15 Instant Quick Loans in minutes without collateral in Nigeria
A loan is a sum of money given to a borrower by a lender with stated terms and conditions. The lender is usually an individual, a corporation, a financial institution or government agencies. The stated terms and conditions may include some financial charges, interests, repayment dates, amount to be repaid, collateral and or any other conditions. In most cases, not everyone can afford a collateral to secure loans which makes obtaining it difficult. The good news is that there are Lenders in Nigeria that offer quick loans without collateral and you will know about them all as you read on.
The cost of securing quick loans depends heavily on the loan type. Some loans are gotten in minutes, while some are in hours, days, weeks and some loan applications can last up to a month. All these types of loans, their requirements and application processes are discussed in this post. Before we continue, let us clear the air first.
What are Grants?
Loans should not be confused with Grants. In fact, they are opposite sides of the same coin. When a grant is issued, there’s no plan for repayment. The giver doesn’t ask for money back let alone interest. Grants are mostly https://maxloan.org/title-loans-fl/ issued by NGO’s and government agencies. Grants are mostly given for empowerment purposes, however, the issuer may require some proofs that the given money would be channeled to the right purpose for which it was given. Documents like business address and personal identification may be needed.
What are Interest-Free Loans
This type of loan is usually given by government agencies, NGO’s or trusted close friends. No financial institution gives interest-free loans because it’s their source of income. In this type of loan, the lender gives money to the borrower without asking for interest.