15 Best Loan Apps In Nigeria

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You can use many loan apps to lend or borrow money in Nigeria. There are many reasons people take loans; some take loans to set up their businesses, pay their school fees, conduct burial, pay debts, and other needs they have to attend to.

Loan apps are now getting popular in Nigeria. People like taking loans from loan apps instead of Banks. Loan apps give out loans of a small amount of money that ranges from 50,000 to 200,000.

One important advantage of loan apps over bank loans is that you can take loans without collateral. I will be writing a list of the best loan apps you should know in Nigeria.

Some loan Apps give out a maximum of 50,000, some 100, 000 while others give loans of up to 500,000.

Apps that give loans are regulated by the Central Bank of Nigeria (CBN) and other relevant financial institutions in Nigeria. Loans apps might not help you if you desire to borrow huge amounts of money like 1million and upwards; their loans are limited.

The major compulsory criterion for all loan apps is to have your Bank Verification Number (BVN) before granting your loan request.

Different loan apps have different interest rates and repayments times. All loan apps are listed on Google Play Store, where you can download them. All these apps give you instant loans, and you can be given a loan within 15 minutes to 24hours of your application.

15 Best Loan Apps In Nigeria

In no particular order, here are the best loan apps with the lowest interest rates and enough repayment time frames in Nigeria.

1. FairMoney app

Fair money is one of the loan apps with the lowest interest rates annually, and one can take loans ranging from 1,500 to 1,000 000 on Fairmoney.

FairMoney’s monthly interest rate ranges from 2.5% to 30%, depending on your loan amount. The repayment time frame for the fair money loan app is 61 days to 18 months.

Read more: how to apply for Fair money 2022.

2. Branch App

This seems to be the oldest loan app in Nigeria. It has been in existence before the emergence of new loan apps. Depending on your loan request, you can take loans from Branch App from 1,000 to 200,000 naira.

The Branch has claimed that it has disbursed over 1 million loan requests to Nigerians within two years. They are a very reliable loan app. To be eligible for a loan on Branch, you need to submit your details on Branch App to check if you are qualified for the loan you are seeking.

Read more:  Branch Loan: A Review and How to Get A Loan From Branch.

3. Okash App

Okash is one of the best Apps for taking loans in Nigeria. It is an automated lending app with an easy loan procedure; you can apply for a loan within 15 secs and get your funds deposited in your bank within 5 minutes to 24 hours if approved.

The minimum interest rate for Okash is 0.1% to 1% Users can take loans from 3,000 to 500,000 naira. Okash interest rates varies from 0.1% to 36.5% monthly.

Read more: 11 Investment opportunities in Nigeria 2022.

4. Carbon App

This App is known as Pay later; it gives its customers fast and instant loans within a few minutes.

Carbon uses its users’ Bank Verification Number to know their financial capacity to repay the Loan like other loan apps.

Carbon customers can obtain loans of 1,500 to 1 million nairas. Their interest rate is from 1.75% to 30% monthly. 

The carbon Repayment period ranges from 40 days to 1 year, depending on your loan and interest rates.

5. Palmcredit

This Loan is owned by a company called Newedge Finance Limited. Moreover, Newedge company uses its cordial relationship with banks and telecommunication companies to grant easy and instant loan credits to their customers without collateral or any paperwork.

Palm credit interest rates are from 14% to 24%, with equivalent monthly interest rates of 4 to 4.7%. Users can take loans from 1,500 to 500,000 naira. Their loan repayment term is from 14 to 180 days.

6. QuickCheck App

QuickCheck App is a well-known instant loan app in Nigeria. It gives out loans through its app mobile app on the play store. Quick checks loans have low-interest rates starting from as low as 5% monthly interest on your first Loan.

Quick Check loan ranges from 2% to 30% interest. The repayment time frame is from 91 days to 1 year. The minimum amount of Loan to take at Quickcheck is 1,500, while the maximum amount of Loan you can apply for is 500,000 naira.

7. Fast money App

This Loan disburses loans fast and instantly, as its name implies. They offer loans from 1,000 to 300,000.

The fast money interest rate is 26.4%, whereas their monthly loan interest rate is 4.4%. Fast money loans have a repayment time of 45 days to 6 months, depending on your interest rates.

8. Kwikmoney (Migo)

Migo, formerly known as Kwikmoney, is one of the fastest loan platforms to take loans in Nigeria. In times of difficulty, it helps you get your loans at cheap rates.

You need a phone and your sim card. There are two steps to obtaining a Kwikmoney loan; they are as follows;

1. First Method

  1. Dial *561# on your smartphone.
  2. Select loans on the menu and after “request loan
  3. Select the loan amount you need
  4. Input your bank account details, and they will credit your bank account within minutes.

2. Second Method

  • Visit www.kwikmoney.com
  • Please type your phone number in their text box
  • Request a verification code on your number and put the verification code in the space provided.
  • Select ” Check Loan Offer” from the menu on their site
  • Select the amount of Loan you want from the options of offers.
  • Input your bank detail and get credited within a few minutes. All Migo loans repayment period is only 14 days.

9. Aellacredit

Unlike some loan apps, it is a newly launched reliable loan app that gives loans to its users from 1,500 to 90,000 with no late fees.

To apply for the Aella Credit app, you need to download the Aella Credit app from Google Play Store, input all your details, and set your Aellacredit pin.

Choose any amount you wish and remember that their interest rates range from 4% to

9. Lidya

Lidya is one of the first loan apps in Nigeria that started giving loans to small and medium-sized business enterprises in Nigeria.

The App offers businesses credit loans of $500 to $50,000. Lydia checks the credit profile of each business applying for a loan. It uses this assessment to create a credit score for each business. Lidya additionally disburses loans in 24 hours or less.

The requirement for Lydia loans is that you must own a business. Platform: internet; their website or App with Monthly interest fee rate: unknown, but Lydia claims their interests rate are affordable and cheap, and the Loan repayment time frame depends upon how many loans you took.

10. Page financials

Page financials is a financial enterprise certified via the CBN that gives personal loans in Nigeria. The business enterprise claims that getting a loan from them is clean and smooth, and they use a flexible documentation process.

Platform: Their App is available only at the IOS store. Android users might not be able to take page financial loans.

Loan amounts: Customers can borrow loans from 100,000 – 5,000,000 Naira. And an interest rate : (3.76%) – charged monthly.

The annual percentage price (apr) is 29% – 120% yearly. The loan repayment tenure is six months – one hundred eighty days—repayment channels: manually or via the automobile-debit provider.

11. Blocka cash

Blocka cash gives clean and no hassle loans in Nigeria. Blocka cash has its App both on the google play store and apple play store. Depending on your credit score rating, you can get short-term loans on blocka from a minimum of 5,000 and a maximum of 50,000 nairas.

The requirements for a blocka cash loan include: you should be at least 21 years of age. You might want to provide a valid form of government identification.

Other features of blocka cash loans are:

  • platform: it is both available on the ios Android play store.
  • loan amount: from 5,000 to 50,000 naira.
  • Interest rate charge: 3% to 10% per month.
  • annual percentage charge (apr): 36% to 120%.
  • Loan tenure: 6 months or a hundred and eighty days.
  • Repayment channels: debit card, quick teller, and direct switch. blocka coins consider several factors while assessing your eligibility for a loan. Factors like past loan repayment performance and credit score ratings.

Blocka cash app is powered through James crown credit score limited, which has a cash lender license issued by the Ogun State Government of Nigeria. It is only available for Ogun state residents.

13. JumiaPay

This is one of the Best Loan Apps in Nigeria. JumiaPay is one of the business subsidiaries of Ecommerce Giants Jumia; they give instant cash loans to its customers.

Their App is found on Google Play Store; download it, register an account on the App.

Scroll down to the “Financial Services” button and click on “loans” to apply for a fast and instant loan.

14. C24 Loan

C24 Loan is like every other online financial platform in which you may get an instant loan in Nigeria. Their application form can be completed within five mins, after which utility comments are sent to you nearly at once. They have a policy which is once you have taken a loan with them, you can’t cancel them.

The loan platform claims to have empowered over 150,000 customers with credit loans worth over 5 billion Naira.

C24 internet site app capabilities, support private, business loans, and quick cash, mortgage calculator that is easy to apply, and a consumer-friendly platform

who’s eligible? For private individuals and commercial enterprise proprietors, a private loan is only available to those who paintings and live in Lagos at minimal age of 22 years with evidence of consistent income via your last six months’ financial bank statement.

With a very good credit history and an active salary receiving account. You take loans from C24 loans from 1,500 to 1 million nairas.

You have to undergo much paperwork before being granted a loan. C24 Loan Repayment Period is slow. It ranges from 6 months to 2 years.

Read more: C24 Loan Review – Everything You Need to Know.

15. Renmoney

Renmoney is one of the biggest loan companies in Nigeria. They offer huge loans from the sum of 100,000 to 4 million nairas. Renmoney does not give loans to private individuals but to small and medium scale businesses to explain and scale their businesses to a higher dimension.

It helps entrepreneurs with capital to start up their businesses. To qualify for a Renmoney loan, you must get a good income statement history capable of making monthly repayments.

Renmoney is one of the loan companies in Nigeria that provides micro-business loans up to N4 million. If you want to get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments. The minimum loan amount is N100,000, while the interest rate is 2.8% per month.

For capital-intensive businesses like the case of a real estate company in Nigeria, the platform also makes getting access to funds quick and easy.

Their App is on Google Play Store, and their loan application is easy and fast.

16. Special Loan

Special Loan is your number 1 source for quick and emergency loans. Special Loan gives loans up to 5 million nairas in 5 minutes.

It is owned and managed by Sterling Bank Plc, but it is also available to non-Sterling Bank Customers. To be eligible for Specta Loan, you need a bvn and your last six months’ statement of account. Loan applicants must be more than 21 years of age.

Depending on some criteria, a special Loan has a low interest of 26% to 30% yearly on your loan.

Conclusion

These are 16 loan apps that can give you instant loans in Nigeria. All the loan apps in this post do not require any collateral for you to take any loan.

These apps are owned by new fintech companies in Nigeria, helping Nigerians take easy, instant cash loans in Nigeria without stress.

Choose any loan app you like out of this post and select the amount of cash you wish to borrow.

Before borrowing, read the terms and conditions of each loan app before taking the Loan. Check their interest rates and repayment period to be sure of what to expect.


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