Top 10 Online Loan Apps with Weekly or Monthly Payments in Nigeria 2024

Benefits of Online Loans with Weekly/Monthly Payments

Some key benefits of online loans with weekly or monthly payment options include:

Flexible repayment schedules – You can choose weekly or monthly payments as per your salary payment cycle
Smaller payment amounts – Weekly or monthly payments are smaller and more affordable than lumpsum EMIs
No penalty for early repayment – You can prepay some loans anytime without penalty
Quick disbursal – Online loan applications are processed faster, and funds disbursed quickly into your bank account
Convenience – The entire application to disbursal process happens online through laptop/mobile

Factors to Consider When Choosing an Online Loan

Here are some tips on what to look for when choosing an online loan in Nigeria:

Check interest rates – Compare interest rates between lenders and go for the lowest
Repayment tenure – Opt for a comfortable repayment duration of 3-12 months
Processing fee and other charges – Pick a lender with minimal fees
Loan amount – Apply only for what you need to avoid high interest costs
Reputation – Choose an established lender with good reviews and track record

Top 10 Online Loans with Weekly/Monthly Repayment in Nigeria 2024

1. Aella Credit

Aella Credit offers online loans in Nigeria with flexible repayment tenors. You can choose to repay weekly or monthly depending on your cash flows.

Loan amount – N10,000 to N500,000
Tenor – 7 days to 12 months
Interest rate – Starts from 1.5% per month
Repayment frequency – Weekly or monthly

To apply, download the Aella app, fill the form and get funds in 24 hours. The repayment will be deducted automatically from your bank account on the due dates.

2. Branch

Branch provides online loans in Nigeria with flexible repayment schedules convenient for salary earners and businesses.

Loan amount – N1,000 to N500,000
Tenor – 1-12 months
Interest rate – From 1.5% monthly reducing balance
Repayment frequency – Weekly or monthly

To get a Branch loan, download their app, fill the application form and get the loan disbursed to your bank account quickly. Repay conveniently weekly or monthly.

3. PalmCredit

PalmCredit offers fast online loans in Nigeria with flexible repayment tenors. You can choose to repay weekly, fortnightly or monthly.

Loan amount – N10,000 to N200,000
Tenor – 7 days to 12 months
Interest rate – From 1.5% monthly reducing balance
Repayment frequency – Weekly, fortnightly or monthly

To apply, download the PalmCredit app, fill the online form and get the funds disbursed quickly into your bank account. Repayment happens automatically on the due dates.

4. Carbon

Carbon offers quick online loans in Nigeria with flexible repayment frequencies convenient for you.

Loan amount – N10,000 to N1,000,000
Tenor – 1-12 months
Interest rate – From 1.5% monthly reducing balance
Repayment frequency – Weekly, fortnightly or monthly

To apply, download the Carbon app, fill the online form and get the loan disbursed into your bank account quickly. Repayment happens automatically on the repayment dates.

5. QuickCheck

QuickCheck offers fast online loans in Nigeria with flexible repayment tenors. You can choose to repay weekly, fortnightly or monthly.

Loan amount – N1,500 to N500,000
Tenor – 7 days to 12 months
Interest rate – Starts from 1.5% monthly reducing balance
Repayment frequency – Weekly, fortnightly or monthly

To apply, download their app, fill the online form and get the funds disbursed to your bank account quickly. Repayment happens automatically on the due dates.

6. Renmoney

Renmoney provides online loans in Nigeria with flexible repayment frequencies – weekly, fortnightly or monthly repayment.

Loan amount – N50,000 to N5 million
Tenor – 3-24 months
Interest rate – From 1.5% monthly reducing balance
Repayment frequency – Weekly, fortnightly or monthly

To apply, go to their website, fill the online form and get the loan disbursed quickly into your account. Repay conveniently on the scheduled dates.

7. FairMoney

FairMoney offers quick online loans in Nigeria with flexible repayment tenors – weekly, fortnightly or monthly repayment.

Loan amount – N1,500 to N500,000
Tenor – 14 days to 12 months
Interest rate – From 10% flat rate
Repayment frequency – Weekly, fortnightly or monthly

To get a FairMoney loan, download their app, fill the form and get the funds transferred to your account quickly. Repayment happens automatically.

8. Paylater

Paylater provides online loans in Nigeria with flexible repayment schedules – weekly, bi-monthly or monthly repayment.

Loan amount – N1,500 to N500,000
Tenor – 7 days to 12 months
Interest rate – From 1.5% monthly reducing balance
Repayment frequency – Weekly, bi-monthly or monthly

To apply, download their app, fill the online form and get the loan disbursed into your account quickly. Repay on your scheduled dates automatically.

9. Kiakia

Kiakia offers quick online loans in Nigeria with flexible repayment frequencies – weekly, bi-monthly or monthly repayment.

Loan amount – N1,500 to N250,000
Tenor – 7 days to 180 days
Interest rate – From 10% flat rate
Repayment frequency – Weekly, bi-monthly or monthly

To apply, download their app, fill the application and get the loan amount credited into your bank account quickly. Repay on the scheduled dates automatically.

10. Lodge

Lodge provides online loans in Nigeria with flexible repayment schedules – weekly, bi-monthly or monthly repayment.

Loan amount – N50,000 to N2,000,000
Tenor – 3-12 months
Interest rate – From 1.5% monthly reducing balance
Repayment frequency – Weekly, bi-monthly or monthly

To get a Lodge loan, go to their website, fill the online form and get the loan amount disbursed to your account quickly. Repay conveniently on your scheduled dates.

FAQs About Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024

1. What are the benefits of online loans with weekly/monthly payments?

The key benefits are flexible repayment schedules aligned with your salary dates, smaller and affordable payment amounts, convenience of applying online and faster disbursal into your bank account.

2. What factors should I check before applying for an online loan?

Check interest rate, repayment tenor, processing fee and other charges, loan amount you need, and lender’s reputation. Go for established lenders charging lower interest rates.

3. How quickly will I get the loan amount if I apply online?

Most online lenders disburse the loan amount into your bank account within 24-48 hours after approving your application online.

4. When do I need to start repaying the loan?

Repayment starts as per the frequency chosen – weekly, bi-monthly or monthly – from the date of loan disbursal as per your amortization schedule.

5. How do I repay the loan installments?

Repayment happens automatically on the scheduled dates by auto-debit from your bank account of the due EMI amount.

6. Can I prepay my loan anytime?

Yes, most online lenders allow prepayment of the full loan outstanding anytime without prepayment penalty.

7. What happens if I miss my repayment on due date?

You will be charged a late payment penalty, and it will also impact your credit score negatively. So ensure you repay on time.

8. What is the maximum loan amount I can get?

Loan amount depends on the lender and your eligibility, but you can get from N1,000 to N5 million from the top online lenders.

9. What documents do I need to apply for the loan?

Just basic KYC documents like ID card, passport photograph, proof of residence, bank statement, utility bill etc. Many lenders have paperlessapproval.

10. How do online lenders determine my eligibility?

They check your basic profile, income, credit score and repayment ability to determine your loan eligibility and amount.

11. What is the interest rate charged on online loans?

Interest rate starts from 1.5% per month on reducing balance, with some lenders charging flat 10-15% for 2-3 month tenors. Compare interest rates before applying.

12. What are the charges on the loan apart from interest?

You may need to pay a one-time processing fee of 1-2% of loan amount. Other charges like late payment, foreclosure etc. apply as per terms.

13. Can I apply for an online loan through mobile app?

Yes, most online lenders like Carbon, Branch, FairMoney etc. offer mobile apps on Android/iOS to apply for and manage your loan easily.

14. How do online lenders manage risks on loans?

They use latest fintech like big data analytics, AI, machine learning etc. to identify credit risks. Many integrate with credit bureaus for credit information.

15. What happens if I default on loan repayment?

Your credit score will take a big hit making it difficult to get credit again. Lender can also initiate recovery proceedings including legal action.

Conclusion

Online loans with flexible repayment frequencies offer a convenient way to get funds to meet your needs. Their quick approval, disbursal and repayment aligned with salary dates make them a preferred option for many Nigerians.

Ensure you pick a reputed online lender charging competitive interest rates. Assess your repayment ability before applying and repay the loan on time to avoid negatives.

Use the loan amount only for productive purposes and never default on repayment to maintain a healthy credit profile.

After reading this article now you know Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024.