Unfortunately the harsh economy of the nation has prompted many Nigerians to rush to what many refer to as speedy loans.
Speedy loan are a type of loan that can be accessible and easily gotten within minutes, hours, or days and are also very easy to get due to their flexibility, and they do not require much paperwork, unlike borrowing from a commercial bank.
Speedy loan are used to cover emergency bills by most Nigerians, and some of these bills include medical bills, food, housing, and also businesses.
Want to know all about Speedy Loan, get to understand what it means, its difference from commercial banks, and the advantages and disadvantages of choosing Speedy Loans?
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What are Speedy Loan?
Speedy loan are loan that can be acquired within a short period of time, especially within a day, and at the latest within a week of application.
Speedy Loan, unlike commercial bank loans, are completely distinct. Commercial banks, in terms of applying for their loan, require applicants to go through rigorous work and also provide collateral to secure the loan in case of default, while Speedy Loan does not exhibit some of these features.
Unlike commercial bankshaspaperwork,eedy Loans have a fast approval rate, which can range from a couple of minutes to an hour; short-term repayment; applications are mostly conducted online and also require minimal documentation.
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Type of Speedy Loan Platform in Nigeria
While speedy loans are most associated with mobile app online loan platforms, there are also other platforms that give out speedy loans in Nigeria, and they are
A. Bank Speedy Loan
Bank Speed loans are considered to be faster since they require less documentation, as you have been known by the bank as their customer, hence having all information about you.
Bank Speedy loan are fast, and an applicant can get approved within a minute using USSD and the bank’s official banking app.
Bank speed loan are, however, subject to the number of transactions an individual performs in the bank; fewer transactions will not get the applicant eligible.
B. Online Lending Platform
Similar to mobile app loans, but these are conducted online, and all processes of application take place on the website.
C. Cooperative and Microfinance Speedy Loan
Microfinance also gives out loans within days of application and also requires little or less documentation, while cooperatives give loans to their members in a short period of time.
Requirements to Get Speedy Loan in Nigeria
When we agree that Speedy loans in Nigeria require less documentation, there are still requirements to get these loans. Some of the requirements are
a. A valid BVN number: A BVN number is an 11-digit number that is used to verify your account across all banks in Nigeria, and this is mandated by CBN.
b. Nigerian Bank Account
For you to secure a speedy loan, you need to have a bank account, and this must be a Nigerian bank account regardless of whether it is a commercial bank account number or a microfinance account number.
c. Active Phone Number
An active phone number is required for you to apply for a loan, especially to be able to access your guarantee for some online speedy loan apps.
d. Proof of Income
Proof of income is sometimes required but not everymostly notis not mostly required by online speedy loan platforms.
Best Speedy Loan Apps and Platforms in Nigeria
1. Fairmoney
Fairmoney takes its spot as the number one best online speedy loan app in Nigeria; it is recognized as the first online speedy loan app in Nigeria during the wave of online speedy loan apps.
They offer small- to medium-sized loan apps and can give out loans up to 5 million naira, and they are best known for sorting emergency personal expenses and small business needs.
While FairMoney has its advantage over other online speedy loan apps in Nigeria, it has a shorter repayment time frame of 30 days, which can be stressful for some applicants, especially for people looking to use the money for investment.
2. Opay (Okash)
Okash, an online speedy loan platform that is operated by the giant Nigerian microfinance bank Opay, operates one of the fastest online speedy loan approvals, especially for Opay users.
Okash is integrated into OPay; it is done in a way that the loan can be accessed by the user in the OPay app. It is usually very fast, and it is suitable for small personal needs but has a shorter repayment duration.
3. Kuda
Kuda is a digital bank in Nigeria that provides speedy loans but in a different way; Kuda provides overdrafts rather than loans. An overdraft is a type of loan where you can withdraw more than the money you have in your account.
Kuda overdraft speedy loans depend on how active you are on the digital bank app before you are eligible for an overdraft type of loan.
Kuda overdraft speedy loan is best for existing users and also renders a lower interest rate compared to other lending apps.
4.Renmoney
Renmoney is an online speedy loan app that is licensed as a consumer finance company in Nigeria, unlike other apps that might be parading themselves as such.
Renmoney offers a higher loan limit of up to N10 million, unlike other loan apps, whose limit is only N1 million.
Renmoney money is usually faster in this regard compared to commercial banks and also offers longer repayment plans.
Renmoney is best for individuals for salary owners.
5.Palmcredit
Palmcredit is a popular instant loan app that is quite popular among Nigerians due to its minimal requirements.
They offer small loans and also faster registration and are also suitable for short-term emergency needs.
When there are other best speedy loan apps and platforms in Nigeria, these five are the most recognized and usually among the best in Nigeria.
Pros and Cons of Speedy Loan
Pros
● Fast Access to Cash
Speedy loan apps and platforms offer faster access to cash than commercial bank loans, especially during emergencies.
● No Collateral
Commercial banks do require collateral, but this is not required for most speedy loan apps and platforms; all you need at most times is your BVN number.
● Easy Application
Speedy Loans are so easy to apply for compared to commercial bank loans, which might take days for processing.
Cons of Speedy Loan
● Higher Interest Rate
This is undoubtedly one red flag about speedy loans in Nigeria: the interest rate accompanied with the loan is usually high and can amount to 100 percent, especially if the borrower.
The issue of higher interest rates has made most Nigerians refuse to pay back some of the loans they borrow, with some of the speedy loan platforms and apps not stating the interest rate during the application process.
● Short Repayment Window
Speedy Loan apps and platforms in Nigeria run a typical short repayment window, sometimes 3 days after you borrow the loan.
The repayment times for speedy loans in Nigeria are usually short and might result in a lot of applicants borrowing to pay back the loan they borrow.
● Risk of Debt Cycle if Misused
Mismanagement of a speedy loan app can result in bad debt, especially for someone who is addicted to speedy loans, accumulating thousands or even up to a million in debt for Nigerian.
Conclusion
Speedy Loans are good when the loans are used wisely and also collected at an affordable rate at which the borrower can repay the loan back; abills, food, Nigerian. housing,They are found to have helped Nigerians pay some emergency bills and have helped save many people from harassment.
While we praise Speedy Loan for its contribution and its fast coming through, we can’t neglect that it usually comes with a high interest rate, which can get out of hand; has a short repayment window; and can thrust an individual into serious debt if not careful.
Speedy loans should be considered your last option; consider borrowing from friends or family to help you out in times of emergency situations.
