The process involved in getting a loan from banks in Nigeria is a long and rigorous one. For those that have attempted the loan application of Nigerian banks, they know the seemingly impossible terms that are always set.

These thing can hamper small business owners, the working class and anybody that needs to get a soft loan in Nigeria without the hassles of collateral and plenty interests charged on normal bank loans.

Waiting till the end of the month for salary can also be a very grueling experience when there is an emergency requiring immediate cash

Paylater and Aella Credit are two tech startups that offer loans to users free of charge without any collateral, and they also charge as low as 7% interest or less on the loans. They specifically have a preference for people who have a steady monthly income.

These are the simple steps to get a loan in 24 hours or less,

Step 1

Download the Paylater or Aella Credit apps from the Google Playstore or iTunes, they are both not more than 35MB each.

Step 2

Input financial details including requested like your credit card and Bank Verification Number (BVN) as they would be used to debit your account when the agreed repayment time reaches.

Step 3


After filling the form, fill the application for from inside the app and if your application is accepted, your account will be credited in less than 72 hours.


The loans usually start from around ₦10,000 and increase with each repayment that is being made. Please note that their are so many reasons loans are rejected. The reasons range from an incomplete form, to not providing proper information.