Home Fintech Six Technology Platforms That gives you Loan without a Collateral

Six Technology Platforms That gives you Loan without a Collateral

Easy Loan Access

Over the year, there have been a number of Financial Technology companies that have come to market since the introduction of BVN(biometric verification number) by the Central Bank of Nigeria.
BVN enables financial institution like banks to link all your bank account with a single BVN number.
Many finTech leverages the coming of BVN to allow individuals to access quickly loan without collateral.
In this post, I will share with you Six Financial Technology startup that allows you get access to a quick loan on your mobile device on the go with just a Biometric Verification Number and Bank Details.

Carbon formerly know as payLater allow you access loan from their mobile app, the few basic requirements include

1. download the app

2. provides basic details

3. you photo which will be snap during the onboarding processon the app

4.Bank Verification Number

5. Bank Details

In all of this, you have to take note of the following. ensure the phone number link to your BVN registration is the same with the phone number you will use during the registration process on the App. AS they will use the details you provide to validate it against your BVN registration data.

carbon loan app

There Interest rate ranges from 5% to 30% depending on credit rating. Other details include

  1. No Multiple Loan at a time
    2. loan tenure day goes from 15 days to 6 month
  2. The repayment method includes QuickTeller, debit Card and Direct Transfer.

With an Opay Account, you can request for a loan by providing more details about your service, on the dashboard of Opay App, you can access this service by clicking on (Okash) Payday loan option.
Requirement: You will through Four Stage Profile Setup, and provides various details ranging from your personal details address, Emergency Details, Income Profile

okash loan from poay
Image Source: https://www.ogbongeblog.com/

Loan Requirement Includes

  1. Account of Opay
  2. Bank Details
  3. Employment history
  4. loan duration ranges from from 7 to 30 days
  5. interest rate ranges from 23 to 25%
  6. No multiple Loan at a time
  7. Repayment Method include Debit Card and Cash Deposit

From the detail, Opay will determine the amount of loan they can give, once you make a loan request, opay give amount
then you wait for loan validation and confirmation

They Have Two options for Customers, for people whose company is already on the platform (i.e they get loan process quick and have a high chance of getting large amounts of the loan) since the company has their employers record and people who don’t have their name attach to any company.Aella Credit

  1. Download the App from either Play Store or IOS Store
  2. Valid BVN, Bank details
    3. The repayment method is through Debit Card
  3. Loan Period is One Month
  4. Interest per loan ranges from 20% to 27%
    Aella Credit Charge Processing Fee of N30

This platform process user registration and loan request through a chatbot on their web platform, the requirement for lean on this platform includes
1. Valid Working ID card and Bank Details
2. Loan duration range from 7 to 30 days
3. Can not request for more than one loan at a given time
4. Repayment method include Cash deposits and Debit Card
The Good Part of this platform is the ability to register as a lenderkaikia loan app

fair money loan app
Every other loan platform, FairMany requires the following details
1. Proof of Employment, Facebook account, and bank Details
2. their mobile App is available to Android User only
3. Has one Repayment channel i.e Debit Card
4. No Multiple Loan at a time
5. Loan Interest rate is between 20% to 30% depending on the loan amount and has a loan period of one month


QuickCheck Use machine learning to instantly predict borrower behavior and evaluate a loan application, their Loan requirement includes

1.Valid and active phone number
2. Facebook account
3. Bank Details
4. Source of income

Quick cash loan App
Loan details include
1. 1% interest rate daily
2. Loan Tenure ranges from 5 to 30 days
3. Can run multiple loans at a time
4. Repayment methods include Debit card and Cash deposit




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