You may be wondering how to get quick loans, with no collateral and minimal interest rate, from the comfort of your home or office. There are now lots of loan apps in Nigeria that offer loans at different interest rates.
I remember back then, when people had to queue for a loan application, even when it was just a 5-digit figure 😥.
Sometimes the loan process could take up to a month or even more. But thanks to technology😊, we can now get mobile loans to sort out personal and business needs using a smartphone, a mobile app and internet connection within 24 hours.
So, in no particular order, let’s review 10 best loan apps in Nigeria.
List of Best Loan Apps in Nigeria
1. Carbon (formerly paylater)
Based on a recent update, Carbon is now a digital bank and one we hope stays longer in Nigeria, because it not only gives you access to loans, it also provides options for investment, funds transfer, airtime purchase, bills payment and so much more.
All you need to do is download the app from the Play store. Fill in your Biodata, submit all the necessary details, including your BVN and based on the provided information, a loan amount will be calculated and approved for you.
Then, if you need to repay a loan, on/before your due date, you simply fund your Carbon wallet using either a bank transfer or the USSD option on the app.
With FairMoney, you can access loans in minutes, buy airtime and pay bills using your registered account.
To get started, simply register using your phone number attached to your BVN (an OTP will be sent to the registered number for verification) Just like every other loan app, you are required to fill in your contact details.
For more information, you could visit Fairmoney.
Branch is one of the loan apps in Nigeria that is also available in other countries.
Branch loan amount range from ₦1,000 – ₦200,000. The loans from this lending company have no late/rollover fees, monthly interest is 3% – 21%, and annual Interest range 15% – 34%.
Simply download and install the mobile app from the Play store, then, follow the instructions. For more information, check out the Branch review.
4. Aella credit
Another one of the loan apps in Nigeria that guarantees quick loans is Aella Credit, which gives loan up to 1M, Interest range: 6% – 20%, Loan tenure: 1 – 3 months with no late/rollover fees.
You can download the app from play store (Android), App Store (iOS) or check Aella for more information.
PalmCredit is very popular among Nigerians and promises to put a smile on your face with a quick loan of up to ₦300,000.
Its loan duration ranges between 91days to 180days. Interest Rate is between 14% to 24%.
Which means if you apply for a 6 months loan of ₦100,000, the total repayment amount is ₦124,000.
The PalmCredit loan app is available for download in Playstore or you could check any PalmCredit social media platform for more details.
Quickcheck aims at providing financial services to meet personal and business goals.
However, being a first-time user, you can access a ₦10,000 loan for a period of 30 days.
Should you decide to get more information, kindly check the FAQ page on quickcheck.ng/faq/ and you can download the app from Playstore.
Alat by Wema gives you access to instant loan without paperwork or visiting the bank branch.
Even though its owned and managed by a bank, you can borrow up to ₦2,000,000 based on certain terms and conditions.
The app is available for download on Google play or App store and has loads of information on alat.ng/
Just like Alat, Specta is owned and managed by a financial institution, Sterling and does not require any collateral, guarantor or bank visit to access quick loans.
Irrespective of your occupation or bank, you can access a loan amount of up to ₦5,000,000 to meet your financial needs.
The app could be downloaded on Playstore and has other interesting packages for you. For more details about Specta loans check out our review of Specta.
Remember the popular Opay app, where you could make transactions, buy airtime, pay bills and still book a ride? Okash is a subsidiary of Opay and was once included in the Opay app.
Presently, Okash is one of the standalone loan apps in Nigeria, which means you could download and install just the loan app via Playstore.
It provides access to loan amounts of up to ₦50,000 with no collateral, although, the maximum loan amount you could receive differs.
So, if you want more information about this lending platform, please check ng.o-kash.com/web/faqEn.html
The last of the loan apps in Nigeria to review is JumiaPay, a product of Jumia, which gives instant loan to users.
You could download the app on Playstore, create your account, scroll down to the ‘Financial Services’ section and click ‘Loans’ to apply for a quick loan.
Details are displayed on the website: pay.jumia.com.ng/services/loans.
Important Points to Note
The app could request for your bank account details and BVN. Don’t give false information. Only borrow what you can repay, so you don’t get stuck while meeting your goal.
Early loan repayment guarantees a good credit score for higher amounts and lower interest rates.
Ensure you review the attached terms and conditions before applying for any loan. Only include your bank details on verified loan apps.