5 Best Online Loans with Monthly Payments in Nigeria 2024

Do you want to know about the best online loans with monthly payments in Nigeria without Naira collateral and documentation?

If YES, then this is the only post to read.

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Best Online Loans with Monthly Payments in Nigeria

Here is the list of the best online loans with monthly payments in Nigeria:

1. FairMoney

FairMoney Microfinance Bank is one of the most downloaded FinTech app in Nigeria.

With over 10,000 daily loan disbursements, and over 5 million users enjoying banking, savings, and investment services, FairMoney helps the average Nigerian access finance tools to take control of both their life and their finances.

FairMoney offers loans of up to ₦3,000,000 for a period of up to 24 months.

The better your lending history and positive behaviour, the more you can access loan and the longer your repayment period!

The loan interest rate starts from 1% per month.

To qualify for a FairMoney loan, you must be a Nigerian citizen with a valid ID card or passport.

No document, no collateral! You will only need to share your BVN details during the loan application and connect your card or bank account to authorize the debit of your account for the repayment.

Applying for a loan at FairMoney is simple!

Download the FairMoney App via Google Play Store.

Sign up with the phone number linked to your BVN.

Answer a few questions and confirm your identity to receive a loan offer.

Once you accept the offer, you will receive your loan within 5 minutes.

2. Branch

Branch is a mobile lender that offers loans of up to ₦500,000 with repayment terms of 3 to 12 months.

The loan interest rate starts at 1.5% per month.

To qualify for a Branch loan, you must be a Nigerian citizen with a valid ID card or passport.

The application process for a Branch loan is quick and easy.

After you have downloaded the Branch app, sign up, navigate to the “Loans” option at the bottom of the Home screen, and fill in your personal details, phone number and bank details.

Then you can view loan offers, select an option, and tap “Apply”.

The loan sizes range from ₦2,000 to ₦500,000.

If you repay loans as scheduled, the amount that you can borrow will increase.

The loan offers you see depend on several factors, including your repayment history with Branch.

If you repay each installment by its due date, you may unlock access to larger loans.

Note that the increase may not always be immediate, and that repaying your loan late may cause smaller loan offers.

3. Carbon

Carbon is a credit-led digital bank offering modern banking services to ambitious, youthful, unrelenting Africans looking for value and control over their finances.

Carbon offers loans of up to ₦500,000 with repayment terms of 3 to 36 months.

The loan interest rate starts at 1.5% per month.

To open a Carbon account, you must be at least 18 years old, have a valid mobile number, a functioning email address, a valid ID, and BVN.

Download the Carbon app from your Google Play Store or the Apple Store, sign in or sign up to identify yourself and this will take you to the brief registration/application forms.

Complete an application with valid information and click on “apply for loan”, then state how much you would like to borrow.

Your available loan offer will be displayed in the app and you can view your expected repayment(s).

Submit your application and you will be notified of the loan decision within minutes.

The loan process fits your needs and help you grow.

Increase your chances of unlocking higher loan amounts and lower interest rates by repaying them on time and carrying out other transactions on the app.

Your profile and the details you provide in the application will determine the loan amount, duration, and interest rate.

When applying, keep your profile updated.

Linking your bank statement details gives you a better chance of accessing a loan.

4. Renmoney

Renmoney was founded in 2012 and operates on a microfinance banking license in Nigeria.

The team combines traditional and alternative data sources through statistically driven models and leverage technology to deliver convenient credit, savings, deposit, and banking solutions to our users.

You can borrow up to ₦6 million and repay in up to 24 months.

You can apply for a personal or business loan.

The loans are collateral free and you don’t need a guarantor to get a loan.

You’re eligible to get a loan if you:

  • Are 18 – 59 years old.
  • Have a verifiable source of income.
  • Live and / or work in cities where the company operates.
  • Have a savings or current bank account with any commercial bank.

5. Standard Chartered Personal Loan

Standard Chartered Bank offers personal loans to salaried and self-employed individuals in Nigeria.

The loan amount ranges from ₦1 million to ₦35 million, with a repayment period of up to 60 months.

The interest rate is as low as 1.083% per month.

Here is the application eligibility:

  • Age: From 21 to 60 years.
  • Min Loan: ₦175,000.
  • Max loan: ₦35,000,000.
  • Min Salary: ₦30,000 for Nigeria citizen and ₦50,000 for foreigners.

Documents required:

  • Completed application form.
  • Bank statements for the last 3 months.
  • Pay slips for the last 3 months.
  • Letter of awareness from employer to domicile your salary with Standard Chartered Bank.

You have up to 60 months to repay the loan depending on the organization you work for and your income.

You will be advised at the time of the application.

The processing time for a Standard Chartered personal loan is typically 3 to 5 business days.

The bank may need additional information or documents, which could delay the approval process.

If your loan is approved, the funds will be disbursed within 15 minutes.

You can use the loan for any purpose, such as consolidating debt, paying for a wedding, or making a major purchase.

If you are looking for a personal loan in Nigeria, Standard Chartered Bank is a good option to consider.

The bank offers competitive interest rates, flexible repayment terms, and a quick and easy application process.

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Failing to repay a loan can cause several negative consequences, including:

  • Additional Fees: Late payments may incur extra charges, increasing your outstanding loan balance.
  • Credit Score Impact: Late or missed payments can negatively affect your credit rating, hindering your ability to secure loans or other financial services in the future.
  • Legal Consequences: Persistent failure to repay a loan could lead to legal action, such as debt collection or court proceedings, to recover the outstanding balance.
  • Future Loan Ineligibility: Defaulting on a loan may disqualify you from obtaining loans from financial institutions.
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Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.

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