A colleague who urgently needed credit facility asked me, “How can I apply for a loan on online and what are the requirements?”
Under 60 seconds I sent him the list of apps where he could access an online loan in Nigeria without collateral.
In this post, I’ll share a piece of similar useful information with you as I take you on a drive to know the questions you’ll be asked before you could borrow money online in Nigeria.
The point is if you can’t share some information including your location, some loan apps won’t grant your application.
Some of the online platforms where you can get a loan are:
- RenMoney
- LoanDey
- Rosabon Finance Quick Loan
- FINT Loan
- C24
- FastCredit
- LMoney
- Zedvance
- Snap loan for salary earners
- Credit Direct
- Alat Loan App
- GroFin
- One-Fi Loan
- Lidya Loan
- Lidya
- Page Financials
- CoolBucks
- Smedan Loan
- CreditVille
It is very important for the money lender to verify the identity of the borrower. It is the standard process. No one wants to give out a loan to an unknown person.
For you to know what it takes for your loan application to be granted, here are the eligibility requirements online loan firm will normally want you to fulfil;
- Name
- Date of Birth
- Address
- Employment status
- Income
- Bank details
- Identity Verification
- Phone number
- Bank account statement
- purpose of the loan
- Guarantor
Name
You must provide your name as it appears on your national identity card or the way it appears on your bank account.
You can’t hide anywhere. If you tried to play smart, you WILL be caught. Be real. No lies.
Date of Birth
Underage persons are not eligible to take loan, that’s one of the reasons an online money lender would want to know your date of birth. This is necessary to be sure that you are not a teenager.
Address
Some online loan firms in Nigeria will ask you to activate your Google location. Once your location is different from your address on the online form, your application could be rejected.
To some, the address you filled in in the form doesn’t matter, they just want to record your location at the time of application.
Most of them would reject your application if you failed to activate your google location. If you are not ready to grant them your location, don’t apply.
Employment status
What’s your monthly take-home salary. Is it N100K and you want to take N500K loan?
Is your monthly salary N80K and you want to take N70K loan? This is a requirement to take an online loan.
The basic thing is borrower wants to grant loan application of someone who doesn’t have a source of income.
Or someone who wants to take 5X more than what he earns at the end of the month. This kind of loan is called a payday loan in Nigeria.
Income
If you are not employed, you might be required to upload your statement of account. The inflows into your account would be one of the determining factors to access your eligibility.
Bank details
Your bank details including your name, account number, name of the bank and your bank verification number (BVN).
Your BVN contains everything an online loan firm needs to know about you. It could be used to track your income and other banking details.
Identity verification
Part of the identity verification is to be sure that you don’t have a criminal record or bad loan in your name.
If your bank details have been flagged, the moneylender may request a copy of a bank statement to confirm any bank details and income too.
If the moneylender spots other red flags on your bank statement, your application may be rejected.
Purpose loan
Don’t be embarrassed if the moneylender asks you why you want to take a loan. Is it a payday loan? Or to offset medical bills or for school fees or holiday?
Provide an answer.
Guarantor
Another eligibility requirement to access online loans in Nigeria is guarantor information.
If you default on the loan term, lender will always make a point of speaking to the guarantor. It is necessary to pre inform your guarantor about this.
But it seems Nigerians are already abusing this.
Sometimes ago, I received a text message from a strange number. I was surprised that someone at a working place had submitted my info as his guarantor for a loan.
He didn’t inform me about it. Sadly, we were no longer working in the same company.
I ignored the SMS until the second day when the firm from where he had taken the loan called me.
The caller said Allan (not real name) failed to repay the loan he took from them. I had to clear myself.
On this, it is very important for online loans firms in Nigeria to call a guarantor to be sure the applicant isn’t dubious in his claim.