Many loan apps require you to input your debit or ATM card into their system before approving your loan. However to prevent falling victim of fraudulent lending platforms, borrowers usually seek applications granting instant loan without ATM card in Nigeria. Many fake loan apps deduct illegal processing fees from your account once you have profiled your debit or ATM card with them and at the end won’t approve any loan for you
ATMs called Automated Teller Machines or debit cards are mostly used to withdraw cash or to facilitate electronic payment through a financial institution or a payment gateway. If a bank allows it, you can also make deposits into an account during and outside regular business banking hours. This card can also be used to set up automatic debit to an account and it always requires a PIN (Personal Identification Number) before it can be executed.
Top 5 Loan Without ATM Card or Debit Card for instant borrowing in Nigeria
The best instant loan applications that approve fast credit without asking you to input your ATM Card or debit card include Branch, Aella Credit, QuickCredit, FairMoney and Umba app among others. These online lending applications are very credible and reputable and approve loan instantly without collateral, documentation or paperwork.
1. Branch App
Branch is the world’s leading digital lending app for personal and business finance and the first on our list of loan without ATM card in Nigeria. Branch app makes it easy for borrowers to get quick loan up to ₦500,000 without any form of debit card, in addition helps to transfer money for free, and enjoy investment yields of 20% per annum.
Branch lending platform provides access to instant loans without you inputting your debit card and without collateral or physical office visit. Loan amount ranges from ₦2,000 to ₦500,000. Depending on the loan amount you select, Branch monthly repayment will be available for you which is averaged at 60 days (2 months). Monthly interest ranges between 2.5% to 20% and APR of 18% to 260%.
2. Aella Credit App
Aella Credit is yet another leading digital lender and one of the few platforms that give loan without ATM card details submission. With this app, it shouldn’t be difficult to borrow quick loans and get instant cash for yourself or for your business. The app allows you to borrow money, to invest, increase productive capacity, pay bills, and get more working capital for your business. With Aella, all these are available at the snap of your fingers.
Aella Credit app has a monthly interest rate of 2% to 20% and APR of 22% to 264% per year. Loan amount ranges from N2,000 to N1,500,000 while monthly payments range between 2 months to 12 months.
3. QuickCredit App
Quick Credit is a loan app hosted on google play and set up to provide Nigeria mobile users with convenient lending services between N1,500 toN50,000. Quick Credit loans do not require an ATM card nor a debit card. to apply for Quick Credit loan. With simple steps and minimal documentation, users can get qualified loan products which is 100% online process. Once approved, the loan amount will be immediately transferred to the applicant’ s bank account.
4. FairMoney App
FairMoney is a top digital lender and one of the best lending platform that approve quick loan without ATM card or debit card. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%). The app uses artificial intelligence to analyse your bank records and validate your BVN to make lending decisions. The loan is 100% online, with no collateral, debit card or documentation required to access cash loans.
5. Umba App
In the list of the best loan apps without ATM Card, Umba is a top option that allows users to apply, drawdown and repay loans directly from their smartphone or desktop computer without inputting any debit card. Once an individual is verified, the loan platform says it can make lending decisions which are based on an assigned risk rating. Umba app is hosted on google play store and it does not require any collateral or documentation to access its quick loan.
Conclusion
The apps reviewed above are the top 5 lending platforms that can approve instant loan for you without setting up or adding your ATM card or debit card with the platform. Please abstain from taking loans from fake loan apps that access your phone database and send shame and defamatory messages to your contacts.
