A lot of people are looking for Online Loans With Monthly Payments in Nigeria, so we decided to conduct some research and came up with some suggestions.
There are Online Loans With Monthly Payments in Nigeria. They can be 30 or 31-day loans that you are required to pay off in 30/31 days, or they’re longer-term (12- twelve months) loans that you be required to repay based on a monthly schedule.
Some situations could require getting a loan. One area where you may face difficulties finding the right loan to fit your repayment schedule. This is a problem that many people have to deal with.
It’s easy to apply for a digital loan however it’s not easy to find online loans with monthly installments in Nigeria. The majority of loan apps provide weekly or daily repayment plans. Indeed, the majority of instant loan applications in Nigeria provide a repayment plan for 7 days even though it is not legal.
If you’re looking for Online Loans With Monthly Payments in Nigeria and you are looking for a loan with monthly repayment plans, then you’ve come to the right spot. We’ll discuss the top 5 online loans that offer monthly repayments in Nigeria.
We’ve compiled the top 12 online loans with monthly payments in Nigeria. Check them out below, in no particular order.
Table of Contents
1. Quick Credit
The loan is online and can obtain from GTBank which can be repaid up to 12 months of repayment. You will however be presented with the breakdown of monthly repayments so that you can know what you’ll have to repay each month.
Quick Credit is accompanied by a monthly 1.5 percent interest rate of the principal amount. Through Quick Credit, you can get a loan of up to N5m with no collateral and without documentation, based on your income and salary per month. Find out the details of GTBank Quick Credit
2. Carbon Loans
Carbon is a fintech-based microfinance banking bank that allows you to make a variety of financial transactions using the app called get carbon.
Carbon claims its online loan lets you borrow as much as N1m with flexible payment options.
3. GTBank Salary Advance
GTBank offers another loan online which is designed to provide the short-term financial assistance needed by salaried workers. You could be eligible in the amount of 50 percent of your salary per month.
It is a one-month payment period, following which you are eligible for additional loans.
Applicants, they must be GTB customers. They can then access Salary Advance loans via GTWorld or the GTBank app. Salary Advance loan via the GTWorld or GTBank application.
4. Stanbic Personal Loan
Stanbic IBTC bank has personal credit for customers, where you can get money with flexible repayment terms. It is necessary to earn N20,000 per month in income and be at minimum 21 years old to be eligible.
4. EZ Cash for SMEs
This loan is provided by Stanbic Bank that is targeted toward small and medium-sized businesses. This EZ Cash for SME loan will provide the sum of N5m to entrepreneurs with small businesses.
Then you can choose an installment plan for your monthly payments at 2.5 percent monthly interest. The repayment period is between 6 to 12 months. Bank customers may make a loan request through the bank’s web-based channel (website or mobile application).
5. ALAT Salary-Based Loans
Wema Bank, through its ALAT mobile application, offers individuals loans according to their monthly earnings. The bank states that customers can get loans ranging from N50,000 to N4m for loans.
You can pay back the loan by settling them into a monthly payment plan which comes with the option of 2% interest per month.
6. Click Credit
The Click Credit can be a loan online provided by UBA to anyone who has an active account at UBA. It is possible to borrow as much as N1 million, based on your income per month. The repayment term is up to one year.
The loan is a monthly installment which is accompanied by a 2.5 percent cost of interest.
The bank’s customers can access the loan via the app or website of the bank, or their USSD code.
7. Specta
Specta is a Sterling lender platform for banks that offers Online Loans With Monthly Payments in Nigeria. The loans offered by Specta can be repaid in 1-12 months of repayment, with interest rates that fluctuate.
8. Quick Credit for Small Business
GTBank’s Quick Credit loan has the version for small businesses which lets them access up to 50 percent of their annual sales or up to N10 million.
The loan term can last up to six months, with a monthly payment. The repayment is accompanied by monthly 1.5 percent interest. It’s believed to be among the commercial loans in the nation that has the lowest rates of interest.
9. Fairmoney Business Loans
Fairmoney among the Microfinance institutions and money lenders who offer online applications, claims that small-sized businesses can receive a maximum of N5 million in loans. Simply apply online, complete the application, and then submit them to receive an answer in 24 hours.
The loans are available for the option of a 12-month repayment with a monthly installment plan.
10. Renmoney Loans
Renmoney in the FAQ section of its website claims that it will give as much as N6 million in loans, with an option to repay the loan between 24 and 36 months.
Business and private individuals can apply for loans (personal and micro-business loans) and receive the amount they qualify for within 24 hours.
We’re sure you’ll get an estimate of the monthly installment and the interest rate when you apply for a loan.
11. Baobab Loan
Baobab Loan is a fast cash-flowing website where you can obtain loans when you’re searching for Online Loans With Monthly Payments in Nigeria. The site offers a flexible repayment schedule of as long as 24 months. Approval and the disbursement of your loan can be completed in just 72 hours. You can get loans up to $5,000,000 based on your qualifications.
- In 72 hours, the funds will be disbursed.
- N20,000 to N50MILLION
- Repayable within 1 to 24 months
- Minimum administrative procedures
Frequently Asked Questions (FAQs)
How Much Can I Borrow?
The minimum amount we offer is N20,000 with a maximum amount of 50,000,000 Naira. The amount depends on the borrower’s capacity to pay back the loan determined based on verifiable company inventory, as well as other criteria.
What Type Of Loan Do You Offer?
What we provide are business loans to businesses that are operating or already established and home or house improvement loans.
What Are Your Loan Requirements?
To be able to access this loan option, you need to be a company, and the location has to be in the lending zone of our bank (Lagos state Oyo state, and Ogun state) and have been operating for a certain time.
What Is Your Interest Rate?
The rate of interest we offer is dependent on the amount of the loan. But, it’s extremely competitive.
Do I Need To Open An Account To Get A Loan?
No charge or opening of an account is required before when you can get an advance loan from us.
12. CarrotPay
Another loan option that could be the perfect fit for your needs. With the CarrotPay loan application, you don’t have to be concerned about having to go through an arduous process to get access to credit. The lending platform gives you credit up to N50,000 and a repayment schedule that ranges from 1 to six months. They also offer low-interest rates and quick payments after the loan’s repayment.
With CarrotPay the process of getting a loan is as simple as contemplating it. If you can pass an automated check and have an acceptable credit score it is possible to obtain an advance in a matter of a span of a few minutes.
How To Get Started With CarrotPay
*Create your account within minutes
Request a credit
* Get the money you need
About CarrotPay
CarrotPay can provide loans up to N5,000, and up to N50,000 and you can repay within 60-180 days. The typical repayment time is monthly. Minimum interest rates are calculated by a credit scoring algorithm that typically is 3 percent per month, with up to 10 percent per month. This is equivalent to an annual percentage rate (APR) of 36% to 120%.
You may apply for a loan monthly through CarrotPay via Google Play Store or on Apple Store.
Conclusion
We hope with these 12 Online Loans With Monthly Payments in Nigeria you can choose anyone and apply for your monthly payment, You will need to pay on time to increase your credit score.