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Four Ways NPower Beneficiaries Can Collect Loans Without Collateral

4 mins read

Are you an NPower beneficiary in need of quick loan because the amount given by the Federal Government is not enough for your personal upkeep or to run your small business, but you don’t have collateral to submit? then here’s a loan article to help you apply for secured credits.

Although, amid so many loan apps going about blackmailing their users or posting borrower’s fake obituary across social media platforms, it’s difficult for NPower beneficiaries to know which is best and safe to obtain quick loan from, especially without collateral.

But believe it or not, there are some credit apps that provides loan without collateral within five minutes, which NPower beneficiaries can take advantage of, and are registered or licensed by the Central Bank of Nigeria (CBN) – so you have no reason to fear.

Quick Credit by GTBank

Guaranty Trust Bank (GTBank) offers quick loan on its GTWorld app that doesn’t require the stringent process or collateral that its traditional credit service demands. The only requirement is that the loan seeker has an account with the lender.

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This account must have received salary in six consecutive months before a loan can be extended to the person applying. GTWorld Quick Credit provides as less as N5,000 and up to N5 million in loans, at an interest rate of 1.5% per month

Its rate is the lowest amongst loan apps, and one can obtain credit from the bank even if you have pending loan with other financial institutions. Aside from using GTWorld app and GTBank Mobile app, QuickCredit on GTBank can also be accessed by dialling *737*51*51# or use the firm’s Internet Banking.

Fairmoney

Fairmoney is one of the credit apps offering emergency loan without requesting for collateral from applicants. The company is registered with the financial regulator, Central Bank of Nigeria.

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Its instant loan service ranges between ₦1,500 to ₦1,000,000, with a grace period for repayment at 18 months, while its monthly interest rates is between 2.5% to 30%. To access the loan, Fairmoney will request for your BVN.

Carbon

On the Carbon platform, loan seekers can access up to ₦1 million without collateral or guarantor, neither do you need to fill paperwork. Just like the aforementioned loan apps, it is a digital platform for small businesses or personal fund emergency.

If a borrower repay his or her loan on time, Carbon will unlock higher loan amounts, lower interest rates, as well as provides cashback for the person. Amazingly, it doesn’t demand for late fees or rollover fees, but you have to download the app to apply.

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Branch

It is a digital bank that offers personal loans from ₦1,000 to ₦600,000, with a monthly interest rates of 1.7% to 22%, but this depends on the risk profile of the customer, according to a statement by Branch.

Regardless of your banking history, Branch offers loan to applicants. The credit company also doesn’t request for late fee or rollover fee, with no physical documentation required. It is also licensed by the CBN.

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