In this article, we’ll be looking at a list of instant loans for students in Nigeria.
As a student in Nigeria, it can be difficult to manage finances, especially when unexpected expenses arise. But with the rise of digital finance, it has become easier for students to access instant loans to cover these costs. In this article, we will explore the various options available for students looking to take out an instant loan in Nigeria, including the eligibility requirements, interest rates, and application processes. Whether you need to pay for tuition fees, purchase textbooks, or cover living expenses, instant loans offer a quick and convenient solution to help you stay on top of your finances.
1. FairMoney
The FairMoney Loan App is one of the top loan options for students in Nigeria. It enables you to get a loan, purchase airtime, and pay bills in minutes using your registered account. Registering is simple. Just enter the phone number linked to your BVN and verify it with an OTP. The app requires your contact information, like any loan application, and your loan will be deposited into your account in no time.
FairMoney is a secure and efficient platform for obtaining loans and making payments quickly. As a student, you can even earn extra money by participating in their referral program. Apply for loans online up to ₦150,000 without any paperwork, collateral, or stress using the FairMoney Loan App. Additionally, FairMoney gives you the flexibility to repay your loan in multiple installments, making the app and its services even more user-friendly.
FairMoney has created a top mobile bank for emerging markets that sets itself apart with its global presence (having offices on three continents) and its goal to drive positive impact. The bank provides financial services to underbanked communities through its credit-led digital platform, which offers loans without collateral, filling the gap left by traditional banks. FairMoney is dedicated to improving access to financial services and deeply understands the challenges faced by their clients. The company operates with a sense of ownership and responsibility, taking a systematic approach to problem-solving with a focus on reduction, collaboration, and iteration.
The loan provider prioritizes speed and quick decision-making, taking calculated risks by making decisions based on 70% of available information with a 30% margin of error. They also value the importance of regular and direct feedback, recognizing it as a way to help customers grow.
2. Carbon
Carbon is a comprehensive digital bank offering various services including loans, investing, money transfers, airtime purchases, bill payments, and more. Simply download the app from the Google Play Store, fill out your personal information, and submit the required details, including your BVN. Based on the information provided, a loan amount will be calculated and approved for you. The app, has become a popular choice for borrowing money online and is accessible to anyone, regardless of whether you’re a student, wage earner, or entrepreneur. Carbon offers loans without the need for collateral or guarantors, and you can apply 24/7 with cash deposited into your account within minutes.
3. Palmcredit
Palmcredit, a loan app owned by Newedge Finance Limited in Nigeria, allows students to receive loans without putting up any collateral. This app provides quick access to loans within minutes, and its attractive low interest rate has made it a popular choice among loan providers in the country. The app can be easily downloaded from the Google Play Store, and the company aims to simplify the process of obtaining quick cash and short-term loans through its smartphone app.
To obtain a loan from PalmCredit, follow these steps:
- Download the app from either the official website or the Google Play Store.
- Complete the registration process by following the on-screen instructions, including verifying your phone number.
- Apply for a loan by providing the required information.
- Wait for loan approval, which typically occurs quickly if you have provided accurate information. Upon approval, you will receive the loan and have the option to transfer it to your bank account.
Palmcredit, owned by Newedge Finance Limited in Nigeria, offers loans without collateral and boasts low interest rates, making it a popular loan provider in the country. The company’s aim is to make accessing quick cash and short-term loans as easy as possible with a smartphone app.
4. Okash
Okash, founded by Opay, is an automated lending platform aimed at increasing financial access to various individuals in Nigeria, including students. Loan decisions are made in 15 seconds, with funds disbursed within 5 minutes if approved. The loans are accessible 24/7 through an Android mobile app and are designed as short-term solutions for those seeking unsecured personal loans, students, or individuals with thin credit files. Okash partners with Blue Ridge Microfinance Bank for loan provision. Repayment can be made via direct debit or by sending transfer information to repayment.proof.ng@o-kash.com after the transfer is complete. To be eligible for a loan, you must have a valid bank account, an ID card, a BVN number, an Android phone, and be within the age range of 20–55. The application can be completed on the Okash app.
Okash, formerly a part of the Opay app, is now a standalone loan app available in Nigeria. The app can be downloaded from the Google Play Store (Android) or the App Store (iOS). To use Okash, simply fill out the required information in the app to gain access to quick loans.
5. First Bank Student Loan
The First Bank FirstEdu Loan is an excellent option for students seeking financial assistance for their education. This loan offered by First Bank is flexible and can be used to pay for school fees, fix or replace school facilities, and cover any other related expenses.
Repayment for the loan can be adjusted with a three-month grace period before reminders are sent. Borrowers have access to a maximum of 10 million naira at any given time.
First Bank’s FirstEdu Loan is also designed for school proprietors and provides a flexible source of funding for school improvements.
6. Access Bank Student Loan
The Access Bank student loan is a financing solution for school fees that aims to give students access to short-term funding for their tuition expenses.
Some of the key features of this loan include:
- Maintaining uninterrupted education
- Availability of up to ₦5 million in funding
- The option to refinance the loan
- Remittance services
In order to apply for this loan, you will need to provide the following:
- A filled-out application form
- Your admission letter
- Tuition advice
- A letter confirming the location of your salary account or that of your parent or sponsor
- Identification, such as an employment ID or a valid means of identification for you, your parent, or your sponsor
- BVN
- Credit checks may also be conducted.
7. GT Bank Student Loan
GT Bank’s student loan advance is a loan option created to help finance the payment of your child’s or ward’s school fees, specifically for schools located in Nigeria.
Some of the key features of this loan include:
- Availability of up to ₦5 million in funding with a maximum repayment period of 4 months per request
- Attractive interest rates
- Quick access to loan funds
8. Students Mirror Loan
Students Mirror is also a platform that offers loans to University students to help them pay for their education-related expenses. The loan application process is simple and requires students to create an account and fill out an online loan application form with information about their financial situation and education.
The repayment of the loan starts only after the student has graduated from high school or university. This allows students to focus on their studies without worrying about loan repayments during their academic years. Students Mirror also offers a flexible repayment system, making it easier for students to repay their loans in manageable monthly instalments that fit within their budget. It is a convenient and reliable platform for students in need of financial assistance. Apply for Students Mirror Loan here.