Best loan Apps In Nigeria: In Nigeria there are now many loan apps that offer loans at different interest rates. You might be wondering how to get access to loans without stress, no collateral, minimal interest rate, and from the comfort of your home or office. Some interest rates are friendly while others are not.
In the past, obtaining a loan even for a small amount of five digits required queuing up for an extended period of time. The process itself was often lengthy, and it could take several weeks or more to complete the entire process. Hence, with the advent of technology, individuals can now access mobile loans to address their personal and business requirements within 24 hours, using just a smartphone, a mobile app, and an internet connection.
Without any specific ranking, let’s take a look at the top 20 loan apps available in Nigeria.
Top 20 Loan Apps in Nigeria
1. Carbon
2. P2Vest
3. FairMoney
4. Branch
5. Aella Credit
6. PalmCredit
7. QuickCheck
8. Alat Loan
9. Specta
10. Okash
11. JumiaPay
12. Lidya Loan
13. Migo Loan App
14. Page Financials
15. Blocka Cash
16. Kuda Loan
17. Kredi Loan
18. Yescredit Loan
19. Irorun
20. Umba Loan
Below is a list of the top 20 loan apps in Nigeria available right now and how they operate:
1. Carbon
According to a recent update, Carbon has transformed into a digital bank and we hope that it will remain in Nigeria for a long time. In addition to providing access to loans, this app also offers different features such as investment options, funds transfer, airtime purchase, bills payment, and many more.
To begin using the app, simply download it from Playstore, provide your personal information, including your BVN, and wait for your loan amount to be calculated and approved.
To pay back your loan, you can easily do so by funding your Carbon wallet before or on the due date using the bank transfer or USSD option available within the app.
2. P2Vest
One of the well-known P2P loan apps in Nigeria is P2Vest, which provides alternative loaning options for individuals.
P2Vest’s peer-to-peer lending platform connects verified borrowers with lenders and investors who are seeking higher returns on their investments compared to those offered by savings accounts and fixed deposits.
In addition to its P2P lending service, P2Vest offers a B2B loan platform called P2VFB, which enables businesses to manage their lending activities.
P2Vest is accessible on both the iOS and Android platforms, offering loan amounts ranging from ₦5,000 to ₦2,000,000, with a repayment period of 12 months.
3. FairMoney
FairMoney loan app allows you to quickly obtain loans, purchase airtime, and pay bills using your registered account.
To begin using the app, register using the phone number associated with your BVN. A One Time Passcode will be sent to the registered number for verification purposes, after which you will need to provide your contact details as with any other loan app.
For additional information, please visit FairMoney.
4. Branch
Branch is among the loan apps accessible in Nigeria and other countries.
This lending app offers loan amounts ranging from ₦1,000 to ₦200,000 with no late/rollover fees. The monthly interest rate is between 3% to 21%, and the annual interest rate ranges from 15% to 34%.
To use Branch, download and install the mobile app from the Play store and follow the provided instructions. For additional details, refer to the Branch review.
5. Aella Credit
Aella Credit is another top loan app in Nigeria that offers fast loan approvals. This app provides loans up to 1M with an interest rate ranging from 6% to 20%, and a loan tenure of 1 to 3 months, without any late/rollover fees.
To use the Aella Credit app, you can download it from the Playstore (Android) or App Store (iOS). For additional information, visit the Aella website.
6. PalmCredit
PalmCredit is a well-liked loan app in Nigeria that offers speedy loans of up to ₦300,000, ensuring customer satisfaction.
The loan duration available in this platform, ranges from 91 to 180 days, with interest rates between 14% to 24%. This implies that a 6-month loan of ₦100,000 would require a total repayment of ₦124,000.
To use the PalmCredit app, you can download it from the Playstore or visit any of the PalmCredit social media platforms for further information.
7. QuickCheck
Quickcheck is a financial services provider that caters to both personal and business needs.
As a new user to the app, you can access a loan of ₦10,000 for a 30-day period. If you require additional information, please visit the frequently asked questions (FAQ) page on their offical website. The Quickcheck app is available for download on the Playstore.
8. Alat Loan
With Alat by Wema, you can obtain quick loans without the need for paperwork or a visit to a local branch bank. Although it is operated by a bank, you can still borrow as much as ₦2,000,000, depending on certain terms and conditions provided by the app. The Alat app can be downloaded from the Google Play Store or the App Store, and you can obtain extensive information about it on the Alat website.
9. Specta
Specta, similar to Alat, is under the ownership and management of Sterling, a financial institution. It provides speedy loans without the need for collateral, a guarantor, or a visit to the bank. Whether you’re employed in any field or bank, you can obtain a loan amount of up to ₦5,000,000 to address your financial requirements.
The app could be downloaded on Playstore and it has other interesting packages for you.
10. Okash
I know you still remember the well-known Opay app that allows you to perform transactions like to buy airtime, pay bills, and even book rides? Okash was formerly a part of the Opay app and is currently one of the independent loan apps available in Nigeria. You can easily download and install Okash from the Playstore, without the need for any additional apps.
You can obtain loans of up to ₦50,000 without collateral through Okash, although the maximum loan amount may vary. To learn more about this lending platform, please visit the Okash website.
11. JumiaPay
JumiaPay, a product of Jumia provides instant loans to its users, and you can download the app from Playstore. To apply for a quick loan, create an account on the app, and then navigate to the ‘Financial Services’ section and click on ‘Loans.’
More information about the loan terms and conditions is available on the Jumia website.
12. Lidya Loan
Lidya is one of the earliest loan apps in Nigeria that provides small and medium-sized businesses with access to unsecured instant online loans. The platform offers businesses credit ranging from ₦500 to ₦50,000.
Lidya assesses the credit risk of every business that applies for a loan, and uses this assessment to generate a unique credit score for each business. The platform also disburses loans within 24 hours to their customers.
To qualify for a loan in this platform, you must own a business. Lidya’s platform is web-based, and the interest rate is not specified, although the company claims that it is affordable. The loan tenure depends on the amount borrowed, and you can not have multiple loans at once. You can repay the loan using a debit card or through direct deposit.
13. Migo Loan App
Migo loan app previously known as Kwikmoney, is a well-known lending company in Nigeria. You can obtain a mobile loan of up to ₦500,000 in less than 2 minutes using Migo in Nigeria.
So far, Migo has loaned out over ₦40 billion Naira. The interest rate for a Migo loan is between 5% to 15%.
14. Page Financials
Page financials is a financial company licensed by the Central Bank Nigeria that offers personal loans in Nigeria. The company claims that getting a loan from them is easy and that they use a flexible documentation process.
- Platform: iOS
- Loan Amounts: ₦100,000 to ₦5,000,000
- Interest rate: (3.76%) – Charged Flat Per Month
- Annual Percentage Rate (APR): 29% to 120%
- Loan tenure: 60 to 180 days.
- Repayment channels: Manually or through the auto-debit service.
15. Blocka Cash
Blocka Cash is a convenient loan platform in Nigeria that is accessible on both the Android and Apple app stores. You can apply for short-term loans ranging from ₦5,000 to ₦50,000, depending on your credit score. To qualify for a Blocka Cash loan, you must be at least 21 years old and may need to provide a valid form of government identification.
Here are some features of Blocka Cash loan:
– Platform: Available on iOS and Android
– Loan Amounts: ₦5,000 to ₦50,000
– Interest Rate: 3% to 10% per month
– Annual Percentage Rate (APR): 36% to 120%
– Loan Tenure: 60 to 180 days
– Repayment Channels: Debit Card, Quickteller, Direct Transfer
When determining your eligibility for a loan, Blocka Cash takes several factors into account, such as your credit score and past loan performance. James Crown Credit Limited powers the Blocka Cash app and holds a money lender license issued by the Ogun State Government of Nigeria.
16. Kuda Loan
Kuda Bank is a well-known digital bank in Nigeria that provides its customers with an overdraft (Loan) facility of up to ₦50,000 at a daily interest rate of 0.3%.
Additionally, your borrowing limit may increase based on your activity within the Kuda app.
17. Kredi Loan
Kredi is an up-and-coming digital bank in Nigeria that provides loans to its customers. Kredi offers four different types of loans, Namely: Kredi SME Loan, Kredi Nano Loan, Kredi Salary Backed Loan, and Kredi Collateral Backed Loan.
The loan amount you can obtain from Kredi is determined by your customer tier and eligibility.
18. Yescredit Loan
YesCredit is an iPhone loan app in Nigeria that provides considerate loan amounts to its users. Their loan amounts range from ₦5,000 to ₦50,000, and the process of applying for a YesCredit loan is quick and straightforward, taking only a few minutes. Once approved, you can receive your loan directly into your wallet and transfer it to your bank account immediately.
Moreover, every time you repay your YesCredit loan, your loan limit increases.
Here are some additional details about YesCredit loans:
– Platform: iOS
– Loan Amounts: ₦5,000 to ₦50,000
– Interest rate: 4.5% to 35% with an equivalent monthly interest rate of 5% to 29%
– Annual Percentage Rate (APR): 29% to 120%
– Loan tenure: 60 to 180 days
– Repayment channels: debit card and direct transfer
This app does not require a collateral, guarantors, or documentation for loan approval, as long as you are over 21 years old. However, for loans above a certain amount, additional documentation may be needed.
YesCredit is a licensed money lender under YesCredit Limited, approved by the Lagos State Government of Nigeria.
19. Irorun
Irorun is a new loan app for iPhone users in Nigeria that enables them to sign up and request a loan which can be disbursed to applicants in a matter of minutes. According to Irorun, they are an excellent choice for individuals who wish to access mobile loans in Nigeria with peace of mind. They focus primarily on providing small loans, making them a micro-credit platform.
Here are some additional details about Irorun loans:
– Platform: iOS
– Loan Amounts: ₦2,500 to ₦50,000
– Interest rate: 4.5% to 35% with a monthly interest rate of 5% to 29%
– Annual Percentage Rate (APR): 29% to 120%
– Loan tenure: 60 to 180 days
– Repayment channels: Manually or through the auto-debit service.
Irorun offers two repayment options: you can either repay your loan manually or set up an auto-debit service.
20. Umba Loan
Umba Bank is quickly becoming a popular digital bank in Nigeria, known for offering loans and rewarding its users with bonuses. By opening an Umba bank account, you can easily manage your finances, including spending, bill payments, and loans, directly from your phone using the Umba mobile app. Umba also provides unlimited transfers to its users without any charges.
In addition, Umba offers a loan app that provides personal loans to users. This loan app is one of the newer options available in Nigeria. Umba loans range from ₦1,115 to ₦89,182 Naira with a 10% interest rate for a loan duration of 62 days.
Key Considerations When Using Loan Apps in Nigeria
When using loan apps, be aware that they may require your bank account details and BVN. Always provide accurate information.
Borrow only what you can repay to avoid getting stuck and hindering your progress.
Repaying your loan early can improve your credit score and lead to higher loan amounts and lower interest rates for future requests.
Before applying for a loan, carefully review the terms and conditions. Only share your bank details with verified loan apps.
