What Are The Loan Companies That Offer Loans With Monthly Repayment in Nigeria?

  Are you a Nigerian looking for an online loan with a monthly repayment? If yes, then you’re in the right place. 

In today’s article, we’ll talk about the legitimate loan companies in Nigeria that offer a monthly payment tenor and how you can secure your first loan with these lenders.

Let’s dive into the Online loans with monthly repayment in Nigeria without wasting time. But before I reveal these companies, let us look at some essential things you need to know about digital loans and what you can achieve with these loans. 

The rate at which people are looking for a digital loan in Nigeria is alarming, this has become one of the major reasons we’re seeing different lenders out there giving loans without collateral. In as much as this loan has been helpful to so many Nigerian homes when it comes to solving predicaments that need money for solving, some of these loans have become the driving force that destroys the financial state of so many Nigerians.

Today we are seeing so many loan sharks parading themselves as legitimate lenders in the country. I’m still surprised why CBN, the Nigerian apex bank has been mute when it comes to regulating the activities of these lenders. Some of these lenders give a 7 days loan with a 70% interest. That is not right as this is the wrong way of conducting a lending business.

With the issues I have talked about above, so many Nigerians are not even sure of which lenders are legit or those that offer loans with monthly repayment options. Because of this, we’ve decided to write a well-detailed article that will guide you in choosing the right lender that offers a monthly repayment loan tenor in Nigeria.

Also Read: Reasons why you should not take loans

Online loans with monthly payments in Nigeria

Finding the right loan that gives the best monthly repayment tenor is not easy, especially in a country like Nigeria. Most of the lenders that offer collateral-free loans offer only 7days, 14 days, and 21 days loans.

To make things easy for you, we’ve listed 5 Loan companies that offer a monthly repayment loan tenor.

5 Companies That Offer Monthly Repayment Loan Tenor In Nigeria

  • Renmoney 
  • FairMoney
  • Specta Loan
  • Baobab Loan
  • CarrotPay

Ren Money

Ren Money is one of the lending companies in Nigeria that invest so much in advertisement in other to create more awareness about the services they provide. It is one of the most trusted loan companies in Nigeria that practice the standard of lending which you can find across the world. The company is known for its quality service and high loans of up to 6 million Naira.

If you’re looking for a company that offers high loans with monthly repayment plans, then look no further as Renmoney will serve you when it comes to your financial needs.

With Ren money, you can enjoy the best repayment plan by accessing a loan from N20,000-N6 million depending on your inflow and outflow. 

When you take a loan from Ren money, you can pay back your loan in 1 year by paying monthly for a tenor of 12 months.

For you to enjoy Ren money financial service, you’ll need to meet their requirement which are two major documents (a Bank statement and a valid means of identification).


Fair money is another great money lending company that offers different types of loans with great repayment tenors. The company’s financial service is accessible through its mobile app platform which allows users to carry out various financial services online through their smartphones.

As a user of Fairmoney, you’ll automatically get a private account number which you can fund just like your traditional bank account. The only difference is that the account is a virtual account with few limitations compared to the traditional bank account.

With Fairmoney, you can borrow money from anywhere and anytime in Nigeria.

The approval process of a fair money loan is almost instantly. Once you pass through their verification process, your account will be credited in less than 5 minutes.

The app uses a unique algorithm with machine learning technology to evaluate your loan using your bank verification number.

Fair money offers monthly repayment loan that ranges from 3 to 6 month. With this, the borrower will not have to be stressed when paying back the loan.

If you’re looking for a loan of up to 6 million Naira, then I’ll recommend you to go for fair money. The loan tenor for fair money is 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%). They also give interest discounts of up to 90% for early repayments.

The app comes with so many financial services that make it functions beyond being a money lending app.

The platform owns a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).

Specta Loan

Specta loan is a digital money lending platform owned by the popular sterling bank of Nigeria. The platform provides different types of loans to meet different customers’ needs at any point in time.

Specta stands among the list of the best financial service providers that offer digital loans online with a monthly repayment plan in Nigeria. 

The Specta loan can be accessible through the myspecta online platform. Anyone who is eligible for a specta loan can apply for a loan of up to N5 million with easy flexible repayment.

Specta loan is a collateral-free loan that doesn’t need the borrower to provide a guarantor before accessing the loan. All you need to do is to fill out the online form with all the necessary details, apply for a loan, and get it credited into your bank account almost instantly without any stress. You’ll have 12 months to pay back your loan.

Baobab Loan

Baobab Loan is another great platform that is not popular in Nigeria but its loan service is top-notch.
Baobab Loan is an instant cash loan that is easy to access by anyone so long as the individual has the necessary documents or meets the criteria for their loan service. This instant loan company offers a monthly repayment loan with a flexible repayment plan that runs for 2 years.
The approval and disbursement of the Baobab Loan take up to 3 days for it to be finalized by the company. During that period, they do some assessments to ensure that the borrower is capable of paying back the loan on time or by the agreed period.
As a borrower, you can access a loan of up to N5 million depending on your qualification.
Baobab Loan focuses on business loans for businesses that are already in existence/ operation, and housing/house improvement loans.
The loan offer starts from N20,000 to N5 million depending on the borrower’s capacity which will be assessed based on verifiable financial records or inventories.

Carrot Pay Digital Loan Service

Carrotpay is a digital loan app that you can download from Playstore for free. The app allows you to borrow money online and pay monthly.

With Carrotpay digital loan service, you can access a loan of up to N50,000 with a repayment plan of 1-6 months.

The interest rate for Carrotpay loans is very low and the disbursement of their loan is fast and swift.

With CarrotPay, getting a loan is almost as easy as thinking about it. Once you pass the automated checks and your credit score is favorable, you can easily get a loan within minutes.

CarrotPay provides loans for as low as N5,000 and up to N50,000, and you can pay back between 60 to 180 days. The usual repayment period is monthly. Minimum interest rates are determined by a credit scoring algorithm which is usually 3% per month and a maximum of 10% per month. This comes to an Annual Percentage Rate (APR) of 36% to 120%.

If you want to use the service you can download the mobile app from Playstore for android users or you can download it from Appstore if you’re using an iPhone.


The companies listed above are the best companies that offer digital loans with monthly repayment in Nigeria. Their services are top-notch and we recommend them here at bankingfit.

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For any question or inquiries, you can drop them in the comment section. We’ll reply to them as soon as we can.

Also Read: Reasons why most Nigerians will not get a credit card

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