The online lending platforms has increased in Nigeria in recent years. With busy schedules and immediate financial needs, many Nigerians now prefer the speed and convenience of getting Online Loans with Monthly Payments. The benefit is that you can readily access funds by simply applying with your phone or computer. Repayment is also easier with flexible monthly installment options.

But with so many lending apps and websites now available, how do you find the best options for loans with monthly repayments? This post covers the top 10 Online Loans with Monthly Payments plans in Nigeria today.

Why Choose Online Loans with Monthly Payments?

Here are some compelling benefits of getting loans from digital lending platforms rather than traditional banks or lenders:

      You can readily access funds by simply applying with your phone or                                                          computer.

• Quick access to funds

Online lenders process loans faster, sometimes releasing funds to your account within hours of application. No lengthy paperwork or queues at the bank.

• Convenient applications

The entire process from applying to disbursal can be done on your phone, tablet, or computer. No need to visit physical branches.

• Flexible repayment options

Many online lenders allow you to pay back in installments either weekly, bi-weekly, or monthly. This helps better align with your income cycle.

• No collateral required

Most online loans up to ₦500,000 do not require any asset/collateral. Only basic KYC details are needed.

• Loans even with limited credit history

First-time borrowers can also build their credit score by taking and repaying online loans.

• Higher approval chances

Lending algorithms assess multiple factors beyond just credit score for loan decisions.

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Clearly, the ease and flexibility offered by digital lenders make them attractive borrowing options. But it is wise to compare interest rates and repayment terms before choosing a suitable platform.

Key Factors to Evaluate Before Choosing an Online Lender

While looking for the best personal loan apps with monthly payments, keep these parameters in mind:

#1. Interest rates

This is one of the most crucial factors. Compare interest rates between lenders and opt for the lowest. Avoid platforms with arbitrary hidden fees.

#2. Loan amount offered

Loan eligibility and amount disbursed can range from ₦1000 to ₦5 million on online platforms. Assess your need and pick a lender offering that amount.

#3. Tenure

Many lending apps provide loans for 30 days to 12 months or longer. Choose an appropriate tenure aligning with your repayment ability.

#4. Repayment terms

Go for lenders that offer flexible repayment schedules – daily, weekly, bi-weekly or monthly installments.

#5. Customer reviews

Check trusted sites like TrustPilot for ratings and feedback on the lender. This indicates ease of use and reliability.

#6. Privacy & data security

Leading lending platforms invest heavily in data safety features to secure your personal information.

Once you shortlist platforms basis the parameters above, it’s time to pick the best match for your specific borrowing needs.

Top 10 Online Loans with Monthly Payments in Nigeria

Based on market research, customer reviews and loan offerings, here are the top 10 digital lending platforms providing online loans with affordable monthly payment plans:

1. FairMoney

FairMoney is among the most popular instant lending apps in Nigeria with over 1 million downloads on PlayStore.

Key Features

• Loans from ₦1,500 to ₦500,000
• Tenure from 91 days to 180 days
• Interest rate of 10% to 30% per month
• Weekly or monthly repayment cycle

Known for quick disbursal within 10 minutes into bank account or mobile wallet. No paperwork or collaterals needed. Their flexible repayment plans and no hidden fees make them a preferred choice.

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2. Renmoney

Renmoney is a fast growing FinTech company making personal loans accessible in Nigeria.

Key Features

• Offers loans from ₦50,000 to ₦5 million
• Tenure from 6 to 12 months
• Interest rate starting 30% per annum
• Repayment due monthly

Renmoney offers both salary advance and personal loans up to ₦5 million. Their higher loan amounts and longer tenures up to 12 months are a key strength.

3.Carbon (formerly Paylater)

Carbon is one of the pioneer online lending platforms in Nigeria.

Key Features

• Loans from ₦1,000 to ₦500,000
• Tenure from 30 days to 12 months
• Interest rates starting 2.5% per month
• Flexible repayment: Weekly, bi-weekly or monthly

Carbon provides loans for both individuals and SMEs. Their flexible repayment schedules and no late fees make them popular.

4. Aella Credit

Aella Credit leverages technology to offer credit services in Nigeria.

Key Features

• Loans from ₦3000 to ₦500,000
• Tenure from 30 days to 12 months
• Interest rates from 1.5% to 2% daily
• Repayment due weekly or monthly

Even first time borrowers can get loans approved based on alternative credit scoring models. No paperwork or collaterals needed.

5. Zedvance

Zedvance is among the leading digital lenders in Nigeria with multiple loan products.

Key Features

• Offers loans from ₦50,000 to ₦2 million
• Tenure from 3 months to 12 months
• Interest rates starting at 2.5% per month
• Repayment through flexible monthly installments

Zedvance offers salary advance loans, emergency loans, rent loans etc. tailored for different needs. Their flexible repayment terms are the key attraction.

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6. Kiakia

Kiakia provides short term loans to individuals in Nigeria leveraging technology.

Key Features

• Loans from ₦1500 to ₦250,000
• Tenure from 15 days to 180 days
• Interest rate starting from 10% per month
• Repayment in 30 days installments

No paperwork or asset collateral required. Only basic KYC documents needed. Their fully digital process enables fast loan decision and disbursal.

7. QuickCheck

QuickCheck uses an innovative AI-powered scoring model for quick loans in Nigeria.

Key Features

• Loans from ₦2500 to ₦200,000 via mobile app
• Tenure up to 180 days
• Interest rate starting 5% per month
• Weekly or monthly repayment

QuickCheck offers both individual and SME loans. Repayment reminders and options to reschedule due date make them user-friendly.

8. Specta

Specta is a Nigerian FinTech company that offers various lending products and services.

Key Features

• Loans from ₦5000 to ₦5 million
• Tenure from 3 months to 5 years
• Interest rates starting 2.5% monthly
• Monthly repayment schedule

Specta provides flexible loans for personal, business or agricultural needs with convenient monthly repayment cycle.

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9. Branch International

Branch International leverages data analytics to make loans accessible in Nigeria.

Key Features

• Offers personal loans up to ₦500,000
• Loan tenure from 1 to 12 months
• Interest rates starting at 2.5% per month
• Repayment through flexible monthly installments

Branch International has disbursed over $500 million loans across Nigeria and Kenya. Minimal paperwork and quick loan decision process.

10. GetCash

GetCash provides individual and business loans in Nigeria.

Key Features

• Loans from ₦2000 to ₦200,000
• Tenure from 15 to 180 days
• Interest starting at 10% per month
• Weekly or monthly repayment

GetCash has a quick 2-3-minute loan application process. They provide convenient repayment reminder alerts as well.

This covers the top 10 online lending platforms available in Nigeria today. Each offers unique benefits, so evaluate your options wisely before choosing one that meets your requirements.

What documents do you need to apply?

Most lenders just need basic KYC documents like valid ID, phone number, home & work address, and bank details. No income proofs or collaterals required.

How fast is the loan amount disbursed?

Leading online lenders transfer the loan amount to your bank account within hours or 1-2 working days at most. The fastest process under 10 minutes.

What is the impact on my credit score?

If you repay on time, it can actually improve your credit score by demonstrating good repayment behavior. However, defaults can negatively impact your score.

Are there penalties for late repayments?

Most lenders charge late fees for missed installments. This varies from platform to platform. To avoid penalties, schedule timely payments.

Can the repayment schedule be adjusted if needed?

Many digital lenders allow limited rescheduling of repayment installments in case of emergencies or temporary cash crunch.

Lenders just need your basic personal documents like valid ID, phone number, home & work address, and bank details.

The online lending ecosystem is evolving rapidly. While these platforms make borrowing convenient, ensure you compare all options and analyze the full terms before applying for a loan. Read customer reviews about ease of use and their repayment experience with the lender as well. With prudent use, online lending apps can meaningfully address your financial needs.

Conclusion

Whether you need short-term funds to cover emergencies or longer tenor financing for personal needs, online lenders provide fast and flexible access to loans.

Their simplified application process, quick disbursal, and options for weekly or monthly repayments makes the borrowing experience smooth.

Be sure to evaluate interest rates, repayment schedules, loan amounts, credibility of the lender, and other factors covered in this guide before making your choice.

This helps ensure you pick a loan platform that caters to your requirements in a sustainable manner. With prudent use, online loans can be an asset in meeting your near-term financing needs in a fully digital way.