How to Borrow Money Online in Nigeria

Do you need money for something important? Business, school, etc? A solution route you can take is borrowing money online.

Before now, if you ever needed to borrow money, banks would be your go to destination. However, with the advent of other FinTech borrowing money got a lot easier. More so, these FinTech companies have a strong online presence hence you can borrow money online.

The FinTech companies referred to here are loan providers. You must have heard of loan platforms and loan apps; that’s how you are going to borrow money online in Nigeria. Follow the below steps to guide you.

Find your ideal loan platform/app
In Nigeria, there are several loans app and platforms online, hence, the first thing to do is to find an ideal platform. Your ideal platform would be one that lets you borrow money conveniently. This includes the platform allowing your required amount, moderate interest rates, and preferable payback time.
You can get all of this information from their official websites or better still, you can contact the support and get direct answers. You can check out this best list of instant loan apps in Nigeria for good options.

Register and Apply
Registering for these loan platforms is very easy and for the most of them, you just have to fill an online form on the website or on the app. Others might require some means of identification such as BVN, National ID, Driver’s License, etc. Only few would request for collateral and that is mostly when the money is a huge amount, running into multiple millions.

However, if you use instant loan apps, you won’t have to provide collateral. After registering, apply for your loan and select your ideal interest rate and payback time. For some platforms, they will review the application before approval while others would approve instantly.

Get Credited and Repay
Upon approval of your loan request, you receive the money in your account. You can proceed to do what you want with the money whilst preparing how to repay at the agreed time. For some platforms, you pay directly from your bank account with the card details you input while registering.
Other allows you to pay via bank transfer or via Nigerian payment gateways like Paystack, QuickTeller, etc. The best would be linking your card so they automatically process the repayment even if you forget. Nevertheless, select your preferred repayment method and repay with the interest when due.

As I would always say, it is less about borrowing the money and more about paying back. You can apply for a loan on most apps and be credited within a few minutes to an hour without providing collateral; that’s very easy. Paying back is a different tune and it is important that you pay up on time.
Prompt payments put you at an advantage of being able to borrow more money, even, higher than the previous amount. While failure to pay on time might incur late fees and not paying at all will attract legal actions.