Best Platforms Offering Quick Loan for Rent in Nigeria

Seeking a loan for rent isn’t a new thing. It’s something that has gone on for quite a long time in Nigeria. According to an RSIS International study, the cost of most rented apartments in Lagos state is higher than the income of low-medium income earners.

Thankfully, there are a handful of fintech companies that come to the rescue of tenants who are stuck in a rent dilemma. 

So, in this article, we will be listing the best platforms offering quick loans for rent in Nigeria in no particular order. 

1. RentSpace Technologies 

RentSpace Technologies, one of the Top 100 Fastest-Growing SMEs in Nigeria, is a financial lifesaver for Nigerians struggling with annual rent payments.

The standout feature, SpaceRent, lets you save towards your rent at your own pace. When you save consistently for 5–8 months and reach 70% of your rent target, RentSpace tops it up with a loan that covers the remaining 30%. 

You can access up to ₦3,000,000, depending on your savings and income level, with an interest rate as low as 3% per month.

Other innovative features on the RentSpace app include:

• Space Deposit: A tool that locks your savings for a set period to prevent unnecessary withdrawals.

• Space Exchange: This allows you to save in dollars, protecting your funds from the impact of currency fluctuations.

• Space Auto: A unique feature for saving towards big goals, like buying a car, at your preferred pace.

RentSpace isn’t just about loans—it’s a platform designed to help you achieve financial discipline while tackling pressing needs like rent.

2. Kwaba

Kwaba specializes in providing rent loans tailored to tenants’ needs. The platform allows you to spread your rent payment over 6–12 months, with loans up to ₦2,500,000. 

Interest rates range from 3%–5% monthly, depending on your credit profile. Their process is seamless, and approval is fast once you meet their requirements.

3. PayMyRent

PayMyRent offers flexible rent loans of up to ₦1,500,000, allowing tenants to pay in installments while they handle the full upfront payment to landlords. 

PayMyRent monthly interest rates are between 4%–6%, and repayment terms can extend up to a year.

4. FairMoney

FairMoney provides quick cash loans up to ₦1,000,000, with interest rates ranging from 10%–30% per month, depending on the loan tenure. 

The application process is entirely digital, and funds are disbursed within minutes.

5. Carbon

Carbon offers short-term loans of up to ₦1,000,000 for various needs, including rent. Their interest rates range from 1.5%–5% monthly, with repayment terms of up to 12 months.

6. AjoCard

AjoCard combines traditional thrift saving with modern fintech solutions. Rent loans of up to ₦500,000 are available for individuals who actively participate in their savings programs, with interest rates starting at 3% per month.

7. RenMoney

RenMoney provides loans up to ₦6,000,000, making it a viable option for tenants with higher rent obligations. Interest rates start from 2.8% monthly, with flexible repayment terms of up to 24 months.

8. Branch

Branch is an app-based platform offering quick loans of up to ₦500,000 for emergencies, including rent. Interest rates vary between 15%–30% for short-term loans, with repayment terms of up to six months.

9. Page Financials

Page Financials provides rent loans of up to ₦5,000,000, with interest rates starting at 3% per month. Their repayment options are flexible, with terms extending up to 18 months.

10. Lidya

Lidya offers loans tailored for individuals and small businesses, with amounts up to ₦2,000,000. Interest rates are competitive, starting at 3% monthly, and approvals are typically fast.

Final Words

With the loan platforms listed above, you’re sure to get a quick loan for rent. If you want a platform that will discipline you on how to save while getting loans, RentSpace is your best choice. 

If you prefer more flexibility in repayment terms, Kwaba and PayMyRent offer competitive options with manageable monthly installments. For those looking for instant disbursements and minimal paperwork, FairMoney and Carbon are excellent choices, offering fast loans with minimal requirements.

For a more traditional savings approach with modern tech integration, AjoCard and RenMoney are great choices.