How to Get Urgent Loans in Nigeria: Top 5 Lenders.

urgent loan lender

With an increase in the number of individuals and businesses needing urgent loans in Nigeria. Lot of financial institutions have taken the advantage to provide emergency loan services to customers.

According to data from the National Bureau of Statistics from 2015 to 2017. Request for urgent loans in Nigeria has seen an 18% increase nationwide. This figure is expected to have been on the rise since 2017 till date.

For individuals looking to get emergency loans in Nigeria, the best option is to take unsecured personal loans.

What is Unsecured Personal Loans?

An unsecured personal loan is a money borrowed without any form of collateral from a bank, credit union, online lenders, etc…that you repay back on a fixed monthly or installment payment with added interest fees.

The length of loan repayment varies from lender to lenders. And it also depends on the total loan amount. Loan repayment tenor usually starts from 7 days to 12 months and even upward.

Base on the nature of this type of loan, the interest rate is much higher than secure loans. With secure loans, you need to provide collateral or asset in order to get your loan. This gives the lender the security if you default on paying back your loan. The lender can sell the asset to recover some of the money you borrowed.

With unsecured loans, the lender can only take legal action against you and deploy all necessary recovery mechanism to ensure he recovers his money.

What to Consider Before You Get a Loan.

However, right before you apply for a personal loan, there are certain questions you need to ask yourself. This will help you make the best of loan decisions.

Consider the follwing question when seeking to apply for a loan:

  • How much do you need to borrow?
  • At what interest rate should you go for?
  • What loan tenor do you need?
  • If you default on paying back on time, what are the overdue charges?

Your answers to these question will help provide the financial guidance you need to make the best loan decision.

Why Word-of-Mouth is Important.

Since ages, word-of-mouth has been one of the best advertising system that has remain relevant even in the face of constant marketing changes.

Since we now have hundreds of online lenders competing for and in the same marker, it’s important to seek recommendation from happy customers.

Consider asking for references from family, friends, colleagues, and satisfied customers for the recommendation. This will saves you time and help narrow down your search for the right money lender.

Though this assumes they’re not getting paid or receiving commission for recommending a lender, you should get valuable financial advice from asking. Customers review is an important tool to look into also. Read customer reviews before applying for a loan.

5 Emergency Loans Lenders In Nigeria.

#1. PennyLender.

penny lender loan website

Pennylender is heavily focused on the private and public sectors of the working class. Their personal loans are tailored to meet the needs of salary earners working in Lagos state.

If you reside or your business/company is in another state than Lagos, you might not be able to apply for PennyLender’s loan.

Their minimum loan amount offer starts from #10,000 and up to #500,000 upper limit for new customers.

However, the loan decision offer is not fixed.

The size of the loan and interest rate is determined by the data gathered from your employer. This includes salary amount, work position, years of service, etc.

Usually, the amount of loan you can get from Pennylender can be up to 50% of your monthly salary.

After submitting all the required documents and loan applications approved. You’ve also set up your repayment schedule. The money will be disbursed into your salary bank account within minutes.

PennyLenders Loan Requirement:

  • Valid means of identification (Int’ passport, Driver’s license, Permanent Voters Card, National ID card)
  • Utility Bill
  • Passport photograph.
  • 3 months bank statement of account.
  • Employment letter, Promotion letter or Contract review letter.

Click here to visit the Pennylender website.

#2. RenMoney.

Renmoney homepage image

Renmoney is an online loan platform in Nigeria with a goal to make life easier. Dedicated to providing simple, flexible, urgent loans that are fast, convenient, collateral-free. And at competitive rates to mostly, salary earners and small business owners.

Renmoney provide loans of up to N4,000,000 spread over 12 months, for rent, school fees, loans to buy car, etc.

Upon request, the applicant is expected to provide verification of their monthly income and a report of their previous loans from one of the three (3) credit bureau institution. All these are to be submitted to any Renmoney office for confirmation.

For Renmoney’s quick loan request, an N70,000 loan would worth N83,690 in four months repayment plan.

RenMoney Loan Application Requirement:

  • BVN number
  • Bank statement.
  • Valid ID card.
  • Employment letter.
  • Passports.
  • Interest rate: 4% – 5%
  • Loan tenure: 3 to 12 months.

To visit the RenMoney website, click here.

#3. Fast Credit.

FastCredit provides business loans to eligible employed Nigeria both in the public and private sectors. They offer loan facilities to workers in the private sectors such as oil and gas, aviation, telecoms, insurance, Pharmaceuticals, etc.

In the public sectors, FastCredit offers loan facilities to respective ministries and agencies of the federal government, men and officers of the Nigeria Police Force and qualified staff of Lagos State Government.

FastCredit loans for business owners are backed by guarantors and for maximum loan tenor of up to six months for qualified small business owners.

Loans are processed and disbursed within 6 hours of duly completed documentation.

FastCredit has its headquarters in Lagos, Nigeria. Fast credit currently focused on providing fast and payroll-based consumer loans to qualified civil servants and other employees in Nigeria.

The loan documentation required for the private and public sector workers is quite different from the business loan requirement.

Loan Requirement For Public Sectors.

  • Recent 3 months’ salary account statement
  • Recent passport photograph in uniform (where it applies)
  • Valid means of ID
  • Work ID
  • Employer’s Details.

Loan Requirement for Business Loans.

  • 12 months of business account bank statement
  • Business owner(s) government Issued ID (Voters Card, Driver License or Intl Passport Data Page)
  • Recent Passport Photograph of the business owner(s)
  • Incorporation documents MEMART/CAC2/CAC7/Registration of Business Name
  • Utility Bill not older than 3 months
  • Evidence of Tax Payment
  • Executed guarantors form & cheques (Guarantor should be bankers of Manager Level and above)
  • The business owner(s) personal cheques.

Click here to visit the FastCredit website.

#4. Aella.

Aella loan homepage image

Aella is one of the top leading online money lenders for urgent loans in Nigeria. They offer loans services in other countries as well such as Ghana. Their loan facility is offered to both individuals (self-employed) and salary earners.

If your company is registered under Aella, you could access loan amount up to #720,000.

In my opinion, Aella is a reliable and dependable company you can count on.

One of the pros of Aella is that they do not charge for late payment or have any rollover fees like other lenders. Though, this feature is not to be abused by customers. Please don’t abuse it for the sake of everyone.

Aella is available both on the Android and IOS Apple operating systems. And they offer not just loan services but other payment services too. Like paying for your DSTV subscription, GOtv, electricity bills, buy airtime, insurance services, transfer money to other bank accounts, all from your Aella wallet, etc.

Aella has one of the minimum loan requirement on the list. There are only a few steps to get your loan application underway.

First, download the Aella app from either Google Play Store or Apple store. Depending on your smartphone operating system.

Aella Loan Requirements:

  • Your BVN number.
  • Bank details (where the money will be deposited). 
  • Employer’s details (in-network. If your company is registered with Aella)
  • Mobile phone number.
  • Profile Picture.
  • Answers to personal info.

You can visit the Aella website by clicking on this link.

#5. PayMyRent.

pay my rent website homepage

Paymyrent focuses on the rental market in Lagos, Nigeria. Their primary obligation is to offers loans facility to individual who works and reside in Lagos. They provide loan access to working professional starting from #200,000 and up to #2,500,000, million.

This is a good option if you’re owning house rent fees and need money to clear up some part of your rent. On the website, you’re required to feel in details of your house and company location.

PayMyRent Loan Requirement:

  • You must be a confirmed staff of a registered company in Lagos for more than 6 months
  • Live or Work in Lagos.
  • Copy of employment letter or Confirmation letter.
  • Monthly salary paid to a savings account or current account with a bank in Nigeria
  • Recent Utility Bill of not less than 3 month.
  • You have a pension account / Tax ID Number
  • Earn N70,000 and above
  • You have a guarantor who earns more than your monthly salary, has a current account and a corporate email address.

Click here to visit the PayMyRent website.


In times of emergency, taking loans can be the only option left. But it is advisable to seek expert or professional advice before applying for a loan.

This could help saves you from taking bad loans that might add more crisis to the present situation.

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