January is notorious for being a financially difficult month (except for those in the business of education). The christmas festivities, the loooong wait until the end of the month for salary payments and for parents, the demand for school fees at the beginning of the month make January a difficult one financially for a lot of people. Luckily, for salaried and self-employed workers, there are financial organisations whose job it is to lend a helping hand in these difficult times with no request for collateral, and I have compiled a list of some these. While most of these organisations cater for Lagos-based workers, there are some who will accept workers from other parts of the country.
When borrowing money, there are a few rules to follow to avoid getting into unmanageable debt:
- Budget. Base your borrowing on what you can comfortably afford to repay each month.
- Borrow as little as possible.
- Borrow for as short a term as possible. While it can be tempting for longer terms on loan repayments, it is important to note that ultimately, these cost more in the long term. Borrow N200,000 over a 3 month period and you’ll have to repay ₦239,147 (₦79,715 monthly). The same amount over a 12 month period will cost ₦343,650 (₦28,637 monthly) – 170% of the original loan amount, and a difference of ₦104,503!
It is always good idea to check with lenders that they allow early repayments, and also to confirm their terms for doing so. Some lenders might charge you more to repay the balance on your loan early, especially if you are close to the end of the loan term, therefore it is important to check from the onset.
Renmoney
Renmoney is a consumer finance organisation which operates from 89 Awolowo road, Ikoyi, Lagos. They offer cash loans to Lagos-based salaried workers in (proof required) for variable payment terms as little as 3 months.They operate a very simple website which allows you calculate your repayments against your desired loan amount and payment terms. They promise to pay within 24 hours of verifying documents, as long as the applicant is in a regular job and can provide proof of income.
Eligibility Requirements
- Be between ages 22 – 55 years.
- 1 Passport photograph
- Utility bill
- Live and/or work in any part of Lagos.
- Have a secure job paying at least ₦50,000 monthly, into a bank account.
- Must have a verifiable place/terms of employment.
- Have a functional current account with a BVN number. You will be asked for a 6 month history of bank statements.
- Have valid means of identification – International Passport, Driver’s License, National ID Card.
You will find a full list of requirements here.
How To Apply
- There are three ways:
- 1. Go to the Apply now section of the website
- 2. Call their contact center lines 0700RENMONEY (0700 73666639)
- 3. Visit the closest RenMoney branch to you
Office Address and Contact details
Head Office: 89, Awolowo Road, Ikoyi, Lagos, Nigeria.
Surlier: Adeniran Ogunsanya Street, Surulere.
Opebi: Pentagon Plaza, 23 Opebi road, Ikeja.
Lagos Island – 50 – 52, Broad Street, Lagos in CSS Bookshop HouseApapa: No. 13, Park Lane, Apapa.
Direct Bridge NG
Direct Bridge is a consumer finance company operating in Nigeria and focusing on short-term consumer loans between ₦50,000 and ₦500,000 (depending on income) to low to middle class income earners. Loan terms are variable, between 3 and 9 months.
Eligibility Requirements
- Minimum monthly net salary of ₦75,000
- Letter of confirmation from employer
- Valid ID document
How to Apply
You will need to fill out an application form, and have ready the following documents. Your application will then be assessed by the bank, who will contact you by phone and inform you on how to proceed.
- Signed application form
- Bank statements for the last 3 months
- Pay slips for the last 3 months
- Copy of driver’s license, international passport, national ID or voter’s card
- Copy of company or staff ID card
- Marriage or birth certificate (where applicable)
- Letter of undertaking from employer to domicile your salary with Standard Chartered Bank
- Utility bills or address verification documents
- Important Information Documents (IID)
Libra Reliance
Libra Reliance offers personal loans to both employed and self-employed individuals and offer two types of loans:
- Entrepreneur Personal Loan for 100% self-employed entrepreneurs and
- Employee Personal Loan for employees of companies.
How to Apply
You will need to apply at the bottom of this page, using the documents from one of the lists below:
Employee personal loan
- Completed application form
- Employment letter
- Staff ID
- 6 month bank statements
- Completed KYC Documents
- Post dated cheques
- Last 3 months payslips
Entrepreneur Personal Loan
- Completed application form
- Collateral (Car, Credit bond, Property with verifiable documents, Bank guarantee)
- Post dated cheques
- Completed KYC documents
Office Address
73, Allen Avenue, Ikeja, Lagos.
07011881000
info@librareliance.com
l love the information that l got here.Pls l need long term loan of about 500,000.00 to be paid back within a year or two.l’m working for a big organisation but l am nt a staff,my company pays us evry two wks through access bank .How can l get loan with this?
Hi Edet,
Have you tried renmoney? You sound like you fit their criteria for lending.
Which of these companies can be found or can advance a loan to a person who resides outside Lagos but a citizen of and is residence in Nigeria?
Hi there,
If you’re outside Lagos, you’re better off getting in touch with a microfinance bank
Im a recent graduate who needs a loan of 100000 to settle a debt. Im nt working at al. I cnt start paying once i get a job or start nysc. Is der a platform for this at al?
Im a recent graduate who needs a loan of 100000 to settle a debt. Im nt working at al. I can now start paying once i get a job or start nysc. Is der a platform for this at al?
Hi, I’m trying to get a loan up to 2million naira. I’m self employed but the problem is I don’t have a registered company. My bank statement shows regular flow of transactions and the amount in the last six months is well over 2million. How can you help with what to do?
I am not a salary earner but I am interested in the loan of 600,000 for a year and I promise to pay back
I not a salary earner but I am interested in loan of 600,000 for a year…pls help me out here..promise to pay back
I HV bn applying and no response..I can pay back which I am 100% sure and on time even monthly.. Pls consider me…
Hi Cynthia,
It might be quicker to speak to your account officer and if they are proving difficult, switch banks preferably to Sterling or Standard Chartered
Hello please I need a loan of N300,000 but I don’t have any collateral I work in a fish company as labour here in lagos called (stallion) but the company had closed down but I want to start my own small scall fish business I have my own customers already but need some capital to start and am very sure to pay back in at the given period, I someone to help me on that please
Hi Abubakri,
Have you got any collateral?
If not, I would suggest writing a business plan and contacting UTNigeria, office
HEAD OFFICE
#3/5 Regina Omolara Street, Off Agbaoku Street
(Behind Tastee Fried Chicken).
Off Opebi Road.
Ikeja, Lagos State
Tel:
how do i apply for employee personal loan with Libra Reliance?
Hi,
Like it says in the post, you can apply here: http://finance.librareliance.com/personal-loan/
Help…I’m in shit I need a personal loan of #80,000 need a money lender as I have a loan am financing in d bank to end in a few months…I don’t mind paying in spread as I wld give post dated cheques…please can you help.
Hi Doyin,
Have you contacted any of the lenders featured? Remember you shouldn’t be asked to pay any sort of fee – admin fee, registration fee, loan confirmation fee, processing fee etc with any genuine lender.
Hi,am nt a salary earner but I works at apapa tincan n am in need of loan of #500,000 to use in completing my house.plss hw can u help me
Hi Shola,
Have you spoken to any of the providers in the post, although I think a concern might be how you expect to make repayments.
Am a student, and i need a loan of 125 thousand naira, to start my business
Hi Yemi,
Please contact your bank and ask for a business loan.
Do you need a loan to start your business ? Do you need a loan to pay
with your bills ? At the moment we offer Education loan , business loan ,
mortgage, agricultural credit , personal loan , auto loan , etc. , if you
need a loan with specific interest so we can send more information to
You . All email must be copied and send to: ffrankly8@gmail.com
Contact us by email :ffrankly8@gmail.com
CREDIT APPLICATION
Full Name: ………………..
Country: …………………
Status : …………..
City: …………..
Gender: …………………….
Telephone No : ………..
Amount of the loan : ………..
Monthly Income : ……….
Occupation: ………………. ….
Loan Period: ………………….. …………….
Purpose of the loan : …………….
Hi, I reside in plateau state. How can I get a loan to pay back in 4 months?
please I need a loan but I’m a student who also does little business. where and how can I get a loan?.
Hi Ify, it will be difficult for anyone genuine to offer you a loan if you cannot prove that you can pay back.
I need #3-5million business loan for export.
My Collateral is my property without C of O and the export proceeds.
Who can be of genuine help?
Hi Zacheaus,
I think it would be more difficult to get a loan without a CofO title on your property. Have you tried all the merchants liked in this post?
Please I need a loan n am an employee just that am paid cash n not to my bank n have done alot of transactions with my account.what do I do cause renmoney said I wasn’t qualified cause of am paid cash
Being paid cash is a problem because you need evidence of the payment going into your account. Can you ask you employer to pay by bank transfer and then try again in a few months?
wow!!! interested am business director and I need a loan of 500,000.00 to pay back in 1year with all the interest.
I am a Dr in Lagos here,working!! I need an urgent loan of 500k to pay back in 6months!!!I need it urgently before Xmas!! I have all you need except bank statements bcos I receive salary by cheque payment from my MD!!you can come to my hospital to verify everything and other details!! Please where can I apply to get it!! Ren money is insisting on bank statement of 6months and some other loan firms
pls where can i get a loan less than 20000.
Please I would like a loan of 3.5 million to handle some pressing business issues …I intend to pay back in 9 months and I have a building to use as collateral …I have the deed of assignment and letter of allocation for the building in my name my number is 07035627257 I would be looking forward to hearing from you (house is in Abuja) and I have a good flow with my account
I HAVE BEEN APPLYING FOR LOAN FOR OVER 4MONTHS NOW AT THE END THEY WILL DEMAND MONEY FROM ME AND THAT THE END.AM SELF EMPLOYED A BUSINES OWNER I CAN PAY MY LOAN.PLEASE WHER CAN I GET A LOAN?NEED YOUR ADVICE PLEASE,WAITING TO HEAR FROM YOU.THANKS
Please DO NOT give anyone any money to give you a loan. Apply through the channels listed in the post, or contact your bank. All the best
Join the church of satan here in lagos call:_08073087572 to get RICH&FAMOUS
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Good day…i was looking for a loan and i was told to pay to acquire the loan.when i did they told me that theloan is being transfer that i will get it.i waited for 2days and no loan only for the fool to call and tell me to send 15k again after paying 18k for bank charges.pls i was a vicitim
And i dont want anyone else to.pls dont pay anyone for loan cos they will not give u.opexassistance is one of the 419 too and many others.
I really need a loan
Good day.. Pls how can I apply for a loan of 800, 000 for 12months. Pls I HV tried all the renmoney and others but there requirements is high. I even tried this private lender and they re telling me to pay before I get a loan after falling a vicitim to one of them. Pls is there any one that can help me. I can pay back with interest too.
Hi Joy,
Anyone who will genuinely give you a loan will require some sort of assurance that you can pay back. Anyone who asks you for money to lend you money is a scammer. I would suggest trying to fulfill the requirements of the accredited companies as nothing comes easy.
Hello am equity Morgan a reputable loan lender I give out loans at the lowest rate of 2% to any person that is interested contact me via equityfirmloans@gmail.com
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To get a loan is a big problem, if I don’t pay I will not get the loan and later they will claim they are genuine. Pls can someone help me here. I can pay the interest rate even thou it is 5%.i can pay
Hi Joy,
No one who asks you to pay is genuine. Real lenders only need proof that you can pay back (salary statement) and they will transfer the money into your account.
You need a loan between individuals to cope with financial difficulties and finally out of the impasse caused by banks for the rejection of their application of credit record? Contact: (collinswalter604@gmail.com) we offer genuine loan from 1000 to 100 million, no bank guarantee, and at an interest rate of 2% affordable. Can help me make a particular loan amount you want. Contact me if you are interested. E-mail: collinswalter604@gmail.com
Its very sad that I can’t get a legitimate loan lender.I tried all these one above but they are all scammers.They are requesting for loan transfer fee when a legitimate loan lending agency does not request for any transfer fee instead they deduct it from the loan and give detailed reason for the deduction. Its really disappointing because I’m in desperate need of a loan of 900,000 to execute my Music project.
Hi Duncan,
Have you tried all the channels in the post above?
This private lenders here are all scammers. They want money before getting the loan and it is not fair even when I tell them to deducted it from the loan,u will not hear from them again or they will claim it is not in their policy. Pls can someone help me out here.i am desperate.
Good Day
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FILL OUT THE LOAN APPLICATION FORM:
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Amount Needed as Loan: ……………..
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Occupation: ………………………..
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Email: washingtonprivateloanfirm@yahoo.com
From,
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Managing Director
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Sarah Williams.
Good day… Pls can someone help me here,i am desperate and I really do need a loan. Pls help me. Thanks
Joy, desperation might land you in more trouble. Do you have any skills you can exchange for money?
Pls can someone advice me where I can get loans apart from this site that everyone here is asking for a insurance fee or transfer of the loan