This is one of the most asked questions by newbies in the loan environment. As we all know in Nigeria most offline loan providers i.e commerical banks, prefers or mostly provides loan strictly to customers who have a salary account.
The reason is because with a salary account, the bank can easily be able to track the inflow and outflow of cash in the person's account and determine the eligibility of the customer in collecting loan.
Salary account holders seems to have a very reduced rate of loan fraud as the bank has access to their salary immediately it is paid to take their loan repayment as it was stated in the loan contract.
However, traditional account holders which is popularly known as savings accounts users, finds it difficult to collect loan from banks due to the nature of their account and the higher possibility of loan fraud.
Most commercial banks will only give loan to commercial bank account owners who have enough physical assert which can stand as a collateral for them.
In this article we have detailedly explained if it is possible to collect loan without necessarily having a salary account in Nigeria, please stay tuned!
Can you Get Loans in Nigeria Without a Salary Account?
The answer to this question is yes, there are several loan service providers most especially the ones that operate online which can provide instant loan for you without necessarily having a salary account or a physical assert to use as a collateral.
This has been made possible by some of the reputable loan service providers in Nigeria such as FairMoney, Kuda, Carbon, Branch, Easemoney, Jumia Pay and so on.
How to Get Loan Without a Salary Account in Nigeria?
1. Your Bank Verification Number (BVN).
2. A working smartphone which can take selfie and has enabled location.
3. Reputable phone contacts.
4. A good or high credit score.
5. Access to Internet service to browse and download when necessary.
6. Readiness to allow view access to your phone contacts, sms messages, photo album and even your location history.
The above listed things are amongst the necessary requirements to get an instant online loan without a salary account in Nigeria.
Steps to Apply for Your Online Instant Loan
1. Research:
First of all you must research on some of the best online loan service providers in Nigeria, we earlier listed some in this article. Researching will help you to decide on the best loan provider for you in terms of repayment and interest.
2. Kickstart
Having found a preferable loan provider to work with, the next step is to kickstart by downloading their web application and applying for your preferred choice of loan amount. This can be done by searching the name of the loan provider on play store or apple store, you can also download their application via the loan provider's official website.
3. Apply
Now that you are familiar with the loan app and it's terms it's time to apply for your choice of loan which you need.
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