Loans for Unemployed People in Nigeria
Being unemployed can have a significant impact on your finances, making it challenging to meet unexpected expenses and adding to the rapid inflation in Nigeria. However, in Nigeria, there are loan options available specifically for unemployed individuals. In this article, I will aim to provide you with valuable information about accessing loans for unemployed people in Nigeria, including the requirements and loan options you can leverage. Firstly, let’s answer the big question.
Can You Get a Loan with No Income or being unemployed?
Contrary to common beliefs by most Nigerias, it is possible to obtain a loan even if you are unemployed. However, to qualify for a loan from any lender, you will need to have an excellent credit history and a good credit score.
Additionally, having an alternate source of income plays a crucial role in determining your eligibility for the loan but in this case you are unemployed. Lenders want to ensure that you have the means to repay the loan, so let’s check out lenders which are mostly online platforms that don’t care about your employment status.
List of Loan Apps That Give Loans to Unemployed in Nigeria- How to Get Loans for Unemployed in Nigeria
If you are unemployed in Nigeria, one of the easiest ways to secure a loan is through quick loans or short-term loans offered by various fintech companies and not from banks. These loan options provide flexible repayment terms and can be accessed within 24 hours of application. Let’s check out these following financial institutions that offer such loans without requiring collateral, extensive paperwork or even information about your employment status:
Aella Credit
Aella Credit is an app-only platform designed to provide Nigerians with quick loan options. Aella Credit was established in 2015, by as Akin Jones and Wale Akanbi. These visionary individuals embarked on a mission to create and develop a financial institution that helps in evolving needs of individuals and small businesses.
By combining their expertise and entrepreneurial spirit, they laid the foundation for Aella Credit, which has since become a prominent player in the financial sector mostly in terms of easy accessible loans. Since its launch, Aella Credit has been providing innovative solutions that empower individuals and businesses to achieve their financial goals which I believe loaning has taken the upper hand.
You can borrow amounts ranging from ₦1,500 to ₦700,000. The repayment terms are flexible, with an interest rate ranging from 4% to 29% monthly. Aella Credit offers a maximum loan tenor of 2 months.
Carbon
Carbon has established itself as a reliable platform for accessing quick loans in Nigeria. Once you meet their requirements, you can access the loan you need within minutes. Simply provide your bank verification code and other necessary details for them to assess your loan worthiness.
Carbon’s app is available for both Android and iOS users. The interest rates for loans with Carbon range from 5% to 10%. It was established by Ngozi Dozie and his brother Chijioke Dozie.
Branch
Branch is another platform that offers quick loans to the unemployed, which first launched in 2015 and became available for Nigerians in 2017. You can access loans ranging from ₦100,000 to ₦200,000 within 24 hours of application.
They don’t care about your employment status and no collateral or source of income is required to qualify for this loan option. The interest rates offered by Branch range from 15% to 34%, depending on the loan amount.
QuickCheck
QuickCheck is a financial organization that provides loans ranging from ₦10,000 to ₦500,000. Initially, they offer ₦10,000 to test your trustworthiness and repayment capability. If you meet their expectations, they will increase the loan amount you can access. QuickCheck rewards early repayment with lower interest rates.
FairMoney
FairMoney is a licensed lending organization that offers short-term loans ranging from ₦2,500 to ₦150,000, one of the most popular loaning platforms in Nigeria. To access their loan offerings, you need to provide your Bank Verification Number, debit card details, residential address, and phone number.
FairMoney’s interest rates range from approximately 5% to 28%, with a tenor of one month to 26 weeks and they don’t care about your employment status.
Recommended: How to get loan without BVN
Conclusion
Unemployment is a significant challenge faced by individuals worldwide, and Nigeria is no exception. With fierce competition in the job market, it is essential for unemployed individuals to find ways to survive financially. Fortunately, several financial organizations in Nigeria offer loan options specifically designed for the unemployed.
By considering these loan options, you can access the funds you need to address unexpected expenses and navigate through this challenging period. I believe you have gotten all the information you need on loans for unemployed people in Nigeria.
FAQs about Loans for Unemployed People in Nigeria
Now, let’s check out some questions people are likely to about these loans for unemployed people in Nigeria.
Can I get a loan if I have a bad credit history?
While having a good credit history increases your chances of getting a loan, some lenders may consider providing loans to individuals with bad credit. However, the terms and interest rates may be less favorable.
Do I need collateral to secure a loan for unemployed individuals?
Most quick loan options for unemployed people in Nigeria do not require collateral. These loans are often based on factors such as creditworthiness and repayment capability.
Are there any fees associated with applying for these loans?
Some lenders may charge processing fees or administrative fees for loan applications. It is important to review the terms and conditions of each lender to understand any associated fees.
Can I repay the loan before the due date?
In most cases, you can repay the loan before the due date. However, it is advisable to check the terms and conditions of the loan and clarify any penalties or fees for early repayment.
What happens if I fail to repay the loan?
Failing to repay the loan can have negative consequences, including damage to your credit score and potential legal actions by the lender. It is crucial to communicate with the lender if you are facing difficulties in repaying the loan to explore alternative solutions.
