Having money on hand surely ‘makes obvious needs elude you’ – therein lies the acronym M.O.N.E.Y – but when you don’t have it then getting the things you desire may probably become yet another pipe dream. Looking into the prevailing situation; it is no longer news that the economic hardship in the country has taken its toll on majority of the population. The regular source of income has not been very sustainable, and individuals attempting to start up their businesses have had hard times raising the required capital.

However, with a number of online loan-giving companies coming on board, individuals are now able to have access to loans without having to tender any collateral. These companies are creating a way of escape for people to get some relief from their present economic burden. So, today, we shall be doing a review on some loan-giving companies that are currently serving the Nigerian populace.

Branch
Branch is an international loan-providing start-up that has Matt Flannery as its CEO with Maria K. Rotilu serving as the company’s manager in Nigeria. Asides Nigeria, the company also operates in nations like Kenya, Mexico and Tanzania. Branch has a very flexible setup right from the aspect of loan application down to the disbursement and repayment of the loan. The size of loan that can be granted to any individual ranges from ₦1,500 - ₦150,000; the amount each person is liable to get increases based on his/her credit score which is majorly determined by prompt repayment of loan taken. So, having filled out the necessary form and provided the appropriate information, you just await approval and in no time, you should be about to access the loan. The interest rate charged by Branch varies based on the loan terms but the range falls between 14% and 28%. Just for the mention, repayment can be done on weekly or monthly basis. While no rollover fees does not apply to late repayment [on Branch platform], it (late repayment) does negatively affect one’s credit rating.

Aella Credit
Aella Credit started its operation in 2015, and it delivers personal lending services to numerous customers in Nigeria as well as some other African nations. The company presently makes loans available for salary earners as such those involved in SMEs are not opened to receiving loans from them at the moment. On Aella Credit, employees can assess loans through the Out-of-network system or In-network-system – the loan obtainable, tenure and terms vary with each system. While the Out-of-network system offers loan directly to individual employee, the In-network-system platform makes it possible to access loan through one’s company or employer. With the latter, it is expedient that the company, wherein you work, sign up on Aella Credit.
For the Out-of-network loan; the amount that can be borrowed is between ₦1,500 - ₦90,000; the tenure is 1-2 month(s) and interest ranges from 4% - 29%. And while the loan size for In-network-system ranges from ₦5,000 - ₦720,000 with interest between 1% and 4% and the tenor is from 1-17 month(s).

KWIKCASH
Kwikcash was initially designed to make short-term personal loans available to 9mobile users but it has since been open to everyone. 9mobile users can access the service by dialling 561# while others can do the same via #554561#. Furthermore, it can be accessed through www.quickteller.com/kwikcash . Loan amount is between ₦1,000 - ₦500,000 at an interest range of 5%-15%; the loan tenure is 14–30 days. Late repayment is charged at a rollover rate of 5%.

Palmcredit
Palmcredit is owned by Transsnet Financial group and is affiliated to Transsion Holdings, the company that produces smartphone brands such as Infinix, itel and Tecno. Registered users (that is those that sign up on the platform) can lend between ₦15,000 - ₦100,000 which can be paid back over the period of 1-6 months. Also, Palmcredit give out airtime loan of between ₦1,000 - ₦10,000. On this loan-serving platform, the users are able to increase the (loan) limit by taking opportunity of the various avenues on the app. It should however be noted that late repayment attracts a 3% rollover rate.
While many persons have thus far benefited from Palmcredit – through the loan they have received – a couple of persons have relayed their bitter experiences over the inadequacies of the app. A major complaint you will often hear is that that regards payment failure despite the loanee using a well-funded account [as at the time of striving to make repayment]; this, has most times, led to people incurring accumulated rollover charges. Nevertheless, there is an alternative which makes repayment possible through the company’s Access Bank account.

Paylater
Paylater is operated by One Finance and investment Limited; the same company responsible for One Credit and OneFi. Paylater has arguably been about the best instant loan provider in Nigeria for the past 2 years now. The company prides itself in its trusted technological framework and experienced personnel that are adept at personal financial management.
The maximum loan amount that can be given out on Paylater is #500,000. The amount of loan that one is qualified for is usually calculated based on the information provided – particularly which concern occupation, salary and not forgetting credit rating. The interest rate charged on loans is between 4% -10% and the loan tenure falls between 2-12 weeks.

Before you take that loan…
Being a ‘trigger happy’ loanee is quite easy now as the rigour of paperwork is out of the way. But before you go ahead to take the loan, there are a few things you have got to consider:
Is it necessary? This is the very first question you need to ask yourself. The loan may not be necessary in case you can still look out for ways of cutting down cost. But should you think the loan is needed, proceed to ask this:
Am I okay with the terms? You wouldn’t want to delve into something that you will end up regretting. So, it’s important that you weigh in on the terms – the interest, tenure, and some other parameters. More so, you should compare different loan providers to see which one has the best offer for you.
Will I be able to pay back as at when due? You have got to put this into perspective so as to avoid defaulting on the loan. For instance, if you’re taking the loan for business, you have to consider the return on the investment of what you’re going into. It’s really easy for some persons to borrow but refunding the loan could become a burden without a thought-out repayment plan. So, don’t just be a ‘trigger happy’ loanee without having modalities in place to settle the loan.