7 Best Loans to Take in Nigeria Right Now

With financial needs on the rise as a result of Nigeria’s economic fluctuation, getting quick loans is an easy way to ease unexpected financial distress. However, with the country’s expanding digital landscape there has been an increase in loan app platforms as well as more flexible loan payments from the existing financial institutions.

These loans can be for individuals, properties, and businesses, amongst others with minimal paperwork, zero hassle, and only a BVN requirement. Not all loans have a low interest rate or easy accessibility, hence, the need to be informed about some best loans you can take. 

This article highlights some loans that are easy to use in terms of their interest rates, disbursement time, customer service, and repayment duration. This will serve as a guide for when you are searching for loans. 

First bank 

First Bank offers a range of loans tailored to boost your financial journey. With FirstCredit, you can quickly fund transactions without visiting a bank with a 10% interest. And if you’re dreaming of owning a home, First Bank’s Personal Home Loans offer a great deal at just 8% interest. You have up to 20 years to pay back, and you only need 20% of the home’s value. Plus, First Bank’s fast process and 5% insurance coverage ensure peace of mind. 

GTB bank 

GTBank has a Quick Credit offer, a game-changing payday loan solution available for both salary and non-salary account holders. With Quick Credit, salary earners can instantly access up to N5 million, repayable within a flexible 12-month period at a nominal 2.0% monthly interest rate. No hidden fees, just straightforward financial empowerment. Non-salary account holders can secure a minimum of N10,000 up to N500,000, while salary holders can enjoy loans up to 5 million. 

Access Bank

Access Bank has a PayDay Loan offer, a digital marvel designed for hassle-free access to funds. Tailored for salary earners who fulfill the Bank’s risk acceptance criteria, this instant loan product offers a competitive 10% interest rate for Access Bank customers and 11% for non-Access Bank customers. Transparent charges include a 1% management fee and a 0.3% credit life insurance premium, collected upfront. With Access Bank’s PayDay Loan, meet your financial needs promptly and effortlessly, backed by a trusted financial partner.

Okash

You can experience 24/7 convenience with Okash, the online loan platform powered by Blue Ridge Microfinance Bank Limited. Offering loans from N3,000 to N500,000, Okash ensures easy access to funds with minimal documentation. Interest rates, ranging from 0.1% to 1%, are calculated on a daily basis, resulting in an Annual Percentage Rate (APR) of 36.5% to 360%. Boasting over 5 million app downloads, Okash stands as a reliable digital solution, transferring approved loans swiftly to your bank account. Your financial ease is just a few clicks away with Okash.

Carbon 

Carbon is a dynamic digital financial hub, that delivers loans, payments, credit scores, and investments. Its loan application is swift, under 5 minutes. Interest rates, ranging from 2% to 30%, align with repayment periods and borrowed amounts. With over 1 million app downloads, Carbon stands as a reliable financial ally, ready to propel you toward your goals.

FairMoney

FairMoney, presents rapid loans within 5 minutes, with no collateral or paperwork needed. Tailored to your smartphone data and repayment history, loans span from N1,500 to N1 million. Repayment windows, extending from 61 days to 18 months, boast monthly interest rates of 2.5% to 30%. For instance, you can borrow N100,000 for 3 months, and pay N43,333 monthly, culminating in N130,000 after 3 months. FairMoney redefines financial ease, amplifying your potential to thrive.

Umba

Seamlessly accessible via smartphone or desktop, Umba empowers users to apply, withdraw, and repay loans effortlessly. Boasting loan tenures spanning 62 days, the credit range of N2,000 to N30,000 caters to diverse needs. Remarkably, Umba’s annual interest rate tops at 10%, underlining its commitment to your financial well-being. Elevate your banking experience with Umba and embrace the future of financial ease.