Description

Snapcredit

Snapcredit is an online moneylender that provides retail loans for consumers in through their employer. The amount borrowed is then deducted from your monthly salary.

Their minimum loan amount is N10,000 and the upper limit for a new customer is N1,500,000.

The size of loan and interest rate charged is determined by data provided by your employer such as salary, length of service and position.

Once you decide on the amount you want and you have set up your repayment schedule money is sent to the your salary bank account instantly.

Pros

• High maximum loan
• Choice of repayment scheme

Cons

• Geographic restrictions to Lagos
• Employer approval required