2 Million Naira Loan without Collateral in Nigeria: Are you in need of a quick loan of 2 million Naira in Nigeria? Congrats, we’ve got some offers available for you without collateral.
There are several reliable lending platforms in Nigeria that offer instant unsecured loans. That is loans without collateral, a guarantor, or any paperwork whatsoever.
However, the high rate of loan defaults, many loan apps in Nigeria only offer small loans, usually less than ₦100,000. Also, the repayment terms are usually short, which is not ideal for businesses.
Fortunately, a few lending platforms offer loans of ₦2 million Naira and even more to borrowers that meet their requirements, even if they are new. In this post, we will be taking a look at five loan apps that give 2 million Naira loan without collateral in Nigeria.
So, if you’re among those seeking, “How to get 2 million Naira loan in Nigeria”, join me and let’s explore some available offers!
Top 5 2 million Naira Loan Offers in Nigeria 2023
1. ALAT Loan By Wema
ALAT is an online bank developed by Wema Bank to provide loan services through the app. It allows individuals and businesses to access loans of up to 2 million Naira without requiring collateral
The app can be downloaded from the App Store or Google Play Store and used on mobile devices. That simply means both Android and iPhone users can access loans on this app.
To be eligible for an ALAT loan, you must be a registered user of the ALAT app, have a source of income, and meet certain creditworthiness criteria.
The app uses various data points to assess your creditworthiness and determine your loan eligibility. Once approved, the loan is disbursed directly to your ALAT account.
The loan repayment period can be between 3 to 12 months, and the interest rates range from 15% to 30% per annum or an average of 2% monthly. This usually depends on the loan amount and repayment duration though.
The app also provides a loan calculator to help you estimate the interest rates and repayment terms.
2. Page Financial
Page Financial is another lending platform that offers 2 million Naira loan in Nigeria without collateral. This platform offers loans worth up to 5 million Naira both for personal and business purposes.
Page Financial loans come with low-interest rates and a flexible repayment period ranging up to 12 months. Requirements for loans are not strict also, as all you need is a verifiable source of income, a BVN, and a valid bank account.
With over 100 thousand downloads on the Google Play store and good ratings overall, Page Financial is a reliable lender to get a huge loan. It also offers a loan calculator to know your loan interest rates.
Check Out: Top 20 Loan Apps in Nigeria
3. Renmoney
The third loan app on our list of lenders that give 2 million Naira loan without documentation is Renmoney. This is one of the most popular and reliable lenders in Nigeria, and its loan offers range up to 6 million Naira.
Renmoney loan is available in two types, including personal and business loans. These loans require no collateral, a guarantor, or paperwork to get, and the tenor ranges up to 24 months.
Loan eligibility is flexible on Renmoney, so the application process too seamless. To be eligible for a loan on RenMoney, you must be a Nigerian resident between the ages of 22 to 59 years old.
Also, you must have a verifiable source of income, a valid bank account, and BVN. Just like Pagefinacial, Renmoney also has a loan calculator to help you know your interest rates.
To apply for a loan, simply visit the RenMoney website or download the RenMoney app, fill in your personal and financial details, and wait for loan approval.
See Also: 500K Loan Offers with Low Interest Rate in Nigeria
4. Specta
Another lender on our list of where to get 2 million Naira loan in without collateral Nigeria is Specta. Owned by Sterling Bank, this app offers both personal and business loans ranging up to 5 million Naira without collateral.
While the application process is easy for personal loans, to access a business loan worth millions of Naira, you may need more documentation. These usually include a valid means of identification, a verifiable source of income, and a bank statement among others.
To apply for a Specta loan, all you need to do is to download the app from PlayStore or AppStore, then sign up, and click on the “Apply for a Loan” button. Specta loans are usually disbursed into borrowers’ accounts within minutes after approval.
Read Also: 50K Loan Offers in Nigeria
5. Aella Credit
Aella Credit is another popular lender that gives higher loan amounts in Nigeria. Its loan is targeted mainly towards individuals and businesses, and the minimum loan amount borrowers can access on the app is 50,000 Naira.
This means that Aella Credit provides a solution for those who need a 2 million Naira loan in Nigeria. The app is available for both Android and iPhone users, making it accessible to a wide range of people.
Aella Credit offers loans at low-interest rates compared to some other loan apps on the list. The app also provides borrowers with flexible repayment terms, allowing them to repay the loan in a way that suits their financial situation.
To be eligible for a loan on Aella Credit, you need to be a Nigerian resident with a valid bank account, a verifiable source of income, and a BVN. The loan application process is straightforward, and once approved, the loan is disbursed within a short period of time.
If you are searching for loan apps that can lend you up to 2 million Naira in Nigeria, the aforementioned apps are popular options. Nonetheless, it is essential to compare them before selecting one. Let’s delve into that further.
Comparing 2 Million Naira Loan Offers in Nigeria
When comparing the available 2 million Naira loans without collateral from the aforementioned loan apps, consider the following factors:
- Loan amount: The maximum loan amount each app offers.
- Interest rate: The interest rate each app charges on loans.
- Loan tenure: The repayment duration for each loan.
- Eligibility requirements: The necessary conditions to be eligible for a loan.
- Application process: The ease and speed of the application process.
Important Reminder: Prior to applying for a loan on any of these apps, read and understand the terms and conditions, interest rates, and repayment schedule. It is also crucial to note that failure to repay loans promptly can result in additional fees, penalties, and a negative impact on your credit score.
Conclusion
Online lenders provide an excellent option for individuals and businesses in Nigeria seeking quick and convenient access to 2 million Naira loans. However, several Nigerian loan apps offer lower amounts.
This post contains information on apps that offer 2 million Naira loan without collateral or more, providing a perfect answer to the question “Where can I get a 2 million Naira loan in Nigeria?”
