Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024

Before you take a loan online, check this Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024 out. 

Online loans are a convenient and fast way to access funds for various needs, such as emergencies, education, business, or personal expenses. 

They are usually processed electronically, and the application and approval processes are conducted online without the need for interactions with a bank or financial institution.

However, not all online loans are the same. Some online loans have different repayment options, interest rates, loan amounts, and eligibility criteria. 

Depending on your preference and financial situation, you may want to choose an online loan that offers weekly or monthly payments, rather than daily or bi-weekly payments.

Weekly or monthly payments are more manageable and flexible, as they allow you to spread out your loan repayment over a longer period of time. 

This can help you avoid late fees, penalties, and defaulting on your loan. 

Weekly or monthly payments can also help you plan your budget and cash flow better, as you know how much you need to pay each week or month.

 

In this blog post, we will discuss Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024

Let’s get started.

Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024

1. Carbon (formerly Paylater)

Carbon is a popular online lending platform in Nigeria that offers personal loans with flexible repayment options. 

Borrowers can choose between weekly or monthly payments based on their preference and loan duration. 

Features 

• Loan amount: Up to N1 million
• Interest rate: 5% to 15% per month
• Loan duration: 4 to 64 weeks
• Repayment method: Debit card, bank transfer, or USSD
• Eligibility criteria: 18 years or older, Nigerian bank account, BVN, valid ID, and steady income

To apply for a Carbon loan, you need to download the Carbon app from the Google Play Store or the App Store, register with your personal and bank details, and request for a loan. 

You will receive an instant decision and, if approved, the loan funds will be disbursed to your bank account within minutes.

2. QuickCredit

QuickCredit is another Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024. 

QuickCredit is powered by GTBank, one of the leading banks in Nigeria, and provides short-term loans to salaried workers who need urgent cash. 

It does not require any collateral, documentation, or guarantor.

Features: 

• Loan amount: Up to 50% of your monthly salary
• Interest rate: 1.5% per month
• Loan duration: Up to 12 months
• Repayment method: Monthly deductions from your salary account
• Eligibility criteria: GTBank salary account holder, 18 years or older, minimum monthly salary of N25,000, and no outstanding loans from other lenders

To apply for a QuickCredit loan, you can use the GTBank app, internet banking, USSD code (*737*51*51#), or visit any GTBank branch. 

You will receive an instant decision and, if approved, the loan funds will be credited to your salary account within minutes.

3. FairMoney

FairMoney is an online loan app that offers loans with weekly or monthly payments in Nigeria. 

FairMoney also provides other services, such as bill payments, airtime and data purchase, and e-commerce. 

It aims to provide fast, easy, and reliable loans to individuals and small businesses.

Features: 

• Loan amount: Up to N500,000
• Interest rate: 10% to 30% per month
• Loan duration: 4 to 26 weeks
• Repayment method: Debit card or bank transfer
• Eligibility criteria: 18 years or older, Nigerian bank account, BVN, valid ID, and smartphone

To apply for a FairMoney loan, you need to download the FairMoney app from the Google Play Store, sign up with your personal and bank details, and request for a loan. 

You will receive an instant decision and, if approved, the loan funds will be disbursed to your bank account within minutes.

4. Branch

Branch is a one of the Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024. 

It also operates in other countries, such as Kenya, Tanzania, India, and Mexico. Branch uses advanced technology to provide fast, convenient, and secure loans to individuals and businesses.

Features:

• Loan amount: Up to N200,000
• Interest rate: 15% to 34% per month
• Loan duration: 4 to 64 weeks
• Repayment method: Debit card, bank transfer, or USSD
• Eligibility criteria: 18 years or older, Nigerian bank account, BVN, valid ID, and smartphone

To apply for a Branch loan, you need to download the Branch app from the Google Play Store or the App Store, create an account with your personal and bank details, and request for a loan. 

You will receive an instant decision and, if approved, the loan funds will be disbursed to your bank account within minutes.

5. PalmCredit

PalmCredit is also one of the Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024. 

It is powered by Transsnet Financial, a fintech company that also operates other platforms, such as Boomplay, Vskit, and Transsion. PalmCredit provides instant and flexible loans to individuals and businesses.

Features:

• Loan amount: Up to N100,000
• Interest rate: 14% to 24% per month
• Loan duration: 14 to 180 days
• Repayment method: Debit card or bank transfer
• Eligibility criteria: 18 years or older, Nigerian bank account, BVN, valid ID, and smartphone

To apply for a PalmCredit loan, you need to download the PalmCredit app from the Google Play Store, register with your personal and bank details, and request for a loan. 

You will receive an instant decision and, if approved, the loan funds will be disbursed to your bank account within minutes.

6. Renmoney

Renmoney is an online loan platform that offers loans with monthly payments in Nigeria. 

Renmoney is licensed by the Central Bank of Nigeria as a microfinance bank and provides personal and business loans to individuals and SMEs. 

It also offers savings and investment products, such as fixed deposits and target savings.

Features:

• Loan amount: Up to N6 million
• Interest rate: 2.8% to 9.8% per month
• Loan duration: 3 to 24 months
• Repayment method: Debit card, bank transfer, cheque, or POS
• Eligibility criteria: 25 to 59 years old, Nigerian bank account, BVN, valid ID, proof of income, and proof of address

To apply for a Renmoney loan, you can use the Renmoney website, app, USSD code (*322*6#), or visit any Renmoney branch. 

You will need to fill an online application form and upload the required documents. 

You will receive a decision within 24 hours and, if approved, the loan funds will be credited to your bank account within the same day.

7. Kuda

Kuda is another of the Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024. 

Kuda is licensed by the Central Bank of Nigeria as a microfinance bank and provides banking services, such as savings, transfers, bill payments, and debit cards. 

It also offers overdrafts, which are short-term loans that can be accessed anytime.

Features:

• Loan amount: Up to N100,000
• Interest rate: 0% to 5% per month
• Loan duration: Up to 30 days
• Repayment method: Automatic deduction from your Kuda account
• Eligibility criteria: 18 years or older, Nigerian bank account, BVN, valid ID, and smartphone

To apply for a Kuda loan, you need to download the Kuda app from the Google Play Store or the App Store, sign up with your personal and bank details, and request for an overdraft. 

You will receive an instant decision and, if approved, the loan funds will be available in your Kuda account within minutes.

8. Aella Credit

Aella Credit also offer loans with monthly payments in Nigeria. 

It also operates in other countries, such as Ghana, Kenya, and the Philippines. 

Features:

• Loan amount: Up to N1 million
• Interest rate: 4% to 29% per month
• Loan duration: 1 to 6 months
• Repayment method: Debit card, bank transfer, or USSD
• Eligibility criteria: 18 years or older, Nigerian bank account, BVN, valid ID, and smartphone

To apply for an Aella Credit loan, you need to download the Aella Credit app from the Google Play Store or the App Store, create an account with your personal and bank details, and request for a loan. 

You will receive an instant decision and, if approved, the loan funds will be disbursed to your bank account within minutes.

9. Sokoloan

Sokoloan is another of the Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024. 

It is powered by Soko Lending Company Limited, a fintech company that provides microloans to individuals and small businesses. Sokoloan does not require any collateral, documentation, or guarantor.

Features:

• Loan amount: Up to N100,000
• Interest rate: 29% to 34% per month
• Loan duration: 2 to 6 months
• Repayment method: Debit card or bank transfer
• Eligibility criteria: 18 years or older, Nigerian bank account, BVN, valid ID, and smartphone

To apply for a Sokoloan loan, you need to download the Sokoloan app from the Google Play Store, register with your personal and bank details, and request for a loan. 

You will receive an instant decision and, if approved, the loan funds will be disbursed to your bank account within minutes.

10. Okash

Okash is an online loan app that offers loans with weekly or monthly payments in Nigeria. Italso operates in other countries, such as Kenya, Uganda, and India. 

Features:

• Loan amount: Up to N50,000
• Interest rate: 15% to 30% per month
• Loan duration: 2 to 6 months
• Repayment method: Debit card or bank transfer
• Eligibility criteria: 18 years or older, Nigerian bank account, BVN, valid ID, and smartphone

To apply for an Okash loan, you need to download the Okash app from the Google Play Store, create an account with your personal and bank details, and request for a loan. 

You will receive an instant decision and, if approved, the loan funds will be disbursed to your bank account within minutes.

Conclusion on Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024

Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024 are a great option for anyone who needs quick and easy access to funds for various purposes. 

Online loans offer convenience, speed, flexibility, and affordability compared to traditional loans. 

However, they also come with risks, such as high interest rates, hidden fees, and scams. 

Therefore, before applying for any online loan, you should do your own research, compare different lenders, read the terms and conditions, and only borrow what you can afford to repay.

FAQs

How can I apply for anTop 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024?

To apply for an online loan in Nigeria 2024, you need to have a smartphone, a Nigerian bank account, a BVN, a valid ID, and a steady income. 

You also need to download the app of the online lender of your choice, register with your personal and bank details, and request for a loan. 

You will then receive an instant decision and, if approved, the loan funds will be disbursed to your bank account within minutes.

What are the risks of taking online loans from the Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2024?

Online loans with weekly or monthly payments in Nigeria 2024 also have some risks, such as:

Higher interest rates and fees than traditional loans, as online lenders have to cover the cost of lending and the risk of default.

Affecting your credit score negatively if you miss or delay your payments, as online lenders report your repayment history to credit bureaus.

How can I repay my online loan with weekly or monthly payments in Nigeria 2024?

To repay your online loan with weekly or monthly payments in Nigeria 2024, you need to follow the repayment method and schedule of your online lender. 

You can usually repay your online loan with your debit card, bank transfer, or USSD.