{"id":12553,"date":"2023-01-03T11:26:00","date_gmt":"2023-01-03T11:26:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=12553"},"modified":"2023-02-04T11:23:36","modified_gmt":"2023-02-04T11:23:36","slug":"best-online-payday-loans","status":"publish","type":"post","link":"https:\/\/businessyield.com\/finance-accounting\/best-online-payday-loans\/","title":{"rendered":"Best online payday loans: Top 10 companies in 2023","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Before we proceed, what are payday loans?<\/p>\n\n\n\n
A payday loan is a short term, and high interest loan. <\/p>\n\n\n\n
Usually, they are available in small amounts of cash \u2013 typically much less than what you can borrow from a bank, or online lender.<\/p>\n\n\n\n
Alternative names include: installment loans, no credit check loans or a cash-only loan.<\/p>\n\n\n\n
They are called payday loans because they are short term loans, meant to last until your next paycheck.<\/p>\n\n\n\n
The typical length of a loan is two weeks, but loan terms can be flexible. <\/p>\n\n\n\n
Payday loans are exciting because besides being very fast money, there is no credit check.<\/p>\n\n\n\n
Lets take a look at some of the best online payday loans.<\/p>\n\n\n\n
Lendup is the best for money on the go. <\/p>\n\n\n\n
It offers credit cards, loans, free financial education, and where available, the opportunity to build credit, from your phone.<\/p>\n\n\n\n
LendUp comes with numerous advantages for borrowers. <\/p>\n\n\n\n
A major advantage of applying for LendUp personal loans is that they strive to make the fees and business model as transparent as possible.<\/p>\n\n\n\n
If you get approved for a loan, they disclose exactly how much you will pay back and when you will pay back.<\/p>\n\n\n\n
Renmoney is one of the loan companies in Nigeria that offers micro-business loans up to 4 million NGN.<\/p>\n\n\n\n
To apply for this loan, your business ought to have a good income statement history and can boast of regular monthly earnings for repayments.<\/p>\n\n\n\n
The minimum loan amount is 100, 000 NGN, while the interest rate is up to 2.8% per month.<\/p>\n\n\n\n
Carbon was formerly called PayLater. <\/p>\n\n\n\n
It is an instant loan that gives you access to a loan in few minutes, currently operating in Nigeria.<\/p>\n\n\n\n
Carbon is a 3 year old lending app that is known as \u2018 a simple digital finances management platform.\u2019<\/p>\n\n\n\n
It provides instant online loans to help you cover urgent and unexpected cash needs. <\/p>\n\n\n\n
The platform usually requests for access to your BVN to determine your loan worth.<\/p>\n\n\n\n
This company can give out loan as high as 20 million NGN, while interest varies.<\/p>\n\n\n\n
The mobile app is available on web and mobile apps. <\/p>\n\n\n\n
Their interest rates range from 5-15% and it depends on the loan repayment period and the amount of money borrowed.<\/p>\n\n\n\n
It also provides a platform that allows its customers recharge airtime, transfer funds and pay bills.<\/p>\n\n\n\n
See also: Cash out refinance loan explained (+ requirements and tools)<\/a><\/p>\n\n\n\n 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.<\/p>\n\n\n\n Its interest rate usually ranges from 15% to 34%<\/p>\n\n\n\n It usually requires your Bank Verification Number (BVN), and debit card details to obtain a loan.<\/p>\n\n\n\n See also: Personal loan application: Step by step guide (+ quick tips)<\/a><\/p>\n\n\n\n They don\u2019t have a physical location, but have enough employees dedicated in helping its customers borrow and invest funds.<\/p>\n\n\n\n They request for your Bank Verification Number (BVN), and also your account number.<\/p>\n\n\n\n Its interest rate lies between 5% – 15%, and you have to repay within 14-30 days.<\/p>\n\n\n\n The loan amount at Lidya ranges from N150, 000 and above, with an interest rate of 3.5% per month.<\/p>\n\n\n\n4. Branch<\/a><\/span><\/h3>\n\n\n\n
Branch is another platform that offers quick loans in Nigeria. <\/p>\n\n\n\n
It is one of the best online payday loans platforms, because of its mode of operation. <\/p>\n\n\n\n
The company doesn\u2019t request for collateral. Its interest rates are determined by a number of factors like the lender\u2019s repayment history and the cost of lending branch.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n5. Fair money<\/a><\/span><\/h3>\n\n\n\n
FairMoney offers quick loans to cater for needs like bill payments. <\/p>\n\n\n\n
It is a licensed loan app that gives interest ranging from 5% to 28%, depending on how much you are borrowing.<\/p>\n\n\n\n
The payback date is usually between 4 to 26 weeks.<\/p>\n\n\n\n
Interestingly, if you pay back your loan before the due date on FairMoney, you\u2019d repay at a reduced interest rate.<\/p>\n\n\n\n6. Petty cash<\/a><\/span><\/h3>\n\n\n\n
Pettycash is a lending firm in Nigeria with its customers in the 36 states of Nigeria. <\/p>\n\n\n\n
They also offer a digital experience by providing instant loans to salary earners in Nigeria through their employer or individually.<\/p>\n\n\n\n
What that means is that their customers can access finance anytime and anywhere.<\/p>\n\n\n\n
They give out loans ranging from 5,000 NGN to 50,000 NGN to salary earners as payday loans.<\/p>\n\n\n\n7. Payday Hub Online<\/a><\/span><\/h3>\n\n\n\n
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 .<\/p>\n\n\n\n
This is done to enable its customers get fast cash to meet basic and emergency needs.<\/p>\n\n\n\n
You will need to reach specific loan requirements like:<\/p>\n\n\n\n
1. Applicants must have a means of identification, i.e driver\u2019s license, international passport, or national ID card.<\/p>\n\n\n\n
2. Applicants must have a company ID card, and employment letter.<\/p>\n\n\n\n
3. Applicants must possess a three months bank statement of account showing previous salaries.<\/p>\n\n\n\n8. Migo<\/a><\/span><\/h3>\n\n\n\n
Migo was formed out o its partnerships with companies, banks, and other technology companies.<\/p>\n\n\n\n
It is also one of the best online payday loans in Nigeria. <\/p>\n\n\n\n
Migo gives you access to loans as high as 500,000 NGN, without requesting a collateral.<\/p>\n\n\n\n
You can access their lending services via their website or mobile app. <\/p>\n\n\n\n9. Lidya<\/a><\/span><\/h3>\n\n\n\n
Lidya launched in Novemeber 2016, with a mission to bridge credut gap, both in Nigeria and emerging markets.<\/p>\n\n\n\n
Businesses seeking for a loan can make use of the Lidya mobile app, or visit their website. <\/p>\n\n\n\n