Raise your hand if you've ever needed a "jolt" or needed to borrow money. In addition, raise your hand if you called your most reliable friends and they all said, "You know the economy is tough."

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Raise your hand if you have ever looked up at the sky in the hopes that it will begin to shower money.

If you raised your hand for one of the three scenarios, you are among the 90% of the population, and we are also raising our hands.

We are very familiar with this expression of bewilderment and frustration. It is quite costly.

Due to the instability of the Nigerian economy, unanticipated expenses can quickly deplete your savings. So what happens when you need a few hundred dollars to get by for the next couple of months and your family and acquaintances are unable to help? There may be soft loan options for you!

What are soft loans?

Soft loans (or fast loans) are typically loans granted by financial institutions at interest rates below the market rate. They provide these loans without collateral and with a straightforward procedure. These loans are more likely to be approved if the applicant is salaried or has an established business with a record of profit.

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Where to get soft loans in Nigeria

Below are 5 Nigerian lenders offering fast loans. Please note that the list is not in any particular order and is provided solely for reference purposes. These organizations have various requirements, but (in the majority of cases!) none of them require collateral.

1.Paylater (Carbon):

This online lending platform approves borrowers in mere minutes. This loan is available to Nigerian enterprises and wage earners. With Carbon, you can receive up to N500,000 in as little as one to three days.

2.Kia Kia:

This organization's name signifies "Quickly" when translated from the Yoruba language to English. This is essentially the scourge of their business, given that approved loans are disbursed swiftly. Additionally, KiaKia permits individuals to invest in loans as a form of investment with the expectation of an interest return.

3.C24 Limited: 

Amazingly, the homepage of this company's website features a repayment calculator, allowing you to readily visualize your repayment obligations. As with the other specified companies, the application is a digital procedure.

4.Quickcheck:

This is for those who require a boost of less than N100,000 quickly. They submit their application online or on paper. The approval process can be completed in less than 30 minutes, and disbursements can occur within an hour.

5.Specta:

This lending company provides unsecured loans of up to N5 million! The application process can be completed in as few as five minutes, and funds can be disbursed within an hour.

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Conclusion

Although loans must be repaid with interest, they can be a viable option when used responsibly. Click here to learn more about soft loans and repayment plans.