Loan Apps in Nigeria – Loan apps are the most suitable method for accessing loans in Nigeria, as the procedure of obtaining short-term loans from Nigerian banks can be protracted and arduous for those seeking a small loan for a short duration.
It’s unfortunate that sometimes we run out of cash and therefore seek ways to get quick cash, like loans, be it for business or personal interest. That’s why loan apps are made available so that you can easily get loans without much stress.
So, in this post, you will see a detailed list of the top loan apps in Nigeria that are widely used and recommended by most of its users. Read on!
Top 10 Loan Apps in Nigeria
1. Carbon
Previously known as PayLater, Carbon is the number one choice and the most popular loan app for most people to borrow money online.
This straightforward lending platform provides instant access to loans. It offers short-term loans that assist in covering acute needs and emergencies.
You can easily obtain a loan without the need for any documentation. Only your bank verification number (BVN) is necessary to confirm loan eligibility.
Moreover, you can borrow up to ₦20 million with interest rates ranging from 5% to 15% with this loan app.
Download the loan app from Google Play Store or Apple App Store to get started.
2. Branch
With Branch, another trustworthy loan app, you can borrow up to ₦1,000,000 within 24 hours with a minimal amount of ₦2,000. The repayment period ranges from 4 to 52 weeks, and the loan incurs different interest rates based on the loan amount and the user’s repayment history.
Accessing a loan through this platform requires no collateral or documents. All that is necessary is your phone number and bank verification number (BVN).
Branch makes obtaining a personal loan easier by verifying your identification and calculating your creditworthiness using data from your smartphone, including your SMS history.
The Branch app allows you to request loans, save money, and manage your finances on the go. Download the loan app from the Google Play Store to get started.
3. PalmCredit
Obtaining a loan from the PalmCredit app is a straightforward process that can be completed in a matter of minutes. The app offers a simple and efficient service that enables users to easily obtain immediate loans ranging from ₦2000 to ₦100,000 without any difficulty. Eligible borrowers must be at least 18 years of age.
Palmcredit is an online loan app managed by Newedge Finance Limited. The loan app allows users to collect loans and access credit facilities without any collateral. It also provides incentives to users who recommend others to utilize the loan service.
Download the loan app from the Google Play Store to get started.
4. Aella Credit
Aella Credit specializes in providing instant loans and employee loans. It offers fast loan approval with a monthly interest rate ranging from 6% to 20%. You can get loans as high as ₦2,000,000 on the app with no collateral and enjoy adaptable repayment plans to suit your needs.
In addition to its core services, Aella Credit offers supplementary financial services such as investment opportunities, bill payment solutions, and cost-effective insurance options.
Aella Credit has very good customer relations, and their helpdesk is always ready to answer any inquiries. Download the loan app from Google Play Store or Apple App Store to get started.
5. EaseMoni
The Central Bank of Nigeria has granted Easemoni a microfinance banking license, allowing them to provide fast personal cash loans in Nigeria. Millions of people have borrowed money from them over the past six months. With no collateral required, you can apply for a loan online anytime and from any location.
Here are the major advantages of using EaseMoni:
- Loan over ₦1,000,000 and above. Deposit the money into your bank account.
- With a rate of at least 5% to 10% and an APR of 60% to 120%, your credit rating can help you save a lot of money.
- No fees or pledges are required.
- You can complete all of the steps online. This is a seamless and online process that you can do on your phone.
- Your information is completely secure with them. The Central Bank of Nigeria has granted them a license to operate a microfinance bank. As a result, Insurance Corporation insures all of your loans (NDIC). Without your permission, they do not disclose your information to any other parties.
- Don’t be concerned about forgetting to pay. They’ll send you texts as a reminder.
Download the loan app from the Google Play Store to get started.
6. FairMoney
FairMoney offers its customers personal loans, education loans, business loans, and more. No documents, no collateral! You will only need to share your BVN details during the loan application and connect your card or bank account to authorize them to debit your account for the repayment.
Here are the major benefits of using the FairMoney App:
- You can access quick loans of up to ₦3,000,000 in five minutes, no collaterals and easy repayment terms.
- Take your business to the next level with up to ₦5,000,000 FairMoney SME loans.
- Data encryption and privacy protection.
- Instant loan with no hidden charges.
- Rewards, loans, and perks.
- Loan history and transaction tracker.
- The platform can also be used to buy airtime and data and subscribe to cable TV.
Download the loan app from Google Play Store or Apple App Store to get started.
7. Newcredit
The Newcredit loan app makes it easy and convenient for everyone to get loans anytime with no stress. It is one of the loan apps operated by Newedge Finance Limited.
Newcredit utilizes artificial intelligence (AI) to scrutinize the financial records of potential clients, which encompasses analyzing their bank transaction SMS messages on their mobile devices as well as assessing their creditworthiness as evaluated by other lenders.
The Newcredit loan app offers:
- Loan amount from ₦10,000 to ₦300,000.
- Repayment from 91 days to 365 days.
- Easy to get safe loan without mortgage.
- APR from 24% to 56% per annum.
Download the loan app from the Google Play Store to get started.
8. Renmoney
Renmoney is a microfinance bank in Nigeria that positions itself as one of the most convenient loan firms. It is known for its innovative approach and commitment to delivering exceptional service experiences.
Personal and business loans between ₦5,000 and ₦6,000,000 are available in this loan app. Renmoney loan tenure is 3 to 24 months, and the Annual Percentage Rate (APR) is 30% to 90%. No paperwork, collateral or guarantor is needed.
Download the loan app from Google Play Store or Apple App Store to get started.
9. QuickCheck
With the Quickcheck loan app on your device, you can access a loan of up to ₦1,000,000. You can choose when to repay, and there is no need for collateral or a guarantor.
The Quickcheck process is quite simple, and like others, the funds will be sent directly to your bank account. The loan app is unique in that it uses machine language and artificial intelligence to predict the behaviour of borrowers, which means a quick loan application process.
Download the loan app from the Google Play Store to get started.
10. Xcash
Xcash is one of the top loan apps in Nigeria. It is a convenient, quick online loan platform for Nigerians.
Xcash online loan app offers:
- Loans online amount: from ₦10,000 to ₦100,000.
- Loan period range from 91 days to 180 days.
- APR from 24% to 56% per annum.
Download the loan app from the Google Play Store to get started.
Other Loan Apps in Nigeria
Here are other good and reliable loan apps in Nigeria:
- P2Vest
- WeCredit
- Irorun
- SureCredit
- FirstNell
- QuickBucks by Access Bank
- Aje Loan
- Umba
- SnapCash
- KashKash
- NCash
- iCredit
- BGloan
- Lendvisery
- TrueNaira
Conclusion
During times of unforeseen financial needs, it is crucial to have access to prompt and dependable loan alternatives, which can prove to be really beneficial.
The top loan apps in Nigeria listed above provide straightforward, rapid, and adaptable solutions to assist you in efficiently handling immediate cash needs without difficulty. Get the money you need fast using one of these top loan apps.
Also see: The 10 Best Money Transfer Apps (2024 Latest Guide)
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