1 million Naira Loan in Nigeria: Are you in need of an urgent loan of 1 million Naira in Nigeria? Hurray, we’ve got some offers available for you without collateral.
One of the easiest ways for individuals and businesses to access loans without the need for collateral or a good credit score is via reliable lending platforms.
However, due to a lack of trust, many quick loan apps in Nigeria only offer small loans, usually less than ₦50,000.
Fortunately, some loan apps offer loans of ₦1 million and even more to borrowers that meet their requirements, even if they are new. In this post, we will be taking a look at five loan apps that give 1,000,000 Naira loan in Nigeria.
So, if you’re among those seeking, “How to get a 1 million Naira loan in Nigeria”, join me and let’s explore some available offers!
Top 5 1 million Naira Loan Offers in Nigeria 2023
The first loan app on our list of lenders that give 1 million Naira loan in Nigeria is Renmoney. This is one of the most popular and reliable lenders in Nigeria, and its loan offers ranges up to millions.
Renmoney loan is available in two types, including personal and business loans. These loans require no collateral, or a guarantor to get, and the tenor ranges up to 24 months.
Loan eligibility is flexible on Renmoney, so the application process too is super easy. To be eligible for a loan on RenMoney, you must be a Nigerian resident between the ages of 22 to 59 years old.
Also, you must have a verifiable source of income, a valid bank account, and BVN.
To apply for a loan, simply visit the RenMoney website or download the RenMoney app, fill in your personal and financial details, and wait for loan approval.
Related: Top 20 Best Loan Apps in Nigeria
2. Page Financial
Page Financial is one of the few loan apps that give 1 million Naira loan in Nigeria without collateral. This platform offers loans worth up to 5 million Naira both for personal and business purposes.
Page Financial loans come with low-interest rates and a flexible repayment term ranging up to 12 months. Requirements for loans are not strict also, as all you need is a BVN, a valid bank account, and a verifiable source of income.
With over 100 thousand downloads on the Google Play store and good ratings overall, Page Financial is a reliable lender to get a huge loan.
See Also: How to Get 500K Loan in Nigeria
3. Aella Credit
Aella Credit is another popular loan app in Nigeria that provides huge loans to individuals and small businesses. One thing that sets Aella Credit apart from the other loan apps on the list is that the minimum loan amount borrowers can access on the app is 50,000 Naira.
This means that Aella Credit provides a solution for those who need a 1 million Naira loan in Nigeria. The app is available for both Android and iPhone users, making it accessible to a wide range of people.
Aella Credit offers loans at a relatively low-interest rate compared to some other loan apps on the list. The app also provides flexible repayment terms to borrowers, allowing them to repay the loan in a way that suits their financial situation.
To be eligible for a loan on Aella Credit, you need to be a Nigerian resident with a valid bank account, a verifiable source of income, and a BVN. The loan application process is straightforward, and once approved, the loan is disbursed within a short period of time.
Related: 100K Loan Offers in Nigeria
4. Carbon Loan App
Another loan app for 1,000,000 loan without collateral in Nigeria is Carbon. This is a popular loan app in Nigeria that offers instant loans to individuals and businesses.
Carbon loan interest rate is fair compared to other lenders on the list, and it offers flexible repayment terms ranging up to 6 months. The maximum loan amount you can get on this app is 1 million Naira, and first-time borrowers cannot access up to this amount.
However, the application process is seamless, as all you need is a valid bank account, some personal details, and a BVN.. Also, no collateral, no guarantor, and no paperwork are needed to get your loan application approved on the Carbon loan app.
The app also offers other financial services, including savings, airtime purchases, bill payments, and more.
See Also: How to Get 50,000 Loan in Nigeria
Last on our list of where to get 1 million Naira loan in Nigeria is Specta. Owned by Sterling Bank, this app offers both personal and business loans ranging up to 5 million Naira without collateral.
While the application process is easy for personal loans, to access a business loan worth millions of Naira, you may need more documentation. These usually include a valid means of identification, a verifiable source of income, and a bank statement among others.
To apply for Specta loan, all you need to do is to download the app from PlayStore or AppStore, then sign up, and click on the “Apply for a Loan” button. Specta loans are usually disbursed into borrowers’ accounts within minutes after approval.
So, if you’re seeking loan apps that can borrow you 1 million, those (above) are the popular loan apps that give 1 million Naira in Nigeria. However, it is important you compare the apps before settling for one. Let’s discuss more on that.
Check Out: Top 9 Availabe 10K Loan Offers in Nigeria
Comparison of 1 million Naira Loan Apps in Nigeria
In comparing the loan available 1 million Naira loans without collateral listed above, it is important to consider the following factors:
- Loan amount: The maximum loan amount offered by each app.
- Interest rate: The interest rate charged on loans by each app.
- Loan tenure: The repayment period for each loan.
- Eligibility requirements: The requirements needed to be eligible for a loan.
- Application process: The ease and speed of the application process.
Note: Before applying for a loan on any of these apps, it is important to read and understand the terms and conditions, interest rates, and repayment schedule. It is also important to note that failure to repay loans on time can lead to additional fees, penalties, and a negative impact on your credit score.
Online lenders are a great option for individuals, and businesses in Nigeria looking to access 1 million Naira loans quickly and conveniently. However, many Nigerian loan apps offer low amounts.
With this post containing the ones that give N1,000,000 and above, I believe we’ve given the perfect answer to the question “Where can I get 1 million Naira loan in Nigeria”.