List of Loans Without ATM Card 

Getting a loan without ATM card is becoming more prominent in the banking industry.

In today’s digital age, financial transactions are no longer limited to traditional banking methods. 

Loans without ATM cards have become increasingly popular in Nigeria as they offer an easy solution for those who don’t have an ATM card or prefer not to use it. 

In this article, we will explore the concept of loan without ATM card, how they work, and what you need to know about them.

What is a Loan Without ATM Card?

A loan without an ATM card is a type of loan that doesn’t require the borrower to have an ATM card to access funds. 

Instead, the borrower can receive the loan through a bank transfer, mobile money, or check. 

Loans without ATM cards are typically short-term loans often used to cover unexpected expenses or emergencies.

How Does a Loan Without ATM Card Work?

To apply for a loan without ATM card, the borrower must first find a lender that offers this type of loan. 

Many lenders in Nigeria offer loans without ATM cards, including banks and microfinance institutions. 

Hence, the borrower will be required to provide personal information. 

They could be contacted to provide details such as their name, address, contact details, and proof of income or employment.

Once the lender has approved the loan application, the borrower will be notified of the loan’s terms and conditions.

This includes the interest rate, repayment period, and any fees or charges. 

The lender will then disburse the loan amount to the borrower through a bank transfer, mobile money, or check.

Repayment of the loan is typically made through the same method that the loan was disbursed

With the borrower making regular payments according to the loan agreement’s terms and conditions. 

Failure to repay the loan on time can result in additional fees, charges, and even legal action by the lender.

Advantages of Loan Without ATM Card 

There are many considered advantages and merits of applying for a loan without ATM card.

There are some of these include:

1. No ATM card is required 

One of the main advantages of loans without ATM cards is that the borrower doesn’t need to have an ATM card to access the funds. 

This makes it easier for those who don’t have an ATM card or prefer not to use it to apply for a loan.

2. Quick access to funds 

Loans without ATM cards often have a shorter processing time than traditional loans.

This means the borrower can receive the funds quickly and with little delay.

3. Flexible repayment options 

Loans without ATM cards usually offer flexible repayment options, including mobile money and bank transfer.

These make it easier for borrowers to repay the loan according to their financial situation.

4. No collateral is required 

Many loan without ATM card do not require collateral. 

This makes it accessible to a wider range of borrowers who may not have assets to use as security.

Disadvantages of a Loan Without ATM Card

There are also a few disadvantages and demerits of loans without an ATM card.

Some of which are inclusive of:

1. Higher interest rates 

Loans without ATM cards often have higher interest rates than traditional loans. Sometimes, the borrower will end up paying more in interest charges over the loan’s life.

2. Limited loan amounts 

Loans without ATM cards usually have lower maximum loan amounts than traditional loans.

However, this is a disadvantage for borrowers who need larger sums of money. 

They won’t be granted sufficient funds.

3. Higher risk of fraud 

Loan without ATM card can be a target for fraudsters, and borrowers must be careful to ensure that they are dealing with legitimate lenders and not falling victim to scams.

List of Loan Apps that can give you a Loan Without ATM Card

Here is a list of apps that give loans without an ATM card and their unique features.

1. Carbon

Carbon is one of the most popular loan apps in Nigeria, offering loans without ATM cards to individuals and small businesses. With Carbon, you can get instant loans of up to N500,000 without any collateral. 

The app allows you to access loans through your mobile phone, and you do not need an ATM card to apply. 

Carbon has a repayment term of 4-6 months.

However, the interest rate varies depending on the amount borrowed and the loan’s tenure.

2. FairMoney

FairMoney is another popular loan app in Nigeria that offers loans without ATM cards. 

With FairMoney, you can get loans of up to N500,000 without any collateral. 

Moreover, the app allows you to apply for a loan through your mobile phone, and you do not need an ATM card to access funds.

FairMoney has a repayment term of 2-6 months, and the interest rate varies depending on the amount borrowed and the loan’s tenure.

3. Branch

Branch is a lending app that offers loans without ATM cards to individuals and businesses in Nigeria.

With Branch, you can apply for a loan of up to N200,000 without any collateral. 

The app allows you to access loans through your mobile phone, and you do not need an ATM card to apply. 

Branch has a repayment term of 4-40 weeks, and the interest rate varies depending on the amount borrowed and the loan’s tenure.

4. KiaKia

KiaKia is a peer-to-peer lending platform that offers loans without ATM cards to individuals and small businesses in Nigeria.

With KiaKia, you can get instant loans of up to N200,000 without any collateral. 

The app allows you to access loans through your mobile phone, and you do not need an ATM card to apply. 

KiaKia has a repayment term of 7-30 days, and the interest rate varies depending on the amount borrowed and the loan’s tenure.

5. QuickCheck

QuickCheck is a lending app that offers loans without ATM cards to individuals and small businesses in Nigeria. 

With QuickCheck, you can get instant loans of up to N500,000 without any collateral. 

The app allows you to apply for a loan through your mobile phone, and you do not need an ATM card to access funds. QuickCheck has a repayment term of 1-12 months, and the interest rate varies depending on the amount borrowed and the loan’s tenure.

6. Aella Credit

Aella Credit is a lending app that offers loans without ATM cards to individuals and small businesses in Nigeria. 

With Aella Credit, you can get instant loans of up to N1,000,000 without any collateral. 

The app allows you to access loans through your mobile phone, and you do not need an ATM card to apply. 

Aella Credit has a repayment term of 1-3 months.

Moreso, the interest rate varies depending on the amount borrowed and the loan’s tenure.

7. Lidya

Lidya is a lending app that offers loans without ATM cards to small businesses in Nigeria. 

With Lidya, you can get instant loans of up to N50,000,000 without any collateral.

The app allows you to access loans through your mobile phone, and you do not need an ATM card to apply. 

Lidya has a repayment term of 1-12 months, and the interest rate varies depending on the amount borrowed and the loan’s tenure.

8. Renmoney

Renmoney is also a lending app that offers loans without ATM card in Nigeria. 

With Renmoney, you can apply for loans of up to 6 million naira without utilizing an ATM card

The Renmoney loan app has a repayment term of 24 months, by which you can also pay gradually.

Moreso, the interest rate varies depending on the amount borrowed and the loan’s tenure.

Final Verdict 

There are many apps available in Nigeria that offer loan without ATM card.

These apps have revolutionized the lending industry by providing individuals and small businesses with quick and easy access to funds. 

Moreover, when looking for a short-term or long-term loan, there is an app that will surely be available to meet your needs. 

However, it is important to research and compare the terms and conditions of different apps before choosing one to ensure that you get the best deal possible.

Furthermore, some of these apps may come with their own set of advantages and disadvantages, and borrowers must carefully consider the loan’s terms and conditions before applying.

Looking forward to knowing more about loan without ATM card?

Then go through the above article and digest every piece of information.

Frequently Asked Questions on Loan Without ATM Card

What is a loan without ATM card?

A loan without ATM card is a type of loan that you can apply for and receive without the need for an ATM card. 

These loans are typically accessed through mobile apps, and they offer a quick and easy solution for those who don’t have an ATM card or prefer not to use it.

What are the requirements for getting a loan without ATM card?

The requirements vary depending on the lender, but most lenders will require you to have a bank account, a valid ID, and a source of income. 

Some lenders may also require you to provide additional information, such as your credit score or employment details.

How do I apply for a loan without ATM card?

To apply for a loan without ATM card, you will need to download the mobile app of the lender you want to work with and register for an account. 

You will then need to provide your personal information, such as your name, address, ID number, and any other information required by the lender. 

Once you have submitted your application, the lender will review your information and determine whether to approve your loan request.

How long does it take to get a loan without ATM card?

The time it takes to get a loan without ATM card varies depending on the lender and the amount you are borrowing. Some lenders offer instant approval, while others may take several days to review your application. Once your loan is approved, the funds are typically deposited into your bank account within 24-48 hours.

What is the interest rate for loans without ATM card?

The interest rate for loans without ATM card varies depending on the lender and the amount you are borrowing. 

Moreover, It is important to compare the interest rates and loan terms of different lenders before choosing one to ensure that you get the best deal possible.

Are loans without ATM cards safe?

Yes, loans without ATM card are generally safe as long as you work with a reputable lender. 

However, it is important to be cautious when sharing your personal and financial information online.

You should also read the terms and conditions of any loan agreement before accepting it.

What happens if I can’t repay my loan without ATM card on time?

If you are unable to repay your loan without ATM card on time, you may be charged additional fees and interest

Also, there may be due damage to your credit score as your credit score may be affected. 

Some lenders may also take legal action to recover the money owed.

It is important to communicate with your lender if you are having trouble making payments to avoid these consequences.