How do I get a Personal Loan in Nigeria?
The continuous fall in global oil prices has dealt a big blow to the Nigerian economy. Virtually all products and services have become more expensive, and meeting everyday needs is becoming more and more difficult. Yet, salaries haven't gone up despite this increased cost of everyday needs.
If you're like most other Nigerians, you're hardly left with anything after settling routine monthly expenses such as utility bills, cable TV and data subscriptions, fuelling or transport, feeding, and so on. So, should a medical emergency or similar urgent situation crop up, you'll most likely have to run around for some extra cash.
Taking a personal loan is by far the easiest way to get money quickly during a financial emergency. Provided you're able to meet all of the lender's requirements, you can have your personal loan issued within few days, some providers even issue instant loan provisions. And the sweet truth about personal loans is that you can use them for anything you want - unlike car loans or mortgages, which can only be used for specific purposes.
Contrary to what most people think, getting a personal loan here in Nigeria is very easy. In fact, it's now made even much easier with the advent of reputable online loan issuing services. Here are the steps involved in getting a personal loan in Nigeria within few days:
1 Compare loan deals among reputable issuers
The smartest move you can make before taking a personal loan is to compare interest rates and other loan conditions, such as maximum loan values, possible loan duration, and loan requirements, among multiple lenders. This will allow you to make the best possible choice based on adequate information.
Looking around for details of different loan issuers in Nigeria is a cumbersome task in itself. But there's a much easier way to go about it: use a reputable online price comparison service such as TopCheck.com.ng.
Simply visit TopCheck.com.ng and click "Personal Loans" under the "Choose a product and compare quotes" section. You'll be taken to the personal loan page, where you'll be required to enter information that is necessary to show the personal loans applicable to your profile.
After comparing costs and benefits of the different loan providers, you can easily submit your personal information to the loan provider in order to get a free call-back from them. You will receive a confirmation email with more details about the process. Shortly after that you will be called by a representative of Topcheck.com.ng who will ask you some additional questions regarding your employment status and/or financial stability, which is required by some loan companies. In the next step the loan company contacts you directly and gives you a tailored interest rate based on your personal situation. The interest rate is usually dependent on many different criteria, for instance your age, gender, job, working contract, or the loan purpose. Learn more about the costs of a personal loan here.
2 Free Call-back by your preferred Loan Provider
After choosing a loan provider from the multiple options offered by Topcheck.com.ng, your next step is to get in touch with that provider by receiving a free call-back by a customer support representative of the loan provider.
The customer support representative will inform you in more detail how the loan process looks like and what the exact requirements are. You will also receive a tailored quote based on your own personal risk profile. Please note that the free call-back is 100% free and you can always opt-out of the process of the application process.
3 Hand in the necessary documents
The loan issuers will also ask you to provide certain documents, so in order to fasten the loan application process, we suggest that you prepare to have the following documents in place:
- One recent passport photograph (taken within the last 6 months)
- Duly stamped bank statement showing your salary for the last 6 months
- NUBAN cheque leaves for the duration of the loan
- The identity card issued by your current employer
- Your pension or tax identification number
- A copy of any of your utility bills (PHCN, Water bill, etc)
- Valid proof of identification (Driver's License, National ID card, International passport, or Voters' ID)
- Letter of employment, confirmation, promotion, redeployment, salary increase or introduction letter from your employer's HR to the loan provider
These requirements may vary slightly from provider to provider.
4 Receive your money
After fulfilling the provider's requirements and completing the required paperwork, you'll have the loan amount sent to you usually within a few days, depending on the provider and how long it takes to complete all the necessary paperwork involved.
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