With Evolve Credit, Nigerians can find, review, and apply for loans and financial products

Now, more than ever, there is an overwhelming need for loans and financial products in the Nigerian market.

This is evident in the increase in loan applications from individuals and small businesses since lockdown restrictions began.

But with most loan providers operating offline, it proved difficult for some customers to apply for this financial service.

Still relying significantly on offline lead generation, in-person meetings, and paper applications, offline methods played a big part in deciding the fates of these businesses during the lockdown.

Advertisement

Besides that, another problem exists.

Not all SMEs and individuals who succeeded in getting loans via the available online lenders had a smooth process. How so? Because despite the increase in loan applications this period, reports on predatory lending increased too.

But this isn’t particularly new as predatory lending always reared its ugly head even before the pandemic.

During his time as a process analyst at UBA Nigeria, Akan Nelson began to notice why this happened. In his opinion, the average Nigerian isn’t particularly privy to the knowledge that people with a good finance background have regarding financial products.

He attributes this to an information gap and this is why some customers get good interest rates on their loans and others get frustrating deals.

“I think if more people had access to this kind of information and understood the kind of loans that are in the market, then maybe we wouldn’t