Soft Loan In Nigeria 2019 – How to Access From Money Lenders

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Need to get soft loan in Nigeria to cater for fast personal or emergency loans - soft loan companies in nigeria

Soft loan in Nigeria? Do we really need it? Did you just say No, or is it a resounding Yes? Okay, think about the following scenario.

While others are busy sleeping and snoring, have you ever been up in the middle of the night saying “I need a soft loan right now”, all because of an urgent need and there is no kudi or ego (money) at that moment to meet such a need?

Have you ever turned to your so called sure friends and family for help and there is no response because they also have pressing needs to attend to?

Have you ever been broke? Like seriously broke!

soft loan companies in Nigeria - quick online soft loans

Then, if you have ever been in any of the situations above, this article is a need for you.

Looking for information on how to get online soft loan in Nigeria or where to obtain a soft loan in Nigeria without collateral?

First, let’s talk about what a soft loan really mean.

What Is a Soft Loan?

What readily comes to my mind when I hear soft is easy. Yea, soft loan is the money borrowed with ease.  

These funds are provided on very lenient terms and are made available within a very short time without stress.

It goes hand in hand with reduced interest rate, convenient repayment plan and most times, borrowers do not require any security before it will be granted.

Also, there is no paper work or long days of checks and lengthy verification.

Gone are the days when there was no other alternative other than to get collateral so as to get a loan approved from banks.

Although some people turn to crowdfunding sites to get funding for their endeavors, you can easily get a soft loan in Nigeria without collateral or even a guarantor with these loan apps I’ll share with you.

How then can you get soft loan in Nigeria?

How to Get Soft Loan in Nigeria Without Collateral

Guess what, many companies out there respond swiftly to giving out soft loans to individuals or even a group.

In fact, it’s becoming competitive amidst the soft loan companies as they lend you quick cash with their loan apps in Nigeria.

To have access to soft loan in Nigeria from every company, the procedure is almost the same.

  • You must have a steady source of income either as a salary earner or as being self-employed.
  • You must be within the acceptable age range. Some companies accept ages 18- 50 while some deny individuals outside the age bracket of 22-55
  • You must have a valid means of identification
  • You must have a good android device in other to have access to their services as most of the companies providing soft loan in Nigeria make use of mobile loan applications which can be downloaded from play store.

List of 10 Soft Loan Companies in Nigeria

Here’s a quick list of soft loan apps in Nigeria.

1. Pay Later (Carbon)

quick online soft loan in Nigeria - paylater loans

First on my list is Pay Later

Pay Later is a soft loan company in Nigeria that provides 24/7 services with the major intention of meeting applicants short time need.

The company does not require any guarantor, collateral or paper work.

All you need to do is

After which your application will be reviewed within a short period of time and you will get your loan.

Paying your loan as at when due gives you the opportunity to get higher loan and lower interest rate.

The minimum loan you can borrow is N10, 000 and the maximum is N1, 000,000

For instance, if you borrow N100, 000 for 6 months, you will be required to pay N21, 666.67 every month meaning you will pay a total amount of N130, 000 at the end of the 6 months.

Please note that first time applicants can only access N10, 000 for a period of 15-30 days.

However, if you are a salary earner and your employer is on their preferred employer list, you have an automatic ticket to collect higher loan with lower interest rate.

Some people claim that the bank of industry loan is fast but I’m sure it can’t be as fast as paylater loan app.

https://www.youtube.com/watch?v=XjJ9FT6HmnM&t=55s

Next is Branch

2. Branch International

Branch soft loans in Nigeria

Branch is another company that provides swift and excellent online soft loan in Nigeria with no collateral or late/roll over fees.

All you need to do is to

  • Download their mobile app
  • Create your account and fill out your form
  • Apply for the loan that meet your need

And you will receive your alert of the loan within 24 hours after the success of your application.

You can apply for a minimum of N1, 500 and a maximum of N150, 000.

Their pay back term is within 4-64 weeks with a monthly interest range of 1% -21% and total interest range of 14% to 28%.

Kindly note that downloading the mobile app and successfully borrowing from them gives Branch the access to your handset details, SMS logs, repayment history, GPS data, call logs and contact list.

Also Read: All you need to know about Federal government Trader Moni Loan in Nigeria

The third company on my list is Aella Credit

3. Aella Credit Online Soft Loan Company

Aella credit - soft loan companies in Nigeria

Aella Credit also provide soft loan in Nigeria. All you need to do is to;

  • Download the mobile app
  • Register and fill in the application form
  • Activate your account
  • Request for your loan

And receive your loan straight to your bank account almost immediately after successful application.

You can apply for a minimum of N1, 500 and a maximum of N90, 000.

Its pay back tenor is 30 – 60 days with a monthly interest of 4% – 29%.

Please note that there is this advantage for employees whose employers is registered with their network as they are automatically eligible for higher loan sizes and lower interest rates.

Also, you will need a master card as they do not allow verve card users.

The fourth company in my list that provides soft loan in Nigeria is Quick Check

Quick Check is referred to as a bank in your pocket. They give approval in less than 24 hours and no collateral is needed. All you need to do is to:

  • Download the mobile app
  • Sign in with your Facebook page account, email address and create your pass word
  • Select the sum of your loan, its purpose and the loan tenor
  • Submit and get your answers immediately as they use machine learning to predict user behavior and determine loan applications.

They provide instant loans up to N30, 000 with interest rates as low as 1% per day.

The fourth company in my list that provides soft loan in Nigeria is Quick Check .

Also Read: Cooperative society in Nigeria explained in detail

4. Quick Check

quick check soft loan without collateral

Quick Check is referred to as a bank in your pocket. They give approval in less than 24 hours and no collateral is needed. All you need to do is to:

  • Download the mobile app
  • Sign in with your Facebook page account, email address and create your pass word
  • Select the sum of your loan, its purpose and the loan tenor
  • Submit and get your answers immediately as they use machine learning to predict user behavior and determine loan applications.

They provide instant loans up to N30, 000 with interest rates as low as 1% per day.

5. Fair Money

Fair money student loans - soft loan

Fair Money is the next company in my list that provides soft loan in Nigeria. It is one of the top 17 quick loan platforms in Nigeria.

Fair money provides timely loans at competitive interest rates. They provide personal loan, Education loan, and business loan at a jiffy without collateral. All you need to do is to

  • Download their mobile app
  • Sign up and apply quickly
  • Provide Loan details
  • Allow data access
  • Know if you are qualified in seconds
  • Get your loan if you are qualified

Please note that you will be required to provide next of kin details, company details for self-employed or letter of employment and identification card.

Their loan range is between N2, 500- N100, 000 with loan duration of 4-26 weeks and a monthly interest rate of 5% – 28%.

Palm Credit is another company that provides quick soft loan in Nigeria

Palm credit offers a maximum loan of N100, 000 at 7% interest rate. They are said to be fast, flexible and reliable. They neither require paper work nor collateral.

All you need to do is to:

  • Download the app
  • Register
  • Get approval

And if you are successful, you will get your loan within 24 hours.

6. Palm Credit

palm credit quick loans online

Palm Credit is the sixth company that provides quick soft loan in Nigeria

Palm credit offers a maximum loan of N100, 000 at 7% interest rate. They are said to be fast, flexible and reliable. They neither require paper work nor collateral.

All you need to do is to:

  • Download the app
  • Register
  • Get approval

If your loan application is granted, the loan will get to you in minutes. I have tried Palm credit loan and of all loan lenders, palm credit gives the highest first time loan.

7. C24 Limited

c24 loans - soft loan platforms in Nigeria

C24 Limited is the seventh company in my list that provides soft loan in Nigeria

C24 is a very flexible company with easy repayment structure, low interest rate and swift response.

You do not need to download any app as their website serves as their platform of communication. All you need to do is to provide:

  • Personal information
  • Identification information and next of kin
  • Employment information
  • Loan account details

You will receive a call from one of their agents after which decision will then be made within 24 hours. Expect your loan ASAP if you qualify.

You can apply for a minimum of N 70, 000 and a maximum of N2, 000, 000 and you are free to choose your pay back tenor.

For instance, if you apply for a loan of

 N100, 000 over 9 months,

 The monthly payment will be N15, 715. 56, your interest rate will be N41, 440

And that means you will pay a total amount of N141, 440.

OR

N1, 000,000 over 6 months,

The monthly payment will be 214, 933.33, your interest will be N289, 600

And that means you will pay a total amount of N1, 289,600.

8. Credit Direct Limited

Credit direct personal loans in Nigeria

Credit Direct Limited is the next company that gives out quick and collateral free soft loans in Nigeria.

Credit Direct is ready to give quick loans without collateral for both salary earners (federal, local government workers, and entrepreneurs. In fact, they have a platform to give quick nysc loan to corps members.

If you apply for N100, 000 on credit Direct over 12 months, you are expected to pay back N13, 333.33 every month making a total of N159, 999.96 at the end of the 12 months.

They are ready to give a maximum of N10, 000, 000 within 2 hours. All you need to do is to visit their website and apply.

9. Page Financials

page financials quick soft loans in Nigeria

Page Financials is the 9th company on my list of companies that gives soft loans in Nigeria

Page International Financial services Limited is another loan website that offer clear and fast loan to applicants. 

They offer personal loans in Nigeria, group loan and remittal application for companies who process staff salary payments through remittal.

The lowest they offer is N100, 000 and the maximum is N 5,000,000 with a loan tenor of 12 months.

For instance, if you apply for a loan of N100, 000, you are expected to make Monthly payment of N13, 327 making a total of N159, 922 after 12 months.

10. Specta

Nigerian soft loan companies - specta

The last but not the least company that provides soft loan in Nigerian is Specta loans.

Specta is authorized by sterling bank to provide quick and swift loans without collateral and paper work to individuals, business owners and salary earners.

They promise to give a maximum of N5, 000, 000 in 5 minutes if you qualify. Visit their website to apply.

Companies for Soft Loan In Nigeria (summary)

You do not need to develop any heart ache if you are in need of money. Is it for your business, family, medical emergency, whatsoever?

Provision of soft loan in Nigeria by some companies to fill the gap has really been a source of help to many. It can help you too.

However, please remember that a borrower will always be a slave to the lender. Hence, decide wisely.

2 COMMENTS

  1. Am Isabella omoyemwen from Edo state based in Lagos at after ajah oribawan phase two am into food business please I need 1000 thousands pay you back by June and July

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