In Nigeria, many people have experienced a need for a loan in order to cover an unexpected expense. Access to credit has become much easier due to loan apps that are available. This blog post covers the top 10 best loan apps in Nigeria and reviews the features of each one, to help make deciding which one is right for you easier.
This Loan Apps has been approved by CBN
FairMoney Instant Loan App
FairMoney is one of best loan apps in Nigeria, it is a reliable source of credit in Nigeria, offering quick loans ranging from N5000 to N1 million. The application process is easy, and customers can have the funds in their account within minutes of approval.
The interest rates are competitive and repayment terms are flexible, making it a popular choice among Nigerians looking for loan apps. Additionally, the 24/7 customer service team ensures that customers are well taken care of at all times. All of these factors make FairMoney one of the top loan apps in Nigeria in 2021 and beyond.
Also Read: Lapo: How to Obtain a Personal Loan
Branch Instant Loan App
Branch is a popular instant loan app in Nigeria, offering quick and easy access to short-term loans up to N100,000. The application process is straightforward and fast, with approval usually granted within minutes of application.
Repayment terms can range from 1-3 months, without the need for collateral or documentation. Customers can access funds 24/7 and can borrow multiple times from Branch with increasing loan amounts. It is also one of the most downloaded apps in the lending category on the Google Play Store with over 10 million downloads.
The app evaluates loan eligibility and personalized loan offers based on the user’s smartphone data. Interest rates vary from 3%-23% depending on the customer’s risk profile. Additionally, customers can receive personal loans from N2,000 to N500,000 within 24 hours, depending on their repayment history, with repayment terms of 62 days to 1 year.
For example, if a customer borrows N60,000 with an APR of 181% and a tenure of 62 days, the total amount to be repaid will be N78,400 (N60,000 plus N18,400 interest) Branch is considered as one of the best loan apps in Nigeria, 2023.
Also Read: 5 Apps to Help You Save Money in Nigeria
palmcredit Instant Loan App
palmcredit is one of the best loan apps in Nigeria, with over 5 million downloads. This app provides quick loans to customers of up to N300,000 without requiring any form of collateral. The loan amount ranges from N10,000 to N300,000.
The Annual Percentage Rate (APR) on this platform ranges from 24% to 56%. For example, a 6-month loan of N100,000 with an interest rate of 4% per month will have a total repayment of N124,000.
Migo (formerly known as Kwik Money or Kwik Cash)
Migo (formerly known as KwikMoney or Kwikcash) is an automated instant loan service that originated from a partnership between banks, mobile networks, and telecommunication companies in Nigeria. Migo loans are accessible without collateral or guarantors, and you can obtain a loan within few seconds or more.
You can get a loan from Migo by accessing their web portal on your mobile phone using your mobile number. Alternatively, you can dial *561#.
Migo is one of the best loan apps in Nigeria in 2023 and is one of many quick loan apps in Nigeria that is revolutionizing the way people access and use credit.
To repay a loan with Migo, dial *561# from any mobile phone. Upon confirmation, you will receive a notification indicating the payment has been processed.
Carbon Loan App
Carbon is an online lending platform in Nigeria that provides short-term loans of up to 1,000,000 Naira without any collateral. Carbon offers flexible repayment terms, with funds typically received within 1 – 3 business days.
Borrowers can apply for loans through the Carbon website or mobile app and make repayments through bank transfer or cash deposit at any bank branch.
Making on-time repayments can grant access to higher credit limits for the next loan, helping users to build a good financial record. Carbon also allows users to request loans on behalf of family and friends, ensuring their funds are used responsibly.
With its easy-to-use app and fast approval process, Carbon is a reliable option for those looking for quick access to short-term loans, it is also considered as one of the best loan apps in Nigeria.
Also Read: Lapo: How to Obtain a Personal Loan
Renmoney Quick Loan App
Renmoney is a top Nigerian lender and microfinance bank that offers easy loans to help out with small business growth, home renovations, car purchases, rent, school fees, medical bills and more.
Established in 2012, they’ve become one of the fastest-growing microfinance banks in Nigeria. Renmoney offers maximum loans of 6 million Naira over 24 months, and the loan processing time is as quick as 48 hours.
Applying for a loan is simple, just provide your ID, proof of address and salary statement. Repayment plans are flexible, and you can pay off the loan with low-interest rates.
Plus, they have an Android app so you can manage your loan from anywhere – apply for loans, check your repayment progress, view payment history and contact customer service. All in all, Renmoney is a trusty and convenient lender that can give you quick access to loans for any need.
Okcash Quick Loan App
Okcash is a micro-lending platform provided by Blue Ridge Microfinance Bank Limited, giving users access to loans ranging from 3,000 Naira to 500,000 Naira. It is designed to be highly convenient, as its services are available 24/7 and the entire loan process is done online.
To use OKash, one simply needs to download the app from Google Play and set up their loan account, followed by linking their active bank card for repayment and answering a set of questions before applying for a loan.
The application process is quick and uncomplicated, and users can receive a decision on their loan in minutes without the need for paperwork.
Furthermore, all transactions made through OKash are secure and private, so users can trust that their data and money are safe.
Aella Instant Credit
Aella Credit is a fast and easy loan app providing quick access to loans in just 5 minutes. There is no paper documentation required, so users can apply for a loan in a matter of minutes.
As an added bonus, Aella Credit encourages users to grow their credit score and increase their credit limit by making prompt repayments. All that is needed is basic information, BVN, and a smartphone (iOS or Android). it is okay to say Aella is among the best loan apps in Nigeria
The Aella Credit app has recorded over 1 million downloads and offers loans ranging from N2,000 to N1.5 million with a tenor of 61 days to 365 days. The monthly interest rate ranges from 2% – 20%, while the APR ranges from 22% – 264 %/annum. With Aella Credit, you can apply for a loan without any hassle.
Kiakia Quick Loan App
Kiakia loan is a mobile web app that provides access to personal and small business loans in Nigeria. It also enables savers to lend out funds at negotiated interests. Kiakia loan uses psychometry, big data, machine learning, and digital forensics for its proprietary credit scoring and credit risk assessment algorithm.
It provides direct and peered personal and business loans to millions of individuals and SMEs without credit information. The platform provides an automated loan processing system with no paperwork and a transparent repayment process.
It also provides a community-based peer-to-peer lending system where lenders can lend money to borrowers with whom they have a personal connection. Kiakia loan also has a secure payment gateway that makes it easy for customers to make payments online.
Customers can access loans as low as N10,000 and as high as N1,000,000, with repayment plans ranging from 3 months to 12 months.
Also Read: Why Taxes Are Important For The Economy
Umba Quick Loan app
Umba is a loan app available in Nigeria which allows users to apply for, withdraw and repay loans whenever they need. After verifying the identity, Umba conducts a risk assessment to determine if the person is eligible for a loan. This app also provides mobile banking services and 24/7 access to loan disbursement without the need for documents, assets or personal visits.
Loans can be used to send money to M-Pesa, shops, and companies that provide services. Additionally, Umba does not impose late or rollover fees, and customers may be able to access bigger loans, lower rates, and more adjustable repayment plans as they settle their debt.
It utilizes phone data, such as SMS history, to authenticate identity and generate a credit score. Umba is a secure platform that values user privacy and never shares personal information with third parties.
The maximum term for loans is 62 days with a minimum loan amount of 1,115 NGN and a maximum sum of 89,182 NGN. The APR is 10%, and there is no commission or VAT.
Depending on repayment history, the loan offer may increase over time. To obtain a loan from Umba, users must install the app, create an account, and apply. Once the loan is repaid on time, the borrowing limit will increase.
These are some of the best loan apps in Nigeria. It is important to take a close look at the Terms and Conditions of these companies that provide fast loans without requiring collateral. Additionally, it is wise to research the interest rate and repayment time frame before submitting an application.
As a business, it is not recommended to take a loan with a short repayment period unless you are confident that the money can be recouped quickly.