Loans in Nigeria - Compare and Borrow Money Online

To borrow money online in Nigeria now comes with a whole lot of ease and convenience, as compared against the days when you have to visit and revisit the bank just to get a loan. 

Nowadays, from your bedroom, you can make an application for millions, and as long as you are considered eligible, you would be granted the loans within minutes of application. 

Indeed, the world has shifted towards digitalized advancements, and this movement leaves no aspect of life aside. It is not news that before now, you wouldn't be able to borrow money without visiting the bank a couple of times with countless documents to present and loan security (collateral) being a chief requirement. 

Technological advancement has brought luxury into the process of borrowing money. Not only can you borrow money online, but you also get to enjoy certain merits. 

General Requirements for Online loans

The requirements for obtaining an loan from online money lenders differ based on whether it is an individual loan or a corporate loan. They include:

For individuals:

• Bank Verification Number  (BVN)
• Passport photograph
• Address
• Salary account, pension account or tax ID
• Employment letter

For SMEs /Business

• A copy of passport photograph
• A means of identification (this could be drier's license, international passport, national passport)
• Last six-month bank statement of account
• Certificate of incorporation
• Memorandum of association
• Post-dated NUBAN cheques from the client
• A suitable guarantor who would provide the following:
  • Letter of confirmation/employment
  • One undated NUBAN cheque
  • A copy of staff Identity Card
  • A filled guarantor form

What you need to borrow money online

You don't need many things, but the few things you need are expedient. They are:

• Smartphone or computer: you should have a mobile phone or computer within reach to be able to access the internet platform where you desire to obtain the loan. 
• Internet connection: A reliable internet signal is pivotal to getting a loan online without having hiccups. A strong internet signal would not only hasten the loan procurement process, but it would also make it hitch-free.
• The loan requirements as stipulated by the loan lending platform.

Where to borrow money online

There are currently many sources to borrow money online. Commercial banks have flowed with the tide of the financial world as they too now offer loans online. This leaves you with an array of choices to make. Listed below are some of the popular sources of loans online.

• Commercial banks like the First Bank of Nigeria, United Bank for Africa, Guaranteed Trust Bank, Stanbic IBTC, Access Bank, etc.
• Online money lending platforms: such as,

1. Griffin
2. Page Financials
3. Smart Credit
4. X Credit
5. 9 Credit
6. Lydia.co
7. Kiakia, etc.

• Microfinance banks with online service feature
• Non-governmental loan lending organizations online, etc. 

Merits of online loans in Nigeria

• No need for collateral (in most cases).
• Access to fast, reliable, and instant funds.
• Loan calculator (you get to calculate the amount to be repaid per month based on the loan requested, the interest rate, and the loan term).
• Distance is not a barrier: from anywhere you are, as long as you have an internet connection and a means of accessing the internet you can borrow money online.
• 24/7 accessibility: you can obtain most online loans, any day, anytime, and from anywhere. Just sign in to their website or mobile application and apply. 

Conclusion: the tide has shifted, the world is moving faster in the path of technological advancements, and the financial part of the world is also moving. You can borrow money online without leaving where you are right now.