How to Borrow Money Online In Nigeria

borrow money online

If you have a smartphone with an internet connection, you can borrow money online in Nigeria from the comfort of your home. You don’t need to physically visit any bank filling endless paperwork and have collateral to secure your loan approval.

With the advancement in modern technology, especially in the mobile industry, a lot of things have changed. The way we now do business and communicate has really changed a lot.

In the past, getting loan approval is a drawn-out process that could take weeks to complete.

But today, you can get a loan decision within minutes of submitting your loan application. It only takes a few steps to complete the online/in-app registration process.

All you need is a mobile phone, registered sim card linked to your bank account, BVN number, bank account number, residential address, and some vital personal information.

All these loan requirements can be submitted online or via the loan app.

However, before you consider even to borrow money online, there are questions you need to ask yourself first.

4 Questions to Ask Before You Borrow Money Online.

#1. Do I really Need Money so Urgent?

One of the first and foremost question to ask yourself is whether you really need the money so urgent that you just have to find a lender so fast.

In some financial situations, taking a loan might not be the best option. Though at first, it could appear as the best and the only option available to you. But if you could look within, and ask yourself of what purpose do I really need this loan for?

You might be surprised to see that you actually don’t need the money. You only want or desire to have the money, but in reality, you don’t need it. There is a big difference between wants and needs.

This is where many people go wrong taking interest fee loans to please their heart desire. Taking loans to buy electronics sets (such as TV, Sound system, etc) in the house is not a good financial decision. These are things you could set aside a portion of your monthly income to acquire.

Assets like these don’t appreciate in value, rather, they depreciate. Why taking interest fee loans to acquire them?

#2. The Total Cost of The Loan and Time.

Before you borrow money online, it is important you know the exact cost of the loan, time for repayment and the procedure. Many borrowers, due to their current financial pressure, might not pay close attention to the total cost of the loan (amount disbursed plus the interest fee).

So they ended up taking loans they might not be able to pay back.

Even in the middle of a serious financial crisis, and taking loans is the only available option left. Don’t rush into taking a loan you haven’t read and understood the terms and conditions including the total amount to be paid back, time and the process of repayments.

#3. Can I get Help From Families or Friends?

If you have families or friends capable of lending financial help, sometimes, it is better to seek help from them instead of taking interest fee loans.

Think deeply, search through your phone contact book to see if you can find just one person that could render financial help. This is better than taking loans. From experience, it gives more freedom and eases the pressure on you when it’s time to pay back.

Plus you’re not paying back with interest. You pay back the exact amount borrowed.

#4. What is the Interest Percentage?

This area is important to consider a lot and analyze things very well. In fact, spend some time to really think about the total amount you’re taking as loan vs the percentage of the interest added to it and duration.

Some lenders charge as high as 30% of the actual loan amount if you choose to pay back in XYZ days, weeks or months. For instance, taking a loan of #10,000 Naira from 9ja cash to pay back in 7 days attract an interest fee of #3,000. While if you choose to pay back in 14 days then you’re to pay #6,000 Naira interest fee.

Though, 9ja cash call it service charge and not interest fee. Whatever they call it, it’s actually an added money to the actual loan you’re taking.

So be aware of this grey area when taking loans from lenders. Sometimes, it’s better to choose to pay back earlier than paying back at later times.

You could get a lower interest fee rates when paying back earlier than paying back later.

Now that we’ve outlined some of the questions you need to answer, let’s see how or the steps you need to follow up in other to borrow money online in Nigeria.

3 Steps to Borrow Money Online In Nigeria.

Step 1.

The first step towards borrowing money online is to have a bank account. You need to have opened an active bank account.

This is because most lenders won’t give you a check upon loan approval. Your loan will be deposit directly into your bank account. So you need a bank account where your funds will be sent to.

If you don’t have a bank account already, don’t worry, it’s very easy to open one today in Nigeria even if you don’t have a kobo with you. Most banks in Nigeria now operates zero account opening and balance.

I’m sure of Gt bank, Zenith and Eco bank. They operate zero account balance. Just walk into any of these banks and request for account opening. Go along with your valid ID and at least 2 passport photographs. Original copy of your utility bill such as Nepa bill.

With these documents, you’re good to go.

Step 2.

Most lenders today operates online. So you’ll need an internet-enabled phone, an android phone preferred. This is because you need to download the lender app from the Google play store to your phone.

Go to Google play store to download the lender app. There are many money lenders you’ll find on the Google play store. Use the search bar to quickly find you desire money lender.

If you’re using a desktop/laptop computer, Google play store website will look something similar to what you’re seeing in the image below.

Google play store image

But if you’re accessing the website from your mobile phone, the Google play store will look very much similar to what you see in the image below.

Google play store image on mobile

The next thing is to find your perfect money lender. Although, at this stage, you’ll have to download many loan apps to see which one will fit into your current money needs. If you’re taking the loan for the first time from a certain lender, don’t expect a higher loan amount.

Most lenders won’t give you a higher loan to start with. The highest loan offer I’d receive as a first-time borrower from a lender is #5,000 from MoneyPal and Branch.

You may get a better offer than that but don’t raise your expectations too high so you don’t get disappointed. And one thing you’ll need to understand is this, if you don’t start taking the smaller loans, you won’t get to the point of applying for bigger loans.

So no matter how low or small the loan amount is, consider taking it and ensure to pay back on time. Paying back your loan on time even before the due date increases your credit score which gives you the opportunity to request more loans.

Step 3.

After the app installation is complete, open it to start account registration. Most loan apps follow almost the same steps to complete the registration process.

You’ll need the following information when completing the registration process.

  • Your name.
  • BVN number.
  • Residential Address and type of resident (rent or owned).
  • Bank account details.
  • Gender.
  • Monthly Income.
  • Person to contact in an emergency situation.

Make sure your registered phone number is powered on during the account registration process. This is because a one-time-pin (OTP) will be sent to your mobile number for confirmation.

After you have successfully completed the registration process, it’s time to request your first loan. Some lenders will decline your loan application the first time. Don’t worry, just keep trying. After a few days, consider reapplying for a loan.

If your loan application is rejected this time around again, don’t bother, just keep trying. I got rejected several times on Carbon before finally get a loan application approved.

But after several attempts, I finally got a loan approved and since then, I’ve been using the service and have never default for once.


Borrowing money online in Nigeria has never been this easy. With your smartphone, an internet connection, bank details, etc. You’re just too good to go.

If you have any questions or your loan experience that you would like to share with us, please use the comment section to voice your opinion.

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