Loans for unemployed in Nigeria – What you should know
You would probably agree that losing your job can be very difficult on your finances. It is crucial that you use the little you have wisely in this circumstance. Nevertheless, despite your best efforts to be frugal with your money, there are some unforeseeable occurrences that will force you to part with some cash. Because you are unemployed in this case, you might not be able to meet these needs. The good news is that as an unemployed person, you have very limited borrowing possibilities. You may learn everything you need to know about loan alternatives and how to use them in this post.
If you don't have a job, can you still acquire a loan?
As we already mentioned, getting a loan while unemployed is fairly likely. However, you must have a stellar credit history in order to get approved for a loan with any lender. You also need to have a solid credit rating and a backup source of income. They want to use the existence of a secondary source of income to assess your ability to make loan payments or not.
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How can an unemployed person in Nigeria obtain a loan?
Quick loans are one of the simplest ways to obtain a loan if you are unemployed. This type of loan is sometimes referred to as a short-term loan. With the development of technology, there are numerous fintech businesses that provide loans you can use. You can get flexible repayment options with this loan option no more than 24 hours after submitting an application. You can select any of these financial institutions to gain access to these loan possibilities. Furthermore, there is no documentation or collateral needed to obtain these financing choices.
You may obtain speedy lending alternatives via this app-only platform, according to Aella Credit. They created this loan program so that Nigerians might access more money. It varies from 1500 to 700,000. The interest rate ranges from 4% to 29% each month, and the repayment option is variable. The longest loan term offered by Aella Credit is two months.
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Carbon
Since its founding, Carbon has developed into one of the most dependable sources for rapid loans in Nigeria. Once you satisfy all of their standards, you can quickly receive the money you need. To find out how much your loan is worth, all you have to do is give your bank's verification code and some additional information. Their application is accessible on Android and iOS. The repayment for loans with carbon is flexible and the interest rate ranges from 5%-10%.
Branch
Branch is yet another website that allows unemployed people to acquire rapid loans. Within 24 hours of applying, you can get loans from $100,000 to $200,000 in total. Depending on how much they offer you, their interest rate might be anything from 15% and 34%. You don't need any collateral or a source of income to acquire this lending option.
QuickCheck
You can get a loan from this financial institution ranging from #10,000 to #500,000. If they accept your application, they will provide you #10,000 as a starting point. They do this to determine your reliability and your ability to make payments. If you perform as expected after your initial loan, they will increase the loan amount you are eligible for. One good thing with them is that the earlier you pay back the lower your interest rates.