Loan apps in Nigeria: here is an objective list of the top 20 loan apps in Nigeria for your business and other personal needs.
Investors King understands that many businesses and individuals need additional or urgent capital especially as inflation continues to affect peoples’ purchasing power.
Therefore, the following loan apps can be a quick stop for your business or personal needs. Please note that the list is not ranked by hierarchy since businesses and individuals will desire different services such as different interest rates and different loan tenure.
Moreover, be aware that once you register on any of the loan apps, you have surrendered all your contact lists to them.
FairMoney is one of the most patronised quick loan apps in Nigeria. It could be useful for students and small businesses. It has more than 5 million downloads on the Google Play Store with 4.4-star ratings.
The process to get a loan from FairMoney is fast and easy, especially if you have built a good credit score. A good credit score is if you have not defaulted on a loan before.
On FairMoney, you can access between N1,500 to N500,000 with repayment periods from 61 days to 180 days with an interest rate between 10% to 30%.
FairMoney also has a referral program where you can earn extra cash if you refer new users.
Branch application is another easy and quick loan app platform. With more than 10 million downloads, it is Nigeria’s most downloaded loan app on Google Play Store. It also has a user reviews rating of 4.5 stars.
The application determines loan eligibility and personalised loan offers using the users’ smartphone data. On the Branch platform, you can borrow loans as low as N1,000 up to N200,000 within 24hrs with a repayment period of 4 to 40 weeks.
Branch also uses repayment history to determine eligibility and access to higher amounts. The interest rate is between 15% – 34%.
Palmcredit
Palmcredit is among the best loan apps in Nigeria. It allows you to receive a loan for as little as N2,000 and as much as N100,000 directly from the app within 3 minutes.
More than five million people have downloaded Palmcredit on Google Play Store and it has a 4.2-star rating.
Palmcredit has a loan duration that ranges from 91 to 180 days while the interest rate is between 14% and 24%.
QuickCheck is a quick loan app that uses machine learning to predict borrowers’ behaviour and instantly evaluate loan applications.
As a first-time customer, you can obtain a loan of N10,000 for 30 days.
Quickcheck has an excellent method of obtaining a loan. With the QuickCheck app on your phone, you may acquire immediate loans directly into your bank account at any time of day or night.
Aella credit is obviously popular among Nigerians. It has more than 1 million downloads on Google Play Store.
The financial service platform has a rating of 4.1 stars.
Aella has a loan range from N2000 to N1,000,000 with repayment periods from 1 – 3 months.
Carbon is a digital bank that not only provides access to loans but also possibilities for investing, money transfer, airtime purchase, bill payment, and a lot more.
You do not need a guarantor or collateral when you want to access a loan from carbon. Most importantly, the platform welcomes students, workers and even businesses.
Another interesting thing about carbon is that it works 24 hours a day while loans can be accessed within minutes.
Okash is a subsidiary of Opay. Apart from accessing loans from Okash, you can also transact, purchase airtime, pay bills, and lots more.
It has more than 4 million downloads on the Google Play Store with a star rating of 4.3.
The interest rate on Okash is between 0.1% to 1% on a daily basis, the annual interest rate is between 36.5% and 360% while repayment date is between 91 days to 365 days.
Loan on KwikMoney comes with an entirely different experience as loans can be obtained without the use of the app.
You can log in to the company’s official website at Kwikmoney.com to complete the loan in seconds using only your phone number and have the money deposited directly into your bank account.
On KwikMoney, the sooner you repay your previous loans, the greater the amount you can borrow next time.
The KiaKia Platform is another safe platform for borrowing money and getting instant loans in Nigeria.
It could be ideal for students looking to pay school fees for the semester or for business. Kiakia loan is owned by Sterling Bank. You can get started by daily *882# on your mobile phone.
Interest rates range from as low as 12% and as high as 40% based on 6 to 18 months tenure.
Cash offers simple and convenient loans for students in Nigeria. It is available in both the Android Playstore and the Apple App Store.
Depending on your payment history, you could get a short-term loan on Blocka for as little as N5,000 and as much as N50,000.
Repayment of a minimum of 3% per month and a maximum of 10% per month are made monthly on blocka cash.
CreditVille is another money loan app that is suitable for students. You may acquire loan offers ranging from N100,000 to N4,000,000 for up to 18 months with no collateral.
Interest rates on CreditVille range between 6% to 31%. You can simply go to the company’s official website and fill out the registration form to access a loan.
In most cases, you will receive your loan in 4 hours after meeting the necessary and documentation.
Lidya loan is one of the fastest loan apps in the market. The platform provides credit to enterprises ranging from N500 to N50,000. Its platform is also ideal for students.
The platform uses credit scores to disburse loans. In most cases, loans are disbursed within 24 hours or less.
Interest rates on Lidya range from 3.5% to 20% depending on the tenure of the loan.
This is a CBN-licensed financial firm that provides personal loans in Nigeria.
Page Financial offers loans between the range of N100,000 to N5,000,000 with a monthly interest rate of 3.7% and an annual rate of 120%.
Loan tenure on Page Financial is between 60 to 180 days while repayment could either be manual or auto-debt.
Soko Loan is another easy-to-use application for short-term loans. The company maintains an algorithm whereby the sooner you pay off your borrowed funds, the higher your loan limitations will be.
Soko Loan is ideal for students, small businesses and low-income earners.
Interest rates on Sokoloan range from 4.5% to 35%.
Alat by Wema is powered by Wema Bank and can give you a loan of up to N2 million.
Although there are a number of limitations because it is managed by a full fledged commercial bank. Nonetheless, it is easy and fast.
Alat by Wema also has amazing features such as fixed interest rates where you can earn up to 4% interest on your fixed deposit.
Interest rates on loans are between 2% monthly and 13% per annum.
Newcredit is another instant loan app that operates in Nigeria. It has crossed 1 million downloads on Google Play Store with a 4.4-star rating.
While loans on Newcredit are collateral free, you can borrow between N10,000 up to N300,000 within minutes.
The application uses Artificial Intelligence (AI) to analyze prospective customers’ financial records before it approves a loan. Interest rates range between 24% to 56% per annum.
Umba is another loan app with multiple functions. It has more than 1 million downloads on Google Play Store with a rating of 3.8 stars.
New users can borrow between N2,000 to N30,000 on a maximum tenure of 62 days.
Interest rates on Umba are between 1% to 15% on a monthly basis.
Palmpay loan is another loan app that has crossed 5 million downloads on Google Play Store.
It has a review rating of 4.5 stars. You can also transfer money and pay bills such as electricity, TV and betting on Palmpay.
While you can borrow up to N200,000, the interest rate on Palmpay ranges between 22% and 31%.
Fair Credit
Fair credit is also one of the highest-rated loan apps in Nigeria. It has a rating of 4.8 stars with over 500,000 downloads on the Google Play Store.
On Fair Credit, you can borrow between N1,000 to N1 million while the repayment period is from 95 days to 18 months.
Interest rates range from 26% to 32% per annum. Fair credit also has an interest discount of up to 90% for early repayment.
Ease Cash
Ease Cash is another easy and quick loan app without the need for collateral or any paperwork.
It has crossed 500,000 downloads on Google Play Store and has a rating of 4.4 stars.
Ease Cash loan ranges between a minimum of N1000 to a maximum of N100,000 while it has a monthly interest rate from 5% to 10%.
