Loan without Interest in Nigeria (Opinions & Suggestions): Welcome, on this page, you will learn the possibilities in relation to whether or not; one can get a loan without interest in Nigeria.
Hey there! Are you interested in knowing how you can get fast loans without having to pay for interest or maybe, you are searching for the possible places to get these kinds of loans? Am happy to welcome you again on this page because, you just stumble on the page that will walk you through in knowing whether or not, you can get a loan that doesn’t require you paying extra fees when servicing.
We came up with this content idea when from our sources; we learn a lot of Nigerians are making searches such as;
- Can I get loan without interest fee in Nigeria
- How to get loan without collateral in Nigeria? And many others.
Having analyzed this search queries and questions being asked on top financial groups on social media, we thought it would be of great resource to some set of persons who need answers to similar question. So, let’s get down to the main content as I really want this piece to be short and simple
Loans without Interest Fees in Nigeria (what it means)
It is obvious everyone knows what loan truly is therefore, I won’t be talking much on it. However, I will provide a brief to enable beginners understand more on the topic under investigation (possibility of loan without interest). In general, loans can be anything borrowed (usually money), which is expected to be paid back within a stipulated period of time.
Most time, when loans are granted to an individual or an organization, the amount expected to be paid for the loan servicing is usually above the amount of loan given initially. This means that; if you are being offered a loan of ₦100k, you will be expected to pay back amount above the ₦100k which was initially given to you when the loan is due for payment. The amount to be paid as interest is usually based on some factors which include;
- Company policy on loans: company charges may vary depending on the company’s policy on loan interest percentage.
- Amount taken: the amount you collect as loan.
- Loan period: how long before you repay back the loan which was given.
Can I Get Loan without Paying Interest in Nigeria?
The possibility of getting a loan without interest charges in Nigeria is really slim. However, it is possible to acquire a loan in Nigeria without having to pay any sum as interest. It is most definite that this type of loan cannot be gotten from any recognized financial institution duly registered by CAC or maybe recognized by CBN to carry out financial services in Nigeria.
This is because, no one will go further setting up a loaning service business and say he/she is not up for profit. Now how do you expect anyone who means business while offering loan service to make profit without having to collect interest rates from loans issued? Chances are really slim here too. However, from my personal opinion, I checked for the possibilities for Nigerians to get loans without having to pay for any sum as interest fees and these how-to methods can be found below.
Top 5 Ways on to Get Loans without Interest Fees in Nigeria
1. Get Loans from Family Members
One of the easiest ways to get a loan in Nigeria that requires zero interest charges is getting it from home. Home has to do with family and/or relatives provided you all are connected in some ways. Most family members, if capable can issue you a loan without ever asking you for any sum which is to be added as interest rates in servicing the amount collected when due.
This can be because of many factors which include; connection between the both of you, how you’ve helped the person in the past or maybe, things you all have gone through in the past. However, this is not the best method of getting a loan offer that requires no interest fee in Nigeria. Continue reading should incase, this is not the best pick for you.
2. Loans from Friends
There can be a connection between you and someone (a non-family member, even if he/she not really your friend) to the extend, the person won’t have any doubt of issuing you a loan and not asking for anything in form of cash as his benefits. However, chances are slim if you are not really into the person, you won’t benefit from this method of getting this type of loan.
This is the reason why it is important to always have someone you can run to in times of need.
3. Loan from Churches
Churches in Nigeria offers loans to their members and you too can benefit from this option. However, not all churches have this flexibility or enough resources to oversee or render this empowerment service to their members.
To know if your church offers this service, you might want to ask around preferably from the top elders of the church and you sure will get a fitting response or maybe other available options to choose from.
4. Loans from Cooperative Society/Union
Cooperative societies in Nigeria offer financial aid or loan services to their members without asking for anything in form of cash to be paid as interest rates. All you need to do is join a union society in your niche to benefit from this. Am sure you already know what cooperative society really is so I don’t have to go into details.
There are so many societies you can join. It may be tribal members associate (formed by members of same state), niche traders associate (usually formed by members in similar sales field e.g Garri Seller Union, Irish Sellers Union), or labor union (usually formed by members of same working environment).
5. Go into Local Adashe
Adashe is a local term in Nigeria which means peer to peer (P2P) donations. It happens in an in-like manner in the sense that, members donate money to others members usually in a scheduled period of time.
Donations received might be on daily, weekly or monthly basis. It is one of the easiest ways to get instant loan cash without having to bother about paying any sum in the name of interest rates.