WATCH THE VIDEO HERE In the past, you had to make an appointment at a bank or wait in a long line to be called by a loan officer. In addition, you required collateral, official employment, and a large package of documents. Nowadays, you don’t even have to imagine such a tedious task because with the widespread use of the Internet. You can simply choose a lender through advertising, searching on the Internet, or through friends who have already used the services of online companies and can advise you. Fintech is a breakthrough of the 21st century. It has expanded the horizons of loan users by creating platforms such as CashX, Carbon, FairMoney, and Branch. Customers instantly caught the wave and preferred these companies because of their reliability and ease of access to funds. For example, CashX offers online loan in Nigeria from ₦5000 to ₦300,000. In addition, the company guarantees fast processing of applications: only 15 minutes — no physical documents required — and the money is already in your bank account. Carbon is a preferred choice for those looking for savings and investment options. Older companies such as FairMoney and Branch also use a similar methodology. For example, Adanna owns a beauty salon in Lagos. Business is hard, and people often don’t want to do serious business with her because there is still a perception that women are better off doing light work or housework. But no, Adanna is determined to move up the career ladder and make her hair salon one of the best in the city. She turned to CashX, got a loan for her supplies (dye, brushes, cosmetics, etc.) and had funds left over to promote her brand through social media targeting. She invested wisely and repaid the company’s debt on time, as she only required the money to pursue her brilliant ideas. Furthermore, she is a talented and hardworking person herself, so she knows how to invest money in a way that makes it work for her. She quickly gained a clientele through advertising and hired a few more assistants because she couldn’t handle the influx of customers. And now her business is booming. Adanna’s story is just one of many. You can get money not only for business. Most of us have faced situations where things get tough, and we urgently need money. There are many situations when loans become lifelines and provide great opportunities. Here are four of the best companies currently operating in the Nigerian financial market, and we’ll briefly introduce each of them. They always know what to expect. No collateral is required, the application process is easy, and the user’s account contains comprehensive information on how much and when to return the money. Customers can take out a loan for any purpose: from buying a crib for a child to starting a business. The only advice that applies not only to fintech companies but also to cooperation with banks: always take only the amount that you can comfortably and timely repay. This is your area of responsibility. Fintech is rapidly gaining momentum; therefore, more and more companies will appear every year. The competition will become even higher, and brands will fight for customers. This is beneficial for users, as they will be able to choose the best financial assistance and use the money on the most favorable terms. There will be personalized offers, additional discounts, new functionality, etc. And of course, all of this will be regulated by the Central Bank of Nigeria (CBN) for security and to ensure the best experience for Nigerians.
Online Loans in Nigeria—from the Beginnings to the Present
