There are many banks in Nigeria that offer loans but it can be tricky obtaining a loan from a bank in Nigeria. A solution to this issue is lending companies that offer a mobile loan in Nigeria.
A lot of people live paycheck to paycheck, having little left to save or invest. And without an emergency fund, a simple problem/emergency can give you financial worry. But you don’t have to worry anymore. Many lenders are now offering mobile loans in Nigeria for people to stay afloat till some money comes along.
If you’re looking for apps that offer a mobile loan in Nigeria, here are some of the best options to consider.
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- 1 Top Apps for a Mobile Loan in Nigeria
Top Apps for a Mobile Loan in Nigeria
1. Carbon Loan
With Carbon, you get to access mobile loans in Nigeria as well as investment options. You can also pay bills with this mobile app. Carbon offers personal loans in Nigeria in minutes.
Based on how credit-worthy you’re you can access loans of up to N20 million on this platform. The interest rates for Carbon loans range from 5-15%. This depends on how long you’ll ta the loan for and of course the loan amount you’re taking.
Carbon Loan app is available on iOS and Andriod
2. Branch Loan
Branch offers instant online loan in Nigeria without collateral. You can access loan amounts from ₦1,000 – ₦200,000. This lending company claims to have no late/rollover fees.
The monthly interest on Branch is 3% – 21% with loan tenures of 30 to 300 days.
3. Quickcheck Loan
As the name suggests, Quickcheck offers quick loans in Nigeria. Using the Quickcheck app you can access instant loans from anywhere in Nigeria if you have a good credit score.
Interest rates on Quickcheck loans are around 2% – 30%. With a monthly interest rate of 1% – 21%. With loan terms ranging from 91% to 12 months.
4. Paycredit Loan
Paycredit is a lending platform that offers mobile loan in Nigeria through its app. The type of loans they provide includes business and salary loans.
They also offer good repayment terms. Where you get to choose to repay at a minimum of 60 days.
Paycredts loan amount is from N1,000 to N100,000. Their Annual Percentage Rate (APR) is 30%to 261%
If you want to access mobile loans in Nigeria with peace of mind, Iroroun says they should be your choice. Irorun is more of a micro-credit platform. Basically, they’re focused on small loans.N5000 to N50,000.
Loan durations on Irorun range from 60 days to 180 days.
6. KiaKia Loan
Kiakia is a peer-to-peer lending and investing platform in Nigeria where you can get a mobile loan from in Nigeria. They offer personal loans and business loans to anyone in Nigeria.
In essence, Kiakia puts together all the funds of people who want to invest with its platform and offer it to those looking to borrow money. They offer loans between N10,000 and N100 Million.
While the interest rate on kiakia loan is 15% per month. With loan tenures between 30 days to 24 months. Kiakia loan Annual Percentage Rate (APR) is at a maximum of 180%.
7. Migo Loan
Formerly Kwikmoney, Migo is a very popular lending company in Nigeria. You can get a mobile loan in Nigeria of up to N500,000 with Migo in less than 2 minutes in Nigeria.
Over N40 billion Naira has been borrowed on Migo.The interest rate for a Mogo loan is 5 % to 15%.
8. FairMoney Loan
Fairmoney is a loan app that offers mobile loans in Nigeria. You can get a loan of N1500 to N500,000 in 5 minutes without collateral on the Fairmoney app.
The loan repayment period for a Fairmoney loan is 61 to 12 months at interest rates of 2.5% to 30%.
9. Specta Loan
Specta offers mobile loans in Nigeria up to the tune of N5 million without any collateral. The interest rate for a specta loan is 25.5% to 28.5% as well as a one-time insurance payment of 2.5% and a management fee of 1%.
Specta loans are repayable between 1-12 months period. And default on a loan repayment attracts a penalty fee of 1%.
Lendme offers loans in Nigeria from as low as N2,000 and up to N20,000 without any collateral or any other applicable fees. However, Lendme is only available to android users in Nigeria.
The repayment plan for a LendMe loan is 60 to 180 days with monthly interest rates of 12% to 36%. And an APR of 12% to 216%.
LCredit offers micro instant online loan in Nigeria ranging from ₦5,000 to ₦50,000. LCredit has one of the best interest rates at 0.1% to 1%. And a loan repayment period of 91 days to 180 days.
Annual interest rates for an Lcredit loan is 36.5% to 300%.
Gocash loan interest rate is 3% to 29% and an APR of 29% to 365%. Gocash repayment periods are around 91 days to 12 months.
13. Renmoney Loan
Renmoney can offer personal loans as much as ₦5,000,000 for a loan tenure of 3 to 12 months.
Renmoney also provides loan services to both employed individuals and business (small and medium business) owners in Nigeria.
These loans do not require collateral or a guarantor.
To apply for a loan on Renmoney loan, you’ll have to use the Renmoney loan calculator. Where you input the loan amount you want and the duration of time you want to pay it back in.
14. Opay Loan – Okash
OPay short for “Opera Pay”, is a mobile app in Nigeria that offers different services to consumers. Some of these services include payments (buying airtime, buying data, subscribing to Pay TV, paying electric bills), offering access to transport and delivery services, food and grocery deliveries, a listing service (Olists/Oleads), an investment service (OWealth), and its lending services (OKash loan).
Opay loan or its various loan products: CreditMe, EaseMoni and OKash offer fast loans without any need for collateral or deposit requirements.
The maximum loan amount you can apply for with OKash is N50,000, while the lowest is N3000. Opay loans incur a daily interest rate between 0.1% to 1%, with an annual interest rate between 36.5% and 360%.
You might also have to pay an origination fee ranging from N1299 to N6000 for your Opay loan. The duration of the Okash loan is 91 days to 365 days.
15. Jumia Loan
Jumia loans are loans provided by arguably Nigeria’s biggest e-commerce company; Jumia.
Jumia grants access to fast and easy short – term working capital to individuals and businesses through the JumiaPay Andriod App.
Jumia’s loan interest rates are around 3.5% to 4% per month with a one-off processing fee of 0.5% upfront.