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Top 7 Online Banks To Get Instant Loan in Nigeria (2023)
This article will be discussing the online Banks to Get Instant Loan and some of the requirements you need to be able to procure a financial
Looking for online banks to get instant loan? The internet has provided many means to access financial aid in case you need a loan with lots of online banks in Nigeria that offer loans at different interest rates. Some rates are friendly, others not exactly. Looking back in time, before the innovation of online banks, there were times when people had to queue to get a loan as small as a 5-digit figure.
Although, sometimes the loan process could take up to a month or even more. But thanks to technology, we can now get mobile loans to sort out personal and business needs using a smartphone, a mobile app, and an internet connection just within 24 hours it is easy to use, and you can often apply right on your phone or tablet in the comfort of your own house.
Meanwhile, getting instant loans in Nigeria was almost impossible until the advent and boom in the new technology that seeks to improve and automate the delivery and use of the financial services (FinTech) industry, as companies providing financial services leverage on technology to meet the daily financial needs of individuals and small and medium scale enterprises (SMEs).
As this article will be discussing the platforms you can use to get a loan online, it is good to know that one of the requirements to successfully get a loan is to have a mobile phone number and a Bank Verification Number (BVN).
Although, for most of them, once you register on the app, it approves your loan and disbursed it to your bank account supplied within a few minutes while others might have to check your credit score to ascertain how you relate with your debts if you have any or check if you are a debtor. For a start, here are the top seven online banks that offer instant online loans and disburse as quickly as possible.
1. Branch
instant loan online banks
One popular app that disburses loans in less than 3 minutes after applying is the Branch app. With an equivalent interest rate of 20 percent per month, users can get personal loans from N1,000 up to N200,000 quickly, anytime, from anywhere without collateral for a tenor of 4–40 weeks, depending on your loan option.
2. Palm Credit
online banks that offer instant loan
Palm credit is a virtual credit card that makes it easy to access a loan anytime and anywhere. Palmcredit offers loans of up to ₦100,000 within minutes on your mobile phone.
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. It’s a credit revolution! As soon as you repay, your credit score is updated.
3. FairMoney
top online banks to get loan
Fair Money offers short-term loans to help cover urgent needs, bills, business, and more. They give access to loans anytime and anywhere with our loan application within 5 minutes.
FairMoney packages include personal loans, education loans, business loans & more. With the effective use of technology, they can provide a speedy and efficient loan app to all our esteemed customers.
is one of the best loan apps in Nigeria, offering a convenient loan application process through its app. The app provides transparency, allowing customers to track their loan application status.
4. Opay
banks to get instant loans
Opay loan offers have interest rates that are flexible and better for all Nigerian income classes. The two loan packages in the Opay mobile app have different loan offers. Starting with Easemoni, their interest rates start from 5% to 10%. This implies that if the loan app has a principal amount of ₦6,000, the interest would be ₦546.
Opay Loan is one of the fastest lending online banks in Nigeria, so once you have applied, you can sit back and relax. To be eligible for Okash or EaseMoni loan on Opay, you need to meet the following requirements: Have a valid Opay account. You must be a registered user of Opay and have a valid Opay account. Good credit score. Any of the chosen financial apps will check your credit score to assess your creditworthiness. Opay Loan (Okash Loan) Interest Rate. The daily interest rate is between 0.1% to 1%, while the annual interest rate is between 36.5% and 360%. Apart from this, you will have to pay an origination fee with your loan ranging from N1299 to N6000. The duration of the loan is 91 days for the shortest tenure and 365 days for the longest tenure.
5. Kuda
One of the latest trending bank apps in Nigeria today is the Kuda Bank app. Being an online-only bank has made it very unique and alluring to the majority of the youths in Nigeria.
The Kuda Bank is also packed with other exciting features that make it a good substitute for the conventional banking system in Nigeria. Without a doubt, it is one of the finest fintech companies in Nigeria. The online-only feature of the Kuda app makes it a bank that doesn’t require its users to visit any physical banks to make transactions or resolve any problem which may arise.
This is due to the stress people go through in physical banks. This stress could include long queues which waste time and will therefore hinder people from accomplishing their goals of going to the bank first off. In this article, we will be exploring every single thing about Kuda Bank, its unique features that makes it dependable, and an excellent substitute for conventional banking.
6. Quick Credit (by GTBank)
instant loan online apps
GTBank-backed Quick Credit offers individuals, especially salary account holders with the bank an opportunity to get quick loans to meet urgent individual needs. Accessible through the GTBank mobile app, website, GTWorld, and Habari app, the Quick Credit offers users an instant loan of N10,000 up to N5 million for salary earners at a monthly flat interest rate of 1.75 percent.
Its loan ranges between 1-12 months. Aside from using the GTBank app to access the Quick Credit loan, anyone with a mobile phone can also access the loan by dialing its USSD code: *731*51*51#. To be eligible to access the loan, it said the customer must earn a minimum net monthly salary of N10,000; including having no history of dud cheques, bad credit reports, or unpaid obligations.
7. ALAT (by wema bank)
If you’re tired of your regular commercial banks and feel like being in charge of your money directly, get the ALAT app. Popularly referred to as Nigeria’s first fully digital bank, ALAT is owned and managed by Wema Bank, one of Nigeria’s national heritage banks. From opening a full-fledged bank account, sending and receiving cash to paying bills and carrying out other banking transactions in the comfort of your home or office, ALAT also offers users the choice of getting a free and customized Naira ATM card and virtual dollar card for ATM and online transactions.
Besides, it offers users 10 percent interest per annum on savings in the ALAT app and also gives them the privilege of applying for a loan without paperwork or bank officials’ visitation to any physical location within minutes.
It allows users to borrow as much as N200,000 without any collateral or guarantor and schedule money transfers or bills payment without hassle.
Top 7 Online Banks To Get Instant Loan (2023)
- Branch
- Palm Credit
- FairMoney
- Opay
- Aella Credit
- Quick Credit (by GTBank)
- ALAT (by Wema bank)