Specta by Sterling
Specta is Nigeria’s favourite digital lending platform with multi-channel platforms for accessing instant loans through a mobile app and website. Its emergence boosted access to credit for individuals and small businesses across the country.
Specta is meeting the urgent needs of those seeking instant loans to settle rent, school fees and medical bills payments, travel, wedding, and business expenses. It is powered by Sterling Bank Plc.
Key Features:
Carbon
Carbon loan app, formerly known as Paylater, provides credit to financially underserved and excluded individuals. It is owned by One Finance and Investment Limited. The digital platform is developed for instant loans, payments of bills, fund transfer, investments, and airtime purchases.
Key Features:
Palmcredit
PalmCredit is a virtual credit card that makes it easy to access a loan via an app. It offers loans of up to ₦100,000 within minutes through a mobile phone. The quick loan solution is powered by New Edge Finance, and it allows manual repayment of loans.
Key Features:
FairMoney
It is an automated online moneylender that provides a single-payment loan. The loan app also provides instalment loans and payroll loans for borrowers. FairMoney is developed for those seeking an unsecured personal loan, students and individuals who could not meet lending requirements in the traditional banks due to the borrower’s thin credit.
Key Features:
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