Thanks to new initiatives, Nigerians are finding more financial opportunities both for business and personal issues. The landscape for lending and borrowing money is far easier now than it was some years back. If a person wanted to borrow money they had to fill out an endless number of forms, get guarantors, get the legal framework, put up collateral and still pay high-interest rates. Thankfully those days are fading away gradually. There are new companies springing up to fulfil these needs for individuals and businesses alike. The way to get money now starts with something as simple as downloading an app. We took a look at this financial landscape and we were able to find 6 (six) of these companies who provide these services.
- Aella Credit: Is a platform that has a solid way to provide individuals across Africa with financial services with ease. The main structure is one that prioritizes lending to and empowering employees. The institution has maintained strong relationships with credit bureau agencies in Nigeria to enable its paperless application process. Aella Credit typically provides loans up to =N=700,000.
- Page Financials: Operates as a retail financial institution. The two main financial products that it offers are quick loans and salary advance loans. Page Financials prides itself on its expedited and quick process. It takes just six steps to complete a loan request. It offers a daily loan rate of 0.5% which accrues directly on its issued debit card, called Pledge Finance. The Pledge Finance card comes pre-loaded with =N=500,000 which depends on the monthly income of the customer.
- Kia Kia: This digital lending platform has a sophisticated system with which it calculates the credit scoring of its customers. It uses psychometry, big-data, machine learning and digital forensics in its process. These processes along with a credit risk algorithm are used to avail loans to businesses and individuals alike. Loans are granted up to the sum of =N=200,000.
- One-Fi: Is another financial products provider that specialises in short term loans. It provides loans to individuals who otherwise do not have access to a variety of these services. Individuals that are deemed creditworthy after the application process can get loans of up to =N=200,000. The standard repayment plan usually makes room for 3-6 months.
- C24: Is a microfinance outfit that provides a viable option to individuals looking for quick loans. The company recognises the need for faster loan request processes and in turn offers loans with relatively quick processing times. Customers can get loans up to =N=400,000 with stress-free and highly optimized applications.
- Branch: Offers a quick loan app that gives 24/7 access to loans ranging from =N=1,000 – =N=200,000. It takes a very short time to complete the application process. Initial loans are usually paid over a period of one month
With these options available, getting a quick loan has certainly been made easier for anyone to take advantage. For more information on any of these service providers, visit their websites or search for their mobile apps to compare and get the best option available to you.