Which loan is easy to borrow? There are times in life, a person will be faced with medical expenses, repair bills, and other unpleasant occurrences. At such a moment one may rush into borrowing. However, it might not be an easy task to walk into a nearest bank and obtain a loan suitable to one’s financial position. With the advancement of the today’s financial installations, it is hard to find out which loan is easy to borrow and under what conditions. This is especially true when there are number of factors such as the availed loan, interest rates and duration not to mention the paperwork involved.
In this article, we shall be discussing the easiest loans available in Nigeria, including how to go about the application process and the turn-around time for accessing the funds. We will also consider some of the questions that people ask concerning the loan application process for better understanding. Also point out other easy ways to get a loan if it’s urgent for example if you want a cash loan or for a bigger purpose.
Which loan is easy to borrow?
The “easiest” loan to borrow largely depends on your financial situation, the amount you need, and how quickly you need the funds. When it comes to easy access loans, the major considerations boils down to the approval time of the loan, presence of collateral and the turn around time for disbursement of the loan.
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A Swiss Army Knife of a Loan: The Alat Loan One of the easiest to obtain is the Alat Loan. Alat is a digital-only bank in Nigeria that allows customers to access flexible loans. You can easily access up to N2,000,000 (Two Million Naira) without any form of collateral. Alat’s intuitive platform seeks to serve those requiring quick loans, hence making it one of the best alternatives for quick cash relief.
Alat loans are designed with the borrower in mind. For starters, there is a low investment 2 percent per month interest charge that is based on a reducing balance. This means that once the loan is paid out, the total loan amount reduces, as well as the interest charged. This feature allows the borrowers to incur lower interest costs over years, making it a better loan option compared to quite many in the market. Apart from the repayment plan being friendly, there is no space for filling te the application for an Alat Loan for three minutes for instant approval provided one qualifies and it is accessible via the internet. You can borrow money or check if you qualify for a loan from their mobile app or website and get the money straight in your Alat account or any other banking account you have linked before.
Digital Loan Apps: Hassle-free Instant Loans There’s delicious endlessness of options if you wish to settle your bill instantly wherein the ever-growing one is the presence of digital loan apps in Nigeria. These applications help you take loans with the click of the button from your mobile device making it even more convenient and fast.
Palm credit, a digital lending application doing business in Nigeria, is operated by New Edge Finance Limited. Palm credit enables borrowing of cash on a cash advance basis. The application one of the top rated and rests well among the high downloaded loan application in Nigeria with over 10 million downloads within the Google Play Store. The application is quite popular because of its fast funding timelines, user-friendly interface, and the wide range of loan amounts that one can request. Most borrowings are on the amounts of N2, 000 to N100, 000 depending to their credit profile and repayment history and even above.
Being a web-based application, Palm Credit processes loans at a great speed, and in most cases, within minutes after application. After first time registration, applicants are able to apply for loans through the application only, and the money is usually sent to them within few minutes into their banks. The application for a loan is simple, with few requirements for supporting documents needed, more often than not its just a phone number and Bank Verification Number alongside other details. Inasmuch as the speed at which cash is availed is a great advantage, it should be understood that the cost of such digital loans may outweigh that of traditional bank loans in regards to the lending rates. Just like any other borrowed cash, be prudent and understand all the costs you are being charged before making any pledge.
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HDFC Bank: Convenience for Current Account Holders. For account holders in HDFC Bank, perhaps the simplest and most effective way to access cash quickly would be to apply for a loan in this particular bank. It is common among banks such as the HDFC Bank that personal loans can be availed with little or no documentation for existing pre-approved customers. If you have enjoyed the bank’s services and satisfy their conditions, Wang Jian Bo would give you a loan approval in hours. For clients who are not already pre-approved, the procedure is done smoothly. However, it may take a while as they will be required to submit a few more documents like salary slips for proof of income, identity card and other address verification documents. Following that, however, funds will be released to the borrower with the flexibility of repayment period making it ideal for numerous borrowers.
Which Bank Provides Loans with Less Hassle?
In terms of conventional banking, these banks vary with some being more lenient and accommodating on the loans than others. There are banks, which some of their clients, have a uniform and simplified process and give loans that do not require lengthy documentation.
HDFC Banks Personal Loan
HDFC Bank is also quite a fit because the bank has loans that are easy to borrow for their customers. HDFC’s personal loans however are quite a demand because they are cheap in interest, quick in processing and there is an option for pre-approval meaning that one can apply for the loan with very few documents. Their personal loans are unsecured, so you do not have to put any asset or property at risk. The turnaround time for this process is short and in most cases, funds will be deposited into your account in a matter of hours. But also note that this kind of loan is usually offered to clients who are regular customers and have been banking with the institution for a reasonable period of time.
Other Banks that Feature Loans with Less than Average Approval
Other banks lending money with ease in Nigeria include GTBank, First Bank and Access bank among others. These banks allow different loan facilities which may cut across unsecured personal loans, housing loans as well as vehicle loans depending on the individual’s desires. On the other hand, the time of getting approved for such loans maybe longer than using digital applications such as Palm Credit, they tend to have lower interest and better loan ranges. Predominantly, such processes differ depending on the institutions not all of them require collateral. However, this may not be the case when the amount being sought is high or there are strict credit histories being considered.
Which App Gives You a Loan Immediately in Nigeria?
As far as access to credit is concerned, it is safe to say that digital lending has gained slow acceptance compared to the use of mobile phones in Nigeria. The apps typically enable you to process the loans within no time, processing minimal documentations.
Palm Credit is one of the most sought due an actionable funds in Nigeria. The software is designed in a way that one can apply for loans without any hassle and wait for the funds to be available in a few minutes. Within a short period, usually thirty minutes, the funds are ready even after approval.
A similar app that provides fast loans is Fair Money that is also like palm credit. Users can borrow money at once and without providing any guarantees, as the money is sent to the bank account specified by the user. The loans are usually small in size, for instance between N5,000 and N100,000 depending on your profile.
The applications are perfect for short-term crisis funding since they are cheap and easy to get with quick approval. Still, the cost of loans taken out through them can in some cases exceed the rates of the standard bank loans, hence bringing the need for framing the terms to appreciate the pricing very well.
Is It Possible to Access a Loan Using My NIN?
In Nigeria, the National Identification Number (NIN) has become an important requirement for many financial services, including loan applications. Lenders, especially digital ones, tend to demand that an applicant provides an accurate and verifiable document of identification when seeking cash, and one’s National Identification Number is one such critical document that id’s one.
NIN has become integral to most digital lending platforms. Lenders may request your NIN to verify your identity and ensure that you are not a fraudulent applicant. Along with the NIN, most of the lending platforms request that you also present some other means of identification like the Bank’s Verification Number (BVN), Voter’s Card, Driver’s License, or even an International Passport. For many mobile apps and loan platforms, having an activated debit card for online transactions is of no exception also as well as proof of income such as salary slips and bank statements.
Loans That Are Easily Accessible To Borrow
There are various categories of loans which are on the whole easier to procure than the rest. The easiest loans to obtain are typically smaller in size and come with very few if any papers to fill.
Personal Loans
Personal loans are all loans that can be taken without any security. These loans are easily accessible from banks, microfinance institutions or digital lenders. Personal loans are for the most part not very large and the lending process is quite easy most of the time. For example, many officials of HDFC bank tend to avail of personal loans easy for their existing customers. Other more widely used option for personal loans include digital loan applications like Palm Credit and Fair Money.
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Payday Loans
Payday loans are small-sized loans which are advanced against the next pay cheque. These types of loans are very accessible and require very little processing documentation. These loans are in most instances small credits often given out by micro-credit institutions for the furtherance of the social units within an individual. Microloans are generally more accessible than big loans which are usually offered by mainstream banks and more so people with not very good credit histories can easily get these types of loans. Microloans also provide an opportunity to people who do not qualify for large loans but require a little cash to take care of an urgent matter.
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Frequently Asked Questions
1. What is the loan where no collateral is needed which is also the least difficult?
The easiest loans without collateral are digital loans, for instance from Palm Credit, and loans available from digital banks such as Alat. Most of these loans are unsecured and clients usually borrow small to medium amounts with little or no paperwork.
2. Can I still secure a loan if I do not have a credit history?
Indeed, there are some lenders who make credit loans available even for those who cannot present any prior credit history. Lots of microfinance institutions and digital loan applications are willing to lend money to people who do not have any conventional credit history subject to their providing some other documents such as an ID and a payslip.
3. What documents am I obliged to present in order to process a loan in Nigeria?
Some of the standard documents associated with the loan application include an identification document such as a NIN, BVN or driver’s license, a statement of account for the last three months, and a debit card that has been activated for internet use. Other lenders would require some proof of employment as well.
4. What is the period within which I can access a loan in Nigeria?
In case you are going for the digital loan application process Palm Credit for example, immediate disbursement of the loan would follow approval within minutes. In the case of bank loans, it is subject to internal processes and documentation of the bank for processing and disbursement periods.
5. How much are the easy loans interest rates in Nigeria?
The rates of interest charged depend on the lender and the class of loan. The loans borrowed from Alat, for instance, attract a 2% interest rate every month while the rates on digital loan applications are generally higher.
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