Best Loan Apps In Nigeria (2020)

Technology has made it easier for people to access loans via loan apps preventing long queues at a financial institution like banks that takes long time for the loan application to be considered. People take loans when there are emergencies that requires money they do not have, when they want to start a business and fund the idea, when they do not want to miss an opportunity that requires their financial input.

Read Also: Top 10 Richest Churches In Nigeria

Loan apps help people get loans with little stress. They are the easiest and fastest ways of getting loans in Nigeria. Loans can be gotten via the loan apps by connecting to the internet. Some of the benefits of getting loans online via the app include

• Having easy access to the app and loan at any period or time.
• Applying for loan from the loan app is easy, convenient and fast saving valuable human time for both parties.
• No collateral is needed to access loans
• Instant direct transfer of the loan amount to the bank account of the individual who requested for the loan.

Loan applicants can get loans as fast as 5 minutes after application on some of these ⭐️best loan apps in Nigeria⭐️. This is one of the major reasons why people prefer getting loans using loan apps as it is very easy to get them and know if one is qualified to apply for loan or not. Loan apps are also flexible. All these reasons and benefits of using loan apps are reasons why Nigerians ditch getting a loan the manual way (from banks) because they know they will get the loan fast without all the long protocols and formalities experienced in a bank.

Best Loan Apps Available For Nigerians In Nigeria

This post examines the best top 10 quick loan apps in the country. These apps are available on Android & IOS, and we will also outline their respective distinctive features.

1. Carbon formerly known as Paylater

Carbon was previously known as Paylater. The app has over a million downloads on Google Playstore with an average rating of 4.2 out of 5 from over 70,000 users on the same Google Playstore. You can borrow Personal and Business Loans on the platform and can access up to a million naira on the app with no collateral, guarantors or paperwork. Carbon loan attracts interest rates starting from as low as 5% monthly on the first loan. Loans are given for short-term cash needs which are extremely helpful in emergency cases. Carbon does NOT charge any additional fees for late repayments or processing costs. You can download the carbon app from the play store by clicking here or visit their official website by clicking here.

Read Also: Top 10 Richest Politicians In Nigeria And Their Net Worth In 2020

2. PalmCredit

Palmcredit is a prominent loan app that helps users get a loan without much stress. One must be at least 18 years of age to apply for a loan on the platform. Palmcredit give loans ranging from N2,000 to N100,000 for a duration of 91 to 180 days. You can download the PalmCredit app from Google Play Store by clicking here. The loan interest of Palmcredit is between 14% to 24%, the Equivalent Monthly interest is between 4% and 4.7%, and the Annual Percentage Rate (APR) is around 48% to 56%. One reason why people use Palmcredit is the fact that there are no origination fees, rollover charges, transaction fees and the fact that it is highly rated by several users with several good reviews on the app store.

3. Branch

Branch loan platform is one of the best loan apps in Nigeria that operates in several other countries like India, Mexico and Kenya. Branch does not charge late fees or rollover fees and does not put restrictions on how you spend your money. This loan app has a customer support team that is always available 24/7. Approval after applying for a loan via the Branch app can be done under 24 hours. Branch offers loans from ₦1,000 to ₦200,000 with a duration of between 4 to 40 weeks. Interest ranges from 15% – 34% with an equivalent monthly interest of 3% – 21% and APR of 33% – 261%, depending on your loan option. There is no collateral needed to get a loan via the app and they value your privacy and will not sell your data. Over 10 million people have downloaded this awesome loan app from Google PlayStore and you can download the app by clicking here. You can download the Branch Money Lending App by clicking here

4. Fair Money

One can get loans of up to ₦500,000 in 5 minutes on FairMoney. The website of FairMoney can be accessed by clicking here. FairMoney offers short-term loans to help users cover for urgent needs, bills, business and much more and have packages like personal loan, education loan and business loan. FairMoney loans range from ₦1,500 to ₦500,000 with loan term durations from 60 days and above, and equivalent monthly interest that ranges from 10% to 30%. There are no additional fees or hidden costs for processing your loan. FairMoney also has flexible repayment of loans via repayment in instalments. No document, no collateral is needed to get a loan via FairMoney. Only the BVN number is shared during the loan application and the need to connect an ATM card to authorize the app to debit for repayment purpose. Repaying early also gives you a payment discount that can be found on the app.

5. Migo formerly known as Kwikmoney

Migo is another great loan app in Nigeria. This loan app platform is very fast as it enables users to apply for a loan through their website by registering with their phone number. All processes are done on their website and there is no further need to download any app. You can also use USSD to get a loan from Migo by dialling *561*1*1*1#. No collateral or documentation is needed to request a Migo loan. You can borrow between ₦500 to over ₦500,000 on the platform. If you want to know more about their loan process, you can read their FAQ by visiting here.

6. OKash

With over a million downloads on Google PlayStore and a rating of 4.5 out of 5, OKash is one of the best loan apps in Nigeria.Okash App Interface is an affiliate of Opera mobile payment platform, Opay. Okash give loans to those between the ages of 20 to 55 years, with an internet-enabled Android device and a means of identification, as well as valid bank account and card. Payment of the loan is between 91 days to 365 days and the loan amount available is between N3,000 to N50,000. Applicants must have a source of income to apply for this loan. Okash provides you with updates via SMS and will remind you of repaying via SMS too. You can download the OKash loan app by clicking here.

7. Allea

Allea can give an individual a loan amount between N2000 and N1 million. Their interest rate is between 6% to 20% and the loan tenure is between 1 to 3 months. Allea does not charge late or rollover fees. With over 500,00 downloads on Google PlayStore, Allea makes it super easy for anyone to borrow and repay the loan they collected.