In the current economic situation of our country, being unemployed can be frustrating. It can affect your finances sooner or later if you do not spend wisely. Unfortunately, certain emergencies may arise, and you will be left with no other option but to spend.
In the worst-case scenario, you may be unable to solve immediate problems because you have no job. In such scenarios, you will need to borrow money, but how do you get a loan as an unemployed person in Nigeria? You will find out from this article titled “Loans for Unemployed People in Nigeria”.
Loans For Unemployed People in Nigeria
Unemployment is one of the major problems faced by the Nigerian youth. The majority have been without a job for a long time, while some haven’t been able to secure a decent job since graduation. However, there are still a few ways to be financially stable even without a job. Some platforms offer loans to the unemployed. In this article, we will be discussing the platforms where you can get a loan as an unemployed person in Nigeria.
How to Get a Loan as An Unemployed in Nigeria
If you are unemployed and need quick loans to solve urgent problems, some platforms can help you. Fintech companies offer easy and flexible loan repayment plans, and their loans are not long-term. You can get good loan offers without presenting any documents. Once you fill out the application form, you can expect to receive the loans in less than 48 hours. The financial institutions provide a hassle-free way to access loans when you need them the most.
Top Loans for Unemployed People in Nigeria
Here are some top loans that those who are unemployed in Nigeria are eligible for.
Carbon Loan
Carbon is one of the most dependable quick loan apps in the country. Their app is available on both Android and iOS. The best part about Carbon is that they require minimal information before releasing funds. To qualify for a loan, you only need your BVN and some necessary details to confirm your eligibility. Once you complete the verification process, you can receive your loan in less than 24 hours. Repaying the loan is hassle-free, with an interest rate of 10%. The minimum amount you can borrow is #5,000.
QuickCheck Loan
QuickCheck gives quick loans, with very flexible repayment methods. The financial institution offers you a #10,000 loan for a start, and with time, they will let you access up to #200,000, the maximum loan amount is #500,000. You can only pull through with the loan if your application has been approved. This is done to check if you can be trusted and have no issue repaying. Quickcheck also reduces your interest rates if you are forthcoming with repayment.
Aella Credit Loan
This platform is available as a mobile app and provides quick loan options for Nigerians. The loan amounts offered range from #1,500 to 700,000, to provide more funding options to Nigerians. The repayment option is flexible, with a monthly interest rate between 4% and 29%. Aella credit loan has a maximum tenor of 2 months.
FairMoney Loan
FairMoney offers loans with a maximum limit of #150,000. To be eligible for their loans, you will need to provide your debit card and BVN. Additionally, they will require your personal information like your home address, contact details, and sometimes that of your relatives. Based on this information, they will then decide whether or not to grant you the loan. The interest rates for their loans range from 5% to 30%.
Branch Loan
If you’re unemployed and need quick access to funds for pressing needs, Branch provides a reliable platform for loans. You can apply for a loan of up to #200,000, and receive the money within a few hours of filling out the application form. The interest rates charged on the loan range from 15% to 35%. The good thing is that you don’t need to have a credit history or provide any collateral to be eligible for the loan.
Palm Credit Loan
Palm Credit is an app that offers loans to people in Nigeria, including those who are unemployed. Apart from loan services, you can also use the app to pay bills and transfer funds between accounts. The app does not require any employment status to apply for a loan, but you must be at least 18 years old.
