Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2023

Do you need quick access to cash but don't have a lot of time to go through the traditional loan application process? If so, an online loan may be the right option for you. Online loans offer a convenient and fast way to get the money you need, even if you don't have perfect credit.

Many online lenders offer weekly or monthly payments, making it easier to fit the loan repayment into your budget. And with so many different online lenders to choose from, you're sure to find one that offers the loan terms and interest rates that are right for you.

In this blog post, I'll share the top 10 online loans with weekly or monthly payments in Nigeria in 2023.

Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2023

Here are the top 10 online loans with weekly or monthly payments in Nigeria in 2023:

FairMoney

FairMoney is a Nigerian mobile lending platform that offers instant loans of up to N500,000 with weekly or monthly repayment options. FairMoney is a good option for borrowers who need quick cash and do not have access to traditional banking services. FairMoney's interest rates are competitive, and the loan application process is simple and straightforward.

To apply for a FairMoney loan, you will need to download the FairMoney app and provide your basic information, including your name, contact information, and employment information. You will also need to provide a copy of your ID and proof of income. Once you have submitted your application, FairMoney will review it and decide whether or not to approve you for the loan. If you are approved, you will receive the loan funds within minutes.

Renmoney

Renmoney is another popular Nigerian digital bank that offers instant loans. Renmoney loans are available to individuals, businesses, and students. Renmoney offers flexible loan terms with repayment periods of up to 12 months. 

Renmoney loans are also affordable, with interest rates starting at 1.5% per month. In addition to loans, both Renmoney offers a variety of banking features, such as savings accounts, airtime purchase, and bill payment. This makes them a convenient one-stop shop for all of your financial needs.

Migo (formerly KwikMoney)

Migo (formerly KwikMoney) is a popular online lending platform in Nigeria that offers a fast and convenient way to get a loan.

Migo offers loans ranging from ₦1,000 to ₦50,000 with repayment periods of 14, 30, or 90 days. You can choose between weekly or monthly payments, depending on your financial situation.

To apply for a Migo loan, simply download the mobile app and enter your basic information. The loan application process takes just a few minutes, and you can receive your loan funds within hours of being approved.

Migo is a great option for borrowers who need quick access to cash, or who have difficulty qualifying for a loan from a traditional bank.

Quick Credit

Quick Credit is another Nigerian digital lending platform that offers instant loans ranging from N10,000 to N200,000. Quick Credit loans have repayment periods of 30, 60, or 90 days. 

Quick Credit is known for its fast and easy loan approval process, which can be completed online in just a few minutes. Quick Credit loans also have relatively low interest rates, starting at 5% per month.

Carbon

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, depending on their preference and loan amount.

The minimum repayment period is two weeks, and the maximum repayment period is several months. The maximum repayment period will depend on the amount of the loan.

Carbon's flexible repayment options make it a good option for borrowers with different financial needs.

Aella Credit

Aella Credit is a reliable online lending platform in Nigeria that offers quick and convenient loans with personalized loan options and flexible repayment terms.

Aella Credit considers various factors beyond credit scores when evaluating loan applications, making it a great option for those who may have struggled to secure loans from other sources.

Loan disbursement is fast and efficient, with funds deposited into your bank account within hours.

QuickCheck

QuickCheck is another Nigerian digital lending platform that offers instant loans ranging from N10,000 to N500,000. QuickCheck loans have repayment periods of 90 days to 12 months. 

QuickCheck is known for its fast and easy loan approval process, which can be completed online in just a few minutes. QuickCheck loans also have  low interest rates.

Specta

Specta is a leading Nigerian online lending platform that offers personal and business loans with flexible repayment options. Borrowers can choose between weekly or monthly payments to fit their budget.

Specta provides loans ranging from N10,000 to N5 million with repayment terms of up to 12 months. Specta's goal is to provide convenient and accessible financing options to individuals and businesses in Nigeria.

Renmoney

Renmoney, an online lending platform, offers quick and convenient loans to Nigerians. Whether you need funds for unexpected expenses, medical bills, or a major purchase, Renmoney has you covered.

Unlike traditional banks with rigid requirements, Renmoney considers various factors beyond credit scores when evaluating loan applications, making it a great option for those who may have struggled to secure loans from other sources.

Renmoney also offers flexible repayment options, allowing borrowers to choose between weekly or monthly payments to customize their loan repayment schedule to fit their financial situation and avoid stress.

Renmoney's simple and straightforward loan application process eliminates the need for lengthy paperwork or physical visits to a branch. Once your loan is approved, the funds are quickly deposited into your bank account.

Kiakia

Kiakia is a Nigerian digital lending platform that offers instant loans ranging from N50,000 to N5M. Kiakia loans have repayment periods of 7, 14, or 30 days. Kiakia is known for its fast and easy loan approval process, which can be completed online in just a few minutes. Kiakia loans also have relatively low interest rates, starting at 5% per month.

What to Consider When Choosing an Online Loan

When choosing an online loan, it's important to consider a number of factors, including:

1. Interest rate: The interest rate is the percentage of the loan amount that you will pay in interest each month. Be sure to compare the interest rates offered by different lenders before choosing a loan.
2. Repayment terms: The repayment terms will determine how long you have to repay the loan and how much you will need to pay each month. Be sure to choose a repayment plan that is affordable for you.
3. Fees: Some lenders may charge additional fees, such as origination fees, prepayment penalties, and late fees. Be sure to ask about all of the fees associated with the loan before applying.
4. Customer service: If you have any problems with your loan, you want to be able to get help from the lender quickly and easily. Be sure to read reviews of different lenders before choosing one to make sure that they have good customer service.

Conclusion

If you need a loan with weekly or monthly payments, the top 10 options to consider are FairMoney, Renmoney, Carbon, Aella Credit, Zedvance, Kiakia, QuickCheck, Specta, Migo (formerly KwikMoney), and Quick Credit. Be sure to compare the interest rates, repayment terms, and fees offered by different lenders before choosing a loan.