How and Where Can I Get Instant Loan Online In Nigeria

How and Where Can I Get Instant Loan Online In Nigeria


The present economy has taken a downward toll, and it is no surprise that people are actively searching for ways to get loans online in Nigeria. We cannot generalize to say why people want a loan as there are many reasons for wanting a loan in Nigeria.

It could be that someone gets a new and profitable business idea, but has no funds for it. If there is no one around that he/she can get money from, the next resolve is to get a loan. By taking a loan, they are sure of starting up the business and getting profits that would help to pay back as stipulated.

It could also be that the person has financial crisis which affects their education, and there is no hope to get money until after some months. However, there is no time to waste in such a situation as money is urgently needed, and no one would want to forfeit their education. Of course, the individual would apply for a loan and pay back when the money comes in.

We have seen instances of people taking loans for different durations, and it could either be short-term or long-term.

Whatever is the reason, the goal is to solve the need and repay later.

As the need for taking loans arises, so does the number of financial institutions willing to give loans to individuals. We can agree that not all banks or financial institutions have the provision for such, so you need to know the specific and reliable financial institutions to get loan from in Nigeria.


What an Online Loan in Nigeria can do for you.

There was a man who wished for his child to get the best education, but his financial abilities were not strong enough. Instead of settling for less, he decided to take a loan and was repaying a certain percentage over months. At the end of the day, he achieved his goal of sending his child to one of the best educational institutions. Without a doubt, loans have been saving lives for a long time.


Where and How to Get Instant Loan Online

We usually see people asking questions, wanting to know where and how to get instant loans. If you notice, the ‘instant’ clause is involved. The reason for this is because some financial institutions that have provisions for loans usually require people to go through a long process before they can access a loan. This would not work in dire situations, and people do not want to be stranded.

Thus, in this article, we will highlight some of the online banks and financial institutions where you can get loans without a hassle.

However, we cannot just jump into it as there are other things you should know.


Something to Note

Understandably, a typical person would want a bank loan without collateral. Sometimes, you may be lucky to get a place that would only require your details, but would not ask for collateral before giving you the loan. However, this is not always the case as majority would ask for collateral so that they can hold on to something if you cannot pay back the loan at the stipulated time.

The requirements to get a loan differ with different institutions, as we sometimes see that some people will not give loans to people who are unemployed. The idea here is to ensure that you have a means of payment.


Mint Digital Bank – A Means of Paying Back Your Loan Easily.

It would be wrong to talk about places you can get instant loans in Nigeria without mentioning Mint Digital Bank. Although it stands as relatively new, this online bank has made waves to ensure that its stay is permanent, and it has been only positive reviews so far.

Although it may not be a way of directly getting loans, it helps you in making loan payments.

Understandably, one may get carried away and forget to pay their loans, but it is not possible if you set up bill pay with your Mint Digital Bank. When it is set up, it automatically deducts the money for you to ensure that you pay back at the stipulated time.

There is no other service that would effectively come through for you than Mint Digital Bank, so you should be downloading the application now.


Moving on, here are some places that answer questions to where and how to get an instant loan online in Nigeria.


Where and How to Get Instant Loan Online

Fair Money Loans

You can get a loan from fair money at a click as all you need is your mobile phone.

It works the way most applications do as all you need is to download the app and answer some questions.

They could gauge it on your work, age, and other factors. However, the loan is gotten instantly once you click on any of the available options and attach your bank account. With fair money, you do not need to provide collateral. However, you must pay back within three months as that is the highest duration.

Their interest rate varies between 10% – 30%, and is also based on different factors. They have a readily available customer care number that operates between 9am – 5pm on Mondays- Fridays, but their email support is always available. You can get a loan for as low as 1,500 and as high as 500,000 naira.


Jumia One Loan

Almost every Nigerian must have heard about Jumia pay as it is a service that assists in payment of bills. It makes sense that such a service should also have provision for loans, so it is no surprise to have Jumia one loan. However, you cannot access this offer if you do not download the Jumia pay application.

The best part about the app is that it is easy to navigate, so the process of applying for loans does not take time. Once you get on the app, you should go to ‘financial services’, and select ‘loans.’ You will need to provide some information, including the amount you desire.

The higher the loan you are getting, the lower the interest rate would be. There is no need to provide collateral with Jumia one loan as all you need is to get approval after providing adequate information. The approval usually comes as a mail, asking to provide your bank details.


Quick Check Loan

This is another platform that offer quick loan in Nigeria to anyone who desires. It saves you the stress of movement as all you need to access their offer is an android device. Although they do not require collateral, the platform works in hand with state authorities and would report any defaulter who does not pay back at the required time.

They use your earnings to gauge your available loan option, and your request will not be granted if it exceeds 30% of your monthly income. According to them, the goal is to give people money to manage before they get their income for the month.

They work on trust basis as your loan option gets higher the faster you can repay. It also reduces the interest rate on the loan. You should know that they carry out adequate ensure before issuing loan approval, so do not falsify any information else you would not get the loan.


Kiakia Loan

You should know that you cannot get loan form this platform if you are not up to 21 years old and do not have a valid ID card. As with most of the loan platforms, you need to download the application and sign up by providing essential details, including your bank verification number and bank statement for the last three months.

Understandably, this will cause people to raise eyebrows as the public has been warned about disclosing their BVN to non-trusted sources. However, this platform requires your bank verification number to verify your details, and you will not get the loam if you do not provide it. If you are a first-time user of Kiakia loan, you are expected to pay back the loan within 30 days.

The duration increases the more times you apply for a loan. It is not a student-friendly platform as they currently do not offer student loans.


Payconnect Loan

As we earlier mentioned, every platform or institution has their different requirements, and you need to follow it if you want them to give you a loan. In the case of payconnect, their clause includes getting an approval from your employer before they can issue the loan. We know that this can be ahindrance for many, especially if not on good terms with their employer.

Anyone who is above the age of 18 is eligible to apply for a loan with this platform. However, it is not favorable for those who want high loans for want to venture into big businesses and want a loan for capital. A typical first-timer to this platform can apply for a minimum of 5,000 and a maximum of 10,000 naira. It increases with time if you apply for more loans through their platform. They would only send your loan amount to your salary account, so you should have one with nothing less than 100 naira in it.


Carbon Loan

Carbon loan is a financial institution that offers many services, including loans for personal and business use, with promising of providing the loans within minutes. They have been in existence for over six years, so they can click the check box for reliability.

If you are taking a loan with them for your business, ensure that it has been around for up to six months; else the application will not be considered. The idea here is so that they calculate your available loan offer, and this can only be done after presentation of your six monthsbank statement.

You will need to appropriately fill out your details if you are applying for either personal or business loans. You have the liberty to choose your payment plan which usually ranges up to three months, but ensure that you pay back on time. They also do not require collaterals, irrespective of if it is a business or personal loan.


9ja Cash Loan

This platform is one of the quickest loan offering platforms in Nigeria, but people usually have some complaints about them. We would not discredit it as they usually help in issuing instant loans, and some people do not mind what others complain about. Some people say that their requirements are too much, but in their defense, it is to ensure that they get adequate information about the individual as some people can be dubious. Thus, you will see a requirement that needs you to submit your SMS history, so they can know that the given phone number is valid.

They have a high interest rate on loans that could go over 50%, and this is what discourages many people. However, those who are in dire need of money do not mind, especially as the disbursement is fast. If you are a part of those who would not mind the interest rate, you can use this platform.


Branch Loans

If you have a smart phone, you are on your way to getting instant loans using this platform if you download the app.Once you have the application on the phone, the process of filling the required information should not take more than 30 seconds. It is a platform that spans across different African cities, so you can be sure of its credibility.

For those in Nigeria, you can borrow a minimum of 1,000 and a maximum of 200,000 naira. The interest rate is dependent on the loan amount and other personal details, so no persons should expect to have the same thing. However, it ranges between 3% – 21%. The good thing about this platform is that it supports both long term and short term goals.

Thus, you can see someone getting a loan for duration of one month, while another would be for duration of 40 weeks, which is about 10 months.


It is good when there are different loan platforms as you can check for the one where you fit the requirements. Another institution that helps Nigerians in offering loans is eLoan. As the name implies, it does not have a physical office, so everything is done through your phone.

Typically, it should not be a hassle except you donot know how to handle such devices. We cannot say that this platform with favorable with the younger ones as only people between the ages of 25 – 50 are qualified to apply for a loan. Thus, you should look for another platform if you are younger.

They believe that these people would have a credible and verifiable source of income. The e Loan app is also compatible with all devices, so have no fear about your gadget. If you apply for a loan with them, you should be able to repay between 91 –181 days.


PayDay Loan

Some people feel better to take loans from a platform that is affiliated with a bank. If you fall under such a category, we know that you would like this platform as it is connected with Access Bank.

The Access Bank loan is also called PayDay Loan, but you can only get it if you meet the bank’s Risk Acceptance Criteria (RAC). It is almost like an unwritten law that you would automatically become a user of this bank as a new account will be created for you when you request for the loan, and that is how you would access the money. However, the application process is a bit seamless than others as you do not need to download any application, but can do it via the USSDcode of Access Bank.

As the name implies, you should typically pay back your loan when you receive your salary.



It is one of those platforms that allow peer to peer lending, also known as P2P loans. We know that you might be sprouting a confused face and wondering the need for a platform is you can easily walk up to your friend for a loan, but the platform is needed for transparency, credibility and accountability.

The application almost works like a social media platform as you get to sign up and invite friends to join, which is like growing a followership. These people become your friends and family on the app, and you go to the borrower option which alerts that you are in need of money. Some people sign up to become lenders, and you can connect with any of them.

You should know that you need to provide your BVN when signing up, and you also need to connect a debit or credit card as that is where they will debit repayment.


Opay Loan

Almost everyone is familiar with opera, and Opay loan is one of their services. The acronym stands for opera pay, also known as Okash. Those who desire to take long-term loans would not find this platform favorable as it supports only short-term loans.

One of its perks is that it does not require collateral, so you do not need to bother or think about what you can drop. As with most of the loan platforms in Nigeria, it saves you the time and stress of going to a physical office as everything can be processed from your phone. It is one of those loan platforms that stand credibly as people already know about the opera company, so there is no need to doubt its services.

The maximum amount you can borrow from Okash is 50,000 naira, and this comes as a restraint to some people. You should be up to 20 years old and a Nigerian before applying.



What is the aim of loaning money if not to pay back later? You do not have to wait for hour or even minutesbefore you can get a loan with this platform. Once you have provided your details, approval comes within seconds. If approved, you will also get your money within seconds. Amongst the thing you need to provide during your application is your bank verification number.

This is not something that many people are ready to drop, so it discourages some from going further. However, you should know that requesting your BVN is for identification as it assists them to verify your name and other details else they would not have a valid means.

It is no surprise that some people may be fraudulentand drop fake details, but a BVN would help to clarify everything. You should use this platform if you desire getting short-term loans as they do not do big maximum amounts.



This platform is not promising that you would get a response within seconds, but it would not exceed 24 hours as they have hands working around the clock to verify details and ensure that everyone who applied gets a loan. You must be up to 21 years old before this platform would consider giving you a loan andyou must also have paid employment that can be verified.

All these are to ensure that you can pay amount the loan amount at the stipulated time. Typically, you get six to eight months duration to finish payment, and you can borrow as high as 1.5 Million Naira.

It may be a problem to get loan approval if you do not have a tax ID as they believe that every law abiding citizen of the state should have one and they add it to their requirements, also with a national identification card.


Xtracash Loan

It would interest you to know that this loan platform is owned by the defunct diamond bank which is now in affiliations with access bank. If you want to get loan from XtraCash, you have an existing diamond yellow account. If you do not, it istime to open one else you cannot access the loan.

Once you are a legal adult, you will be granted this loan so there is nothing to fear. It is not ideal for people who want long-term loans as the highest you can get is 15,000 naira.

Typically, you are expected to pay back before 30 days else the interest rate would increase. It is a 15% interest if you can pay before day 30. The essence of having a diamond yellow account is to serve as a form of repayment as that it where the bank gets back the money. If this sounds good, ensure that you engage them.


Conclusion on the Places to Get Instant Loan Online in Nigeria

There are numerous loan platforms to get instant cash in Nigeria, and we have highlighted some of the best for you. However, you should not use any one if you do not have Mint Digital bank yet to avoid heartbreaking stories.

Be the first to comment

Leave a Reply

Your email address will not be published.