5 million Naira Loan in Nigeria: Are you in need of a quick loan of 5 million Naira in Nigeria? Congrats, we’ve got some offers available for you without collateral.
There are several reliable lending platforms in Nigeria that offer instant unsecured loans. That is loans without collateral, a guarantor, or any paperwork whatsoever.
However, the high rate of loan defaults, many loan apps in Nigeria only offer small loans, usually less than ₦100,000. Also, the repayment terms are usually short, which is not ideal for businesses.
Fortunately, a few lending platforms offer loans of ₦5 million Naira and even more to borrowers that meet their requirements, even if they are new. In this post, we will be taking a look at four loan apps that give 5 million Naira in Nigeria.
So, if you’re among those seeking, “How to get 5 million Naira loan in Nigeria”, join me and let’s explore some available offers!
5 million Naira Loan Offers in Nigeria 2023
The first lender on our list of where to get 5 million Naira loan in without collateral 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 a 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.
Check Out: 2 million Naira Loan Offers without Collateral in Nigeria
2. Standard Chartered Loan
Standard Chartered Bank is another lender in Nigeria that offers quick loans of 5 million Naira to eligible customers. In fact, its loan offers range up to 20 million Naira.
Although SC loans can be easily accessed, borrowers must meet certain criteria, provide documentation, and fill out an application form. If approved, the loan amount will be disbursed to your bank account within a few days, and you will need to make monthly payments of principal and interest according to the repayment terms.
Standard Chartered loans usually come with low-interest rates and flexible terms. Also, the period ranges up to 6 years, and it also offers a calculator for borrowers to calculate their interest rates.
Check Out: How to Get 1 Million Naira Loan in Nigeria
3. Page Financial
Page Financial is another lending platform that offers 5 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 period ranging up to a year. Requirements for loans are not strict also, as all you need is a verifiable source of income, a BVN, and a valid bank account.
With over 100 thousand downloads on Google Play store and good ratings overall, Page Financial is a reliable lender to get a huge loan. It also offers a loan calculator to know your loan interest rates.
Related: How to Get a Car Loan without Collateral in Nigeria
The 4th loan app on our list of lenders that give 5 million Naira loan in Nigeria is Renmoney. This is one of the most popular and reliable lenders in Nigeria, and its loan offers range up to 6 million Naira.
Renmoney loan is available in two types, including personal and business loans. These loans require no collateral, a guarantor, or paperwork to get, and the tenor ranges up to 24 months.
Loan eligibility is flexible on Renmoney, so the application process too seamless. 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. Just like Pagefinacial, Renmoney also has a loan calculator to help you know your interest rates.
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.
If you are searching for loan apps that can lend you up to 5 million Naira loan in Nigeria, the aforementioned apps are popular options. Nonetheless, it is essential to compare them before selecting one. Let’s delve into that further.
See Also: How to Get 500K Instant Loan in Nigeria
Comparing 5 million Naira Loan Offers in Nigeria
When comparing the available 5 million Naira loans without collateral from the aforementioned loan apps, consider the following factors:
- Loan amount: The maximum loan amount each app offers.
- Interest rate: The interest rate each app charges on loans.
- Loan tenure: The repayment duration for each loan.
- Eligibility requirements: The necessary conditions to be eligible for a loan.
- Application process: The ease and speed of the application process.
Important Reminder: Prior to applying for a loan on any of these apps, read and understand the terms and conditions, interest rates, and repayment schedule. It is also crucial to note that failure to repay loans promptly can result in additional fees, penalties, and a negative impact on your credit score.
Online lenders provide an excellent option for individuals and businesses in Nigeria seeking quick and convenient access to 5 million Naira loans. However, several Nigerian loan apps offer lower amounts.
This post contains information on apps that offer a 5 million Naira loan without collateral or more, providing a perfect answer to the question “How to get a 5 million Naira loan in Nigeria?”