If you are a student in financial distress and you are looking for a financial help, this guide will show you the best apps and banks to get students loan in Nigeria.
Education has become more inevitable as it has been deeply rooted in the custom and lifestyles of a typical Nigerian home, irrespective of their status.
However, getting finances to satisfy petty expenses or budget for education or maybe your inspirational talent as a student is not an effortless task.
Requesting finances from a pal may exist to be the fairest choice sometimes, but remember, we live in an era where things are difficult as most of your friends may not have cash in handy or may have a specific area to patch, which means they have nothing to lend to you and then you become stranded.
This is where the thought of borrowing a loan kick in!
In Nigeria, there are presently several loan applications that give loans, but not to forget interest rates.
With the vast equipment of technology, it has made it easier for students to request loans from different application choices, such as banks or loaning apps as substitutes.
All you need is to scan their rules and requirements to see if you’re eligible for the loan and choose the options that fit your choice.
Hence, we will take you through the best apps and banks to get student loan in Nigeria.
Before then, what is a student loan?
Students Loan in Nigeria
A student loan support students in paying for schooling and its linked expenses.
This loan differed from other sorts of loans, as the interest rates are lower, and the refund program was much more adaptable.
5 Best Apps to Get Student Loan in Nigeria
Here are the best apps in Nigeria to get student loan fast:
Carbon is a digital bank that permits loans and opportunities for investments, cash transfers, airtime purchases, bill payments, and so much more.
All you need to do is install the app from the Google Play store, fill in your bio-data in the spaces provided containing your BVN, and a loan dose will be summed up for you to choose based on the information you entered.
The app is open to anybody; you could be a student, a monthly salary earner, or an entrepreneur.
Carbon is a sure plug for you when needed, and getting funds is sharp and very easy.
There is no necessity for a surety or collateral for you to operate carbon.
You can lay on for a loan 24 hours daily, seven days a week, and get the cash credited into your account within minutes.
FairMoney is one of the most profitable loan apps for scholars in Nigeria.
When you use your official account, you can fetch a loan in minutes, purchase airtime, and reimburse bills.
For starters, simply register an account with the phone number related to your BVN (an OTP will be sent to the registered digit for confirmation).
You must also fill in reference information, as with any additional loan application.
In a few minutes, your account will be ready, and banknotes will be credited to your account.
As a student, you can gain additional cash when you take advantage of their referral program.
The apps also allow you to extend your refunds across multiple installments, providing you with more options and making the services and software comfortable to use.
The Branch loan outlet is also one of the best apps and banks to get student loan in Nigeria.
The most exciting news is it serves not only in Nigeria; it also operates in Kenya, Mexico, and India.
The Branch app makes it easy for you to get loans for your demands at any moment and from any location.
All you have to do is download the app from the google play store, sign up, apply for a loan, and get your cash credited instantly into your bank space.
In addition, it’s a fast, comfortable, and reliable method to get currency payments, even in emergency situations.
And as a student, you can borrow a minimum of ₦1000 and a maximum of ₦200,000 through the Branch loan app.
4. Aella Credit
Another available loan app in Nigeria that secures speedy loans is Aella Credit, which offers loans up to 1 million with interest paces varying from 6% to 20%.
The loan repayment term is 1 to 3 months, with no rollover penalties.
You can get the app from the Play store (Android) and the App Store (iOS), input all the essential information to operate the app, and have a ticket to quick loans anywhere.
However, you must be sure that your information is accurate and related to the input you supply, as false attributes may deter you from utilizing the app.
Palmcredit takes the lid spot amongst the best loan application networks in Nigeria.
Palm Credit permits you to get a loan for as nominal as ₦2,000 and as considerably as ₦100,000 directly from the app.
The palm credit app is also available on the Google play store.
The only necessity is you must meet up to the age requirement of 18 before you can be eligible to apply for a loan.
However, its loans vary from 91 to 180 days.
The interest charges run between 14% and 24%.
5 Best Bank Loans for Students in Nigeria
Here are the best bank loans for students in Nigeria:
1. Access Bank Student Loan
The Access Bank student loan is a passage for school expenses scheduled to equip students with near-term uplift to fill in tuition fees.
2. GTBank Student Loan
GTBank’s school expenses refinement is a loan installation scheduled to fund the expenditure of your child’s/ward’s school fees for academies in Nigeria only.
You can get up to ₦5 million in student loans with an utmost term of 4 months per ultimatum.
3. First Bank First EduLoan
First Bank’s First Eduloan is a marked proprietor.
It proposes flexible funding for boosting school facilities and meeting allocation gaps awaiting the receipt of school fees.
4. Federal Government Education Loan
The Nigerian government endorsed the association of education banks and student loan councils by states at compromise appeal rates to permit students comfortable access to funds.
The government also consented to installing education funds by all federation states.
Particular vigor is on the allocation of teacher expansion and secondary education.
Besides designating an exceptional intervention reserve for people with certain needs.
5. Wema Bank Student Loan
It’s impossible to list the top banks awarding student loans without speaking of Wema Bank.
You can borrow between ₦50,000 to ₦10,000,000 within 3 months for primary and secondary and 12 months for tertiary establishments, per request.
It’s easier these days to sponsor your education when you seek financial refuge from the best apps and banks to get student loan in Nigeria.
With their ease of use, speed, and flexibility, they have made it comfortable for students to get the funds they ought to pursue their academic and personal goals.
All it requires is to select from any of the apps and banks granting loans for school fees and confirm that you meet all their essentials.
This guide has thoroughly analyzed the best apps and banks to get student loan in Nigeria with ease.
However, you may have to consider their interest rates and repayment duration before taking a loan from any of them.
We hope this guide has been helpful.