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Where to get a loan quickly in Nigeria?

By John Okon
05 March 2024   |   2:04 am
Loans can help you achieve your financial goals, whether you’re paying off debts or need extra cash to cover your monthly grocery bills.


Loans can help you achieve your financial goals, whether you’re paying off debts or need extra cash to cover your monthly grocery bills. If you need to borrow money, where do you even start? In this brief guide, we will look closer at conventional lenders and alternatives that allow you to get cash in no time.

1. Make the best of loan apps

Instant loan approval and flexible use are only some of the top advantages of loan apps. However, with so many variants in the market, deciding on the best one may seem like a dreaded chore. Here are some things to consider when selecting a quick loan app in Nigeria:

  1. Security. Financial data safety and protection are crucial. Of course, it’s hard to figure out which security protocols the app developers use, so ensure that you’re choosing an app like KoboGo with a good reputation.
  2. Reviews. Check comments in the Apple Store and Google Play (just insert the name of KoboGo or any other website in the search bar) and read users’ reviews and blog posts to understand the app’s pros and cons.
  3. Interest rates and fees. Although fast loan approval and minimal requirements are appealing, you should watch out for interest, processing fees, and prepayment penalties. No matter how attractive the proposal may seem, always read the fine print.
  4. Customer service. Whether you have a quick question, face an issue that needs solving, or want a consultation, responsive customer service is a hallmark of a great app.

2. Consider banks

From Zenith to the United Bank of Africa, plenty of banks in Nigeria provide extensive loaning options. Borrowing from banks comes with advantages like relatively low interest rates and clear loan terms. Thus, you won’t have to second-guess and worry about some sneaky clause you haven’t noticed earlier. Although banks are reliable lenders, bank loans have some cons. You may face strict eligibility criteria, a waiting period, and additional application requirements.

3. Borrow from friends

Think of borrowing from friends or relatives. A lot of people are squeamish about getting money from loved ones. After all, nobody likes to admit they have financial difficulties. Still, it’s something worth looking at. Unlike conventional lenders, your close acquaintances can lend money with a small or no percentage.

When it comes to taking a loan, numerous options are worth considering. Loan apps are best suited if you need quick cash, while banks are a great alternative for taking bigger loans. Lastly, borrowing from friends and relatives will allow you to get a loan with a lower percentage rate.

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2 Comments

  • Author’s gravatar

    I don’t see any reason how election malpractices in Delta state will be different from what was obtained in Rivers state. The partan of rigging is just the same. Anyway, let’s wait to see what the umpire will do to ameliorate the wrong. May God Almighty God help us in Nigeria. We are under siege in this country. Does it mean that we cannot do something and come out clean without mango ago, oh! I weep for Nigeria. God help Nigeria.

  • Author’s gravatar

    Is INEC an arm of govt in Delta State, such that the state commissioner of information now issue statements on their behalf? Shame shame shame