Loans for Unemployed People in Nigeria
It is a little surprising to know that they are loans for unemployed people in Nigeria.
Although all people in Nigeria are allowed to get loans.
It is a little different for unemployed people since they do not have any backup salary when they can’t pay back their loans.
However, since there are now loans for unemployed people in Nigeria
Many who have lost hope in getting a loan can now get them easily.
Reading through this post will give you all the information you need on loans for unemployed people in Nigeria.
Is it possible for Unemployed People to Get Loans in Nigeria?
Of course, lots of unemployed people in Nigeria can now get loans easily.
There are now several online platforms that give unemployed people loans for a specific interest rate and time.
These loans are, most of the time, quick and short-term loans for emergency problem-solving.
Many of these new platforms also do not require guarantors or collaterals to obtain their loans.
These loans you can easily get are offers from fintech companies whose loans are very flexible and easy to repay.
They do not require you to present any legal documentation before applying for the loan.
Also, your loan will be given to you in less than two days after filling out your loan application form.
List of Online Loan Apps that Give Loans To Unemployed People in Nigeria
Without wasting any more time, we will now get into the list of loans for unemployed people in Nigeria in this section.
1. Umba
Although there are many financial loan apps for unemployed people in Nigeria, Umba is no doubt among the best loan apps available.
The financing app offers one of the best loan terms, such as no rollover charges, origination fees, or late fees policy.
The best part of this learning app is that it offers loans to both employed and unemployed people in Nigeria.
The loan app offers very flexible loan repayment methods which are comfortable for unemployed people.
You can, on the loan app, get an instant loan of up to 3,000 naira with an interest rate of around 10%.
You can link your bank account to the loan to access your credit score, and the loan period ranges from 62 days upwards.
2. Renmoney
Renmoney is an unemployed people loan app in Nigeria that allows you to obtain a loan from them without documentation.
This loan app is popular for its accurate services and has more than 500,000 downloads and positive ratings online.
The online banking app offers unemployed people in Nigeria millions of naira for a long tenure without collateral or guarantor.
Real money offers an interest rate of 2.4% to 9.33% for up to 24 months when you borrow money from them.
The loan app is available to both iPhone and Android users on the App Store and Play Store, respectively.
3. Aella Credit
Aella Credit, like many other online banking loan apps, is also available to users on Android and iPhone.
It can also double as an online banking app for any user who wishes to use its services.
To access this app, you should go to the app store or play store on your mobile device, download the app, and create an account on it.
The interest rate of this loan ranges between 4% to 29% every month.
You can get up to 700,000 loan amounts on the app with a flexible repayment option.
This loan will last you for a minimum of 2 months before paying back.
4. Kuda
Kuda is also one of the most popular online banking apps that has the option of loans for unemployed people in Nigeria.
You can obtain personal loans of up to 50,000 naira in a short time from your phone without collateral.
Just like some other apps that we have mentioned in this post, Kuda offers unemployed people low-interest-rate and long-tenure loans.
It also offers flexible terms and conditions and easy application for your loan.
As soon as you sign up for the up and apply for a loan, you can get credited your loan amount once your application is approved.
5. Carbon
Carbon is a banking app that offers low-interest rates on the loans they give out.
They are known, and yours may range from 1 to 6 months without reminders, and you can get personal loans that range from 1,500 to 1 million naira.
To obtain a loan from Carbon, you need to present your BVN and other required documents to confirm your eligibility for the loan.
After these procedures are done, you will obtain your loan in less than a day.
The minimum amount you can get at Carbon is 5,000 naira, with very easy loan repayment and an interest rate of 10%.
6. PalmCredit
Loans for unemployed people in Nigeria are now easy to get on different online banking platforms, which include PalmCredit.
The app has a lot of positive reviews and downloads from satisfied users in Nigeria.
You do not have to submit any documents or BVN to obtain a loan from PalmCredit.
You also do not require a guarantor or collateral when applying for the loan.
You can obtain a relatively large loan amount with interest rates that range from 14% to 24%.
To make use of the app now, download the app from your phone, register for the app, and apply for the loan.
7. Branch
We are looking for one of the most reliable apps that offer loans for unemployed people in Nigeria; then you should visit Branch.
The app gives quick loans for unemployed people’s pressing needs.
They have a relatively long tenure and low interest for their loans.
They also do not require collateral or guarantors when they need their loans.
The branch app can also double as an online banking system for users, which include features like bill payment, airtime purchase money transfers, and so on.
8. FairMoney
To make use of the Fairmoney app, you need to download the app on your mobile phone, register and apply for their loans.
This app also provides loans for unemployed people in Nigeria.
With a low-interest rate, you can obtain personal loans of up to 1 million naira on Fairmoney.
They have a relatively long loan tenure and loan rates that may range from 5% to 30%.
To obtain a loan from fair money, you will need to present your personal information, which includes your contact address and your relatives contacts.
This app is also popular among Nigerians for reliable services.
9. QuickCheck
Quickchek is a financial institution that can offer you up to 10,000 naira loans as a beginner user.
The app gives fast loans with flexible and comfortable repayment methods for its users.
After employing their services several times, you will then be able to obtain from 200,000 to 500000 loans on the app.
To obtain a loan on their platform, you need no guarantor collateral or required documents.
You’ll be able to get a fast loan since the applications get approved quickly.
You can also try out this app, as it is relatively popular in Nigeria for its reliable services.
Conclusion on Loans For Unemployed People in Nigeria
As there are lots of unemployed people in Nigeria, they are also many apps that offer loans for unemployed people in Nigeria.
Some of them do not require any document, collateral, or guarantor when applying for their loans.
When trying to obtain a loan as an unemployed person, you should make sure to go to the pros and cons of each loaning app.
We are properly gone through several reputable and reliable financial apps that offer loans for unemployed people in Nigeria in this article.
Commonly Asked Questions About Loans For Unemployed People in Nigeria
What types of loans are available for unemployed people in Nigeria?
Unemployed people in Nigeria may be qualified for personal loans, microloans, or emergency loans from some financial institutions or NGOs.
What are the conditions for obtaining a loan while unemployed in Nigeria?
Conditions may differ by lender, but normally, you will have to provide evidence of identification.
Several organizations might also need your bank details, such as BVN and account number.
How can I improve my likelihood of obtaining a loan while unemployed in Nigeria?
Having a promising credit score and providing collateral can improve your possibility of obtaining a loan while unemployed.
Also, having a guarantor can likewise help.
Can I get a loan without collateral while unemployed in Nigeria?
Several lenders might offer loans without collateral, unsecured loans for the unemployed in Nigeria; however, the interest rates might be higher.
How long does it take to get a loan as an unemployed person in Nigeria?
The time it takes to get a loan as an unemployed person in Nigeria can range depending on the lender and the kind of loan you are applying for.
It can take any time, from some minutes to a few days.
Are there any restrictions on how I can use the loan if I am unemployed in Nigeria?
Constraints may range by lender, but normally, loans have to be used for personal expenditures, which include home repairs, medical bills, or education expenses.
