Being unemployed is one of the toughest situations especially when you don’t have a source of Income. Most lending Agencies don’t want to give out Loan to those that are unemployed because they fear they might not pay back. So does unemployed people don’t get a chance of getting loans?
In today’s article I will be showing you Loans for Unemployed in Nigeria. Now these are Mobile Applications that give out these loans in less than an hour once you apply.
N/B: It is advised, if you cannot meet up with the deadline of making the Payment, you shouldn’t go about applying for the Loan. Knowing this will help you avoid any embarrassment that may come as a result of getting a Loan from an App or any Agency.
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Is Getting a Loan a Nice Option for an Unemployed
There are good and bad debt as we all know. If you want to get a Loan as an Unemployed, you should make sure you want to invest it in a business that will produce some return. If you want to use it for liabilities then I won’t advice you getting the Loan.
So before you get started with knowing the Loans for Unemployed in Nigeria and how to get the loans, you should ask yourself – why do I need this Loan? If it is for getting Liabilities, then I won’t advice you get the Loan but if it is for asset then you can continue reading this article.
Top 5 Loans for Unemployed in Nigeria
In no particular order, I will be showing you some Apps where one can get some Loans as quick as possible. These Apps have various Terms and Conditions and you should get yourself acquainted with them before you go about getting a Loan.
Fairmoney – Banking & Loan App
Fairmoney Loan amounts range between N1500 to N1000000 with repayment periods from 61 days to 18 months at monthly low interest rates that ranges from 2.5% to 30%.
This is a Loan App that is accessible to both the employed and unemployed. There are millions of persons that have downloaded this App and lots of persons have also used it also. Let’s see the App info.
Downloads: 10,000,000+
Download Size: 17.96MB
Released on: Oct 10, 2017
Carbon: Mobile Banking
Carbon’s digital banking services are designed to change the way you bank, pay, spend and earn. This is a mobile loan App that has lots of unique features that will amazing lots of persons. As an unemployed, you can get started with this loan app after reading their terms and condition. Let’s see some of the App info.
Downloads: 1,000,000+
Download Size: 29.25MB
Released on: May 18, 2016
Aella: Savings, Loans, Bills
Aella is a fintech company built to simplify instant credit and payment solutions for emerging markets. At Aella, they have designed products that build financial independence for their customers such as loans, investments, bill payments, micro-insurance plans, and money transfer.
Their Loan ranges from N2000 to N1500000 with a tenor of 61 days to 365 days. So this is another option when you consider Loans for unemployed in Nigeria. Let’s see some of the App info.
Downloads: 1,000,000+
Download Size: 7.81MB
Released on: Oct 30, 2016
CHECK OUT STUDENT LOANS IN NIGERIA
Branch: Loan & Online Banking
Branch is much more than an online loan app to borrow instant cash. It is an online banking app in Nigeria that lets you transfer money, get 2% cash back for every bill you pay, invest to earn up to 20% returns and borrow money.
In their about us page, they claim to have 25 million downloads but I doubt that statement as information from Play Store doesn’t verify same. That aside, this is another way getting Loan as an Unemployed in Nigeria.
Below are some of the App info.
Downloads: 10,000,000+
Download Size: 8.65MB
Released on: Mar 19, 2015
Palmcredit – Instant Loan Online
“Safe and reliable online loan app in Nigeria, get instant cash. Borrow money online with Palmcredit App, apply an instant loan with a flexible repayment plan and favorable interest rate”.
This Loan App has a high range one can borrow from. With a Min of N10,000 and a Max of N300,000 and an APY from 24% to 56%, one can get loan from this App. Let’s see some App info.
Downloads: 5,000,000+
Download Size: 9.78MB
Released on Jun 26, 2018
Is it Safe Borrowing from this App?
Some persons find it risky borrowing from most apps because they are asked to provide their BVN. I have done a detailed article on Loan Apps that don’t demand BVN, you should check them out. Also, it is advised you check out their Terms and condition before borrowing.
Can an Unemployed get Loan in Nigeria
These loan Apps don’t ask for your Employment letter before they grant you Loan, they are just interested in their interest rate and also if you will pay back. You should try to pay back before the deadline else they might start sending messages to your contacts.
Conclusion
You can help us develop this article on Loans for Unemployed in Nigeria by dropping your comment below so that others will know your thought. Now you should understand that I don’t 100% recommend getting loans from a mobile app because most times when you can’t meet up, they keep compounding the interest rate and they can take some actions.