We all know how hard it is to survive in Nigeria as a working-class person, now imagine how hard it is to survive as an unemployed or underemployed person in Nigeria. It is a very harsh experience and a terrible one too.
Nigeria’s economy is not favorable now, the dollar is on the rise, and things are getting costly day by day. No matter how well you try in managing your finances, if you don’t have a steady source of income it will be a living hell for you.
When you are unemployed, you won’t be able to cater for most of your needs. We understand your predicament, and that is why we have created this post to inform you about how you can get a loan as an unemployed person in Nigeria.
This article will show you all the details about loan options that you can leverage and how to go about it.
Loans for Unemployed People in Nigeria.
How to Get a loan if you are unemployed
The question is “Can you have access to a loan if you don’t have income?”. Well as we told you earlier, it is very possible to get a loan if you are unemployed. The only thing that Is required is to have an excellent credit history as it is what most lenders look at. In addition to having a good credit score, you must have an alternative source of income.
Yes, you must not be employed to have an alternative source of income, you can engage in something while you hustle for employment. Lenders request your additional source of income to determine if you can pay back the loan.
Ways to Get a Loan as Unemployed in Nigeria
If you are still unemployed, the best way to secure a loan is through quick loan platforms.
Note that this type of loan is always a short-term loan. These days technology has made access to loans easier than it used to be.
Several Fintech companies offer quick loans with low-interest rates. This loan app offers a Flexible repayment schedule, and you can get your loan directly into your bank account a few minutes after application.
We have listed all the loan platforms that you can access quick loans from. All you need to do is to choose the platform that you prefer and make your recharge.
This loan option doesn’t require tedious paperwork and documentation as seen with traditional banks, and the best part of it is that you don’t need collateral, some of them don’t require your BVN.
Below is a loan platform where you can get a loan as an unemployed person in Nigeria.
Aella Credit Loan App
This is a user-centric loan app, easy to navigate. With Aella Credit App you can get access to quick loans with flexible repayment schedules. The best part of this app is you don’t necessarily need BVN to access their loan. You can borrow up from N1,500 to 700,000. Their loan comes with interest of 4% – 29% monthly depending on your chosen repayment schedule. Aella Credit offers a loan with a maximum tenor of 2 months
To use Aella Credit, go to the Google play store or apple store and download the app, sign up for your account, do your account verification by providing the required documentation, link your bank account to the app, apply for a loan, and wait for approval.
Carbon loan app
Carbon Is another great loan app that offers short-term loans to unemployed people in Nigeria. Their loan is quick and reliable.
Once you meet up with the requirements you can access their loan within 5 minutes. All you have to do is fill out their loan application form and provide your BVN and other details for them to determine if you are eligible for the loan.
To use the Carbon Loan app to borrow money go to the Google play store or apple store and download the app, sign up for your account, do your account verification by providing the required documentation, link your bank account to the app, apply for the loan and wait for the approval.
The carbon loan app repayment schedule is flexible and the loan interest is between 5% – 10%. It depends on your repayment schedule.
Branch loan App
Branch has grown to be among the lending loan platforms. in the Nigerian Fintech industry. With over 5 million downloads across all platforms.
The branch offers friendly short-term loans to unemployed Nigerians. You can access up to N100,000 to #200,000 within 30 minutes of application. Branch has a bit higher interest than all the other r platforms that we discussed earlier. Their interest rate is 15% to 34% depending on the amount of loan that they offer to you.
To use the Branch Loan app go to the Google play store or apple store and download the app, sign up for your account, do your account verification by providing the required documentation, link your bank account to the app, apply for a loan, and wait for approval.
To access loans from this app you don’t need collateral or fill out tedious documents, with a few clicks, your loan will be sitting in your bank account.
Quickcheck Loan App
We are not surprised that the Quickcheck Loan App made our list. This financial organization has been around for some time now. With more than 100,000 downloads across all platforms. With Quickcheck you can access loans ranging from N10,000 to N500,00. For the first time, you will be offered N10,000 if your application is approved. They normally do this to know if you are a trustworthy person and also to know if you can meet up with the repayment. If you meet up with the repayment plan of your first loan, they will increase your browsing limit. One thing I like about Quickcheck is that once you pay up your loan on time, the interest will be low.
We all know that fair money needs no introduction, they are among the first set of loan apps in Nigeria. One out of three people have heard about FairMoney. This organization provides short-term loans to both employed and unemployed Nigerians. With FairMoney you can borrow from #2,500 to N150,000. You will be required to provide your BVN before you can access their loan. Apart from your bank verification Number, you will need to provide them with your correct residential address and active phone number. They will use your BVN to determine if you are loan Worthy.
To use the FairMoney Loan App go to the Google play store or apple store and download the app, sign up for your account, do your account verification by providing the required documentation, link your bank account to the app, apply for a loan, and wait for approval.
Their interest rate ranges from about 5% – 28% with a tenor of 4 weeks to 26 weeks.
Documents needed to borrow money from loan app without employment
Below are documents you may need before you can access a loan from any loan app as an unemployed person in Nigeria. Once you meet up with the documents you are good to go.
- A valid means of identification such as a National ID card, International Passport, or Voter’s Card
- Bank Verification Number (BVN)
- A valid phone number and email address
- Employment or means of income
- Proof of income receipt or current bank statement
- Personal details like name, address, date of birth, and occupation.
Loan apps may also require additional documents or information depending on their loan policies. It’s important to read and understand the terms and conditions of the loan app before signing up for a loan.
Do I need collateral to borrow from the loan app?
No. You don’t need any collateral or sign any physical documents to borrow from a loan app.
What is the best loan app for unemployed people in Nigeria?
There are a lot of good loan apps that offer short-term loans with low interest, they include FairMoney, Quickcheck, Carbon, and Aella.
How much will I borrow From the Loan app?
You can borrow up to N700,000 but that is in rare cases. From N1,500 to 150,000 is more obtainable.
How long will it take for me to get the loan?
For most lending platforms, it takes a maximum of 24 hours to get the loan in your bank account, it all depends on the platform you are borrowing from.
Is it Okay to Get a loan as an unemployed person?
Well, it all depends. As an unemployed person, you have to know the amount of loan you will seek as putting yourself under financial pressure won’t be a good one.
As an Unemployed person in Nigeria, it is not easy to survive. Know that you are not alone because unemployment is a global issue but countries like Nigeria make the matter worse. You can leverage any of the platforms for quick loans any time you need a small fund to sort out issues.