Top 10 Online Loan with NIN Only for Students in Nigeria 2024
For students seeking financial assistance, online loans have become a viable option. One of the most crucial requirements for obtaining these loans is the National Identification Number (NIN).
This article will explore the top 10 online loan options available to students in Nigeria in 2024 that require only a NIN for application.
Understanding Online Loans with NIN
Online loans are financial products that can be accessed via mobile applications or websites.
They offer quick and convenient access to funds without the need for extensive documentation.
The introduction of NIN as a primary identification means that students can easily apply for loans without needing collateral or guarantors.
Criteria for Loan Approval
When applying for an online loan using your NIN, lenders typically consider several factors:
- Credit History: Some lenders may check your credit score.
- Income Level: Proof of income may be required.
- Loan Amount Requested: The amount you wish to borrow can affect approval chances.
- Repayment Capacity: Lenders assess whether you can repay based on your income and expenses.
Top 10 Online Loan with NIN Only for Students in Nigeria 2024
Here’s a detailed look at the top 10 online loan platforms available to students in Nigeria that accept only NIN:
| Rank | Loan App | Maximum Loan Amount | Interest Rate | Repayment Period |
| 1 | FairMoney | ₦150,000 | 5% monthly | Up to 6 months |
| 2 | Palmcredit | ₦300,000 | 4% monthly | Up to 12 months |
| 3 | Branch | ₦500,000 | 1-34% monthly | Up to 12 months |
| 4 | Carbon | ₦1,000,000 | Varies | Up to 24 months |
| 5 | Aella Credit | ₦200,000 | Varies | Up to 6 months |
| 6 | Kuda Bank | ₦50,000 | Varies | Up to 30 days |
| 7 | SmartCash | ₦100,000 | Varies | Up to 3 months |
| 8 | QuickCheck | ₦100,000 | Varies | Up to 30 days |
| 9 | GetCash | ₦150,000 | Varies | Up to 6 months |
| 10 | Zedvance | ₦200,000 | Varies | Up to 12 months |
1. FairMoney
FairMoney is one of the leading loan apps in Nigeria that allows students to borrow up to ₦5000,000 with just their NIN. The app offers a user-friendly interface and quick disbursement of funds.
2. Palmcredit
Palmcredit provides loans up to ₦300,000 with competitive interest rates and flexible repayment terms tailored for students.
3. Branch
Branch is well-known for its high loan limits of up to ₦500,000 and offers various repayment options based on individual needs.
Read: Does Moniepoint Give Loan? Limit, Interest, Is it Legit?
4. Carbon
Carbon stands out by offering loans as high as ₦1 million with flexible repayment periods extending up to two years.
5. Aella Credit
Aella Credit caters specifically to students by providing loans up to ₦200,000 with manageable interest rates.
6. Kuda Bank
Kuda Bank offers smaller loan amounts but is popular among students due to its easy application process and quick approvals.
7. SmartCash
SmartCash provides loans up to ₦100,000 and has gained popularity among students looking for short-term financial solutions.
8. QuickCheck
QuickCheck allows users to borrow amounts up to ₦100,000 quickly and efficiently through its mobile app.
9. GetCash
GetCash focuses on providing fast cash solutions with loan amounts reaching up to ₦150,000 within a short time frame.
10. Zedvance
Zedvance offers student-friendly loans up to ₦200,000 with flexible repayment plans designed specifically for young borrowers.
Frequently Asked Questions
Here are some helpful frequently asked questions on top 10 online loan with NIN only for students in Nigeria 2024 with their respective answers:
Can I get a loan with just my NIN?
Yes, many online lenders in Nigeria allow you to obtain a loan using only your National Identification Number (NIN) as part of their identification process.
Which app can borrow me₦150k in Nigeria?
FairMoney is one such app where you can borrow up to₦150k easily using your NIN.
How do I borrow₁ million naira?
To borrow₁ million naira, consider using apps like Carbon, which offers higher loan limits subject to eligibility criteria including credit history and income verification.
How can I borrow money with my BVN number?
You can use your BVN number on various lending platforms like FairMoney or Branch; however, most apps primarily require your NIN as identification.
Which loan app can borrow me up toN50k?
Kuda Bank is an example of an app where you can borrow amounts around N50k quickly through their platform using just your NIN.
Do SmartCash give loans?
Yes, SmartCash does provide loans specifically targeted at individuals looking for short-term financial assistance including students.
In conclusion, accessing online loans in Nigeria has become more streamlined thanks largely due technology advancements and regulatory frameworks supporting digital finance solutions. Students now have multiple options available that require minimal documentation while ensuring they meet basic eligibility criteria set by lenders.