Need an unsecured, personal loan in Nigeria? Start here.
January is notorious for being a financially difficult month (except for those in the business of education). The christmas festivities, the loooong wait until the end of the month for salary payments and for parents, the demand for school fees at the beginning of the month make January a difficult one financially for a lot of people. Luckily, for salaried and self-employed workers, there are financial organisations whose job it is to lend a helping hand in these difficult times with no request for collateral, and I have compiled a list of some these. While most of these organisations cater for Lagos-based workers, there are some who will accept workers from other parts of the country.
When borrowing money, there are a few rules to follow to avoid getting into unmanageable debt:
- Budget. Base your borrowing on what you can comfortably afford to repay each month.
- Borrow as little as possible.
- Borrow for as short a term as possible. While it can be tempting for longer terms on loan repayments, it is important to note that ultimately, these cost more in the long term. Borrow N200,000 over a 3 month period and you ll have to repay ₦239,147 (₦79,715 monthly). The same amount over a 12 month period will cost ₦343,650 (₦28,637 monthly) 170% of the original loan amount, and a difference of ₦104,503!
It is always good idea to check with lenders that they allow early repayments, and also to confirm their terms for doing so. Some lenders might charge you more to repay the balance on your loan early, especially if you are close to the end of the loan term, therefore it is important to check from the onset.
Renmoney is a consumer finance organisation which operates from 89 Awolowo road, Ikoyi, Lagos. They offer cash loans to Lagos-based salaried workers in (proof required) for variable payment terms as little as 3 months.They operate a very simple website which allows you calculate your repayments against your desired loan amount and payment terms. They promise to pay within 24 hours of verifying documents, as long as the applicant is in a regular job and can provide proof of income.
- Be between ages 22 – 55 years.
- 1 Passport photograph
- Utility bill
- Live and/or work in any part of Lagos.
- Have a secure job paying at least ₦50,000 monthly, into a bank account.
- Must have a verifiable place/terms of employment.
- Have a functional current account with a BVN number. You will be asked for a 6 month history of bank statements.
- Have valid means of identification – International Passport, Driver’s License, National ID Card.
You will find a full list of requirements here.
How To Apply
- There are three ways:
- 1. Go to the Apply now section of the website
- 2. Call their contact center lines 0700RENMONEY (0700 73666639)
- 3. Visit the closest RenMoney branch to you
Office Address and Contact details
Head Office: 89, Awolowo Road, Ikoyi, Lagos, Nigeria.
Surlier: Adeniran Ogunsanya Street, Surulere.
Opebi: Pentagon Plaza, 23 Opebi road, Ikeja.
Lagos Island 50 52, Broad Street, Lagos in CSS Bookshop HouseApapa: No. 13, Park Lane, Apapa.
Direct Bridge is a consumer finance company operating in Nigeria and focusing on short-term consumer loans between ₦50,000 and ₦500,000 (depending on income) to low to middle class income earners. Loan terms are variable, between 3 and 9 months.
- Must be in employment (paid or self-employed).
- Must maintain a bank account not less than six months old.
- Must have a verifiable monthly income
- Must possess a valid means of identification
- You must work and reside in Lagos
- You must not have a history of returned cheques in your account
Salaried workers will need:
- Valid means of identification (International Passport, Driver s Licenseor National ID)
- 1 passport photograph
- Bank statement endorsed by your bank (6 months preceding date of application)
- A signed direct debit mandate.
- Your pension statement.
- Tax id
If you re self-employed,
- Valid means of Identification (International Passport, Driver s License or National ID)
- Certificate of Business Registration.
- 1 passport photograph
- Business Bank statement endorsed by your bank (6 months preceding date of application)
- A signed Direct Debit mandate or Post Dated Cheques on business account
- Tax details
- A guarantor must be a banker. The guarantor will provide the following:
- Last 3 months statement of account
- Work ID
- Passport photograph
- A duly completed Guarantor Form
- Post-dated cheques for the duration
You will need to fill out an application form, (downloadable here) and take to their office with the supporting documents from the list above. If approved, they promise to credit your account within 24 hours.
703C Thomas Adeboye Drive Off Somide Odujinrin Avenue
Phone: 07064300703, 01-3424798
Salary Advance NG is a product of the Addosser Microfinance bank, which provides funding solutions designed to bridge the funding gap for Lagos-based, full-time employees for personal needs. They are able to provide between ₦100,000 and ₦2,000,000 to customers for up to 12 months. Their easy-to-navigate website helps customers calculate loan repayment options against varying periods and amounts, to access affordability before even speaking to anyone on the phone. This provider requires a guarantor, who is required to be a work colleague with an income bracket above that of the applicant.
- Live and be employed in Lagos State
- Be a confirmed staff of a reputable company
- Have a verified monthly income paid into a current account with a commercial Bank in Nigeria
- Not have a history of returned cheques in your statement of account
Applicants will require the following documents:
- Most recent bank statement showing last 6 months salary payments (must be stamped/endorsed by the bank)
- Copy of your employment confirmation letter or recent promotion/salary increase letter
- NUBAN-compliant postdated cheques from salary account
- 1 x Recent Passport photograph
- Photocopy of your staff ID card
- Completed guarantor’s form
- Guarantor’s Passport Photograph, post-dated cheque (not required for loans under N250,000) and Photocopy of staff ID card
You will need to print and fill out this form, attach the supporting documents take to the one of their offices.