Maybe you don’t have an ATM card and you wish to get a loan, then check this post on how to get a loan without ATM card. I will highlight and analyze about ten Apps and platforms you can get quick loans from, even without touching an ATM or debit card.
Is getting loan without ATM possible? What you need to know
I can say in Nigeria that we are kind of lucky as we now have loan apps available that enable users to apply for and receive loans within minutes, all without requiring a debit card. These apps utilize innovative technology and alternative verification methods, such as basic personal information, to easily approve loan applications.
Through these apps, Nigerians can conveniently and efficiently access loans, regardless of whether they possess an ATM card or not. These apps may also offer flexible repayment choices, competitive interest rates, and a user-friendly interface, ensuring a good borrowing experience.
Pros and Cons of getting a loan without ATM card: Let’s weigh its benefits and risks
Before going into the list of these platforms let’s first analyze the benefits you will enjoy and some risks you night likely face while doing so
Pros:
- Accessibility: People who do not have an ATM card can still access loans, expanding financial inclusion and providing opportunities for those without traditional banking access.
- Convenience: The process of obtaining a loan without an ATM card can be simpler and quicker, as it eliminates the need for physical card verification and related documentation.
- Broader Eligibility: This approach allows a wider range of individuals, including those who might not qualify for a traditional bank loan due to a lack of credit history or collateral, to access funds.
- Innovation: Loan apps without the need for an ATM card often utilize innovative technologies such as alternative data sources and digital verification methods, contributing to advancements in the financial technology sector.
- Flexible Repayment: Some loan apps might offer more flexible repayment options, making it easier for borrowers to manage their repayment schedules according to their financial situation.
Cons:
- Security Concerns: Not using an ATM card for verification could potentially expose borrowers to greater security risks if the alternative verification methods are not adequately secure.
- Higher Interest Rates: Loans obtained through alternative methods might come with higher interest rates to compensate for the perceived higher risk of lending without traditional collateral.
- Limited Loan Amounts: Without the security of an ATM card or collateral, lenders might limit the loan amount that can be borrowed, potentially restricting the financial assistance available to borrowers.
- Limited Services: Some financial institutions or lenders might offer additional services or benefits to customers who have traditional ATM cards, which borrowers without these cards might miss out on.
- Dependency on Technology: Relying on loan apps and alternative verification methods means that borrowers must have access to technology and the internet, which could exclude certain individuals who lack these resources.
List of The 10 best platforms to get Loans without ATM card
Irorun Loan App
The first on our list is Irorun Loan App, microloans are now made simple as “Irorun” which specializes in micro-loans tailored to your personal needs. All you have to do is; download the app, register, and access loans ranging from 5,000 to 50,000 Naira, backed by positive user feedback. Enjoy good loan amounts, extended tenures of up to 180 days, and a user-friendly interface.
Umba
Umba are also offering instant loans without the need for a debit card, guarantor, or collateral. Download, sign up, and verify your profile to secure loans ranging from 3,000 to 300,000 Naira. Enjoy the convenience of Umba loans through their website as well.
Renmoney
This platform is your Partner in Financial Freedom, Renmoney‘s app available on both iOS and Android, is your all-in-one solution for managing money and securing instant loans. Offering loans from 6,000 to 6 million Naira, coupled with competitive interest rates of up to 9.33%, Renmoney ensures loan terms of up to 24 months, putting financial control back in your hands.
Fairmoney
Fairmoney streamlines the loan process, skipping the ATM card requirement. Get fast and easy loan approvals without collateral or documentation. Use the funds for various needs, all while benefiting from low-interest loans spanning 1 to 18 months.
Quick Credit
Immediate Loans, No Card Required Quick Credit, owned by GT Bank, caters to both salary earners and the self-employed. Offering loans from 10,000 to 5 million Naira with a repayment period of 1 to 12 months, Quick Credit ensures a seamless loan experience without the need for an ATM card.
Quick Check
You can get speedy Loans with no hassle as with this platform. QuickCheck’s popularity is evident with its million-plus downloads and glowing reviews. Access loans up to 1 million Naira with a flexible repayment term of up to 1 year. Say goodbye to long queues and complex requirements.
Okash
Okash stands as your solution for quick personal loans. Experience a fast application process, fair interest rates, and flexible repayment options. Bid farewell to lengthy waiting times and complicated prerequisites.
Branch
Branch not only handles everyday financial tasks like transfers and bill payments but also provides quick loans without the need for an ATM card. With a fair interest rate and flexible repayment methods, Branch offers personal loans ranging from 2,000 to 500,000 Naira within minutes. Enjoy a loan tenure of 62 days to 1 year for a stress-free repayment experience.
Aella Credit
You can get instant Funding at your fingertips with this App. Aella Credit prides popular for it’s transparency and reliability. This platform offers instant loans without collateral or documentation. Download the app, create an account, and access substantial loans with attractive interest rates and extended tenures, all without needing an ATM card.
FlexiCash (PalmPay)
Palmpay’s Flexi Cash service caters to your lending needs without requiring an ATM card. With loans lasting from 15 to 30 days, Palmpay rewards your financial responsibility with higher subsequent loan limits. Unlock endless financial possibilities with Palmpay’s user-friendly app.
If you don’t have BVN, check: How to get loan without BVN
Conclusion
I believe you have gotten all the information you need about Apps and platforms to get loans without an ATM card. Before going on with the process of getting this loan first analyze the risks associated with it which we explained above, though the benefits seem greater than the risks.
Frequently asked questions about loans without ATM card
Are these platforms safe and reliable?
Absolutely! These platforms are well-established and have gotten several positive user reviews, ensuring your financial information and transactions are secure.
What documents do I need to provide for loan applications?
Most of these platforms require minimal documentation. Typically, you’ll need to provide personal details and sometimes employment information.
How quickly can I receive funds once my loan is approved?
In many cases, you can expect to receive funds within minutes to a few hours, making them ideal for urgent financial needs.
Is a high credit score necessary to qualify for loans on these platforms?
While some platforms consider credit scores, many of them focus on other factors like income and repayment history, making loans accessible to a wide range of individuals.
Can I extend the loan repayment period if needed?
Some platforms offer flexible repayment terms, allowing you to extend the tenure if necessary. However, it’s important to review each platform’s terms and conditions.
Are there any hidden fees or charges?
Transparent fee structures are a priority for these platforms. Nevertheless, it’s advisable to carefully review the terms and conditions of each platform before proceeding.
