N-power payment is not enough to cater to the needs of N-Power beneficiaries in Nigeria. With the increase in cost of living in Nigeria, NGN30,000 is not enough for N-Power beneficiaries to sustain themselves, reason why AllNews gathered some quick loans available for N-Power beneficiaries.
Gone are the days when requesting for loan is an herculean task that only the rich can achieve. Today, there are several loan opportunities that any individual can apply for and secure through their mobile phone without providing collateral, guarantor or paperwork.
These are the type of loans that AllNews have gathered for N-Power beneficiaries to take advantage of if they intend to survive this year and next year. The loans are provided by Fintech companies that don't demand 'a yam and leg' just to get loan or credit with interest rates lower than commercial banks.
All the requirements for the loan is for individuals to fill their online application and have a salary job - nothing more.
The following are loan apps or loan platforms that offer non-collateral loan to individuals in five minutes;
Carbon: This is one of the loan platforms that made it easy for low income individuals like N-Power beneficiaries to obtain loan without coughing up unrealistic collateral. As stated by Carbon on their website, the loan company is unlocking money for everybody.
With Carbon, N-Power beneficiaries can get a loan through their phone by just downloading the Carbon app. The loan opportunity is available for 24-hours everyday, and within five minutes, you can get the loan or funds in your account. Carbon offers as much as NGN1 million.
Migo: This is another loan provider that offers instant loans without having to submit collateral or guarantor. With Migo, all Npower beneficiaries need to provide is to fill loan application on the Migo website or mobile app, enter phone number and the One-Time-Password (OTP) sent to your phone.
Migo have several loan offers that Npower beneficiaries can choose from depending on your credit or amount needed. Migo also offers loan within five minutes, faster than most banks, at range of NGN500 to over NGN500,000.
Aella: This is another loan app that makes getting loan easier than it use to be. According to the company, it states that it exist to simplify and open up financial access for everybody. That's why it is using mobile app to offer loan in order for everybody to access it.
Aella offers up to NGN1 million in five minutes at different interest rates with charging for late or rollover fees. To access Aella's loan, all Npower beneficiaries need to do is simple; download Aella app, fill your details, check eligibility for available loan, and you get your requested loan.
GTBank Quick Loan: This is the most popular loan app among Fintechs and commercial banks. This is because the GTBank Quick loan provides credit with the smallest interest rate in Nigeria - 1.75%.
Unlike the typical bank loan process, GTBank offers its salary account holders loan through phone without having to visit any of their bank branch. You can access this loan through USSD code (*737*51*51#) or GTBank mobile app and obtain as much as NGN5 million or as low as NGN10,000.
Palmcredit: Another instant loan that N-Power beneficiaries can take advantage of is Palmcredit. The loan company offers as low as NGN2000 and as high as NGN100,000. within minutes as well. You also get the loan by applying directly from your phone or mobile app.
Another good thing about Palmcredit is that if you pay back your loan within 24hours after collating the loan, Palmcredit will reward you with cash.
The cost of living in Nigeria is expected to continue to rise as Nigeria is projected to be heading for recession in the third quarter and next year. Already, the Finance Minister of Nigeria, Ahmed Zainab, has stated that the misery of Nigerians will increase in 2020.
This is because the government has been creating policies that will increase cost of foodstuff and other basic household items, and there are still plans to do more. Already, electricity fee has been increased, and even if the tariff increase has been suspended, it's only a matter of time for the government to reintroduce the hike power supply.
Note that fuel subsidy has been removed by the government, and as international oil price increases, so will fuel price in Nigeria. By next year, when the government introduces another Finance Bill, these policies by the government double the cost of living in Nigeria - so these loan opportunities will come in handy for N-Power beneficiaries this year and next year.
Note: The interest rate of this Fintech loans is determined by the amount you want to collate. Also, the loan offered to you is determined by your credit score or credit history.