In Nigeria, a personal loan is the most prevalent and popular way to obtain finances for a variety of reasons. Individuals earning N15,000 can apply for a personal loan using fast loan applications. The lenders’ qualifying conditions, on the other hand, may fluctuate depending on their standards.
If you earn less than N15,000, certain lenders may refuse to approve your loan application. This is because most lenders set a monthly minimum qualifying requirement of N15,000 to avoid missing payments or fraudulent behavior.
Are small cash loans available for low-income groups?
Small cash or short-term loans are often aimed for low-income individuals having an annual income of less than N15,000. Several financial companies and non-bank financial companies (NBFCs) have seen the need for small cash loans for people in low-income groups who are in need of financial assistance to meet a variety of needs. Young professionals or self-employed persons, young married couples, and students, on the other hand, desire to achieve life goals gradually with small monetary loans.
Individuals in low-income groups may now readily apply for modest cash loans with low-interest rates and flexible repayment ways, and utilize the money to fulfill their aspirations and wishes or for emergency requirements, thanks to the advent of fast personal loans.
What is a general salary/income slab to get a personal loan?
Most lenders assess your income to determine your creditworthiness and establish the minimum salary slab at N15,000 or more. However, only a few lenders accept a monthly income of less than N15,000 as an eligibility condition.
Other factors, such as your credit score, are usually taken into account when applying for a personal loan. Before issuing a personal loan, the lender assesses your income and credit history. Your credit score, whether good or negative, reflects your creditworthiness. As a result, if you are a first-time borrower, your income evidence will be important.
To qualify for a personal loan online, you must have a monthly salary of at least N15,000.
LCredit Instant personal loan and benefits
Cashigo, a non-banking financial organization, has introduced the LCredit quick personal loan app, which offers modest cash loans ranging from N50,000 to N150,000 to salaried and self-employed persons. LCredit is a fully digital platform that allows you to get a quick loan for a variety of reasons on the same day. On your smartphone, go to the Google Play Store and download the LCredit loan app.
Instant cash loan app is a one-stop shop for all of your urgent financial needs, with a unified set of features that include the following advantages:
- Minimal and paperless documentation
- Flexible repayment tenure starting from 6 months to 24 months
- The affordable interest rate with low processing fees plus GST charges
- Real-time approval in seconds
- Disbursal directly into your bank account in a single working day
- Personal loan eligibility calculator to evaluate your loan eligibility criteria to prevent rejection of loan application
- Customize your loan amount, EMI & tenure using the loan EMI calculator
- Simple application procedure in a few easy steps
Finally, with the LCredit instant loan app, you can quickly get a personal loan if your minimum salary is N15,000 per month.