Money is important, and many people say they don’t have enough of it, which might be true. When you’re short on cash and need money until your next payday, a quick online loan can be a good option. Luckily, there are several online lenders in Nigeria, like Page Financials, that are growing and improving their services.

Typically, to get these instant loans, you need to provide some documents. These loans are risky because they don’t ask for collateral or guarantors. That’s why they usually lend to people who have a fixed salary. Business owners might find this challenging, but it’s important to understand that lenders want to avoid repayment problems.

Quick Online Loan in Nigeria

Entrepreneurs are sometimes known for not meeting repayment deadlines. There could be other reasons, like logistics or the lender’s license type, but we won’t discuss that today. Our focus now is to list the documents needed by these online instant loan lenders and explain what each document is used for.

What is a Quick Online Loan

A quick online loan in Nigeria is like borrowing money, but you do it through the internet. It’s a fast way to get cash when you need it urgently. Here are some benefits:

  • Speedy Access to Cash: You can get money quickly, sometimes within hours, without going to a physical bank.
  • Convenience: You can apply for an online loan from the comfort of your home using a computer or smartphone.
  • Less Paperwork: Compared to traditional loans, online loans often require fewer documents, making the process simpler.
  • No Collateral Needed: Many online lenders don’t ask for valuable items (like a house or car) as security. This makes it easier for people who don’t own such things to get an online loan.
  • Flexibility in Repayment: Some online loans allow you to choose a repayment plan that suits your financial situation.
  • Accessibility for More People: Online loans are often available to a wider range of people, including those who might not qualify for an online loan from a traditional bank.

Remember, while online loans can be helpful, it’s important to understand the terms and make sure you can repay the money on time.

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Essential Documents You Need

If you want to get a fast online loan in Nigeria, there are some important papers you’ll need. These documents help online lenders understand your situation and make the online loan process quicker.

Let’s take a look at the essential documents you’ll need to have ready for your online loan application.

Your BVN number

They might ask for your BVN number when applying for a quick online loan, but don’t worry—it’s for a good reason. The well-known lenders are legit and approved by the authorities. They need your BVN (Bank Verification Number) for KYC (Know Your Customer), a rule set by the Central Bank of Nigeria for financial service providers.

Your BVN makes it easier to collect necessary info like your name, address, email, and birthdate. Always confirm you’re sharing your BVN with a recognized financial service provider to avoid falling for online scams.

A valid form of Identification

For any financial transaction, you’ll need a valid form of identification when applying for a quick online loan. This could be your national ID card, INEC voter’s card, driver’s license, or international passport. You’ll usually have to upload a digital copy on the website, so make sure you have it ready on your device. The ID is simply used to confirm and verify your identity.

Statement Of Salary Account (If Applicable)

If you receive a salary, some lenders may ask for your salary account statement when applying for a quick online loan. They usually want statements for about 6 months to ensure you can repay the loan, especially since they don’t ask for collateral or guarantors.

These online loans are a bit risky, and lenders prefer applicants with a reliable income source. Having a consistently funded salary account increases the chances of successful loan repayment. To facilitate this, many lenders may request access to your salary account through a third party, like Remita or Paystack, using a direct debit mandate. This helps ensure a smooth repayment process.

Passport Photograph

When setting up an account with a financial institution, it’s common to provide a passport photograph. This passport photo needs to be ready on your device for uploading to the lender’s website. The purpose of the passport is for identification, following standard practice. Ensure you have this photo available to complete your application with the lender.

Letter of Employment (If Applicable)

If you have a job, many lenders may ask for proof of your employment when applying for a quick online loan. The most common evidence is either an employment letter or a work ID.

This is closely tied to the salary account statement and helps lenders confirm your employment status, enhancing their confidence in your ability to repay the loan. Make sure to have an employment letter or work ID ready for uploading when requested by the lender.

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Work ID Card (If Applicable)

The final item is a work ID card. If you have one, it’s another way for lenders to confirm that you’re a salary earner who can repay the loan. This adds an extra layer of verification to ensure that those taking out online loans have a stable income from employment. If applicable, be ready to provide a copy of your work ID when requested by the lender.

In Conclusion

Contrary to common belief, many online loan providers are willing to offer loans to those who meet their qualifications. While they may have specific reasons for not lending to certain groups like business owners, retirees, pensioners, or uniformed individuals,

it’s essential to understand and respect their business decisions. Your responsibility is to ensure you meet their criteria, have all the necessary documents, and apply for the online loan. Be sure to accept their decision with understanding, as they aim for your best interests.

When you apply for an online loan, the lender is not just interested in giving you money; they also want to ensure you can repay it. This consideration is crucial for your credit score, which impacts future loan applications, travel plans, and other financial transactions, both within and outside the country.

Lenders assess your ability to repay, taking into account factors like your monthly income and living expenses. For example, someone earning N50,000 and applying for a N400,000 loan may face challenges in repaying, especially if monthly deductions leave them with only N40,000 in today’s tough economic conditions.

These are the practicalities that lenders consider before deciding to approve or decline a loan application. If you need an online loan and can gather all the required documents, consider starting the application process with any of the quick online loan providers.


How Can I Get a Loan in 5 Minutes?

You can apply for a quick personal loan online with Bajaj Finance and receive approval within just 5 minutes. Our eligibility criteria are straightforward, and the required documentation is minimal.

This simplifies the loan application process, and once approved and verified, you can expect to receive the funds you need within 24 hours*. Apply now to enjoy swift and hassle-free financial assistance. *Subject to approval and verification.*

Where Can I Borrow Money Urgently in Nigeria?

Renmoney is a popular loan financing app in Nigeria. They commonly provide loans with amounts reaching up to ₦6,000,000, and you can choose to repay over up to 730 days.

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Can I Get a Loan from OPay?

The app enables users to access instant loans from trustworthy lenders available on its platform. Whether you’re seeking information on borrowing money through the Opay app, borrowing money from Opay without a BVN, or figuring out how to get an Opay loan on your iPhone or Android, this article has you covered.

How Can I Get a Loan without a Salary Account in Nigeria?

FairMoney is a loan app available in Nigeria and India, enabling customers to obtain loans in less than 5 minutes. With FairMoney, you can secure loans without requiring a salary account or meeting typical loan prerequisites. Additionally, the app offers loan top-ups and extensions, providing flexibility if you need extra time to repay.

How Can I Borrow Money Without a Bank?

Another quick cash option could be a payday or title loan. Certain lenders providing these types of loans might be open to applicants without bank accounts. However, to manage the risk, they may ask for collateral, like a car, which they can take possession of if they are unable to repay the loan.

How Do I Borrow Money from Smartcash?

To borrow money from Smartcash, follow these steps

  • Login: Access your SMARTCASH account by logging in.
  • Application Form: Complete the online application form provided.
  • Wait for Loan Documents: Stay on our site, and your loan documents will appear on your screen within a minute or so.
  • Review and Sign: Read through the loan documents and sign them using our secure electronic signature, which is approved by banks.

Which Loan App is Suspended in Nigeria?

Here are the names of the 37 delisted loan apps: Swiftkash App, Hen Credit Loan App, Cash Door App, Joy Cash-Loan Up To 1,000,000 App, Eaglecash App, Luckyloan Personal Loan App, Getloan App, Easeloan Apps, Naira Naija, Cashlawn App, Easynaira App, Crediting App, Yoyi App, Nut Loan App, Cashpal App, Nairaeasy Gist Loan, and many more.


Akinpedia is a passionate and knowledgeable author with a strong background in technology and business; he brings a wealth of expertise and insights to his writing.

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