Businesses need money to survive and grow. Finding a company with the lowest loan interest rate is essential for borrowing money in Nigeria. This article provides a list of top companies with favourable loan rates to help make your research easier.
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Companies with Lowest Loan Interest Rates
Here are some companies in Nigeria with the lowest loan rates:
Paylater (Carbon)
Paylater is a fast online platform that offers short-term loans with competitive interest rates ranging from 5% to 12%. Loan amounts range from N500,000 to N1 million, and the amount you can access is based on the cash flow of your business.
Renmoney
Renmoney offers a maximum loan rate of up to N4 million with no guarantor or collateral requirements. Interest rates range from 4% to 4.5%, and the amount you can borrow is determined after a background check and assessment of previous loan reports from a credit bureau.
Aella credit
Aella credit provides short-term loans to individuals and businesses with interest rates ranging from 4% to 29%. The loan amount varies from N1500 to N700,000, and the only requirement is your Bank Verification Number (BVN).
Kwikmoney
Kwikmoney is a loan platform available through an app or USSD codes. Loans range from N15000 to N500,000 with an interest rate of 15%. However, the loan tenor is short, only 15 days.
Rosabon Finance Quick Loan
Rosabon finance loan is a fast and easy way to access loans with an interest rate of 4% to 6% per annum. No collateral is required, and the loan amount starts at N100,000.
Page financials
Page financials require a 6 step procedure before granting a loan request. The loan rate is 0.5% every day, averaging to about 15% monthly or more for late payment. Loans are offered through a preloaded debit card, with the amount based on your monthly income.
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Requirements for Loans
Each company has specific requirements for obtaining a loan. Some of the basic requirements include:
- Paylater: BVN, business/home address, and passport photograph.
- Renmoney: minimum age range between 22 and 59, a steady source of income, valid means of identification, verification of your standard monthly income, and a report on previous loans from a credit bureau.
- Aella credit: only a Bank Verification Number (BVN) is required.
- Kwikmoney: only a Bank Verification Number (BVN) is required.
- Rosabon Finance Quick Loan: paid employment, minimum age of 21 and a maximum of 58, salary account, recent utility bill, valid proof of identification, pension account, or tax ID.
- Page financials: letter of employment, valid means of identification, utility bill, and salary account.
Banks with Lowest Loan Interest Rates
Commercial banks offer various loan options with varying interest rates depending on several factors such as amount, personal assets, tenor, credit score, and many others. Some of the best banks with low loan interest rates in Nigeria are GT Bank, Zenith Bank, Polaris Bank, and Access Bank.
Conclusion
Choosing the right loan company is crucial, and it is essential to consider the loan and its requirements before committing. Whether it is for personal or business reasons, you can easily obtain the loan you need from any of the companies listed above.
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