An unsecured loan is a loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan, and it is also called a signature loan or a personal loan.

To clear the air, unsecured loan providers are not specially cut out for salary earners as most claim.

The essence of this thread is to know how many there are, knowing full well that new unsecured loan providers are springing up with each passing. When sharing your experience, please include below detail;

1. Registration process
2. Website/app (loan provider's platform)
3. Loan approval timeline
4. Interest Rate, etc...

I'd be starting with mine.

PS: I don't work with any of these providers, neither am I an agent. My reviews are solely based on user experience.

Paylater: Based on user experience, Paylater is the best thing to happen to loan facility in Nigeria. I was denied the first time I tried for over four months! Lol! It was frustrating until I reviewed my details and changed my GTB account on their app to my FBN's. GTB misspelled my name which in turn didn't match my BVN details. My loan was approved in less than five minutes and I was credited in less than 20 minutes!

Registration process
Too simple! Common details about you, your BVN and bank account!

Website/app (loan provider's platform)
APP

Loan approval timeline
Normally, Paylater would say within 24 hours, but the crediting doesn't take up to on hour!

Interest Rate
For less amounts with lesser tenors, the rate is usually lower compared to fair sums with tenors such as six months. For example, I once got a loan of N45,000, to pay back N65,250 in six months time, meaning I pay N10,875 monthly for a period of six months. Fair but high, if you ask me

QuickCheck: They say Quickcheck is similar to Paylater but my experience with them has not been good. Reviews on their Playstore page aren't so good either. Sadly, I have never been able to secure a loan with these guys no matter how hard I try.

Registration process
Simple and almost the same as the aforementioned

Website/app (loan provider's platform)
APP

Loan approval timeline
They take forever to approve loans and when they respond, chances of having your application declined are quite high

Interest Rate
?

Lalasticlala

Aella Credit: These guys are new and they pretty much trying to get in the game. The app is pretty much simple to use but after paying off your first loan, you just might not get higher than what you got the first time. For example, I applied for a 6500 loan, paid back with the interest and my next available loan amount was pegged at 6,500 despite paying before due date.

Registration process
Simple and almost the same as the aforementioned

Website/app (loan provider's platform)
APP

Loan approval timeline
Quite fair. Mostly between an hour

Interest Rate
Almost the same as Paylater

This is just about the only three that I have tried. I am aware there are more such as, FairMoney, RenMoney (only for people within Lagos), StartCredit, Zedvance, PayConnect, c24 and a host of others. If you have tried them, kindly share your user experience.

Mynd44
Dominique
Lalasticlala

Hello DearPeople,

Please can I send you an email regarding this? Thank you.

DearPeople:
An unsecured loan is a loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan, and it is also called a signature loan or a personal loan.

To clear the air, unsecured loan providers are not specially cut out for salary earners as most claim.

The essence of this thread is to know how many there are, knowing full well that new unsecured loan providers are springing up with each passing. When sharing your experience, please include below detail;

1. Registration process
2. Website/app (loan provider's platform)
3. Loan approval timeline
4. Interest Rate, etc...

I'd be starting with mine.

PS: I don't work with any of these providers, neither am I an agent. My reviews are solely based on user experience.

great post

Paylater is easy to get approved on especially if you craft your details in a smart manner.

My main issue is with their interest. They force you to take loans for longer periods just to get you to pay higher interests.

Got 10k twice, paid back 11.5k

Now, 20k, they forcing me to pay for 2 months in 14k installments which makes it 28k at last .

That's 8k interest instead of the 3k I paid for the two previous ones.

Like you said, it's just too high.

Anyone with defaulting stories?

will share mine later.

lakeside4fire:
Hello DearPeople,

Please can I send you an email regarding this? Thank you.

Replied...

SHOPPERS:
Paylater is easy to get approved on especially if you craft your details in a smart manner.

My main issue is with their interest. They force you to take loans for longer periods just to get you to pay higher interests.

Got 10k twice, paid back 11.5k

Now, 20k, they forcing me to pay for 2 months in 14k installments which makes it 28k at last .

That's 8k interest instead of the 3k I paid for the two previous ones.

Like you said, it's just too high.

Anyone with defaulting stories?

will share mine later.

You're right about Paylater. However, I have never defaulted before. Don't know what it feels like. Would love to hear your story.

Pls I want to rent a new apartment and am family man with two kids,i need a loan for it,to be pay weekly,which loan facility do l apply with,i need it urgently pls advise me,am uber driver working within Lagos city

Please ensure you check the interest rates on available loans for your requirement on www.startcredits.com before you take out any loans.

Please can any one help with the office address of fair money at Yaba. It's very urgent
plsssss

Get soft loan from N5,000 to N200,000.

Location:Lagos

Email:loanenquiries@gradesgate.com.ng
Whatsapp:08097111171
Phone number : 08097111171.

N.B: It is ONLY for salary earners who has a verifiable source of income.

T

There are some online loan companies, but I am not sure if it is exactly what you're looking for...
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Your Account bust be Activated before you refer if you refer your account is not activated you will lost your referral bonus it wouldn't appear

I've tried Palm Credit and I would say their service is top notch but due to this Covid-19 situation and the fact so many people are defaulting, they are selective in granting new customers

Actually, the greatest fraudulent loan app in Nigeria is Haloocredit, owned by HalooDigitals Nigeria Limited.
Once you collect loan from the app, they will make sure you are unable to pay on due date and start calling you to make transfer to their account. After payment, your loan wont be cleared and they will start you will be debited several times without end.
Also, if you dont use the account, they will start blackmailing you. These guys should be investigated and arrested by efcc.
Nigeria is hard enough, these guys shouldn't be allowed to exist.
Funny thing, no address, no phone number, no social media account, nothing.
They are worse than devil.
See the reviews on different app downloading sites to see the different bad experiences people have with them on playstore
https://play.google.com/store/apps/details?id=com.ng.haloocredit&hl=en and on appannie
[url]https://www.appannie.com/en/apps/google-play/app/com.ng.haloocredit/#:~:text=This%20is%20the%20worst%20credit,I%20didn't%20warn%20you.&text=This%20is%20the%20worst%20app%20ever[/url].

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Loan apps in Nigeria have been playing a major role in our lives lately especially when you consider what the current economy looks like these days.

An average working-class person in the country today desires a loan to solve one problem or the other, at least, once in 6 months. This is why the lending business is going to keep booming for a very long time.

Most of these lenders do not care about you. In fact, they hide a lot of things from you from the onset. All they want to do is to capture you in that desperate situation and take advantage of you.

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But did you know that there's a website where you can see EVERY LEGIT LOAN COMPANY. What this website does is that it will help you compare all the loan companies in Nigeria using the requirements you provide. And within 2 seconds, you'll see a list of companies that match exactly what you want.

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An unsecured loan is a loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan, and it is also called a signature loan or a personal loan.

To clear the air, unsecured loan providers are not specially cut out for salary earners as most claim.

The essence of this thread is to know how many there are, knowing full well that new unsecured loan providers are springing up with each passing. When sharing your experience, please include below detail;

1. Registration process
2. Website/app (loan provider's platform)
3. Loan approval timeline
4. Interest Rate, etc...

I'd be starting with mine.

PS: I don't work with any of these providers, neither am I an agent. My reviews are solely based on user experience.

Get soft loan from N5,000 to N100,000 at a very low interest rate

Location:Lagos

Email:veektahh@gmail.com
Whatsapp:08034171788
Phone number : 09070042521.

N.B: It is ONLY for salary earners who have verifiable source of income.