August 16, 2023



To access personal loans Paylater, all you need is an Android device, data connection and valid bank details. Paylater claims that users that repay their debts on time gain access to a higher credit limit. There is a validation change of N100 on the initial loan. The requirements are valid bank details and BVN. The interest rates are between 15% and 40%, depending on one’s credit rating. The period of repayment is between 15 days to 6 months. To repay you can use a debit card, direct transfer and Quickteller.

KwikCash by 9mobile

The entire process of borrowing starts and ends with *561#, from a 9mobile line. You can access up to N100, 000 and you receive the loan within 3 minutes. There is a network fee of N20 per loan in case you choose to port to another network. The requirements are; a 9mobile line and valid bank details. Dial *561# to access the loan. The interest rates are between 10% and 20%. The period of repayment is 14 days. The repayment channels are; an ATM, debit card and direct deposit.

Aella Credit

It has two options: in-network, for the users who work within organizations that have been registered on the platform and out-of-network, for the users who work within organizations that are not registered. The in-network option gives you access to higher loan amounts at lower interest rates. Part of the information requested on registration includes details of your next of kin and has a processing fee of N30. The interest rates of the out of network option are between 20% and 27%. The repayment period is one month. For repayment you use a debit card.


It offers services as a medium for employers who do not want to give direct loans to their employees, by giving them instant access to cash with no paperwork. It also allows the user to take another loan even with a running loan but you cannot borrow beyond your credit limit. The requirements are employer registration and valid details. The repayment period is one to wele months. Monthly loan repayments are deducted from salary.


It makes use of a chatbot that takes you through the process of registration and other activities towards acquiring your personal loan. You must have a work identity card before you can access a loan on KiaKia. You can also choose to register as a lender. The interest rates are between 5.6% and 24%. The repayment period is 7 to 30 days. You repay using a debit card and direct deposit.


It is a marketplace that matches lenders to creditworthy borrowers. The minimum amount of personal loans given out is N60, 000 and the interest rate is based on the borrower’s risk score. A Tax Identification Number is requested during registration hence you cannot access the service if you are not a taxpayer. You will also need to pay N3, 000 as risk assessment token. The requirements are valid bank details, valid ID card and bank statements. The interest rates are between 9% and 39%. The repayment period is between 2 and 12 months. You use debit card or direct deposit when it comes to making payments.

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