Loan Without ATM Card
For many Nigerians, not having an ATM card can make it difficult to access financing when you need it. However, there are ways to get approved for a personal loan without having a physical debit or credit card in hand.
In this post, we will explore the loan options available in Nigeria that don’t require an active ATM card. From online lending platforms to bank loans and more, you may still qualify for a loan based on other factors.
We will outline the types of lenders willing to provide funds without an ATM card, and tips for increasing your chances of approval. Read on to learn how to secure the cash you need, even if you don’t have a card to withdraw it.
What Is A Loan?
A loan is a financial transaction in which one party, the borrower, receives money from another party, the lender, with the promise to repay the loan with interest at a later date. The terms of the loan, such as the interest rate, repayment period, and collateral requirements, are agreed upon by the borrower and lender before the loan is made.
Loans can be used for a variety of purposes, such as buying a home, car, or other major asset, funding education or business expenses, or consolidating debt.
Why loan apps ask for ATM Card
Loan apps ask for ATM cards for a few reasons:
• To verify your identity: Loan apps need to verify your identity to make sure that you are who you say you are and that you are eligible for a loan. They may do this by asking for your ATM card number, expiration date, and CVV code.
• To disburse the loan: Once your loan is approved, the loan app will need to disburse the funds to you. They may do this by transferring the money directly to your bank account or by issuing you a virtual debit card.
• To collect repayments: Loan apps typically require borrowers to repay their loans automatically monthly. To do this, they will need to have access to your bank account or debit card.
It is important to note that not all loan apps are legitimate. Some loan apps may ask for your ATM card information to steal your money or commit other types of fraud. It is important to do your research before applying for a loan from any app.
List of Loan Apps Without ATM Cards Required in Nigeria
Many loan apps can provide loans without requiring an ATM card, ID card, BVN, or face capturing, but the extent of verification depends on the loan amount. The greater the loan amount, the more stringent the verification process. Below are some of the best loan apps that offer loans without ATM Card to its customers:
Branch
One of the top loan apps in Nigeria without ATM card requirements is Branch. This lending platform offers flexibility, allowing you to apply for loan amounts ranging from 1,000 Naira to 500,000 Naira. Approval decisions are made quickly, often in just a few minutes.
To qualify for a Branch loan without an ATM card, you need a valid government ID, proof of address, active bank account details, and references. Repayment periods range from 1 week to 12 months. Interest rates start as low as 15% depending on your credit profile. Overall, Branch provides a convenient loan option without the need for an ATM card.
Carbon
Carbon is another leading loan app in Nigeria that doesn’t require an ATM card to apply and qualify. You can borrow up to 500,000 Naira with flexible repayment periods of up to 12 months. Interest rates start at 10% and go up to 20% depending on your unique credit profile.
To get approved for a Carbon loan without an ATM card, you’ll need to provide valid ID, proof of address, active bank details, employment information, and references. Loan decisions are made rapidly after submitting your details. Funds can be in your account on the same day in many cases.
FairMoney
With FairMoney, you can access loans up to 500,000 Naira without providing an ATM card. This app offers transparent terms and flexible repayment schedules ranging from 1 week to 12 weeks. Interest rates start at 10% and increase based on your loan amount and other risk factors.
Qualifying for a FairMoney loan requires submitting a valid ID, active bank details, proof of income, employment information, and personal references. You receive a loan decision in minutes in most cases. FairMoney is a trusted source for quick financing without an ATM card requirement.
Paylater
Managed by One Finance, Paylater allows you to access up to 500,000 Naira in loans without providing an ATM card. Interest rates range from 5% to 15% depending on your loan amount and credit score. Repayment terms range from 1 to 12 months.
To qualify for a Paylater loan without an ATM card, you’ll need to submit ID, address verification, bank details, income documents, and references. Loan decisions are issued rapidly after you complete the online application. Overall, Paylater offers affordable rates and terms on loans without requiring an ATM card upfront.
QuickCheck
With QuickCheck, you can access short-term loans up to 400,000 Naira without providing an ATM card. Interest rates start at 10% and repayment periods range from 90 days to 180 days.
The online application process is fast and requires ID, address, income, bank details, and personal reference information. Loan decisions are made the same day in most situations. QuickCheck is a convenient option for small loans without ATM card requirements.
CreditClan
CreditClan allows you to apply for loans up to 400,000 Naira completely online without an ATM card. Interest rates range from 1.16% to 2% per month and terms range from 1 to 12 months.
To qualify without an ATM card, you’ll need a valid ID, proof of address, bank verification, income documents, and personal references. CreditClan promises a quick loan decision and funding directly to your bank.
LCredit
LCredit offers online loans of up to 500,000 Naira with flexible repayment terms of 30 to 180 days. Interest rates start at 1.5% per month based on your credit profile and other qualifications.
The lender doesn’t require an ATM card. Instead, you provide ID, address, income, bank details, and references during the fast online application process. Loan decisions are issued within 24 hours in most cases.
FidoMoney
With FidoMoney, you can access up to 500,000 Naira in loans completely online without an ATM card requirement. Repayment terms range from 1 to 12 months with interest starting as low as 1.5% per month.
To qualify, you’ll need a valid ID, address verification, active bank account details, employment info, and personal references. The online platform provides convenient access to financing when you need funds quickly.
Frequently Asked Questions
What do I need to qualify for a loan without an ATM card?
Most lenders will require a valid ID, proof of address, active bank account details, employment information, and personal references to qualify for a loan without an ATM card.
How much can I borrow without providing an ATM card?
Loan amounts range from 1,000 Naira to 500,000 Naira depending on the lender. Most apps set a maximum limit of 400,000 or 500,000 Naira.
How fast can I get loan funds without an ATM card?
Many of these online lending platforms provide near-instant loan decisions and same-day funding in some cases. Funds are sent directly to your bank.
What are the repayment terms on loans without ATM cards?
Repayment terms range from 1 week to 12 months usually. Some lenders offer flexible repayment schedules.
What interest rates apply to loans without ATM cards?
Interest rates start as low as 1% per month but usually range from 10% to 20% depending on loan amount and personal credit profile.
How do I apply for a loan without an ATM card?
You can apply online through the lender’s website or mobile app. The application process is fully digital and automated.
Are there hidden fees on loans without ATM cards?
There should not be any hidden fees. Be sure to read the full terms to understand all charges and interest rates.
Conclusion
Getting a loan without an ATM card is possible in Nigeria thanks to these loan apps and other innovative lending platforms. When evaluating your options, compare interest rates, repayment terms, and credit requirements. Also ensure the lender is reputable before submitting your application. With the right loan app, you can secure financing conveniently online even without providing an ATM card upfront.
