Rent loans in Nigeria have become a popular financial solution for individuals who cannot pay rent due to financial constraints. In many cities across Nigeria, renting an apartment is quite expensive and can be a significant burden on a person’s finances.
However, with the availability of rent loans, tenants can now access loans to cover their rent payments and avoid eviction. In this article, we will discuss everything you need to know about rent loans in Nigeria, including how they work, where to get them and the benefits of using them.
What are Rent Loans?
Rent loans are a form of personal loan that is specifically designed to help individuals pay for rent. These loans can be used to pay for various rental properties, including apartments, houses, and commercial spaces.
How Do Rent Loans Work?
Rent loans work like most other types of personal loans. You apply for a loan from a lender, and the money is disbursed if approved. You then use the loan to pay for your rent. You must repay the loan over a specific period, usually with interest.
What are the Requirements for Rent Loans?
The requirements for rent loans may vary depending on the lender you choose to work with. However, some common requirements include:
Proof of income: You must show proof of income to repay the loan.
Credit score: Some lenders may check your credit score to determine your creditworthiness.
Identification: You must provide a valid means of identification, such as a driver’s license or national ID card.
Bank account and BVN details: You must provide your BVN and bank details where you will receive the loan amount.
Where Can You Get Rent Loans in Nigeria?
Several lenders in Nigeria offer rent loans. Some of the popular options include:
- Paymyment
- Credit Nigeria
- Sparta capital limited
- Surbpolitan Microfinance Bank
- Sofri Sofri
Paymyrent
Paymyrent is a Nigerian rent loan provider that offers loans to eligible individuals who need financial assistance to pay their rent. While they encourage their users to save up for their rental payments, Paymyrent is available to provide loans to those who need them.
The process is simple: Paymyrent collects 50% of the total rent from their users’ Paymyrent wallet, and then pays the full rent to the property owner on behalf of the user.
To access Paymyrent’s services, interested individuals can apply through their website or mobile app. It is important to note that the loan can only be used for rental properties listed on online platforms.
Requirements
- Must earn ₦70,000 or above
- Must have a monthly salary paid into a savings or current account
- Must live and work in Lagos or Abuja
- Must be a confirmed employee of a registered business
- Must have a pension account
- You must have a guarantor that earns higher than you
- You must have installed the Paymyrent mobile app on your device.
Documents To Present
- A valid means of identification
- Utility Bills
- A copy of your employment letter
- A mobile device with an interest connection
Contact Details
Head Office: HQ 37, Akin Oshiyemi Street, Allen, Ikeja
Email: support@paymyrent.ng
Tel: 09034800393
Credit Nigeria
CreditNigeria is an online lending platform specializing in assisting individuals seeking to obtain loans for their rent. Rather than directly offering cash to borrowers, they provide relevant information regarding rent loans from their partner institutions.
Prospective borrowers must fill out a loan application form on Credit Nigeria’s website to benefit from this service. Upon meeting the eligibility criteria, the borrower receives various loan offers from various lenders. After selecting a preferred offer, the funds will be deposited into the borrower’s account.
Requirements
- Must have a clean credit report
- Must be above 20 years old
- Must be employed or self-employed for 6 months
- Must apply for loans that are not up to 8 times your monthly income
Documents to Present
- Email Address
- Internet-enabled device
- BVN
- Phone Number
- Valid means of identification
Contact Details
Head Office: No. 9 Water Corporation Road, Victoria Island Ext., Oniru, Lagos, Nigeria
Email: info@creditnigeria.com
Sparta capital limited
Sparta Capital Limited is a lending institution that provides loans to individuals who want to pay monthly rent. The company offers flexible repayment plans to attract more applicants, and it does not consider the rental property’s location before approving loan applications.
You must complete an online application form to apply for a rent loan from Sparta Capital Limited. Once you meet the eligibility criteria, your loan application should be approved promptly.
Requirements
- Between the ages of 22 to 55 old
- Have a verifiable source of income
- Have a functional bank account
Documents to Present
- A Passport Photograph
- A valid means of Identification ( International Passport, Driver’s Licence, or National ID card)
- Your 6months up-to-date salary statement of account, to be sent directly from your bank or generated by us
- Employee ID Card
- NUBAN Cheques or Direct Debit Mandate
- A guarantor
Contact Details
Lagos Office: 23B, Hunponu Wusu Street, Off Hakeem Dickson Link Road, Lekki Phase 1, Lagos.
Tel: +234 809 0973 898
Email: info@sclfinance.ng
Ikeja Branch: 27, Abel Oreniyi Street, off Salvation Road, Opebi, Ikeja, Lagos.
Tel: +234 809 0973 899
Abuja Office: Plot 1207, FHA, Lugbe Layout, Airport Road, Abuja
Tel: +234 809 0973 904
Email: infoabuja@sclfinance.ng
Surbpolitan Microfinance Bank
Surbpolitan Microfinance Bank is a reputable financial institution in Nigeria that offers rent loans to individuals seeking to pay their monthly rent. The company offers flexible repayment plans to attract applicants and ensures that its services are available to both salary earners and self-employed individuals.
Unlike other rent loan providers, Surbpolitan Microfinance Bank does not discriminate against the location of your rental property when approving loan applications. This means that you can apply for a loan from any part of the country and still get approval if you meet the eligibility criteria.
To apply for a Surbpolitan rent loan, you must fill out an online application form on their website. If you meet their requirements, your loan will be approved and disbursed to your account within a short period.
Requirements
- Must be within 22 – 55 years
- Must have a verified source of income
- Must have more than one guarantor
Documents to Present
- A valid means of identification
- BVN
- A device with an Internet connection
- An active bank account
Contact Details
Head Office: 82, Bode Thomas Street, Surulere, Lagos.
E-mail:smbcares@surbpolitanmfb.com
Tel:+234 906 0003 061
Sofri Sofri
Sofri Sofri is an online loan provider specializing in offering rent loans to employed individuals in Nigeria’s public and private sectors. In addition to evaluating loan applications, the company verifies the property’s availability for rent.
To be eligible for a rent loan from Sofri, you must make a down payment of one month’s rent on the desired property. This property must be located in either Lagos or Abuja. Once your payment has been confirmed, you can apply for the loan through the Sofri website.
Requirements
- Must be employed in the public or private sector
- Must pay rent in areas and properties approved by Sofri Sofri
Documents To Present
- BVN
- Valid Means of Identification, e.g., National ID, Driver’s License, Voter’s Card
- Passport Photograph
- Employment Letter
- A mobile device with an internet connection
Contact Details
Head Office: 66-68 Alexander Road, Ikoyi, Lagos.
Email: hello@sofrisofri.com
Tel: 015151119
What are the Benefits of Rent Loans?
Some of the benefits of rent loans include:
Easy access to funds: Rent loans make it easy for individuals to access funds to pay for their rent.
Flexibility: Rent loans offer flexible repayment plans allowing individuals to repay the loan over time.
Low-interest rates: Some rent loans come with low-interest rates, making it affordable for individuals to repay them.
Frequently Asked Questions
Who Can Apply for a Rent Loan in Nigeria?
Generally, anyone employed and who can provide proof of income can apply for a rent loan in Nigeria. Some providers may have additional requirements.
What are the Repayment Terms for Rent Loans in Nigeria?
The repayment terms for rent loans in Nigeria vary depending on the lender. Some may offer flexible repayment plans, while others require payment within a shorter period.
Can I Use a Rent Loan to Pay for Any Property?
Some providers may require the property to be listed on their platform before approving the loan.
Bottom Line
Rent loans are a great solution for tenants who need to pay their rent but may need more money now. In Nigeria, several institutions provide these loans with varying conditions, interest rates, and repayment plans. It’s important to carefully consider your options, compare rates, and choose a lender that best suits your needs.
