Soft Loans In Nigeria – Where To Get It And All You Need To Know
There are various types of loans in the financial world. Understanding each of them allows you to select the option that best meets your needs. This article will explain what soft loans are and where to get them in Nigeria.
What are Soft Loans?
Soft loans are loans that have no interest attached to them. In some cases, they may be below-market interest rates. They are also referred to as soft financing or concessional funding, and they have longer grace periods. In addition, they provide a longer amortization schedule, which can be up to 50 years, than traditional banks.
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How Do Soft Loans Work?
Soft loans are essentially offered as a way to assist countries that are struggling financially, which are typically developing countries around the world. Apart from that, it is a means of strengthening economic and political ties between countries. This occurs when the borrowing country has resources or materials in which the lender is interested. For example, in 2004, the Chinese government granted Angola a soft loan in exchange for oil exploration opportunities in the country.
Soft loans have much simpler and more flexible terms, but they are not offered by private organizations. They were primarily provided by government agencies.
Where To Get Soft Loans In Nigeria
Below are companies that offer quick loans in Nigeria. These organizations have their various requirements, but one thing they all have in common is no collateral:
You may also want to read How To Get Interest-Free Loans in Nigeria (Full Guide)
1. Paylater (Carbon)
This online lending platform processes your approval within minutes. This soft loan is available to businesses and salary earners in Nigeria. With Carbon, you can access up to N500,000 and they disperse funds within 1-3 days.
2. Kia Kia
The name of this organization, translated from the Yoruba language to English means “Quickly”. That’s essentially the bane of their business, in the sense that loans if approved, are quickly disbursed. KiaKia also allows individuals to invest in loans as a means of investment on the premise of an interest return.
3. C24 Limited
What’s pretty amazing about this company is that, right on the home screen of their website, it has a repayment calculator so you can easily see what your repayment will look like using that calculator. As with the other companies listed, the application is also a digital process
4. Quickcheck
This is for people who need a quick boost of less than N100,000. They complete the application online or on their application. It’s fairly quick and easy and approval can take less than 30 minutes with disbursements happening as quickly as an hour.
5. Specta
This lending company disburses loans of up to N5 million without collateral! Application processes can be as little as 5 minutes and funds are disbursed within the hour.