Omotoyosi Popoola
Hi, Stella, can you make three custom bridal dresses for me? I need them ready in three weeks."
That was the message Stella saw on her phone late Friday afternoon, just as she was checking for matching threads to go with a new fabric. She read it twice to be sure.

"Three dresses? In less than a month?" she whispered to herself, heart racing with excitement.
This could be the breakthrough she’d been waiting for. Her fashion studio in Lagos had been growing steadily, thanks to word of mouth and the behind-the-scenes videos she shared on Instagram. But this was different; a high-paying, high-profile gig.
Then reality kicked in.
“I have just enough to buy the fabrics, but how will I pay my tailors for overtime or get the other accessories?” Stella thought, pacing around her small workshop.
She knew what she needed, cash, and fast. But how?
Her bank? That could take a week.
A loan app? Her friend had mentioned one that gives out instant loans.
She sighed. “Should I go the traditional route, or try one of those digital lenders?”
And just like that, Stella found herself at a financial crossroads one familiar to many small business owners in Nigeria.
Stella is a talented fashion designer based in Lagos. Her small studio steadily grew thanks to referrals and Instagram reels showing off her designs. One Friday afternoon, just as she was about to call it a week, she got an urgent request: a bride wanted three custom-made dresses — delivery in less than a month.
Excited but anxious, Stella knew this was a big break. But she didn’t have enough cash to buy the high-end fabrics or pay her tailors overtime. She needed an urgent loan fast.
Now she was caught between two options: visiting her bank for a business loan or trying out a loan app her friend had recommended.
Commercial Banks: Reliable but Demanding
Stella’s first instinct was to visit her bank. After all, she’d been a loyal customer for years. The bank manager smiled but gave her a checklist:
Business registration documents
6–12 months of bank statements
Utility bills and tax ID
A valuable collateral (land documents, car papers, or property)
“And the interest rate?” Stella asked.
“From 18.49% per annum per annum,” the officer replied, “on the loan type, borrower profile, and bank policies.”
And then the kicker: loan processing could take 2 to 4 weeks, too slow for Stella’s urgent need.
Despite the lower interest rates, Stella realised that commercial banks take fewer risks. They only lend when you tick all the boxes. And even then, their process is slow and full of paperwork. No matter how urgent the loan is, their structure simply doesn’t move fast.
Digital Lenders: Instant Loans with a Price
That evening, Stella downloaded QuickCheck, one of the fast-growing loan apps in Nigeria. She filled out her details, linked her bank account, and waited.
Within minutes, she got a message: “You’re eligible for a loan. Repay in 30 days.”
The interest was higher than her bank’s, but the speed? Unmatched. Sometimes, quick cash is the real opportunity. She clicked “Accept.” Within five minutes, the money hit her account. That night, she ordered fabrics and called her tailors. By morning, she had her sketches ready, fabrics laid out, and her team prepped to start sewing.

Digital lenders like QuickCheck offer instant loans, especially useful in moments when time is more valuable than interest rates. But here’s the trade-off: because they lend without collateral or face-to-face verification, they take bigger risks, and offset that risk with higher interest rates.
Why Digital Lenders Have Higher Interest Rates
Unlike commercial banks that can hold your land documents as security, digital lenders rely on your digital footprint, transaction history, and repayment behaviour. That means:
No paperwork
No collateral
Fast approvals
But because the risk of default is higher, they charge interest ranging from 5% to 30% per month, depending on the lender and your history.
Stella got her urgent loan in minutes. Yes, it came at a premium, but the chance to serve a high-value client made it worth every naira. Sometimes, cash is king, and the bills can’t wait.
Comparison: Commercial Banks vs Digital Lenders
Feature | Commercial Banks | Digital Lenders (QuickCheck) |
Approval Time | 2 to 4 weeks | Instant to 24 hours |
Collateral Needed | Yes (e.g., land, cars, assets) | No |
Interest Rate | 17% – 24% per annum | 5% – 30% per month |
Loan Limit | Often high, if you qualify | Lower, but scalable with a good record |
Documentation | Heavy paperwork and verification | Minimal — ID, BVN, account linking |
Risk Tolerance | Low — strict eligibility | High — accepts more risk |
So, Which Is Better for You?
Stella’s story shows that there’s no one-size-fits-all answer. If you’re not in a hurry, have all your documents, and can provide collateral, a commercial bank loan is ideal for its lower rates.
But if you're like Stella, facing a golden opportunity and need funds urgently, a trusted digital lender or loan app like QuickCheck can be a business lifesaver.
Here’s what to ask yourself before choosing:
Is the loan urgent or long-term?
Do I have all the paperwork and collateral?
Can I afford a slightly higher interest for speed and ease?
Thanks to innovation, people like Stella can now choose between traditional bank loans and loan apps in Nigeria. Each has its perks and trade-offs. What matters is picking the one that fits your needs at the moment.
Whether you want an urgent loan, a business boost, or are just exploring instant loans, the difference lies in your ability to manage speed, cost, and eligibility.
Stella made her choice and delivered those three bridal dresses right on time. The bride was thrilled. So was her bank account.

FAQ’s
Can I get a loan in Nigeria instantly?
Yes, you can! If you want to try QuickCheck, download the QuickCheck app from Google Play, sign up to create an account, and apply for a loan in minutes. Once accepted, the loan will be credited instantly to your preferred bank account.
How long does it take to get a loan in Nigeria?
With QuickCheck, you can receive a loan in as little as 5 minutes.
How can I borrow from QuickCheck?
Borrowing from QuickCheck is simple:
Download the QuickCheck app on Google Play.
Sign up and create an account.
Apply for your loan in minutes.
How much can I borrow from QuickCheck?
QuickCheck offers urgent loans ranging from ₦10,000, ₦30,000 to ₦500,000 or even ₦1,000,000, depending on your creditworthiness and eligibility.
What are the interest rates for loans in Nigeria?
Interest rates vary across loan providers. QuickCheck offers competitive interest rates with flexible repayment terms.
Do instant loans require collateral?
This depends on the lender. However, QuickCheck provides instant loans with no collateral or paperwork required.