10+ Quick Loan Platforms Every Nigerian Should Know In 2020

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Most times we often find ourselves in very tight corners and we run to our friends, family and peers to rescue us.

Most people often seek out other alternatives and this involves having to borrow from unreliable sources that eventually leads to trouble in the end.

Most people have in recent times have narrated the bad experience they get when they borrow loans from banks or an unlincenced organization.

In most cases they are asked to tender documents that are not accessible and this put’s the proposed project on hold.

The repercussion in most cases involves the loss of valued assets and general embarrassments after which they might have gotten the desired documents.

What is A Loan ?.

What actually is a loan ?, according to WIki,
a loan is the lending of money by one or more individuals, organizations to other individuals, organizations for a specific time frame to pay back with an interest.

Hmm!!! This sounds scary a little bit.

So the bottom line is that loans are not free and you have to pay back with interest.

Loan Stats You Should know.

To buttress more on this article, as a tradition i would like to show you some figures and fact that would interest you about loans.

This would better guide you on the industry for those of you that might want to set up a business in that direction.

1. Total outstanding personal loan debt in the United States is $143 billion.

2. There are 21.1 million outstanding personal loans in the U.S.
Benefits of Getting A loan.

3. The average debt per borrower is $8,402.

4. Borrowers who don’t complete their degree have a harder time paying off their loans.

Funny enough this stats are in the American Dollars, Hmm!! this is what you get when you live in a country like Nigeria in who does not value data and information.

But according to the stated analysis above from the U.S it can be spotted that the rate at which people borrow in the information age is relatively higher than in time past.

People borrow for so many reason, some to build a business and some to fund an exotic lifestyle.

Benefits Of Getting A loan

I must confess, Life can happen to anybody and in most cases we do not have any one to run to and this may lead us to get a quick loan to lift us from the immediate challenges.

here some very few benefits on why you should consider getting a loan.

1. Potential for Higher Borrowing Limits.

Most soft loan companies offers you a higher rate of loans when you are able to pay of their loans in due time.

2. Collateral Is not a must.

Most loans companies do not usually ask for collateral in order to get a loan and more reason why you need to be careful in choosing one.

You are so lucky reading this blog post today cos i am going to be showing you series of loan platforms here in Nigeria that do not ask for any collateral and even if they do it is usually very little.

Unlike most institutions that makes money off people’s weakness.

3. To Cover Unexpected Major Expenses.

Life often happen to use and in most cases we have to cover off some expenses and sometimes getting a loan can save you a lot of headache.

4. To Start or Expand a Business.

If you need money to start a business, An unsecured personal loan will do just fine.

Starting or expanding a business with a loan can be a perfect option and a very good debt most times because you are very sure that such cash is coming back to you and you will be able to pay back such loans.

5. To Finance a Wedding.

We often want to impress our family and peers on a special day and most times young couples are not usually capable.

No need to worry, You can turn out to a soft loan but do make sure that you are capable of paying back.

In most cases i recommend you have at least 85% of the wedding budget on ground.

Why you Should not Get A Loan.

On the other hand things might eventually go south and you find yourself looking like Dundee!!!! or you enter Gobe!!! like a popular slang in Nigeria.

Because las las we are in Nigeria when even Ihedioha can get bullshit from the supreme court or David Lyon can be kicked out from his promise land because of certificate or even Boko haram can be granted amnesty, What a country!!!!

Here are some very few reasons you should not get a loan.

1. Encourages You to Spend More Than You Can Afford.

Because we feel loans are easily accessible, we tend to get addicted to getting a loan to fund a lavish lifestyle and this can drown your financial capability and destroy Your wealth .

So do not be always tempted to borrow loans for irrelevant and silly reasons known to you.

2. Pay Higher Interest rate.

At this point I find most loan offering platform guilty of this.

Interest rate provided by each platform varies and more reason i recommend you to read the terms and condition provided by each Loan platform so as to enable you understand their commission rate.

You should read on this article to the end because i have a lot of wonderful options and alternatives to help you get a loan accompanied with their interest rates.

3. Hinders You From Accomplishing Your Financial Goals.

We often aspire great things in life mostly in our businesses.

Obtaining an unprecedented loan can kill your dreams of attaining financial stability.

You don’t want to live the rest of your life paying loans upon loans.

This can affect your productivity and kill you ability to think.

You can borrow a loan for the sustenance of your business, that an example of a very good debt because it’s definitely going to yield a lot for you.

You should know that it is bad to live your life on a borrowed finance.

4. Loans Can Hurt Your Marriage.

Lastly, I mentioned the need to feel comfortable to obtain loans when your wedding budget is not complete, this is totally fine and reasonable to some extent but it can hurt your marriage.

This is Naija where we love Owambe’s!! even more than building a business,

Where we want to wear a Feragambos on an empty account and even put on a brand new suit with loans and We all want to impress our colleagues and family members especially when you want to show the family members of your wife’s family that you are man enough.

Egbon!!, You better don’t kill yourself trying to feed people that are not hungry or even end up feeding a whole village of miscreants as the case may be.

You should cut your cloth according to your cloth as a popular British adage says.

Don’t stretch yourself because you want to please your spouse.

After all it would be you and your spouse in the end.

Those people that have already come to celebrate and eat free food will one day no longer be found.

You and your darling wife would dance to the tune of the music.

Hope you learn from all of this.

Online Loan Apps You Should Know know In Nigeria.

Now it is a game changer in the finance industry, soft loans nowadays are accessible online without even having to submit any rubbish accreditation.

Here are some very few quick loans company you should know.

1. GetCarbon.

Carbon was formerly Paylater but they change their in 2019.

With Carbon, you can access up to 500,000 Naira loan with no collateral.

Once your application is approved, funds are typically received within 1 – 3 business days.

Making on-time repayments can grant you access to higher credit limits for your next loan.

You can use the carbon platform via a mobile app or from their website.

Website –

2. Palmcredit.

With PalmCredit getting a mobile loan is simple.

Apply for your credit limit in minutes, then take as many instant loans as you need without further approval steps.

It’s a credit revolution! As soon as you repay, your credit score is updated.

Repay on time and watch your limit grow to N100,000.

You can make use of the palm credit platform via a mobile app only.

Website –

3. Branch.

Branch is another awesome soft loans platform here in Nigeria

Branch offers loans from N1,500 to N150,000.

You get a maximum of N1,000 Loan when you start at first and you qualify for a higher rate as you pay back.

You would be asked to provide a valid BVN Number in order for you to gain access to the platform.

Loan terms range from is 10 days.

Interest ranges from 14% – 28% with an equivalent monthly interest of 1% – 21%, depending on selected loan option.

Also not that you need to have the BVN Sim card right in your phone while setting up your grant application.

Branch can be utilized with the aim of a mobile app.

Website –

4. Specta.

Specta is an online quick loan platform owned by Sterling bank,

Specta gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office.

With Specta, you can take care of urgent personal and business needs anywhere, anytime.

Specta can be accessed via a website.

Website –

5. KiaKia.CO.

KiaKia is a digital money lender for Nigerian businesses.

The name KiaKia was derived from a Nigerian language which means Fast Fast oo!!!.

KiaKia utilizes machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.

Website –

6. Ren Money.

Renmoney is a fintech lending company operating under a micro finance banking license in Lagos, Nigeria. that provide loans to individuals and small businesses through our website, contact center, agent network and branches.

Ren Money is Regulated by the CBN and insured by the NDIC.

Ren money is another awesome loan platform that is ready to offer any one a loan up to N5,000,0000

Ren Money offers a loan tenure of 3-24 month with an interest rate of 35.76%.

Website –


You can decide to test out each of this platforms one after the other because it’s very exciting.

On the other hand i can save you precious time and energy be recommending a very few loan platform that is profitable for you.

1 . Branch.

Branch offers loans from ₦1,000 to ₦200,000. Loan terms range from 4 – 40 weeks. Interest ranges from 15% – 34% with an equivalent monthly interest of 3% – 21% and APR of 33% – 261%, depending on your loan option. There are no late or rollover fees and no collateral necessary. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch. Standard SMS and data charges by your mobile carrier may apply.

Here are some FAQ About Branch that you need to know.

1.Where is Branch located?

Branch has offices in Nairobi, Kenya; Lagos, Nigeria; Mexico City, Mexico; Mumbai, India; and San Francisco, United States..

2. In which countries does Branch operate?

At the moment, Branch operates in India, Mexico, Nigeria, Kenya, and Tanzania.

3. What is required to receive a Branch loan?

Requirements are simple – all you need to apply is your phone number or Facebook account, bank verification number (BVN) and bank account number. We will also request access to the data on your phone in order to build your credit score. Note that we currently support the following banks:

  • ALAT by Wema Bank
  • Access (Diamond) Bank, Access Bank,
  • Citibank Nigeria, Ecobank Bank
  • Enterprise Bank
  • Fidelity Bank
  • First Bank of Nigeria
  • First City Monument Bank
  • GT Bank
  • Heritage Bank
  • Keystone Bank
  • Mainstreet Bank
  • Polaris Bank
  • Stanbic IBTC Bank
  • Standard Chartered
  • Sterling Bank
  • Suntrust Bank
  • Union Bank
  • United Bank for Africa
  • Unity Bank
  • Wema Bank
  • Zenith Bank.

4. Can I apply if my bank is not listed?

Branch do not offer their services to all banks in Nigeria , make sure to select an eligible bank

5. How long does the application process take?

Branch loan are disbursed  within 24 hours.

6. How can I increase my chance of being accepted?.

Branch uses data from your phone as well as other sources to make a lending decision.

To increase your chances of approval, please make sure to save the data on your phone, stay current with all other lenders, and correctly input your account details.

You can visit the Google Play store and Apple App store to download the Branch App


It has even been reported that most quack loan organization goes as far as using voodoos to enchant their clients so as not to have the money to pay back.

This would then lead them to take your most valued property for themselves.

Here in Nigeria we live in a country where most people are less informed.

There is no mountain anywhere in most case, most times our ignorance is our major challenge.

I will always say this anytime, it is a very ugly practice to purchase a loan to start a business that you are not even sure of.

Nigeria is a very delicate environment, You are not certain that what you bring to the table most times will yield profit because of the bad state of the economy.

In my own opinion i usually will recommend you start a business off your pocket.

You can read this article to see how you can raise capital for yourself without getting a bank loan.

Or, better still learn about business grants.

There is a lot to discuss on business grants, Here is an in-depth guide on getting business grants in Nigeria.

What do you think?

Written by Udemezue John

Web developer| Digital Marketer| Entrepreneur.

I love sharing great things

You can connect with me on twitter @_udemezue


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