How to Get A Quick Loan without Collateral

 

In Nigeria, there are different categories of businesses and organizations that lend money.

Types of Lenders In Nigeria 

• Esusu
• Cooperative
• Mocrofinance
• Banks
• Salary Advance
• Quick loans

How to Get A Quick Loan Without Collateral 

Sometimes, we find ourselves in situations where we need funds temporarily to cover issues that we have to deal with. To cover these situations, we typically resort to using money that has been saved for a rainy day but in cases where savings are not available, we may have to consider borrowing money for a short term. We can borrow money from friends and family or borrow from professional businesses or organizations that specialize in lending money.

Benefits of A Short Term  Loan

Short term loans are a type of payday loans designed for you to payback over a short amount of time and that you receive quickly in other to deal with your financial emergency. If you're in need of fast cash, short term loan is your ticket. Have you been short of cash for your business or do you have days when you have a financial emergency and you have no money, these loaning platforms can help you get quick cash in hours and even minutes if you meet up with their requirements.

Requirements to Obtain a Quick Loan.

• No paperwork, collateral or office visits needed
• Use your money the way you want to -- for home or business
• No late charges or rollover fees
• Get access to bigger loans, lower fees, and flexible payment terms as you repay
• Loans are approved and in your account fast

Supporting Documents to Get a Quick Loan Without Collateral 

They sometimes require documents such as

1. Means of Identification e.g voters card, ID card, drivers license, staff ID card.
2. Bank Account number 
3. Bank Verification Number 
4. Phone Number
5. The amount of loan you want to request for can also determineR the documents they need.

Mode of Application to Access a Quick Loan. 

• Download the Application
• Create your account 
• Apply in seconds
• Receive your loan straight into your mobile money or bank account
• Build your loan limit everytime you repay a loan

Types of Short Term Loans

There are different types of lending companies such as salary/payday loans, general loans, social loans etc. Below are different types of short term loans, their minimum and maximum lending prices, their time limit and the system they use in granting credit.

Branch Nigeria: Banch makes it easy for you to access loans for the way you live anytime, anywhere. Sign up in seconds, apply for a loan and receive your money straight to your account. It’s a fast, convenient and reliable way to access credit when you need it.
Available in Kenya, Tanzania, Nigeria and Mexico. You can get up to Ksh 70,000, Tsh 1M, ₦150,000, or 20,000 pesos. Get the right loan for you!
Get your loan right to your mobile money account, like MPesa (Kenya, Tanzania), Tigo Pesa or Airtel Money (Tanzania) -- or right to your bank account (Nigeria, Mexico)
Download the Branch App

Paylater: paylater is an online lending platform that provides short term loans to individuals and small businesses in Nigeria to help cover urgent cash needs. With paylater, you can access up to N500,000 loan with no collateral. It is possible to get a loan in 20 minutes once your application is approved. Paylater is a convenient online mobile app that allows users to get short term loans. You need to check for their terms and conditions first before applying for a loan.
Download the Paylater App

QuickCheck: Quick check is a lending and credit system which is designed for small businesses and individuals to have access to quick loans. You can get loans of up to N30,000 for a period of 15-30 days without providing any collateral in exchange. The QuickCheck system is accomplished by machine learning in which a computer is used to make suitable predictions with the data being fed to it. QuickCheck uses this information to foresee an individuals behavior and estimate application for loaning.
Download the Quickcheck App

Zedvance: Zedvance is a money lender operating in Lagos state. They offer cash loans to individuals and business owners. The company specifically offers loans to salary earners but if you're a salary earner with a side business, you can apply for a loan to finance your business. You can borrow up to 3million naira in less than 24 hours.
Download the Zedvance App

RenMoney: RenMoney is a consumer finance organization under a unit of Microfinance banking, they help provide simple money solutions. They offer cash loans (with no collateral) of up to 4 Million naira for a tenor of up to 3-9 months for new customers and returning customers enjoy up to 12 months. Customers can either be salary earners or self employed as long as they can provide verifiable source of income.
Download the Renmoney App

KiaKia: KiaKia is an online lending digital platform that offers loans to individuals and business owners for as low as N10,000 to N200,000 with no collateral and 7-30 days tenor. "KiaKia" implies quick in Yoruba and this means they enable people receive loans as quick as possible. The platform makes it easier for business owners to receive loans easily. KiaKia uses personality assessment, big data, machine learning (using data fed to computer to foresee individual behavior) and digital forensics for credit scoring and credit risk assessment to provide personal and business loans to millions of individuals and SMEs without credit information.
Download the Kiakia App

Mamamoni: Mamamoni is a social enterprise started in 2014 by Nkem Christiana Okocha. It empowers low income rural and urban slum women to break the chain of poverty. The lending platform provides women free vocational skills and mobile loans to help them on their way to become financially independent. The company also provides loans to female entrepreneurs. Over 100 women have been empowered by this loan in 2018. The women are always grouped in different units with a head assigned to each unit, the loans are expected to be paid back weekly with each head making sure that members pay regularly.
Download the Mamanomi App