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Payday loans are small, short-term loans intended to cover you until you receive your next cash. The best online payday loans help you out with emergencies, we are going to be taking a look at 10 of them.
This blog post is intended to give you an overview of what payday loans are, as well as highlight the best online pay day loans.
Before we proceed, what are payday loans?
A payday loan is a short term, and high interest loan.
Usually, they are available in small amounts of cash – typically much less than what you can borrow from a bank, or online lender.
Alternative names include: installment loans, no credit check loans or a cash-only loan.
They are called payday loans because they are short term loans, meant to last until your next paycheck.
The typical length of a loan is two weeks, but loan terms can be flexible.
Payday loans are exciting because besides being very fast money, there is no credit check.
10 best online payday loans
Lets take a look at some of the best online payday loans.
Lendup is the best for money on the go.
It offers credit cards, loans, free financial education, and where available, the opportunity to build credit, from your phone.
LendUp comes with numerous advantages for borrowers.
A major advantage of applying for LendUp personal loans is that they strive to make the fees and business model as transparent as possible.
If you get approved for a loan, they disclose exactly how much you will pay back and when you will pay back.
Renmoney is one of the loan companies in Nigeria that offers micro-business loans up to 4 million NGN.
To apply for this loan, your business ought to have a good income statement history and can boast of regular monthly earnings for repayments.
The minimum loan amount is 100, 000 NGN, while the interest rate is up to 2.8% per month.
Carbon was formerly called PayLater.
It is an instant loan that gives you access to a loan in few minutes, currently operating in Nigeria.
Carbon is a 3 year old lending app that is known as ‘ a simple digital finances management platform.’
It provides instant online loans to help you cover urgent and unexpected cash needs.
The platform usually requests for access to your BVN to determine your loan worth.
This company can give out loan as high as 20 million NGN, while interest varies.
The mobile app is available on web and mobile apps.
Their interest rates range from 5-15% and it depends on the loan repayment period and the amount of money borrowed.
It also provides a platform that allows its customers recharge airtime, transfer funds and pay bills.
Branch is another platform that offers quick loans in Nigeria.
The company gives you access to loan that ranges from N1,000 to N200,000 within 24 hours, with a payback duration of 4 to 40 weeks.
It is one of the best online payday loans platforms, because of its mode of operation.
Its interest rate usually ranges from 15% to 34%
The company doesn’t request for collateral. Its interest rates are determined by a number of factors like the lender’s repayment history and the cost of lending branch.
This is one of the best online payday loans in Nigeria that have made it easy for Nigerians to request for loans without collaterals or physical engagement.
FairMoney offers quick loans to cater for needs like bill payments.
It usually requires your Bank Verification Number (BVN), and debit card details to obtain a loan.
It is a licensed loan app that gives interest ranging from 5% to 28%, depending on how much you are borrowing.
The payback date is usually between 4 to 26 weeks.
Interestingly, if you pay back your loan before the due date on FairMoney, you’d repay at a reduced interest rate.
Pettycash is a lending firm in Nigeria with its customers in the 36 states of Nigeria.
They don’t have a physical location, but have enough employees dedicated in helping its customers borrow and invest funds.
They also offer a digital experience by providing instant loans to salary earners in Nigeria through their employer or individually.
What that means is that their customers can access finance anytime and anywhere.
They give out loans ranging from 5,000 NGN to 50,000 NGN to salary earners as payday loans.
Payday Hub Online is a non-banking financial organization which offers private investment and short term loan facilities to paid employees or reputable companies without any charge hidden or collateral .
This is done to enable its customers get fast cash to meet basic and emergency needs.
You will need to reach specific loan requirements like:
1. Applicants must have a means of identification, i.e driver’s license, international passport, or national ID card.
2. Applicants must have a company ID card, and employment letter.
3. Applicants must possess a three months bank statement of account showing previous salaries.
Migo was formed out o its partnerships with companies, banks, and other technology companies.
It is also one of the best online payday loans in Nigeria.
They request for your Bank Verification Number (BVN), and also your account number.
Migo gives you access to loans as high as 500,000 NGN, without requesting a collateral.
You can access their lending services via their website or mobile app.
Its interest rate lies between 5% – 15%, and you have to repay within 14-30 days.
Lidya launched in Novemeber 2016, with a mission to bridge credut gap, both in Nigeria and emerging markets.
Businesses seeking for a loan can make use of the Lidya mobile app, or visit their website.
The loan amount at Lidya ranges from N150, 000 and above, with an interest rate of 3.5% per month.
Social lender is a lending platform based on social reputation on mobile, online and social media.
It is also one of the best online payday loan creditors that aim to bridge the gap of immediate funds for people with limited access to formal credit.
It performs a social audit of the user on social media, online and other related platforms.
Need a business loan? Reach out to any of the best online payday loans 2021 creditors listed above now!
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