In Nigeria, financial technology has evolved rapidly, simplifying how people access various financial services including obtaining loans. Traditionally, loans from banks and other financial institutions often required extensive paperwork, collateral, and sometimes an ATM card associated with a bank account. However, the digital era has introduced loan apps that provide quick, hassle-free loans without needing an ATM card. This is particularly advantageous for individuals who require immediate financial assistance but do not have immediate access to traditional banking services.
Top 10 Loan Apps in Nigeria for 2024 That Allow You to Apply for a Loan without Needing an ATM Card:
1. PalmCredit
PalmCredit operates as a virtual credit card that lets you apply for credit instantly and gives you the ability to repay over a period that suits you. Users do not need to provide an ATM card or any other collateral to receive loans.
2. Carbon (PayLater)
Carbon is an easy-to-use app that provides short-term loans to help cover unexpected expenses or urgent cash needs. You can apply for a Carbon loan 24/7 with quick application processing times, and no need for an ATM card.
3. Branch
Branch offers loans with no physical documentation, collateral, or ATM cards. The application process is entirely app-based, from registration to loan disbursement and repayment.
4. FairMoney
FairMoney is a licensed online lender that offers quick loans without collateral. The entire application process is conducted on the app, and users can receive their loans without needing an ATM card or any paperwork.
5. Aella Credit
Aella Credit focuses on employee lending and empowerment. It provides a straightforward application process, users can access loans without an ATM card or any guarantors.
6. QuickCheck
QuickCheck uses machine learning to predict borrower’s behavior and instantly evaluate loan applications. You can access funds seamlessly without providing an ATM card.
7. Sokoloan
Sokoloan is another mobile money lending platform where you can apply for quick loans without using an ATM card. The process is entirely online, and loans are approved swiftly.
8. Migo
Formerly known as KwikMoney, Migo is an automated instant loan service you can access directly from your mobile phone. No ATM card or bank visits are required; just a mobile number and a basic profile setup.
9. Kiakia Loans
Kiakia is a digital lender that provides a peer-to-peer lending option. It allows users to give and receive loans with a straightforward user verification that doesn’t require an ATM card.
10. CreditVille
CreditVille offers personal loans, business loans, and car loans to salaried and self-employed individuals without the need for an ATM card. Their process is fast and efficient, with competitive interest rates.
FAQs about Loan Apps Without ATM Card in Nigeria
Are these loan apps safe to use?
Yes, all the listed loan apps are safe as they are regulated by the Central Bank of Nigeria (CBN) or other relevant financial authorities. However, always read reviews and do your research before downloading and using any loan app.
What are the interest rates like for these apps?
Interest rates vary widely depending on the app and the loan amount. Typically, rates can range from 5% to 30% per month. Always check the specific terms offered by each app.
How quickly can I get a loan from these apps?
Most of these apps offer instant loans or loans within 24 hours after you complete your application and meet their requirements.
What are the repayment terms?
Repayment terms vary by app but generally range from a few days to a few months. Longer-term loans are also available depending on the applicant’s eligibility and the specific loan product.
Do I need a bank account to use these apps?
While you don’t need an ATM card, a bank account may still be necessary for loan disbursement and repayment. Some apps might offer alternative disbursement options like mobile money.
Conclusion
The emergence of these no-ATM card loan apps has democratized access to financial services in Nigeria, making it easier for individuals to obtain loans without the traditional barriers associated with borrowing. Whether you need quick cash for personal reasons or to fund a small business, these apps provide a viable option to consider
