Top 5 Unsecured Loan Companies in Nigeria

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Enterprise Television- Top 5 Unsecured Loan Companies in Nigeria

Personal lending business in Nigeria has multiplied within the last ten years. The extensive risk mitigation measures of the commercial banks in ensuring good security and interest rate have disqualified more applicants for personal loans. However, credit companies have capitalised on these challenges and are providing products to help meet the financial obligations of customers.

When needs such as rent, school fees, medicals, travels, cars, asset finance and investment arise, there are some personal lending companies that have simplified the process with less requirements and have cheap interest rate for prospective customers. This is without prejudice to successful credit check on applicants.

To help you decide, Enterprise Television conducted a research on credit companies in Nigeria on technology, interest rate, term length, eligibility requirement and reach of operations. There are indeed so many across the country but 5 of them meet most of our standards of research, the first of which is technology with a customer service ready functional website to aid the process of application.

  1. Credit Direct:

Process duration- 24 hours

Lending limit- N4,500,000

Process fee: None but 1% insurance premium

Interest rate- Loan of N500,000.00 within 3 months attracts 15% interest while 12 months attracts 60%

Available term- 12 months

Pre-liquidation Charge: None

Eligibility requirement- Paid employment (Civil Servants, Private sector employees) and NYSC Members)

Reach of operation- 26 states including the Federal Capital Territory

Customer base- Over 300,000 customers

Customer Relations- English, Yoruba, Igbo and Hausa Languages

About Credit Direct

Photo credit- https://web.facebook.com/CDL24hrsLoan/

Credit Direct Limited is a non-bank finance company with its Head-Quarters in Lagos, Nigeria. The company was established in 2007 and is focused on providing Payroll based consumer loans to eligible individuals.

The Company currently operates in 25 states in Nigeria including the Federal Capital Territory– Abuja. With a staff strength of over 1000 employees and an active customer base in excess of 300,000, Credit Direct Limited is positioning itself to become the dominant market leader in the unsecured micro-lending (payroll lending) space in Nigeria and indeed Sub-Saharan Africa.

The Company’s 12- hour quick turnaround loan product “sharp sharp “is its flagship product and the core of the business. In 2011, it introduced its Asset based loans product which offers customers the opportunity to purchase house-hold items and also accommodate certain segments of the market which are averse to interest bearing loans. Credit Direct Limited launched a new product – Empower the Corps in 2015. A product that provides loans to corps members to start up small business, add a professional qualification or buy lifestyle or commercial assets.

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  1. Ren Money

Process duration- 24 hours

Lending limit- N5,000,000

Process fee- Up to 4.65% to cover Management fee, Insurance and V.A.T.

Interest rate- Loan of N500,000.00 within 3 months attracts 16.23% interest while 12 months attracts 48%

Available term – 12 months

Pre-liquidation Charge: 2%

eligibility requirement- Paid employment

Reach of operation- Lagos (Six locations including the head office)

Customer base- Over 25,000 customers

Customer Relations- English Language

About Ren Money

Photo credit- https://web.facebook.com/renmoneynigeria/

Founded with a focus on emerging markets, RenMoney MFB Limited is a consumer finance organization with expertise in the provision of simple money solutions.

 

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  1. Page Financials

Process duration- 24 hours

Lending limit- N2,500,000

Process fee- Not open

Interest rate- Loan of N500,000.00 within 3 months attracts 16.58% interest while 12 months attracts 59.92%

Available term – 3-10 months

Pre-liquidation Charge: Not open

Eligibility requirement- Paid employment

Reach of operation- Lagos State (Two offices including the head office)

Customer base- Not available

Customer Relations- English Language

About Page Financials

Photo Credit- https://web.facebook.com/pagefinanciaIs/

Page International Financial Services Limited is an innovative retail finance institution (Licensed by Central Bank of Nigeria) offering outstanding products and services to suit the financial requirements of our diverse clientele. We commenced business in 2014 and have since delivered retail financial services in an unprecedented manner to our esteemed customers.

We continuously strive to understand our clients’ needs so we can provide efficient financial solutions or opportunities for the customers and stakeholders we serve. At Page, we strongly believe in integrity, empathy, respect, innovation and creating value in everything we do and our vision is to remain the leading technologically innovative retail financial institution in Africa.

Our services are delivered in a targeted way that puts into consideration our corporate relationships and client’s preferences because we place great importance in sustaining lasting relationships with our clients throughout their financial lives.

We have a team of like-minded people, mutually driven, supportive of each other, friendly, creative and positively motivated towards working together productively to create value whether first to ourselves then to our client-base, investors and community at large with the single goal of being exceptional by all standards in our relationships.

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  1. Zedvance

Process duration- 24 hours

Lending limit- N3,000,000

Process fee- 2% Management Fee

Interest rate- Loan of N500,000.00 within 3 months attracts 16.79% interest while 12 months attracts 58.46%

Available term – 12 months

Pre-liquidation Charge: 2%

Eligibility requirement- Paid employment

Reach of operation- Lagos State

Customer base- Not available

Customer Relations- English Language

About Zedvance

Photo credit- zedvance.com

Zedvance Limited is a consumer finance company. We are committed to providing consumer credit to our target market in the most efficient and convenient manner while ensuring best practices.

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  1. One Finance

Process duration- 24 hours

Lending limit- N2,000,000

Process fee- Not open

Interest rate- Loan of N500,000.00 within 3 months attracts 12% interest while 12 months attracts 48%

Available term – 12 months

Pre-liquidation Charge: None

Eligibility requirement- Paid employment

Reach of operation- Lagos, Calabar, and Ibadan

Customer base- Not available

Customer relations- English Language (Fully automated)

About One Fi

Photo Source- https://twitter.com/OneFiCo

A sizeable portion of the Nigerian workforce is often denied access to credit by traditional financial institutions, and due to this, the average Nigerian is unable to satisfy emergency cash needs as they arise. Realising this gap in service, One Finance and Investment Limited (OneFi), formerly known as One Credit was founded in 2012 to provide short-term consumer loans to credit-worthy individuals with limited access to finance. We currently operate in Lagos, Calabar and Ibadan with plans in the near future to expand operations to various states nationwide.

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What’s right for you?

Whether you should apply for a personal loan with any will depend on things like your credit score, your income, and the amount you want to borrow.

Beyond that you may want to consider interest rate, process fee, customer relations/support or probably change of location (if you were initially resident in a state where the credit company is), Credit Direct is obviously the best choice in Nigeria.