In this article, I would be reviewing the top 6 lending platforms that give online loans with monthly payments in Nigeria and this has been updated for 2023. The loans can either be for personal, professional or for business use. Circumstances do happen which necessitate you getting a quick loan to meet unexpected expenses or an emergency bill settlement.
However, one area you might encounter issues is getting a loan that would fit your repayment plan. loan sharks and fake loan apps. We will therefore look at the meaning of monthly payments when you are considering online loan applications for a longer tenure.
What is Monthly Payments in Online Loan Application And How is it Calculated?
Monthly payments are the most desirable form of loan tenure execution because it gives the borrower space and opportunity to determine how you want to pay back and in what frequency. The monthly payment is the amount paid per month to pay off the loan in the time period of the loan. When a loan is taken out it isn’t only the principal amount, or the original amount loaned out, that needs to be repaid, but also the interest that accumulates.
The monthly payment formulas calculate how much a loan payment will be and include the loan’s principal and interest. Typically the monthly payment is calculated to keep the amount paid the same every month for the entire period of the loan. Before you take out any loan, it’s essential to have a clear idea of how long you’ll have to repay it and what your monthly payment will be. A loan calculator can tell you how much you’ll pay monthly based on the size of the loan, the term, and the interest rate.
The loan tenure or period refers to how long the borrower has to repay the loan. The total monthly payment includes a portion of the principal and interest payment. The interest payment is the amount of interest owed in each monthly payment, spread out through the entire period to keep the monthly payments constant. The amount of interest paid depends on the interest rate, which is the percent charged for the loan.
How is monthly loan payments calculated?
How to Calculate Online Loan With Monthly Payments
- If your rate is 10%, divide 0.10 by 12 to calculate your monthly interest rate.
- Calculate the repayment term in months.
- Calculate the interest over the life of the loan.
- Divide the loan amount by the interest over the life of the loan to calculate your monthly payment.
Top 6 Reliable and Trusted Online Loans With Monthly Payments in Nigeria
Some of the best lending platforms that offer instant online loans with monthly payments in Nigeria include SC Smart Credit Loans, Baobab Loans, Specta Loans, Pennylender Loans, CreditDirect Loans and NextPayday Loans among others.
Their loan applications take few moments and are entirely online, require no collateral or any paper work and cash could be disbursed to customers’ bank account within a few minutes after approval. Read our review below, of the best 6 online loans with monthly payments in Nigeria in 2023.
1. SC Smart Credit Loans
Standard Chartered (SC) Smart Credit Loan is one of the best online loans with monthly payments in Nigeria that are fully unsecured with no security required. The key benefits include flexible tenor of up to 60 months of repayment period, with interest as low as 1.083% per month.
A customer can borrow borrow up to ₦20M under the platforms’s Smart Credit loan and make repayment between 12 to 72 months. General requirements to be eligible for the Smart credit loan include: a monthly net income above NGN 75,000, be between 21-60 years old and have a valid Nigeria mobile number.
2. Baobab Loan
Baobab Loan is a reliable and trusted instant lending platform where you can access fast online loans with monthly payments if you are in Nigeria. It offers you a very flexible repayment plan between 1 and 24 months. Approval and disbursement of funds for your loan are within 72 hours. You can access loans between N50,000 and N50million depending on your qualification. Disbursement are usually done with in 72 hours with minimum administrative procedures.
To access Baobab monthly loan facility, you must have a business, the location must be within the bank’s lending area (Lagos state, Oyo state and Ogun state) and it must have been in existence within a specific period. Interest rate differs depending on the loan amount. However, it is very competitive. No fee or mandatory account opening is required before you can get an online loan with monthly repayment from this platform.
3. Specta Loan
Specta is one of the best financial institutions that provides online loans with monthly payments in Nigeria giving access to loans as high as N5,000,000 with easy and flexible repayment plans. The platform does not require collateral, paperwork or visit to any office.
With Specta, you can take care of urgent personal and business needs anywhere, anytime. Interest rate on Loan: 25.5%-28.5%. One off payment for Insurance: 2.5% . One off payment of Management fees: 1% . Repayment Period: 1-12months.
Specta loan application is entirely online and boasts of approving loans of up to 5 Million in one transaction all within 5 minutes! To access its monthly repayment loan, just fill in your necessary details online, apply for the loan, you’ll get credited into the bank account of your choice within minutes once approved which you can access through your smartphone. Their repayment plan goes as long as 12 months.
4. Pennylender Loans
PennyLender loan is a very trusted lending platform that gives out online loans with monthly payment for customers in Nigeria, using the highest levels of internet security to process loan requests and secure customer data. With PennyLender, you can borrow ₦10,000 to ₦5million in less than 2 hours. The platform has a personal loan option available to all salary earners in the private and public sector.
To apply, just upload proof of employment, a government ID, proof of address and 6 months bank statement and your loan could be approved and fund disbursed to your bank account within the hour. PennyLender also grants SME Loans which is available to all small businesses and entrepreneurs.
You can apply online or request for an application form and have your loan approved and fund disbursed to your bank account You can also apply for PennyLender quick loans with their Whatsapp customer service line via 09060002346 and have your loan apporved. Repayments flexible and are done monthly.
5. Credit Direct Sharp Sharp Loan
Credit Direct Loan is one of the best lending marketplaces in Nigeria that gives online loans with monthly payments to Federal, State and Local government workers across the country and makes disbursement within 24hrs after submitting complete documentation.
If you are a salaried employee or work in the Federal or State government and need quick emergency loans without collateral within hours, then Credit Direct loan is for you. Branded as Sharp Sharp loan, the platform prides itself as the most convenient and cheapest loans in Nigeria with low interest rates, and no pre-liquidation charges. Their monthly payments loans are cheap loans without hidden charges. You can access loan amount up to N500,000 with a tenors range from 1 to 12 months. (24 months in some locations).
6. NextPayday Loan
Every day stuffs happens emergency bills, quick fixes, school fees wahala etc. With NextPayday Loans, you don’t ever have to run out of cash, Self-employed users can gradually build lending limits, starting from lower amounts, and unlock higher loan amounts with lower interest rate by repaying on time.
NextPayday Loan platform allows salaried workers to access 30% of their monthly earnings instantly, and after making timely payment, can proceed to the growth package and unlock higer amount, lower interest rate and longer tenor.
Under the growth package , you can access 60% of your salary and repay equal monthly installment over 2 months. Salary advance are available to all valid employees in reputable organisations. Nextpayday salary advance starts from ₦100k to ₦1.5M.
In order to receive an online loan between N1 million to N5 million with monthly payments in Nigeria, you will have to show proof of salary, employment, residence and ID. In most cases, the lender will want you to repay the loan within 1-24 months.
Some of the most reputable financial institutions that offer instant online loans with monthly payments in Nigeria include Standard Chartered Smart Credit Loans, Baobab Loans, Specta Loans, Pennylender Loans, CreditDirect Loans and NextPayday Loans among others. These lending applications are entirely executed online, require no collateral, documentation or any paper work and cash could be disbursed to customers’ bank account within a day or few hours.