10 Websites that Offer Free Loan Without Collateral in Nigeria : Current School News

10 Websites that Offer Free Loan Without Collateral in Nigeria

Filed in Loan, Student Loan by on April 30, 2022

– Websites that Offer Free Loan –

Websites that offer free loans in Nigeria. How desperate are you in need of a loan? I so much understand that loans from financial institutions can really help in so many ways, it can boost your business.

Websites that Offer Free Loan

Offering loans without collateral helps entrepreneurs meet financial obligations.

Do you Understand what collateral Means?

Collateral is a valued property owned by an individual who wishes to borrow money, and an agreement is made that the property will become that of the bank or company if the debt is not paid back.

 

In a concise definition, a loan is a sum of money that is borrowed by an individual and is expected to be paid back with an interest.

Often moneylenders require that you put down assets as security for repayments.

Not every business proprietor is able to do so. Business owners can also apply for quick online loans without putting up their assets as collateral.

They have taken personal loan access to another height with a lot of service providers who loans without collateral without requesting proof of employment a visit to a banking hall for some paperwork.

10 Websites that Offer Free Loan Without Collateral in Nigeria.

I will be focusing on the 10 websites that offer free loans in Nigeria without collateral.

1. KwikCash by 9mobile

The borrowing process starts and ends with *561#, from a 9mobile line. You can access up to ₦100, 000 and also get the loan within 3 minutes.

You might wonder what happens when you port to another network, you can choose to pay using any of the existing payment channels. A network fee of ₦20 per loan is available.

1. Requirements: A 9mobile line and valid bank details

2. Loan tenure: 14 days

3. Platform: USSD (*561#)

4. Interest rate: 10 – 20%

5. Loan tenure: 14 days

6. Multiple loans at a time: No

7. Repayment channels: ATM, debit card, USSD, and direct transfer or deposit


2. Carbon (formerly Pay later)

Before you can access loans from Carbon, you need an Android device, data connection, and valid bank details.

Carbon states that users that repay on time have access to a higher credit limit. There is a validation charge of ₦100 on the first loan.

1. Repayment channels: Debit Card, Quickteller, and direct transfer

2. Platform: Android

3. Interest rate: 5% to 30%, contingent on credit rating

4. Loan tenure: 15 days to 6 months

5. Multiple loans at a time: No

6. Requirements: Valid bank details and BVN


3. C24

C24 offers free loans without collateral but the application requires you to submit some documents at their office.

Documents required include proof of employment. Or direct debit mandate, post-dated cheques, bank statements, and a passport photograph, as means of national identity.

1. Requirements: Physical documents, valid bank details

2. Loan tenure: 1 to 9 months

3. Platform: Web

4. Interest rate: 4% and above

5. Loan tenure: 1 to 9 months

6. Multiple loans at a time: No

7. Repayment channel: Debit card, direct deposit

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4. Branch

Branch makes use of some information on your android phone to make lending decisions.

This includes handset details, call logs, SMS logs, and a contact list. Loans on Branch are being repaid in four weekly installments.

1. Repayment channels: Debit card, auto-debit, and mobile banking app.

2. Platform: Android

3. Interest rate: 20%

4. Loan tenure: One month

5. Multiple loans at a time: No

6. Requirements: A Facebook Account, BVN, and also valid bank details


5. PayConnect

In order to access a loan from PayConnect, you have to be an employee of a vetted organisation with which you must have been working for not less than 6 months.

You need to present 3 month’s statement of account and will also need the approval of your employer to access the loan.

1. Requirements: Government approved ID card, staff ID, and also a salary account with a commercial bank in Nigeria

2. Platform: Android

3. Interest Rate: 28% – 31%

4. Loan tenure: One month

5. Multiple loans at a time: No

6. Repayment channel: Direct Debit


6. Aella Credit

Aella Credit has two options:

1. In-network, for all users whose company is registered on the platform

2. Out-of-network, for individuals whose company is not registered.

The in-network alternative promises higher loan amounts at lower interest rates.

1. Requirements: Valid bank details, BVN, and also an employers registration (for in-network loans)

2. Platform: Android

3. Interest rate: 20% – 27% out of network loan

4. Loan tenure: One month

5. Multiple loans at a time: No

6. Repayment channel (s): Debit card

Other information requested on registration includes details of your next of kin, and there’s a processing fee of ₦30.


7. SnapCredit

SnapCredit aids as a medium for employers who do not want to give direct loans to their employees by providing employees with instant access to cash with no paperwork.

An outstanding feature of SnapCredit is that it allows you to take another loan, even with a running loan. You can’t borrow beyond your credit limit.

1. Requirements: Employer registration, and valid bank details

2. Platform: Web

3. Interest rate: Function of the amount of loan and also its tenure.

4. Loan tenure: 1 to 12 months

5. Multiple loans at a time: Yes

6. Repayment channel: Monthly loan repayments are deducted from your earnings.


8. Kia Kia

KiaKia makes use of a Chabot that takes you through the process of registration and other activities towards getting your loan.

You must have a work identification card before you can access a loan on Kiakia. You can choose to register as a lender.

1. Requirements: Work ID card, valid bank details

2. Platform: Web

3. Interest rate: 5.6% – 24%

4. Loan tenure: 7 to 30 days

5. Multiple loans at a time: No

6. Repayment channel: Debit card, direct deposit


9. FINT

FINT is more of a marketplace that connects lenders with creditworthy borrowers. The least amount of personal loans given out is ₦60,000 and the interest rate is based on the borrower’s risk score.

1. Requirements: Valid bank details, valid ID card, and also bank statements

2. Platform: Web

3. Interest rate: 9% – 39%

4. Loan tenure: 2 – 12 months

5. Multiple loans at a time: No

6. Repayment channel: Debit card, direct deposit


10. QuickCheck

Applying for a loan on QuickCheck requires that you must have a source of income.

However, selecting employment status options like a student retired, or unemployed as your employment status.

And aside from accessing loans, phone airtime can also be purchased using this app.

1. Requirements: Facebook account, valid and active phone number, bank details, and also a source of income

2. Platform: Android

3. Interest Rate: 1% daily

4. Loan tenure: 5 to 30 days

5. Multiple loans at a time: No

6. Repayment channel: Debit Card, Direct Deposit

Have you been searching for websites that offer free loans in Nigeria without collateral? Search no more.

I hope you will be at ease now. I have been able to present a list of these sites that offer loans without collateral.

Also, the next time you need one, you can go through the ones I have provided and choose anyone that sounds right to you.

CSN Team

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