Loan

Best Loan App In Nigeria | Top 20 Loan App In Nigeria

Avoid Borrowing From Terrible Loan Apps. Find Out The Best Loan Apps To Borrow Money In Nigeria Currently. Best Loan App In Nigeria

Tired of having business ideas without right funds to achieve those ideas? Or find it difficult to come up with your bills such as rent, medical, etc. You are in the right place, as we will be discussing the best loan app in Nigeria.

In recent years, Nigeria has witnessed a surge of digital lending platforms, offering quick and easy access to loans. With so many options available, selecting the best loan app can be overwhelming. Keep reading this article as we have provided a list of the top 20 loan apps in Nigeria highlighting their features, interest rates and loan amounts.

What Are Loan Apps?

Loan apps are digital platforms that provides access to loans often with minimal documentation and faster disbursement. They offer a convenient and easily accessible way to borrow money, usually through a mobile device or computer without requiring any form of collateral.

Loan App Ranking Factors

In Nigeria loan apps are ranked based on several factors which determine the overall ranking of the loan apps. Hence, considering the ones best for users. These factors include;

How user friendly the app is; that is, the simplicity of the loan app process and navigation.
The features offered by the app including loan tracking, payment scheduling, and credit monitoring.
The overall rating and feedback from customers who have used the app.
Availability of the loan app on devices both IOS and Android.
The competitiveness of the interest rates offered by the app.
The flexibility of the repayment plans and availability of extensions.
The range of loan amounts offered by the app.
Extra features such as credit score monitoring, financial education and rewards programs,

Top 20 Loan Apps In Nigeria

Here is a list of the top 20 loan apps in Nigeria including a summary of their features;

1. Fairmoney

Fairmoney is a digital bank and microfinance institution established in 2017 which offers various financial services including personal and business loans. Fairmoney is one of the safest and fastest loan app in Nigeria as it is a microfinance bank that is licensed by CBN and insured by NDIC.

Features of Fairmoney

With fairmoney you can;

Without collateral, get a personal loan of up to ₦3,000,000 and business loans of up to ₦5,000,000.
Earn daily interest on your savings with flexible deposit and withdrawal options.
Invest your money for fixed terms and earn up to 24% interest per annum with fairlock.
Availability of loans repayment extensions.
Free bank transfers, bill payments, airtime/data discounts and other subscriptions.

2. Branch

Branch is another of the best loan apps in Nigeria started in 2015. Branch is also a mobile finance app offering various financial services, including instant loans, money transfers, bill payment, airtime top-ups, and investments.

Features of Branch

With Branch you can get the following features;

Borrow up to ₦1,000,000 with flexible repayment terms.
Send and receive money within the branch app and external banks too free of charge.
Pay for cable TV, electricity, airtime and data.
Earn interest on your money with flexi investments
A repayment period ranging from 62 days to a year.
Monthly interest rates from 3% to 23%.

3. Palmcredit

Palmcredit is another of the best loan apps in Nigeria which was established in 2017. Palmcredit gives an attractively low interest and loans without any collateral

Features of Palmcredit

With palmcredit, you can;

Get a loan of up to ₦100,000.
Get an interest rate between 14% to 24% with monthly interest ranging from 4% – 7%.
Get a repayment tenure from 14 days to 180 days.

4. Carbon

Established in 2016 is another of the top loan apps in Nigeria known as carbon. They are situated at Adeyemo Alakija St, Victoria Island 100001, Lagos. Carbon is also a digital banking app licensed by the CBN and insured also by NDIC which do not require any collateral to disburse loans.

Features of Carbon

With carbon you get the following features;

Up to ₦1,000,000 loans with cashbacks of about 10% – 100% on interest paid on early repayments.
Repayment tenure of 30 days to 12 months.
No collateral requirements.
Fast and easy loans.
Savings and investments.

5. Okash

Okash, started in 2018 is another of the best loan apps in Nigeria which is also fast and convenient. Okash also will not require any collateral or roll over fees from you but your source of monthly income allowing you access credit at any point.

Features of Okash

The following are features you enjoy using OKash;

Loan amount from ₦3,000 to ₦500,000.
Interest of a minimum of 0.1% up to 1% interest.
Daily calculated interest rate.
Annual percentage rate from 36.5% to 360%
Repayment tenure of 91 days to 365 days.

6. Aella Credit

Started in 2015, Aella credit is another top loan app in Nigeria located in Lawani Oduloye Rd, Maroko 106104, Lagos.

Features of Aella Credit

The following are features you can find using Aella credit app;

Loan amounts between ₦2,000 and ₦1,000,000.
No collateral required.
Investment options.
Market place for health insurance.
Interest rate range between 4% and 30% without late or rollover fees.

7. Ease Cash

This is one of the most reliable loan app in Nigeria which do not also require any collateral or deposits with over a million downloads.

Features of Ease Cash

Ease cash gives loan from ₦1,000 to ₦100,000.
A one-time processing fee ranging from 5% – 20%.
Repayment tenure of 91 days to 180 days.

8. New Credit

New Credit is also one of the best loan app in Nigeria, having one of the fastest disbursement time within 5 minutes.

Features of New Credit

You can get the following features of the New Credit app;

Loan between the range of ₦10,000 to ₦300,000.
Repayment tenure of 3 months to 12 months.
No collateral loans to eligible individuals.
Monthly interest rate of about 4%.

9. Umba

Umba is another of the best loan apps in Nigeria. It is also available in Kenya having over a million downloads.

Features of Umba loan app

Loans between ₦2,000 to ₦30,000 (loan amounts can increase when repaid on time to a maximum of ₦300,000).
Interest rate of 10%.
Loan repayment tenure of 62 days.

10. Quick Check

Started in 2017 is another of the best loan apps in Nigeria, Quick check. They provide fast collateral-free loans as they use machine learning to predict the behavior of borrowers to evaluate loan applications.

Features of Quick Check Loan App

Loans from ₦10,000 to ₦200,000 (loan amounts increases when repaid on time).
Payment tenure of a month to a year
Interest rate of 5% per month on your first credit.
General interest rate of 1% – 21%.
Quick check loan app will not give loans if it exceeds 30% of your income.

11. Alat

Alat is another loan app in Nigeria we include in this list. Alat was started in 2017 which uses the Credit bureau data for credit scoring.

Features of Alat

Loan amount; ₦50,000 – ₦2,000,000.
Interest rates; 12% – 24% per annum.
Repayment tenure; 3 – 12 months.

12. Specta

Specta is another top loan app in Nigeria which was started in the year 2018. This microfinance banking app uses the credit bureau data for credit scoring.

Features of Specta

Loan amount; ₦50,000 – ₦5,000,000.
Interest rates; 12% – 24% per annum.
Repayment tenure; 3 – 12 months.

13. P2Vest

P2Vest is one of the newest and top loan app in Nigeria which uses AI-powered credit scoring type.

Features of P2Vest

Loan amount; ₦5,000 – ₦100,000
Interest rates; 10% – 20% per month
Repayment tenure; 2 – 12 months

14. Page Financials

Another loan app we put on the list is Page financials which was started way back 2014 and uses the credit bureau data for credit scoring. It is one of the best loan apps in Nigeria with the following features;

Loan amount; ₦5,000 – ₦5,000,000
Interest rates; 12% – 24% per month
Repayment tenure; 3 – 12 months

To complete the top 20 list, here are other top loan apps considered as one of the best loan apps in Nigeria;

Kredi Loan (2020)
Kuda Loan (2019)
Blocka Cash (2020)
Yes Credit (2018)
Irorun (2020)
JumiaPay (2019)

Read Also: How To Borrow Money From Palmpay

Tips And Reminders

Here are some tips you need to remember before getting a loan;

Provide accurate documents where necessary
Fill out forms with all honesty
Ensure loan applied for is for investment, or serious needs such as Rent, medical or fees
Ensure to make a proper payback plan before requesting loan
Get familiar with the interest rate before requesting
Read terms and condition before accepting loan from loan apps

Conclusion

In this article, we have discussed the best loan apps in Nigeria. These top 20 loan apps in Nigeria offer range of loan options, from personal to business loans, with varying interest rates and repayment periods. Before selecting a loan app, ensure you understand the terms and conditions, interest rates and repayment terms to make an informed decision. We hope this article has been really informative on the best loan apps in Nigeria.

Frequently Asked Questions

1. How Long Does It Take A Loan To Get Approved?

Approval time varies, but loan apps often take between a few minutes to 24 hours.

2. Can I Get A Loan With Bad Credit?

Some loan apps consider customers with bad credit; however, interest rates might be higher than those with good credit.

3. What Are The Loan Amounts Offered?

Loan amounts range from ₦2,000 to ₦5,000,000, depending on the app.

4. Are These Loan Apps Regulated?

Yes, most apps are regulated by the Central Bank Of Niger (CBN) or other government agencies.

5. Can I Extend My Loan Repayment Period?

Some apps allow repayment extension, but may charge additional fees.

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