INSTANT LOAN IN NIGERIA
What is an Instant Loan?
Mandy has often been in difficult situations, and she sometimes wonders where she could get money to feed. Of course, it would be ideal to ask friends or relatives for money. However, she is also reasonable to know that she cannot always be dependent on her friends and relatives. After all, they also had their life issues, and she did not want them to get tired of her.
Whenever Mandy finds herself in such situations, she always thinks about getting quick and easy loans. After all, she is sure that she would be able to pay back at the stipulated time, even though she does not have money in the current money. Therefore, the thought of borrowing money from financial institutions refers to instant loans as these financial institutions give you the money you do not have but need.
Some of Mandy’s friends tried discouraging Mady from taking instant cash loans, especially with the controversies surrounding the loan system in Nigeria. Some people say that taking instant loans in Nigeria is stressful, while others feel these financial institutions are always ripping people.
Understandably, these concerns are valid. But there are financial institutions that are always helpful and have been consistent in giving people instant loans. This article will cover everything you need to know about taking instant loans.
Factors to Consider Before Taking a Loan
It is one thing to desire to get fast loans in Nigeria. However, there are some factors you need to consider before choosing a financial institution that will finance these loans. First, of course, you are looking to get the money quickly. But can are you qualified for the loan? And, are their terms and conditions favorable?
Some of these factors to consider include:
- The application process: We are sure that you must have heard many people complain about how the application process of getting a loan can be difficult. This factor often makes people change their minds about getting loans as the time it takes to finish the application may be long and affect what you need to use the money to do.
Therefore, it is only right to choose a financial institution with an easy application process. Then, you will be less stressed and frustrated when applying for a loan. The goal isn’t to increase your anxiety level but to solve your monetary issue.
The requirements of some of these financial institutions can be termed unreasonable sometimes. In addition, some of these institutions may ask for collateral, and we know that people that do like using institutions that want collateral. Thus, you can use the application process of an institution to determine if they are suitable.
- Eligibility: Understandably, organizations usually have various rules and regulations, and financial institutions are not an exception. Your desire to get instant loans does not mean that you are qualified to get them. For example, the financial institution might rule that they only give out loans to people who earn from 200,000 naira and above. The institution might believe that people who have this earning power and capacity will not find it hard to repay their loans. However, those who do not meet this requirement might consider that the financial institution is wicked.
But, allow us to tell you that there is always a financial institution to meet your needs. So, even if you do not meet the eligibility, we are sure that you will get an institution where you meet the eligibility requirement.
It is always best to read through the eligibility requirement of any financial institution before applying for instant loans to avoid disappointments.
- Interest rate: Some of these institutions usually have high-interest rates, which discourages people. As someone who wants to take a loan, you must ensure that you are comfortable with the interest rate before you apply. Sadly, we see that many people are desperate to take loans, and they do not bother with interest rates. But, then, it becomes a problem for them to repay the loan, leading to embarrassment.
Bank A could have a monthly interest rate of 2%, while Bank B might have a 10% monthly interest rate. Interestingly, we see that some institutions may even allow customers to stay for some months before they start paying interest on their borrowed money. So, for example, if you are to repay the money within six months, you would start paying interest from the fourth month.
You must be comfortable with the interest rate before you apply for the loan so that you do not encounter challenges.
- Repayment period: How long are you to repay the money you borrowed? It is also another factor that you must consider before choosing a financial institution to facilitate your loan. The idea here is that you must choose an institution with a favorable repayment period so that you are not under duress to repay the loan.
The idea of taking instant loans entails that you do not have money at the moment, and you need money. Therefore, you borrow money and intend to pay it back with time. So, it would be best if you considered how long it would take for you to repay the loan.
For example, Bank A might want you to repay the loan in four months, but you know that you can repay the loan in ten months. Thus, it would be best to look for an institution that would give you a repayment period of up to ten months or more.
- Ease of repayment: We would like to state that you do not have any business taking a loan if you do not have a clear repayment plan. It could be that you are banking on repaying your loan from your salary, or you will receive some money, and you hope to use that money and repay your loans. Whatever the case might be, it is important to have a clear plan to repay your loan when you take one.
After all, we are sure that you do not want the financial institution to take over the collateral if you used a service that requires collateral. In addition, you will also not want the stress and embarrassment that comes with the bank always pursuing you around for their money. Understandably, no one functions well under duress, and we do not want such to happen to you. Therefore, you must be sure of having a plan that leads to ease of repayment before taking instant loans.
Banks That Give Instant Loans in Nigeria
Nigeria has many banks that give instant loans to customers as they understand that people always need money, and they may not have it when they need it. Therefore, these banks always try to help people by giving out loans.
However, you need to note that no two banks have the same loan requirements. For example, you may need to present collateral before taking loans from some banks, while other banks will not ask for collateral. So, we would not say that it is one-size-fits-all.
In addition, we usually recommend that people should get loans from recognized financial institutions for many reasons. First, these institutions have been in place for a long time, giving you assurance and peace of mind.
Suppose you might be confused about what we mean. For example, a typical bank is usually considerate of its interest rate and would not give an interest rate that makes people run away. In addition, they usually follow a systematic process and would not change their rates frequently without your knowledge.
However, when you decide to run a random platform to get instant loans online, you will only get frustration and disappointment as a package. We usually see that these platforms have higher interest rates, and they are not consistent. Sometimes, you might already be on the repayment circle, and they increase the rates of what you are supposed to pay. So, the interest you will end up paying becomes more than the money you borrowed from them.
As earlier mentioned, it is best to carefully read through the terms and conditions of any institution or loan platform before you apply for instant loans.
Some of the banks that give instant loans in Nigeria are:
- Mintyn Online Bank
- Guaranteed Trust Bank
- Wema Bank
- Access Bank
- Zenith Bank
Most of these are traditional banks, and Mintyn bank stands out as the online bank in our selection.
We chose Mintyn Digital Bank because of the ease people experience when using this bank to take loans, and we would talk about it.
How to get Instant Loans from Mintyn Online Bank
Nigeria now has many digital banks, and some promise a stress-free process in giving people loans. However, we see that they do not stick with this promise. But, Mintyn online bank stands out as an exception, and we would talk about getting instant loans from them.
It is important to note that the loan option by Mintyn Bank is for salary earners alone.
- Loan for salary earners: Are you a salary earner looking to take a loan? Mintyn Online Bank is here to make it happen as they give loans to salary earners. The goal is that these people have a source of income and can pay back from their salaries. How it works is that they encourage people to make Mintyn Bank their salary account. Then, once you have used it as your salary account for two months, you qualify to take a loan from Mintyn Bank. After that, the loan would be deducted monthly to repay the loan in subsequent months. So, if your salary ever finishes before you expect, and you need extra money, you can use this method to take a loan from Mintyn Online Bank.
The process of taking a loan from Mintyn Digital Bank includes:
- Own a tier 3 account: Of course, you do not think you can get a loan from Mintyn Online Bank without owning an account with the bank. However, it isn’t just any account, as you would need a tier 3 account. All you need to do is download the account from your app store. Interestingly, it is available on both the google play store and the iOS store. We love that the interface is warm and welcoming. In addition, the app’s interface is also easy to use. Therefore, you will not waste any time when signing up. The process of signing up on the app doesn’t take more than five minutes.
- Make it your salary account: Mintyn Onine Bank doesn’t aim to be your secondary bank account. Instead, they want you to use it for all your activities, including receiving your salary. It is best to keep in mind that you can only get a salary from Mintyn Bank when you have used the bank as your salary account for up to two months.
- Apply: When you have used Mintyn Bank as your salary account for up to two months, you are sure to see the loan app. And, you can apply for a loan through the app without having to meet anyone or do paperwork. The application process is usually easy, and you get to see their terms and conditions stated clearly.
- Wait for approval: Of course, you would need to wait for approval after applying for a loan. However, the process also doesn’t take time as the bank needs to check if you meet their requirement. And, we are sure that you can determine if you are eligible as you are applying. After reviewing, you will get the amount in your account in no time if you are eligible.
We love the fact that everything about the loan process of Mintyn bank is transparent, as you can keep track of it from your bank app. You get to see your loan history that states how much you took, how much you have paid so far and the entire loan’s due date.
Mintyn digital bank promises to ease people of their monetary worries, and they have been doing this through their stress-free loan system.
How to get Loans Without Collateral
We often see people asking questions on how to get instant loans without collateral. But, of course, we know that people usually find it hard to put up their items as collateral. Therefore, they are curious to get a loan without collateral.
Get instant loans without collateral by getting a loan from banks and institutions that do not ask for collateral. For example, one can get instant loans without collateral using Mintyn Online bank.
Mintyn Bank does not ask for collateral before you can access its loan option. Its only clause is that you must be a salary earner. It is one of the reasons why many people are eager to use it and even recommend it to their friends.
We usually see many questions that revolve around the concept of instant loans in Nigeria. Some of the frequent questions are:
Where can I borrow money urgently in Nigeria?
The number of loan apps and platforms in Nigeria is almost uncountable, and you can choose to borrow from any of them urgently. However, we advise that you stick to a reliable option to not add to your woes.
If you are a salary earner and have been using the Mintyn App for up to 2 months, you can get an urgent loan from them. But if you have not, you can use other banks like Access Bank, Zenith Bank, GTB, etc.
Where can I get a loan in Nigeria without collateral?
Many people complain that traditional banks usually ask for collateral, but they desire to get loans without collateral.
So, allow us to tell you that you can get a loan using your Mintyn Digital Bank app without collateral.
Can I get instant personal loans from Mintyn Online Bank?
Yes, you can get instant personal loans from Mintyn Bank if you are a salary earner that meet their requirement.
Everyone usually needs to get a loan at various points in their life So, you should not feel shy about desiring to get a loan. Instead, you should be concerned about using a reliable platform.
In addition, you must also use the factors we have highlighted to ensure that you are on the right path.
Download the Mintyn App now on Google Play store an IOS store to access instant loans quickly and easily. You can learn more of Mintyn Bank Investment product here.