Now more than ever, the need for quick and instant loans have become crucial to Nigerians. Finding the best loan app can be challenging, whether you need funds for emergency expenses or to enhance your business.
Amidst all these, all thanks to the coming up and existence of loan apps in the Nigerian society that always come to the rescue.
With these loan apps, Nigerians can apply for, and get a loan with ease and on time to make ends meet and handle all pressing needs and urgency.
These lenders and channels have a different range of amounts they give out as loans to those in need. The amount ranges from N1,000 up to N5,000,000.
Some of the key requirements from them before granting loan request are:
- Proof of residence
- Bank Verification Number (BVN
- Government issued means of identification
- Guarantor information, etc
Below are 22 loan apps in Nigeria you can consider.
1. Aella
With Aella credit, borrowers can access loans in minutes. They can get non-collateral loans of up to one million naira (N1,000,000) to cushion the choke of some expenses. It is also affordable with no late fees attached to its loans.
2. QuickCheck
This loan app is fully devoted to ensuring that users are supported in micro-lending. However, it offers business financing over time. With Quickcheck, borrowers’ loan cap increase as they pay their loans on time and build trust with the system.
3. FairMoney
FairMoney offers loans of up to a million naira (N1,000,000) for a period of 18 months. The better your lending history and positive behavior, the more you can access the longer period.
4. Alat PayDay Loan
Alat is a product of Wema Bank. With Alat, you can open an account and manage your money without ever going to a branch. This app also gives you access to exclusive group and personal saving, a free debit card, lifestyle benefits, and up to 4% annual interest. The Alat payday loan offers from 5,000 to 4 million naira loan.
5. Carbon
Carbon is an easy to use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover urgent cash needs. You can instantly access up to one million naira (N1,000,000) loan with Carbon without any collateral.
6. Branch
Branch is another fast and easy loan app in Nigeria that can allow you get access to quick loans. It will help you sort out your financial issues in real- time. Branch offers loan from N1,500 to N150,000 and loan term ranges from 4 to 64 weeks.
7. Lendigo
Lendigo is an SME finance provider that offers Nigerian SMEs easy, fast, and flexible access to working capital according to their business requirements and suited to their finance needs. You can access from N100,000 to N1,000,000 with Lendigo. By installing the loan app, you can easily apply for a loan at a very low-interest rate and get it credited straight into your bank account, even if your business is not registered.
10. PalmCredit
PalmCredit is one of the best loan apps that has a virtual credit card that makes it easy to access a loan anytime and anywhere. PalmCredit offers loans of up to N100,000 within minutes on your mobile phone.
11. Umba
Umba is a loan app that offers borrowers a seamless process of accessing money in minutes. It offers fast and affordable loans with low self-interest rates. It also makes paying back easy for borrowers and offers loans as much as N300,000 for those who meet the criteria.
12. Okash
Okash is a convenient quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited. All customer’s financial services are done online 24/7. The app offers loans ranging from N2,000 to N500,000 and repayment plan ranges from 91 days to 365 days.
13. NewCredit
Newcredit is another loan app in Nigeria that gives collateral-free loans of up to #300,000. The app uses AI that checks for credit worthiness and financial records of the lender. The loan amount ranges from N10,000 to N300,000 with repayment from 91 days to 365 days.
14. NairaLoans
Naira loan is a loan platform that focuses on providing high quality lending services. As borrowers credit score grows, the loan amount increases. The loans come without collateral and borrowers can access up to N500,000.
15. C24 Capital
C24 Capital is another non-popular loan app that provides retail loans for consumers in need of quick financial loans. Their online loan process has been optimised to help borrowers avoid the stress associated with other loan companies.
16. QuickBucks
QuickBucks is an instant loan app from Access Bank. It is available to both customers and non-customers of Access Bank. With QuickBucks, both salary and non-salary earners can access instant loans at low interest rates with no documentation or collateral needed.
17. Xcross Cash
18. Migo
Migo is a loan platform that operates with a somewhat different model. It is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own app. It operates by building proprietary algorithms to assess credit risk using the company’s data and then automates credit facilities via cloud infrastructure.
19. MoneyPal
Moneypal is a product of Zedvance Finance Limited. It offers quick funding that works for its customers. With it, borrowers can access up to N5,000,000 in unsecured loans within minutes with no hidden charges.
20. Page Financials
Page Financials runs an instant loan scheme that is clear and upfront based on borrowers personal needs. This loan app has a fast turnaround in processing loans as well as same day access to funds approved. It also guarantees the disbursement of collateral-free loans under three hours.
