Who is offering Online Loans in Nigeria?
Online loans have become a popular way to get easy access to capital in Nigeria. Most banks and microfinance institutions already offer online information material as well as printable online application forms. In parallel many innovative loan companies are entering the market that provide Nigerians with online loans.
Companies like RenMoney or OneFinance provide customers with online application forms that can be used to submit an online loan application through the internet. After the application the process is continued offline with their sales teams taking over and requesting documents.
Other innovative companies like Paylater or QuickCheck have designed fully automated processes that enable customers to perform the online loan application completely online. Customers can directly see whether they qualify for an online loan or not.
What are the terms and conditions of Online Loans?
Each Online Loan provider has unique terms and conditions that will apply. Instant online loans often come with an interest rate of 1% per day, while the loan maturity is often limited to 15 or 30 days, but you have the option to pay the outstanding loan amount back earlier, which allows you to save interest payments when you have the money available. Those type of loans are often called online payday loans, because they often give people additional money next to their salary for a short period of time.
Online Loans with a longer maturity have lower interest rates, but the application process is more time-consuming and strict. Here the loan amount range can differ between ₦30,000 and ₦3,000,000.
It is important to compare the loans terms of the different loan products on the market, e.g. interest rates, loan tenor, loan availability, loan requirements, and so on.
Compare Online Loans with TopCheck
TopCheck is Nigeria's only Loan Comparison site, which allows you to compare online loans for free. You can compare interest rates, loan amounts, hidden fees, loan maturities and apply for Loans directly online. TopCheck then forwards your application to the respective online loan provider. Click here, to understand in more detail how TopCheck works.
Example Loan: ₦500,000 Loan amount, 1-12 months duration, 2.83% monthly interest rate, 37.61% max APR, ₦688,050 total value, ₦57,338 max monthly repayment, RenMoney MfB