You’ll need to keep reading this article to find the best loan apps in Nigeria.
A list of friendly and efficient money-lending platforms has been outlined below.
Until then, we’ll tell you a few essential things about borrowing funds online. This will help you make an informed decision as to which app to use.
Best Loan Apps in Nigeria
People in business aren’t the only ones needing loans. Individuals also need credits to solve some personal needs, especially when it comes to emergencies.
However, borrowing from commercial or microfinance banks is a hectic and lengthy process. You’ll be required to present collateral and do a lot of paperwork.
This might take time and effort.
With the coming of fintech, you can get instant loans without collateral or do paperwork. How? Numerous money-lending apps provide soft credits to individuals and businesses.
Most of these mortgages come with minimal interest rates. You can access such funds whether you are employed, a student, a graduate, or unemployed.
About Nigerian Loan Apps
Most loan apps in Nigeria are owned and managed by private institutions. These applications are available on Google Playstore and Apple Store and are supported by Android and IOS.
You’ll first download the app you wish to patronize and install it on your phone. Next, you register and send in whatever document that’s required.
As mentioned earlier, these platforms don’t request collateral or a guarantor. Once you meet their minimum credit score, they’ll instantly credit you. Their applications are usable 24/7.
Thus, you can borrow money anytime you need it.
Choosing a Loan App in Nigeria
You should consider a few things when borrowing from money-lending apps. Their interest rate, repayment terms, the safety of your data, and duration loan.
Of course, you’ll want to avoid securing a credit that will increase your burden instead of offering assistance. Additionally, you may not want your sensitive data to stay in the hands of scammers.
Finally, knowing your repayment terms will help you settle your debt efficiently and promptly. Be sure to abide by the abovementioned elements to avoid borrowing from a loan via the app.
Best & Fastest Loan App in Nigeria
What is the best app to borrow money in Nigeria? Which app gives the highest loan instantly?
Right below are some of the best loan apps in Nigeria. As you review them individually, you’ll learn about their terms and conditions, credit limits, and more.
Let’s get started.
You can rely on FairMoney for instant, reliable, secure credit. According to experts, you can secure a loan within 5 minutes.
Quickly download their app on your mobile phone to obtain a loan and sign up. You’ll be required to provide your BVN and answer a few questions.
Once you’re done, you’ll receive a credit offer. Select the amount you wish to borrow, the repayment period, and bank details to get credited.
You can borrow money on the FairMoney app from ₦1,500 to ₦500,000. Repayment period range from 61 to 180 days, and monthly profit rates of 10% and 30%, respectively.
Palm credit is owned and managed by “Newedge Finance Limited.” They provide loans to people without needing any collateral.
Once you download their app and signup, you can borrow from ₦2000 to ₦100,000 within a few minutes. Their profit rates range from 14% to 24%, depending on the amount you collect.
As for repayment terms, you have about 91 to 180 days.
You can also borrow money instantly from the Branch. They use customers’ information to determine their eligibility and personalized offers.
Depending on your credibility, you can borrow from ₦1,000 to ₦200,000 within 24 hours. Their interest rates range from 15% to 34%, and their repayment period is 4 to 64 weeks.
You have less to worry about late payments because there are no late or rollover charges.
Carbon is one of the most popular loan apps in Nigeria. It was formally known as “Pay later.”
They provide loans to people without demanding collateral or a guarantor. Their app is available on the Google play store for free. Just download and provide the necessary details along with your BVN.
Once you’re eligible for their credit, you can borrow from ₦1,500 to ₦1 million.
Their profit rates range from 1.75% to 30%, depending on your borrowed amount. As for the repayment period, you have a maximum of 64 weeks.
Apart from issuing loans, Carbon also provides services in investment decisions, airtime top-ups, money transfers, payment of bills, and lots more.
With only your smartphone, you can borrow money from this app. All you have to do is download the platform on your device and get started.
You’ll be asked to provide your BVN for security and verification purposes. Once eligible for their loans, you can instantly borrow anywhere from ₦10,000 to ₦500,000.
Their interest rates are a bit friendly. Their maximum profit rate is 30% depending on the amount you collect.
For those with iPhones, this is one of the best loan apps you can explore. Once you’re 21 years of age, you can borrow money anywhere from ₦5000 to ₦50,000 instantly.
You’ll not be asked to provide collateral or do some paperwork. Just download the app and fill in your details. They’ll use it to determine how much you can borrow from them.
It is another reputable app you can count on when you need a loan for an emergency. They credit borrowers their approved amount within 5 minutes.
Once you download their app on your mobile phone and get registered, you can borrow the amount you want. Both employees, investors, and companies are welcome to apply.
The amount you can borrow on Aella Credit range from ₦1,500 to ₦1 million with a repayment term of 60-180 days. Depending on the amount you borrowed their profit rate range from 2-20 percent.
There’re plenty more apps you can secure soft instant loans beyond the ones we’ve mentioned. They include Page Financials, Kuda Loan, Jumiapay, Credit, Specta, Kredi, So Kash, Migo Loan, Okash, P2Vest, and more.
Virtually all the loan apps highlighted above are registered with the government. They have the right to take legal action against defaulters.
Consequently, if you borrow from one of these apps, ensure you pay back on time to avert any trouble.