Loan in Nigeria without a Salary Account: Have you ever wondered, “How to get a loan without a salary account in Nigeria?”
If so, you’re not alone. In Nigeria, a substantial number of individuals work in the informal sector without the typical salary account. For these non-salary earners, accessing traditional loans can be a significant challenge.
Thankfully, there’s a solution – loans in Nigeria for non-salary earners. This article will delve into the world of non-workers’ loans, highlighting the top 10 options for getting a loan without a salary account or source of income.
Understanding the basics of these financial products is the first step to achieving your financial freedom. So, let’s dive in.
Understanding Loans in Nigeria without Salary Accounts
A loan in Nigeria without a salary account is a type of financing where your eligibility isn’t determined by a formal salary. It is tailored for individuals with irregular income, those who work on a freelance basis, or business owners whose earnings vary from month to month.
As a non-worker seeking a loan, this option provides a financial lifeline when you need it most.
These loans offer numerous advantages, including convenience, speedy approval, and less stringent eligibility requirements. However, they may come with higher interest rates due to the perceived risk by the lenders.
Related: Top 5 Payday Loan Offers in Nigeria
Requirements to Get a Loan without a Salary Account in Nigeria
To get a loan without a salary account in Nigeria, you’ll need to satisfy a few conditions. They might differ from one lender to another, but generally, here’s what you’d need:
- Personal Identification: A valid ID like a national ID card, voter’s card, or driver’s license is usually required.
- Bank Verification Number (BVN): Even without a salary account, you’ll need a BVN for identity verification.
- Bank Statements: While a salary account isn’t needed, many lenders still request bank statements to gauge your financial history.
- Contact Details: Phone number and email address for communication.
- Residence Proof: Some lenders might ask for utility bills as proof of your current address.
Check Out: Top 5 Long Term Loan Apps in Nigeria
The 10 Best Loans in Nigeria Without a Salary Account
Now that you’re armed with the necessary knowledge, here are the top 10 loans in Nigeria for non-salary earners:
1. Aella Credit
Aella Credit is a reputable online lending platform that caters to the financial needs of individuals and small businesses in Nigeria, whether they have a salary account or not. They aim to ease financial accessibility and promote inclusion across Africa.
Aella Credit offers easy, instant loans without any collateral or a salary account. With an innovative credit scoring algorithm, they can assess creditworthiness and disburse loans quickly.
The application process involves registering on their mobile app, providing the necessary details, and submitting your application. Once approved, the loan amount is credited directly to your account.
Aella Credit comes with a lot of benefits including a user-friendly app, swift loan approval, and no collateral requirements. However, the downsides may involve relatively high-interest rates due to the lack of collateral and a salary account.
Regardless, Aella Credit is a great choice for freelancers, small business owners, and individuals seeking quick, collateral-free loans.
See Also: How to Borrow Money from Newcredit
2. Fairmoney
Fairmoney is a licensed online lender providing fast, secure, and easy access to loans in Nigeria without a salary account. Their mission is to revolutionise the Nigerian digital banking landscape.
Fairmoney offers loans ranging from N1,500 to N500,000, without the need for any collateral or salary account. The repayment period varies from 61 days to 180 days.
The application is done via the Fairmoney app. Once your application is approved, the loan is disbursed to your bank account instantly.
Fairmoney has the advantage of quick application and approval, flexible repayment terms, and zero collateral requirements. However, the interest rates might be higher compared to traditional banks.
Although, if you’re seeking convenience and speed, Fairmoney is an excellent option to consider for loans without a salary account in Nigeria.
Related: Loans for Salary Earners in Nigeria
3. Branch
Branch is an international lending platform with a strong presence in Nigeria. They offer innovative loan solutions to both salaried and non-salaried individuals.
Branch offers unsecured loans without a salary account or guarantor. Their loans range from N1,000 to N500,000 with flexible repayment schedules.
You can apply for a Branch loan directly through their mobile app. Once approved, the loan is deposited into your bank account.
4. Carbon
Carbon, formerly Paylater, is a leading online lending platform in Nigeria. They provide easy access to short-term loans without salary accounts or collateral.
Carbon offers unsecured personal loans of up to N1,000,000 with repayment periods ranging from 1 to 12 months. Applications are done via the Carbon app. If approved, the loan amount is deposited into your bank account within minutes.
The benefits of Carbon include fast approval times and an easy application process. However, late repayment may attract additional charges and higher interest rates.
5. Quickcheck
If you are looking for a fast and reliable loan app without a salary account in Nigeria, Quickcheck is worth checking out.
Quickcheck offers personal loans up to N200,000 without collateral or a salary account. The loan repayment period can extend up to 6 months.
The application process is done via their mobile app. Once your application is approved, the loan amount is deposited into your account within hours.
The pros of this loan app include a quick application process and loan disbursement. On the downside, failure to repay the loan on time might attract extra fees.
Read Also: 10 Best New Loan Apps in Nigeria
6. Kiakia
Kiakia, meaning “Fast Fast” in Nigerian Pidgin, is a digital lending platform offering quick loans to individuals and small businesses without the need for a salary account.
Kiakia provides loans ranging from N10,000 to N200,000 without the requirement for collateral or a salary account. The application process is simple and done online. Upon approval, the loan is transferred to your account within hours.
Kiakia boasts of a simple application process and quick loan disbursement. However, the interest rates may be slightly higher compared to traditional loans.
See Also: Best Monthly Loan Apps in Nigeria
7. Palmcredit
Last on the list is Palmcredit, a Nigerian loan app that gives access to personal loans anytime, anywhere without collateral or a salary account.
Palmcredit offers loans ranging from N2,000 to N100,000 without any collateral or salary account. The interest rates are competitive, and they have flexible repayment plans.
You can apply for a loan through the Palmcredit app. Upon approval, the loan is disbursed to your bank account within minutes.
The advantages of Palmcredit include a fast application process, instant loan disbursement, and no collateral requirements. The downside might be higher interest rates for late repayments.
Overall, Palmcredit is a good option for individuals looking for convenient, instant access to loans without a salary account in Nigeria.
Related: GTBank Loan for Non Salary Earners
Key Factors to Consider Before Applying for a Loan Without a Salary Account
Before diving into how to get a loan in Nigeria without a salary account, it’s essential to consider some factors:
- Loan Terms and Conditions: Understanding the loan’s terms and conditions will save you from potential pitfalls down the line.
- Interest Rate: Since loans in Nigeria for non-salary earners typically have higher interest rates, compare different lenders to get the best rate.
- Repayment Plan: Ensure that you have a feasible repayment plan in place to avoid defaulting on the loan.
- Credit History: Some lenders may still consider your credit history, even for non-salary earners’ loans. Strive to maintain a positive credit history.
Check Out: How to Get UBA Loan for Non Salary Earners
How to Apply for a Loan in Nigeria without a Salary Account
Getting a loan without a salary account in Nigeria is less complicated than you might think. Follow these steps:
Research Lenders
First up, find lenders who offer loans without requiring a salary account. You can search online or get referrals from friends.
Compare Loan Terms
Check interest rates, repayment methods, and loan tenure. You can find rates anywhere from 1.75% – 30%, and tenures ranging from 1 to 24 months.
Prepare Required Documents
Gather all necessary documents like your ID, BVN, and bank statements.
Apply Online or In-person
Many lenders like those listed above have an online application process, making it easier. Others might require an in-person visit.
Wait for Approval
After submitting your application and documents, wait for the lender’s response. Approval times vary.
Receive Funds
Once approved, you’ll receive your loan either through wallet fund or bank transfer, depending on the lender’s repayment methods.
Loan for Non-Salary Earners in Nigeria – FAQs
This section will answer some common questions about obtaining a loan in Nigeria without a salary account.
How can I borrow money without a salary account?
You can borrow money without a salary account in Nigeria using popular loan apps such as Fairmoney, Aealla Credit, Quickchecks, and Kiakia.
Can you borrow money from a bank without an account in Nigeria?
No, you cannot borrow money without a bank account in Nigeria, and this is because lenders request a means to verify your financial status before you can be given a loan.
How quickly can I get a loan without a salary account?
Typically, loans for non-salary earners are processed quickly, often within 24 hours, depending on the lender.
Can I get a loan without a source of income?
Yes, some lenders offer loans to individuals who have a fixed source of income. However, they may require some form of collateral or proof of ability to repay the loan.
Conclusion
Getting a loan without a salary account in Nigeria is not as daunting as it may seem. By doing your due diligence and selecting a lender that best suits your needs, you can secure a loan that helps you meet your financial obligations or achieve your dreams.
Remember, loans should not be seen as free money. They are financial obligations that you will need to repay. Ensure you have a solid plan for repayment before taking out a loan, salary account, or not.
