Some people look for online loans that have easy monthly repayments plans so we took the time to do some research and come up with some answers.
These are some of the easy online loans in Nigeria with monthly payments. They are either 30/31 day loans that you have to repay on or before 30/31 days or they are longer term (1 – 12 months) loans that you would have to pay back on a monthly basis.
We have put together a list of 10 online loans with monthly payments in Nigeria. You can check them out below in no particular order;
Table of Contents
1. Quick Credit
This is an online loan you can get from GTBank with up to 12 months repayment period. However you will be shown the monthly repayment breakdown so you know how much you are expected to pay back monthly.
Quick Credit comes with a monthly 1.5% repayment interest on the principal amount. With Quick Credit you can qualify to borrow up to N5m without collateral and paperwork, depending on your monthly salary/income. You can learn more about GTBank Quick Credit
2. Carbon Loans
Carbon is a fintech and microfinance bank that enables you carry out several financial transactions via the getcarbon app.
Carbon says its online loan can enable you borrow up to N1m with flexible repayment options.
3. GTBank Salary Advance
GTBank has another online loan that is targeted at short term financial support to salary earners. You can qualify for up to 50% of your monthly salary.
It has a 1 month repayment period after which you can qualify for more loans.
Applicants will have to be GTB customers and can access the Salary Advance loan via the GTWorld or GTBank app.
4. Stanbic Personal Loan
Stanbic IBTC bank has personal loans for its customers where you can borrow money with flexible repayment period. You must have a minimum N20,000 monthly income and be at least 21 years old to qualify.
4. EZ Cash for SMEs
This is a loan by Stanbic bank targeted at small enterprises and businesses. The EZ cash for SME loans can give up to N5m to small business owners.
You then have a monthly payment plan at 2.5% interest monthly. Repayment period can be between 6 – 12 months. Customers of the bank can request for the loan via the bank’s online channels (website or mobile app).
5. ALAT Salary Based Loans
Wema Bank, through its ALAT mobile app, gives individuals loans based on their monthly salary. The bank says applicants can get between N50,000 – N4m in loans.
You can repay the loans with a monthly plan that comes with 2% monthly interest.
6. Click Credit
Click Credit is an online loan from UBA for anyone who maintains an active account with the bank. You can borrow up to N1 million depending on your monthly salary. with a repayment period of up to 1 year.
The loan has monthly payment that comes with 2.5% interest.
Customers of the bank can access the loan through the bank’s website/app or through the USSD code.
Specta is a Sterling bank lending platform that provides loans with flexible monthly payment plans. Specta loans can have 1- 12 months repayment with interest rates that vary.
8. Quick Credit for Small Business
GTBank’s Quick Credit loan has the version for small businesses that enables them get up to 50% of their annual turnover or a maximum of N10 million.
The loan tenure can be up to 6 months with monthly repayment. The repayment comes with monthly 1.5% interest. It appears to be one of the business loans in the country with the lowest interest rates.
9. Fairmoney Business Loans
Fairmoney, one of the microfinance banks and money lenders with online application process, says small businesses can get up to N5 million in loan. You simply apply online, fill the applications and submit to get a response within 24 hours.
The loans have up to 12 months repayment with a monthly payment plan.
10. Renmoney Loans
Renmoney on the FAQ section of its website says it can give up to N6 million in loans with a repayment plan of up to 24 months.
Individuals and businesses can apply for loans (personal and micro business loans) and get the amount the qualify for within 24 hours.
We guess you will get a breakdown of the monthly payment and interest when you make a loan application.
We have written some interesting, enlightening content around the loan industry. You can check some of them below;