Loans for Unemployed People in Nigeria

Loans for Unemployed in Nigeria: How Can I Get One?

Loans for unemployed people may sound impossible but getting a loan even if you do not have a job is very easy if only you meet certain requirements. Some of these requirements are;

Strong credit history: One of the major criteria for loans for unemployed people in Nigeria is a strong credit history. A strong credit history will show all the payments you have made in the past. Also, it will indicate how promptly you pay up your debt. When you have a positive credit history the lender will tend to trust you with their money. Ultimately, all lenders appreciate a credit history with no negative occurrence like bankruptcy. That is, you must be a paying debtor.
Credit score: Lenders do arrange credit score requirements for various loan types. That is, they keep their best loan offers, loans with the lowest charges, and interest rates for customers with excellent credit scores. Hence, if you intend to take a loan from any lender a good credit score will get you any loan amount.
Regular income: This is very important. Though you may be an unemployed person. However, you should have an alternative source of income. Because lenders will require to know this to ascertain whether you will be able to repay your loan responsibly.

Nevertheless, you will only get a positive response from the lender as regards your loan application if you can convince them that there would be no issue repaying at the expected time.

Loans for Unemployed People: 6 Best Apps you can access

One of the easiest loans for unemployed people in Nigeria is the quick loan. The quick loan also known as the short-term loan is easily accessible to both employed and unemployed individuals.

As an unemployed individual, there are numerous Fintech companies that now offer loans you can leverage. The loan option offers flexible repayment options and you can access them within a day of application. Thus, to have access to these loan options you can choose any of these financial institutions that will be listed below. Similarly, the short-term loan options require no paperwork, or collateral before you can access them.

Some of the digital financial institutions that offer loans for unemployed people in Nigeria are;

Aella Credit Loan app

Aella credit loan app is one of the platforms that offer loans for unemployed people in Nigeria. With the Aella Credit loan app, you can access quick loans from #1,500 to #1,000,000 options without stress. Aside from granting loans to unemployed people it also operates as a fintech company where you can transact your funds with just your smartphone.

Some of the services offered are;

Savings
Funds transfer and receive
Airtime and data top-up
Wealth Management
Buy now and pay later
Event management
Credit loans among others.

The fintech industry is built with the aim of simplifying instant credit payments to its customers. To apply for a loan on Aella credit you must first download the Aella App.

Then, you will be requested to create your account and fill in all required fields with valid and appropriate information.

After that, click on the “Check Eligibility” button to see how much you are eligible to borrow. After that, apply for a short-term loan.

Once your application has been approved, you will receive funds in your Aella Wallet.

Carbon Loan app (Paylater)

When it comes to accessing quick loans, Carbon is known as a reliable platform for loans for unemployed people in Nigeria. Carbon is also one of the most popular Nigerian fintech apps that deals with lots of online banking services like;

Free transfers
Carbon zero
Savings
Transfers
Bill payments
Airtime and Data top-up and lots more.

With the Carbon Loan app, you can access quick loans as an unemployed person easily. The good news is that you do not need a guarantor(s), collaterals, or long forms. However, for Carbon to verify your identities and capability of repaying their money you will need to provide your bank statements. Doing this will help them review and offer you loans. After your application has been approved you will receive the money in your Carbon account in minutes. But, if you intend to have access to higher loan amounts and lower interest rates then you must be repaying your loans on time.

Similarly, the Carbon loan repayment mode is so flexible that you can borrow any amount ranging from #1,500 to #500,000 and pay up within six months. The flexibility makes Carbon very popular among Nigerians.

Yet, with Carbon, you will enjoy loan top-ups even though you are still servicing an ongoing loan giving you access to more funds to reach your goals.

Branch International

Loans for unemployed people in Nigeria trust Branch International for that. On this platform, you can access quick loans of up to #200,000 within 24 hours of application. Though it is a digital financial institution their main interest is to see you have access to funds even when you don’t have it.

Over the years they have issued over 29 million loans to individuals which is equivalent to over 1 billion dollars in disbursement. The loan term is between 9 to 52 weeks with an Interest range of 17% – 35% depending on the amount they offer you.

However, before you can access the loan at Branch International you have to download the app, create your account, and then apply for the loan. Still, you have to wait for approval before you can receive your loan.

Furthermore, if you intend to unlock larger loans then you must build your credit.

Note that Branch International does not use any shameful act in collecting back their loan. However, that does not mean you should not pay back their money.

QuickCheck

QuickCheck is a financial organization that provides unemployed people with loans in Nigeria to meet their needs. Also, you can access loans to improve your business on the app. Because their credit solutions are here to support you to achieve your goals.

On the platform, you access loans ranging from #10,000 to #500,000. However, as a first-timer, you can only be offered #15,000 if your application is approved. This must be paid back within 15 to 60 days. The #15,000 is used to test your reliability and to see if you can meet up with repayment. If you meet up with their expectations on the first loan. You will have access to a higher amount of loan with low interest.

Another good thing about QuickCheck is that the payment is so flexible that you can pay weekly, monthly, or do a one-time payment. The type of payment plan depends on what you want which must have been set during the application process.

Ultimately, when you pay earlier you will be given a discount. That is, you pay at lower interest rates.

FairMoney

FairMoney app is one of the most downloaded fintech apps in Nigeria. On a daily basis, FairMoney does disburse over 10,000 loans. With over 5 million users enjoying banking, savings, and investment services you can trust FairMoney for quick loans as an unemployed person.

The organization is licensed to provide its customers with short-term loans. You can access quick loans of up to ₦3,000,000 in 5 mins, no collaterals & easy repayment terms.

However, before you can access the loan you will first download the app on the Play Store or Apple Store depending on the device you are using. After that, you will be required to sign up, input your BVN, and phone number linked to the BVN, and confirm your identity to receive a loan offer.

Immediately after you accept the offer, you will receive your loan within 5 minutes.

Note that you can keep paying back your loan for 24 months.

Umba

Umba is also one of the fintech mobile apps you can access for loans for unemployed people in Nigeria. However, that does not mean that they do not offer to employed persons as well.

To apply for a Umba Money Loan you must have downloaded the Umba app, then log in to your Umba account.

After that, tap on the icon labeled “Loan”, then click on “Umba Money Loan”. Then you will be requested to accept permissions, connect your bank, and take a selfie check.

After all the permissions have been accepted your status will change to green.

Furthermore, click on the Verify Identity.

Hence, click on the “Get Started” button where you will be able to proceed to the Umba Money Loan screen. Then follow the steps below;

Select the loan offer
Choose the reason why you need the loan
Tap on the Confirm Loan offer
Then wait for the loan to be processed
Ultimately, check your Umba wallet for your loan offer.

Conclusion

Being unemployed is not the end of the world. You can always lay your hand on alternative work such as venturing into business, engaging in construction jobs, delivery jobs, or freelancing among others.

Yeah, we know life happens sometimes. Hence, loans for unemployed people are available on Carbon, QuickCheck, Aella, FairMoney, Umba, and Branch International.

However, it is advisable to always read the terms and conditions of the loan you are applying for. Doing this will help you understand the interest rate, repayment schedule, and any penalties for late payments among others. Because when you understand these details it will help you plan your finances accordingly.

Besides it is advisable to pay up any loan on or before the due date. To achieve this you have to be disciplined, plan carefully, and be committed to your repayment plan.

Note that consistent payments, even if it is small, will help you chip away at your debt and steadily make progress toward becoming debt-free. Ultimately, due to the high-interest rate of most loan institutes, it is recommended to borrow from families and friends or those loan institutes without interest.

Frequently Asked Questions about loans for unemployed people in Nigeria

Can I get a loan if I am unemployed?

Yes, as we have mentioned earlier it is very possible to get a loan if you are unemployed. Regardless, to qualify for a loan from any lender, you will need to have an excellent credit history.

Aside from this, you must have a good credit score and an alternate source of income. Because the lender will use this to determine if you can meet up with the loan repayment or not.

What are the requirements that must be met for loans for unemployed People in Nigeria?

The requirements to obtain a loan as an unemployed individual vary among lenders. But commonly, most of them will need genuine proof of identification, personal details, Phone number, and bank statement. However, some organizations may require your BVN.

How can I increase my chances of getting a loan while unemployed in Nigeria?

One of the best ways to increase your chance of getting a loan as an unemployed person is by having a good credit score. Besides, you can also provide collateral or a guarantor. All these can increase your chances of getting a loan while unemployed.

Can I get a loan without collateral while unemployed in Nigeria?

Yes, some lenders may offer loans without collateral while you are unemployed. This is called the unsecured loan. However, in most cases, the interest rates are always higher.

How long does it take to get a loan as an unemployed individual in Nigeria?

The time it will take you to get a loan as an unemployed individual in Nigeria varies depending on the lending institute. Besides, the genuineness of your information, your records with other loan institutes, and the type of loan you are applying for will determine when you will get your loan. However, after approval of your information, it takes like 5 minutes to 24 hours.