Your ATM card has expired like mine or don’t have an ATM at all, yet, you need to get a loan? Why worrying that much? It is very possible to get loans without an ATM card.
However, the requirements for obtaining a loan can vary depending on the lender and the type of loan you are seeking.
For example, if you are applying for a personal loan from a traditional bank, they may require you to have an ATM card or checking account with them.
However, there are also online lenders and alternative financial institutions that offer loans without ATM card.
In general, lenders will look at your credit score, income, and employment history to determine whether or not you are eligible for a loan.
So, if you don’t have an ATM card, you may still be able to get a loan if you can demonstrate your ability to repay it through other means.
However, I’d recommend you to carry out your research and compare different lenders to find one that fits your specific needs and requirements.
How to get loans without ATM Card in Nigeria
As I have said earlier, it is very possible to get loans without ATM card.
Here are some steps you can take to obtain a loan without ATM card in Nigeria:
Research different lenders
Start by researching different lenders that offer loans without requiring an ATM card. You can do this by searching online or asking for recommendations from friends and family.
But to make it easier for you below are loan apps that allow you to get loans without an ATM card in Nigeria:
- Carbon
- Renmoney
- FairMoney
- Aella
- Palmcredit. etc.
1. Carbon
Carbon is one of the oldest likewise one of the top 10 loan apps in Nigeria that offers loan which ranges from N5,000 to more than a million naira.
One of the benefits you can enjoy as a customer is that you may not need to provide an ATM card before getting a loan.
2. Renmoney
Renmoney loan app is also amongst the list of best and top lending apps in Nigeria that allows individuals to get loans without ATM card.
3. FairMoney
FairMoney as the name implies is a reputable loan app in Nigeria that also offers loans to individuals without ATM card.
4. Aella
Aella loan app is not left out amongst the best loan apps in Nigeria that enables their amiable customers to get a loan without ATM card.
5. Palmcredit
Palmcredit is amongst the top 10 most popular loan apps in Nigeria, their popularity may have sprouts out through their adverts and great customer service.
Read Also: Top 10 Car Loan Companies In Nigerian (2023)
They are not left out amongst the apps that provides loans to customers without an ATM card.
2. Check eligibility requirements
Once you have identified a potential lender which could be any of those listed above, you’ll need to check their eligibility requirements.
Most lenders will require proof of income, employment status, and identity verification.
3. Submit your application
Once you have found a lender that suits your needs, submit your loan application. This can be done online. Applying for a loan from any of those aforementioned apps is to be done online and mostly on their apps.
Download the app, sign up, and submit an application.
4. Provide necessary documents
After submitting your application, the lender may request additional documents to verify your identity, income, and sometimes employment status.
Be sure to provide these documents to avoid delays.
5. Wait for approval
After submitting your application and required documents, wait for the lender to approve your loan.
The time it takes for approval can vary depending on the lender but typically take between some minutes and 24 hours.
6. Receive your loan
If your loan is approved, the lender will disburse the funds to your bank account. Be sure to check the loan terms and repayment schedule to ensure that you understand the terms of the loan.
Frequently Asked Questions On Banks that offer Loans without ATM Cards
Here are some frequently asked questions about banks that offer loans without ATM cards in Nigeria:
What is an ATM card, and why is it not required for some loans?
An ATM card is a plastic card issued by a bank that enables customers to access their bank accounts to withdraw cash or make transactions.
Some lenders do not require an ATM card for loans because they can verify a borrower’s identity and income through other means.
What are the requirements for obtaining loans without an ATM card?
The requirements for obtaining a loan without an ATM card may vary depending on the lender.
In general, lenders will look at a borrower’s credit score, income, and employment history to determine their eligibility for a loan.
Are there any disadvantages to obtaining a loan without an ATM card?
One potential disadvantage of obtaining a loan without an ATM card is that it may limit the borrower’s ability to access funds from their loan account.
Also, without an ATM card, you may have to rely on other methods to repay the loan, such as direct bank transfer.
How can I find banks that offer loans without an ATM card?
You can find banks that offer loans without an ATM card by researching online or asking for recommendations from friends and family.
Some lenders that offer loans without an ATM card in Nigeria that I’ve shared with you are Renmoney, Carbon, Fairmoney, Aella, Palmcredit etc.
Are there any risks associated with obtaining a loan from an online lender without an ATM card?
As with any financial transaction, there are risks associated with obtaining a loan from an online lender without an ATM card.
To minimize these risks, borrowers should research the lender’s reputation and read the terms and conditions of the loan carefully before accepting it.
Additionally, borrowers should ensure that the lender is registered with the appropriate regulatory bodies in Nigeria.
