“Discover the top 5 Peer to Peer lending platforms in Nigeria and learn how P2P lending works. Get the simplest explanation of P2P lending in Nigeria with Voiceofnigeria.org.ng”
Peer to peer (P2P) lending is now very popular in Nigeria. It is a popular way of borrowing and lending money in Nigeria.
The main aim of P2P platform is to connects borrowers and lenders directly without the need for intermediaries such as banks or financial institutions.
In this article, we’ll take a closer look at how P2P lending works in Nigeria and the top five platforms to consider in 2023.
How Peer to Peer Lending in Nigeria Works
P2P lending allows individuals to access loans or invest their money by connecting with borrowers who need funds. Here’s how P2P lending works in Nigeria for lenders and borrowers:
Lenders:
- Sign up: To start lending, you need to sign up and create an account on the P2P platform of your choice.
- Choose a loan: Browse the various loan opportunities and select the one you wish to invest in.
- Lend money: Lend money directly to the borrower. The amount will be credited to the borrower’s account.
- Repayment: It’s borrower responsibility to repay the loan and interest over a specified period of time. Payments will be credited to your account on the P2P platform.
- Withdrawal: Once the loan has been fully repaid, you can withdraw your funds from the P2P platform to your personal bank account.
Borrowers:
- Sign up: Borrowers need to sign up and create an account on a P2P lending platform in Nigeria.
- Apply for a loan: Fill out an online application form and provide the necessary details.
- Loan evaluation: The P2P platform will evaluate the loan application, including credit checks and other verification processes.
- Loan funding: If the loan application is approved, the loan will be funded by lenders on the P2P platform.
- Repayment: The borrower will repay the loan and interest over a specified period of time, making payments directly to the P2P platform.
- Loan closure: Once the loan has been fully repaid, the loan will be closed, and the borrower’s account will be updated to reflect the successful repayment.
Read Also: Best Loan Apps in Nigeria 2023
Top 5 P2P Lending Platforms in Nigeria 2023:
1. KiaKia
- Popular Peer to Peer Lending app in Nigeria
- Offers high returns for lenders, low interest loans for borrowers
- Flexible repayment terms, direct payments on the app
- Loans are mainly for businesses, amount ranges from N50,000 to N10,000,000
2. P2Vest
- Reliable P2P lending platform, both for individuals and businesses
- Offers top-notch services for both borrowers and lenders
- Great returns for investors, low interest rates for borrowers
- B2B loan service (P2VFB) available for business funding
3. AjoBox
- Reliable P2P lending platform mainly for SMEs
- SME loans funded by individuals or groups of investors
- Low interest rates for borrowers, guaranteed ROI for investors
Read Also:
4. Trove
- Peer to Peer Lending in Nigeria for borrowers and investors in Nigeria
- Offers loans for personal and business needs
- Low-interest loans for borrowers, attractive returns for investors
5. QuickCheck
- P2P lending platform in Nigeria
- Offers loans for personal needs, including salary advance
Easy loan application process, quick loan disbursement - Flexible repayment options, low-interest rates.
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