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[Latest!] Top 7 Mobile Loan Apps For Online Lending In Nigeria

Most often, many individuals and business owners might need some extra-cash to in handling some financial issues around them. In times like this when all means of getting money has been exhausted, the best alternative is to consider getting a quick and easily affordable loan online.

The process of accessing quick loans in Nigerian banks is quite lengthy and tedious for any individual that is only looking to access a small amount of loan for only a short period of time.

Thanks to the Fintech revolution in Nigeria, online lending startups are making it easy for businesses and individuals to have access to quick loans when needs. Here is a list of top 7 mobile apps for online busines and personal loans in Nigeria.

1. Paylater

Paylater is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.

With Paylater, you can access up to 500,000 Naira loan with no collateral. Once your application is approved, funds are typically received within 1 – 3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.

2. Palmcredit

PalmCredit is a virtual credit card that makes it easy for you to access a loan anytime and anywhere. Palmcredit offers loans of up to ?100,000 within minutes on your mobile phone.

With PalmCredit getting a mobile loan is simple. Apply for your credit limit in minutes, then take as many instant loans as you need without further approval steps.

Lot and Construction Loans: What You Need to Know

The world of home financing can be oh-so-confusing, especially when you are looking to buy a lot and build a custom home. In this article, we look at the types of loans available and help you figure out which one is best for your circumstances. On top of that, we outline what you'll need to get preapproval for the kind of loan you want. Let's get started!

Lot or Land Loans

If you have already found the piece of land you want to buy and know that it will be several years before you start building, a lot or land loan is the best option. Actually, the best option is to pay cash since obtaining this kind of loan can be difficult and have unfavorable terms, but sometimes it is necessary to go this route. Be prepared to see shorter-term loans, payday loans Tennessee higher down payments (around 30 percent), higher interest rates and additional borrower commitments and underwriting.

“Owners of raw land are much more likely to stop making payments and walk away from the property in the event of a financial event in their lives,” says Casey Fleming, a mortgage adviser with C2 Financial Corporation.“And land is much harder to sell [than a home].”Many lenders do not even offer lot loans, and community banks and local credit unions can be a better bet than large national banks. As with any loan, be sure to shop around so you can compare all of the offers available to you.

Construction Loans

When you are ready to build on already purchased land or if you want to buy a lot and build right away, you will need to apply for a construction loan. If you already own the land, the equity can be used as collateral to help finance a construction loan, or you may also be able to use a current home as collateral.

Sidney Potter, owner of Potter Equities and author of The Flip, suggests finding “a very experienced construction loan broker; they are a slightly different breed from typical mortgage loan officers because they specialize in this area.”