Categories: Term Loans

Rent Loans In Nigeria: Everything You Should Know

Housing is regarded to be one of the essential needs of life. Without a house, it will be difficult to leave a comfortable life in Nigeria. In fact, not having where to stay after a day’s activities does not seem appealing. Not having a house to stay in does not guarantee one’s safety. For instance, in Lagos, Nigeria, we have people without houses sleeping under the bridge. Their security is not guaranteed at all in that kind of lifestyle.  So, having a place with a roof to stay, live alone, or with one’s family, is forever golden.

Why Should You Consider Rent?

In Nigeria today, we all know that having your own house where you live attaches prestige to you in your community. Of course, not everyone has the capacity of building their own house. In such a situation, they have to live in a house built by other people under the condition that they will pay an agreed payment called Rent, annually to the owner of the house known as the landlord or landlady.

Why Should You Consider Rent Loans?

It is not a story that the majority of Nigerians today are facing economic hardship. Should we start talking about the number of people that are unemployed? Even those that are employed do not earn enough salary to cater for themselves and their families. What about those running businesses? The business environment recently has not been favorable.

These people do not earn enough money monthly to cater to all their responsibilities. Out of their monthly earnings, they feed, pay school fees, send money to family, pay debts, and buy clothes, and we cannot even ignore the reality that there is inflation which has made everything to be super expensive.

House Rent is usually paid annually in Nigeria and most people save monthly ahead for when their rent will be due. After deducting everything from their monthly earning, there might not be much left again for savings. What if an unexpected situation comes up? They might still spend those savings. So, the question is, where do they run to?

Obviously, the bail-out is rent loans. They need to start seeking how they can get rent loans at low cost in Nigeria.

How to Get a Rent Loan in Nigeria

There are now lending institutions that provide rent loans to Nigerians. In fact, in recent times, we now have loan apps that can offer to give instant personal loans to their clients to sort out unexpected or urgent needs. You can read about the loan apps that offer personal loans to their customers on our website. You can get these instant personal loans from these loan apps at a low cost and without having to provide collateral. Another option is to go for institutions that specifically provide rent loans.

What Institutions Provide Rent Loans in Nigeria?

The good news is unlike before, we now have some institutions that provide rent loans to people in Nigeria. These institutions will be listed below:

  • Paymrent
  • Sparta Kapital LTD
  • Kredit Nigeria
  • Resort Savings and Loans PLC
  • PennyLender

How To Apply for Rent Loans

The methods of applying for a rent loan in Nigeria depend on the institution offering the loan.  All you need to do is identify the lending institution and know the method that you can use to apply to get their loan. Some may require you to apply through their official website and some may require you to proceed to their physical office with all the necessary documents.

Below is a list of documents or requirements that are generally required for rent loan application:

  • Bank account details
  • Details of employment
  • Valid means of identification
  • Bank Verification Number
  • Having a good source of income


Paying rent in Nigeria can be very difficult, but thanks to the emergence of lending institutions that now provide loan rents to Nigerians. With all the details provided above, we believe that you now have an idea of how you can seek for rent loan. This article can serve as a foundation for knowledge of what you need.







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