Mobile loans

Sometimes the level of urgency with which they need for money comes requires that just a few clicks on your mobile phone should solve the problem. This is now a reality as it is now possible to apply for online loans from mobile applications of lending platforms installed on your mobile device. 

There are many online lending platforms, but not every one of them has mobile applications for easier access by mobile phone users. It becomes a point of consideration, in cases where the only gadget within reach is a mobile phone, and money has to be borrowed online. Mobile loans are not only convenient, but they have also been reported to be hassle-free and fast. 

General Requirements for Mobile loans in Nigeria

Mobile loans have requirements that differ slightly based on whether they are individual loans or corporate loan (I.e., an instant loan obtained for a small or medium scale business Enterprise (SME’s).

For individuals:

• Bank Verification Number  (BVN)
• Passport photograph
• Address
• Salary account, pension account or tax ID
• Employment letter

For SMEs /Business

• A copy of passport photograph
• A means of identification (this could be drier's license, international passport, national passport)
• Last six-month bank statement of account
• Certificate of incorporation
• Memorandum of association
• Post-dated NUBAN cheques from the client
• A suitable guarantor who would provide the following:
  • Letter of confirmation/employment
  • One undated NUBAN cheque
  • A copy of staff Identity Card
  • A filled guarantor form

Examples of Mobile Loan Sources in Nigeria:

• Palm credit: this is an online lending platform with a mobile application for easy accessibility to flexible loans. Palm credit is said to operate as a virtual credit card. From pal credit you can borrow up to 100, 000 naira and an early repayment guarantee you of an increase in credit limit.
• FairMoney: this mobile lending platform, offers loans to individuals and businesses. They are unique in that they have packages like education loans, business loans, personal loans, and so o, for you to choose from.
• Branch: this mobile lending platform is well known for its fantastic service. The branch mobile lending platform can offer you the loan within the range of 1,500 to 150, 000 with 4-64 weeks being the loan tenure. Their interest rate is also between 14%-28%. 
• PayLater: this is also one of the top sources of online loan service compatible with mobile phones. PayLater offers short term loans to both individuals and corporate bodies/businesses. You can borrow as high as 500, 000 naira from pay later and get your account credited (having provided all required documents) after approval within one to three business working days. Pay later offers loans without collateral and increases your credit limit when you repay on time.
• QuickCheck: is an online lending platform for small scale businesses and individuals. They offer a loan of up to 30, 000 naira for a validity period of 15-30 days without a need for collateral. 

The list above is not exhaustive; it is just a list of a few of the notable and well recognized mobile lending platforms in Nigeria. For most of them, their mobile application is available for download from mobile application play stores like Google play store at no cost. 

Conclusion: money lending has now gone mobile. How easier can it get? Right there on your mobile device, you get to apply for your desired loan, from the desired lending platform. This is the convenience you deserve, well served on a platter of gold. Online loans are convenient; mobile loans are more comfortable.