Are you running out of funds? Do you need a little lift out of your financial crisis? We have compiled a list of the best loan apps in Nigeria that are legit, easy, and fast.
If you have ever gotten into any financial palaver, then you would know that loans can be your superman, saving you much embarrassment and the stink of being needy.
Very few people want to lend money in Nigeria. Apart from the fact that the economy is biting and some people don’t just have it, the ‘trust issue’ is also a determining factor.
But how do you meet up with an out-of-the-blues expenditure when you’ve exhausted all your income and the month just began?
This is an important question that loan apps can help you answer and stop you from asking again. So breathe. You can now reconsider that big purchase, pay off a disturbing debt or clear your bills.
This article will give you the best loan apps in Nigeria to ease your financial burdens. We will give you the fastest, easy, and most reliable loan apps.
What are Loan Apps?
Loan apps are personal applications that can help you borrow money quickly. And it means that you do not need to go through the traditional method of going to the bank to sign papers and spend tons of hours.
Loan apps now make it easy for you to get loans quickly. However, as with loans, there will be interest rates, and you can only get loans if you are eligible according to their terms.
Also, some loan apps have a limited amount of money they can lend to a person in an instant.
But not to worry, many loan apps in Nigeria are easy, quick, and reliable, and we are going to give you only the best ones.
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Best Loan Apps in Nigeria
Whether you have a business project at hand or an immediate personal project, loan apps can help. Here is a list of loan apps that can help.
Fair money
Fair money app offers to more than 10,000 people every day, and it can give loans of up to 1,000,000 NGN to eligible users. Their interest rate is also at a low rate of 2.5% to 30% depending on your type of loan.
Fair money app is one of the fastest loan apps in Nigeria. You can complete your financial transactions on the app in a matter of minutes. It is also easy to use as it requires few documents for loan disbursement.
Whether it is an emergency loan, personal loan, or you need it for your small business. This loan app is one of the best in Nigeria to give you quick loans.
Their money lending procedure is also very easy. This app has a very friendly and easy-to-handle user interface. You can borrow money from Fairmoney by
- Downloading the app from the play store
- Register on the app by filling out the required details correctly. These may include the phone number, BVN, etc.
- Read all the terms and conditions. The loan will be sent to your account if you agree with them.
Carbon
This app was previously known as the Paylater app. Carbon credit app is also one of the best loan apps in Nigeria. It is easy to use and quick.
With it, you can borrow as much as 1,000,000 NGN easily. They do not demand collateral, guarantors, or any paperwork. They require payment within 3 – 6 months after the transaction.
This is the only loan app platform in Nigeria that doesn’t collect late fees, rollover fees, or processing fees during transactions.
You can get loans from them by
- Installing the carbon app from your app store or browser
- Filling in all the required information.
- Then, you’ll need to wait a short moment for assessments of your information to know if you are eligible for the loan.
- If you are successful, your account will be credited between 1 – 3 working days.
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Branch Credit App
Branch is a loan app based in Nigeria and Kenya. It is also fast and reliable. It is one of the loan apps with the best type of services.
They offer loans up to 150,000 NGN and as low as 1000 NGN, which are expected to be paid within 1 – 14 months. The faster you pay up your loan, the more you can borrow.
They give personal loans, emergency loans, or loans for small businesses. You do not need collateral, paperwork, or guarantors to get this loan.
The interest rate for this app is 14% – 28% plus monthly interest of 1% to 21% depending on the type of loan and your transaction history. With a Branch loan, you do not need to pay late fees. You pay only what you owe and the competitive interest.
You can use this app by
- Downloading the app from the play store
- Register on the app by filling out the required details correctly. These may include a phone number, BVN, etc.
- Read all the terms and conditions. If you agree with them, click agree and continue
- Your details will be accessed quickly
- then money will be sent to your account or brought to you.
Palm Credit loan app
Palm credit is a licensed loan app in Nigeria. They are also one of the best because, unlike some Nigerian loan apps, they have no hidden charges on transaction or rollover fees.
They are very popular because they allow customers to collect several short-term loans easily and quickly. However, they do not grant loans to people above 60 years or below 18 years.
Palm Credit, ultimately the fastest app, gives loans up to ₦100,000 within 5 minutes, which is to be paid back between 14 – 180 days of loan disbursement.
Also, you do not need collateral or paperwork to get their loan. Their interest rates are low, ranging from 5% to 24%, depending on the type of loan you take.
Apply for a loan on the Palm Credit app by simply
- Downloading the app and register your details
- Visit the redraw page and enter the loan amount and withdrawal method
- Submit your request
- Your loan will be credited to your account or relayed to you however you want it.
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Aella Credit App
Aella Loan app is another Nigerian app providing the best services for its customers. They are no collateral loan, with no late fees or hidden transaction charges.
The Aella app is unique as it increases a customer’s loan range if the customer is found credit-worthy. To be creditworthy, some factors like transaction record, demography, etc, are considered. Also, they return interest if you pay your loans on time.
As a very reliable loan scheme focused on lending to employees and empowering them, you can ask your company to liaise with Aella to get cash at cheaper loan rates.
They can lend up to 1 million NGN and as low as 1000 NGN, which is payable between 4 to 13 weeks of cash disbursement. Their interest rate is between 4 to 30 per cent, depending on the type of loan.
You can borrow from Aella app for your small business, personal use, or any other money-wise spending. You can use this app by
- Downloading the app from your app store
- Create an Aella wallet by registering all your details correctly
- Apply for your loan
- If you are eligible, your account will be credited immediately.
Quick check loan app
The Quick check loan app is also a competing app in Nigeria. It is the best when it comes to interest on loans. It gives an interest rate of 1% per day.
This app provides high levels of data protection. However, because they are PCI DSS-compliant, if you do not pay up your loan when it is due, the National Credit Bureau will consider you a high-risk borrower, which may affect your future loan eligibility.
With the QuickCheck Loan app, you can easily access up to 30,000 NGN without paperwork or collateral. However, this app is not very fast in disbursing funds.
Here is how to get loans with the Quick Loan app
- Download the app from your app store and register
- Register by filling in all the necessary details
- The app will check if you are eligible for loans and show your credit score.
- If you are eligible, you can apply for the loan.
- Quick Check takes up to 24 hours before loan disbursement.
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Kia Kia
Kia Kia is a well-known loan app in Nigeria, and it offers the best services. It is easy to use, quick and reliable. You do not need paperwork or collateral for this loan.
Kia Kia can provide you with loans if you are looking for personal and quick loans for school fees, rent, debt, or any other immediate financial issues.
They offer up to 200,000 NGN, payable between 1 to 30 days, with interest that varies depending on your type of loan.
They also provide loans for SME’s in Nigeria. They use strong AI and other factors to determine your eligibility status. However, they are one of the quickest loan apps in Nigeria.
You can borrow money on this app by
- Downloading the Kia Kia app from play store
- Register on the app by filling out the required details correctly. These may include a phone number, BVN (which you can check), etc.
- Read all the terms and conditions. The loan will be sent to your account if you agree with them.
Renmoney
Here is another swift-paying loan app in Nigeria.
The unique service of this loan app is that you can borrow up to 600,000 NGN which can be paid within 2 years. No other Nigerian loan app gives you so much payment time.
You must have a valid ID, utility bill, and bank statement to get this loan. You do not need collateral or a loan guarantor. It is very easy to borrow with this app.
Apply for a loan on Renmoney Credit app by simply
- Downloading the app and register your details
- Visit the redraw page and enter the loan amount and withdrawal method
- Submit your request
- Your loan will be credited to your account or relayed to you however you want it.
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Other Non-Popular Loan Apps in Nigeria
Kuda Loan App
This is also a bank. Their interest rates are very low compared to their competitors. Interest rate: 0.3% per day. The loans from this bank are short-term and usually given to customers as overdrafts.
However, you do not need paperwork or go to the bank to get these credits. Taking loans is simple, and you are required to start payment within 30 days of disbursement.
XCredit
This is another loan app in Nigeria. It gives up to 500,000 NGN without collateral or paperwork. Their loan span lasts for 150 days. This credit app also asks for your bank details.
Umba Loan App
Umba is not only a loan app. It is also a bank. Hence their services are reliable. They have a well-protected system to protect customers’ data. However, with phone data and SMS, you can borrow money.
They are always available for cash disbursement, and they give up to 89,182 NGN to be repaid within 62 days.
9ja Cash
This is another unpopular loan app in Nigeria. Although they are not the best at interest rates, they give up to 300,000 NGN. They also give you 180 days to pay up the loan with an interest rate of up to 34%.
Getting a loan in Nigeria is not hard at all with all these reliable, easy, and quick-paying apps we have. All you need to do is make sure you pay back so that you can have a higher chance of borrowing when you need it again. There’s always amazing information on this site, do well to check it out.
