Top 7 Best Online Microfinance Loan In Nigeria

There are various options for obtaining online microfinance loan in Nigeria. You may now acquire a rapid online loan within 24 hours, or sometimes in less than five minutes, on numerous loan applications thanks to the growing number of digital service financial platforms offering quick loans to potential customers.

With the help of modern digital technologies, which make borrowing easier and more comfortable, traditional financial services companies are now being disrupted.

Top 7 Best Online Microfinance Loan In Nigeria
Top 7 Best Online Microfinance Loan In Nigeria

Let’s look at a list of loan companies in Nigeria in no particular order. The following list was produced based on popularity and acceptance among the general public: It’s significant to note that there are no additional fees, and this page lets you compare loan offers from several online lenders.

Online Microfinance Loan In Nigeria

Here is a collection of Nigerian loan applications that give you rapid access to all different kinds of loans. Click on any of them to go to that section:

  1. Renmoney
  2. Carbon
  3. Branch
  4. Fairmoney
  5. QuickCheck
  6. Jumia One
  7. C24

1. Renmoney

Top 7 Best Online Microfinance Loan In Nigeria
Top 7 Best Online Microfinance Loan In Nigeria

Renmoney is one of the loan companies that provides online microfinance loan in Nigeria of up to N4 million. To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments. The minimum loan amount is N100,000 while the interest rate is 2.8% per month.

For capital-intensive businesses like in the case of a real estate company in Nigeria, the platform also makes their process of getting access to funds quick and easy.

Features

  • Instant Access to all Renmoney Services. These include quick loans, savings, and investment.
  • The app allows you to transfer from your Renmoney account to other bank accounts
  • Dowloand size is 7MB

Advantages

  • The Renmoney loan app has a highly responsive page with great user experience.
  • Convenient and secure
  • They design the app using the best security and privacy standards.
  • Loan application process on the app is seamless and hassle-free.

To apply, Click here

2. Carbon

Top 7 Best Online Microfinance Loan In Nigeria
Top 7 Best Online Microfinance Loan In Nigeria

Carbon Loan, formerly and widely known as PayLater, is a lending platform that enables you to obtain a loan in Nigeria within a short period of time. The three-year-old lending application takes pride in being “a straightforward digital finances management platform” that offers immediate online loans to support you in meeting short-term cash requirements. Its our second pick for online microfinance loan in Nigeria.

To calculate the value of your loan, the site uses your Bank Verification Number (BVN). It offers loans up to N20 million with variable interest rates.

Both mobile apps and the web offer Carbon (Android and iOS). Depending on the loan payback duration and the amount you want to borrow, their rates might range from 5 to 15%.

Apart from being one of the top loan companies in Nigeria, Carbon provides a platform that allow its customers to recharge airtime, transfer funds, and pay bills.

Features

  • Free fund transfer to any Bank in Nigeria.
  • Instant Access to Carbon Services. This includes loan options ranging from N1500 – N1 Million, investment, bill payments and savings.
  • 11% interest on savings
  • Available for download on Google playstore and the iOS app store. Download Size is 21MB

Advantages

  • Carbon financial services are available on the app 24/7
  • Easy and secure loan app
  • The bank transfer is fast, and the charges are pocket friendly

To apply, Click here

3. Branch

Top 7 Best Online Microfinance Loan In Nigeria
Top 7 Best Online Microfinance Loan In Nigeria

Another website that provides speedy online loans in Nigeria is Branch Loan. Within 24 hours, you can apply for loans ranging from $1,000 to $200,000 with repayment terms of 4 to 40 weeks.

Because of how it functions, it is likely one of the most dependable lending apps in Nigeria. Its interest rate fluctuates between 15% and 34%. It’s our 3rd pick for online microfinance loan in Nigeria.

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You don’t need any assets that can generate revenue or serve as collateral in order to be a borrower. The lender’s history of repayment and the cost of lending to Branch are two variables that affect interest rates.

Branch has made it easy for Nigerians to access loans from anywhere in the country without physical engagement or collateral.

Features

  • Quick access to Branch loan options
  • The app has an excellent saving feature that allows you to save and earn up to a 20% return
  • Free Transfer to any Bank in Nigeria.
  • Pay bills all at zero Naira
  • The app is available for download on Google playstore and the Ios Store. The download size is 7MB.

Advantages

  • The app is easy and straightforward to use
  • Branch Mobile app uses word-class security and data encryption to keep user data secure.
  • The user interface design is beautiful and easy to interact with.

To apply, Click here

4. FairMoney

Top 7 Best Online Microfinance Loan In Nigeria
Top 7 Best Online Microfinance Loan In Nigeria

FairMoney provides rapid loans to cover demands like bill payments. To get a loan (from 2,500 to 150,000), you need your debit card and bank verification number. Depending on how much you borrow, FairMoney’s loan interest rates might range from 5% to 28%. Additionally, the loan length extends from four to twenty-six weeks.

On FairMoney, you would pay back your loan at a lower interest rate if you paid it off before the due date. Its our fourth pick for online microfinance loan in Nigeria

Features

  • Easy and quick access to Fairmoney Loan options
  • Send money to any Bank account in Nigeria
  • Account number. With this app, you can get an account number that you can use to receive money from any account in Nigeria.
  • Bill Payment

Advantages

  • Loan processing on the app is seamless and hassle free
  • The app is easy to use with first-time users in mind
  • Nice user interface

To apply, Click here

5. QuickCheck

Top 7 Best Online Microfinance Loan In Nigeria
Top 7 Best Online Microfinance Loan In Nigeria

QuickCheck offers a quick online immediate loan of up to NGN 500,000. However, during your first 30 days as a user, you can only access up to N10,000. Its our fifth pick for online microfinance loan in Nigeria.

Early repayment of loans, according to their repayment terms, ensures reduced interest rates and bigger amounts. In addition, interest is only charged on loans for the days they are actually used.

For security and verification reasons, QuickCheck, like other loan platforms, needs your BVN; for the disbursement of your authorized loan, QuickCheck also needs your bank account number.

Features

  • Version: 4.3
  • Last Update: 23rd June 2021
  • Downloads: 1,000,000+
  • Download Size: 16.25MB
  • Offered By: get loans
  • Released On: 5th July 2016

Advantages 

  • No collaterals or guarantors required
  • Quick disbursement time of a few minutes after loan approval
  • Easy to use platform

To apply, Click here

6. Jumia One

Top 7 Best Online Microfinance Loan In Nigeria
Top 7 Best Online Microfinance Loan In Nigeria

Jumia developed this platform for quick cash loans so that customers may get loans right away. The JumiaPay Android app on the Google Play Store provides access to the Jumia loan.

Simply download the app, navigate to the “financial services” area, and enter your information. If your request is granted, you won’t need to provide any security for the loan. Consider a Jumia loan the next time you’re trying to figure out how to secure a loan. Its our sixth pick for online microfinance loan in Nigeria

Features

  • Version: 4.5.0
  • Updated on: 10th May 2021
  • Downloads: 1,000,000+
  • Download Size: 11.81 MB
  • Released On: 8th September 2017

Advantages 

  • Does not require a guarantor or collateral
  • Easy application process
  • Quick disbursement time
  • Low-interest rate of 3.5%

To apply, Click here

7. C24 Capital

Top 7 Best Online Microfinance Loan In Nigeria
Top 7 Best Online Microfinance Loan In Nigeria

Another website where you can obtain an urgent loan in Nigeria is C24 Capital. Their application form may be finished in under five minutes, and you will receive application feedback very instantly.

They have a flexible repayment schedule, so paying them back won’t break the bank.

The loan platform states that it has provided credit facilities totaling more than NGN 5 billion to more than 150,000 consumers. Its our last pick for online microfinance loan in Nigeria

Features

  • Supports personal, business loans and quick cash
  • Loan calculator
  • Easy to use and user intuitive platform

Advantages 

  • Fairly high maximum loan amount of up to N1,000,000

To apply, Click here

Frequently Asked Questions (FAQs) About Online Microfinance Loan In Nigeria

How Can I Get A Loan From Microfinance?

  • Loan application form.
  • Excellent Business Proposal (for SMEs)
  • Letter of Application (for individuals)
  • Valid means of identification (National I.D card, International Passport, Driver’s License)
  • Copy of recent utility bill.
  • 4 recent passport photographs

How Much Can I Borrow From Renmoney For The First Time?

How Much Can You Borrow From Renmoney? You can borrow within the range of N50,000 – N6, 000,000 to be repaid within a year.

Which Loan Gives More Money In Nigeria?

Carbon is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs. With carbon, you can access up to 500,000 Naira loan with no collateral.

Is Renmoney Only For Salary Earners?

Renmoney offers customers unsecured cash loans of up to NGN2. 5 million for up to 9 months to salary earners or self-employed as long as they can provide a verifiable source of income.

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In need of an instant loan apps in Nigeria? You can apply through any of the top loan apps in Nigeria and get funded within few hours.

If you are in United States of America (USA), you can also apply for an emergency cash advance loan even if you have a poor or bad credit rating. If you need the top and best Apps For No Credit Check Loans Guaranteed Approval Direct Lender, CLICK HERE.

These Top 10 Best Instant Loans No Credit Checks Guaranteed Online Approval are also highly recommended.

If you are in Canada, these 10 cash advance loan apps could meet your emergency and quick cash loan request.

For instant, payday, emergency or advance cash loan if you are in Australia, CLICK HERE.

If you are in the UK, Click Payday Loans for our 22 best payday loan direct lenders.

 

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About the Author: Agunbiade Gbenga

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