Looking for the best loan apps in Nigeria? My country people, we all agree that sometimes life puts you in a financial chokehold, with nowhere or no one to turn to. E get as e dey be sometimes. This is why we’re grateful for the rise of loan apps in Nigeria. They have brought a sense of relief to unexpected or unplanned financial burdens.
In the beginning, it was a scary risk to take as people were at the risk of being humiliated and harassed, there was no privacy, and threats were made to debtors.
The good news is that there has been a regularization of the loan apps by the government, due to their infringement of customer rights. Now, people can borrow and repay without the fear of being labelled as a scammer or kidnapper by their contacts. This is a new era.
Top Loan Apps in Nigeria
1. OKash
2. GTWorld Quick Credit
3. FairMoney
4. aseMoni
5. ALAT by Wema
6. Palmcredit
7. Branch
8. Aella Credit
9. Quickcheck
10. Carbon
Top 10 Loan Apps in Nigeria
From the Stylistic choice of loan apps with two words usually having no space, we understand that sometimes, it gets too tight with no breathing space in our finances. These apps listed below however ensure fast, secured and credible CBN-licensed borrowing with breathing space, no collateral or guarantors.
1. OKash
It was originally launched under Opay as its lending arm in 2018. They give loans really fast and easily. All you have to do is download the app, apply for the loan, receive and repay it.
It is possible to secure high loan amounts, as much as a million naira on the app. The best part is that the loans get approved fast without the hassle of paperwork.
They have a dedicated support team that is available to answer your questions 24/7, so you wouldn’t be in the dark about anything. We remember how people used to get harassed when loan apps became a thing, right? Okash promises you a harassment-free repayment journey.
In a situation where you accidentally apply for a loan, you have a 24-hour repayment window with no repercussions. Looking for loan options where you can sleep peacefully? Okash is your option.
2. GTWorld Quick Credit
With just a dial of a code “*737*51*51#,” you can get a loan from a reputable bank. This is particularly for salary earners (with their salary accounts) who need quick cash, with a repayment option that spans 12 months.
You can get up to three times your salary, you just need to have received at least 12 months of salary on your account with them and not have any history of dud cheques or unpaid obligations. The interest rate is 2.95% per month.
You have access to a minimum amount of ₦5000 and a maximum amount of ₦5m. You can access the Quick Credit loan via USSD, Internet banking, and GTWorld. The minimum age eligible is 18, while the maximum is 59.
3. FairMoney
They’re a licensed Microfinance bank that offers money lending services. They give loans from ₦1500 to ₦3m.
FairMoney gives you access to credit in 5 minutes after you download the app, with no collateral required and a competitive interest rate.
To access a loan, you must be at least 18 years old Nigerian with a Bank Verification Number, proof of employment (salary-earning, self-employed, or student) with a monthly minimum income of at least ₦1000.
Repayment periods are from 61 days to 18 months. For example, if you borrow ₦100000 over three months, it’s at a 30% interest rate.
4. EaseMoni
They’re a reputable loan app with a microfinance banking licence from the Central Bank of Nigeria. In the last six months, they have a record of millions of borrowers.
With EaseMoni, you can borrow cash from anywhere (Nigeria, Egypt, Pakistan, Mexico, Colombia) at any time with no collateral. They’re just an app install away.
Loan amounts range from ₦3000 to ₦1m, depending on your tier, with repayment terms from 13 to 52 weeks and interest rates from 5-10% per month based on your credit score and the duration of the loan. You get your loan after approval, which isn’t a long while at all.
5. ALAT by Wema
The first good thing is that you don’t have to be a Wema Bank customer to have access to the loan services using ALAT– Wema’s fully digital bank.
All you need is a fully upgraded ALAT Standard Savings account with a valid means of identification (driver’s license, national ID, voter’s card, or passport) and a BVN verification that shows a consistent salary inflow and has been in use for transactions.
They have multiple loan options ranging from personal loans to salary-based loans, goal-based loans to structured loans for purchasing electronic devices.
Depending on your profile, you can borrow from a minimum of ₦50000 to ₦4m at a reducing balance 2% interest rate for a tenure from 3 to 24 months (depending on your product choice and risk profile). It is automatically deducted from your account monthly, unless you prepay manually.
6. PalmCredit
With over 10 million downloads, they are one of Nigeria’s favourite loan apps. It is a go-to for small needs– students, quick money, or small business owners.
They offer very rapid loan disbursement with no collateral required. It has a borrowing rate from as little as ₦2000 to ₦300000 with a paying tenure from 91 to 365 days and an interest rate from 14% to 24% monthly.
7. Branch
Branch is a globally trusted app. Its operations aren’t limited to just Nigeria, but also India and Kenya. The app has garnered more than 10 million downloads.
It makes use of AI to determine if you’re eligible for the loan, and your limit adjusts over time. Its operations are, however, not limited to loans. You can also pay bills and invest with the app.
You can borrow from ₦1000 to ₦500000 to be repaid within 60-180 days at an interest rate of 15% to 34% monthly. They have no form of hidden charges.
8. Aella Credit
The niche customers of this business are people with a stable income source: salary earners, business owners, or individuals with a stable source of income. They make sure your data is secure, and you have a hitch-free transaction. They also spread out to insurance and investments.
Aella has over 1 million downloads, that shows its authenticity. They offer up to the tune of 1million, although larger amounts require more verification.
9. Quickcheck
A very highly rated option on the Play Store, mostly due to their fair pricing. They reduce their interest rate for returning customers.
The loan range is from ₦1500 to ₦500000 at an interest rate of up to 30% monthly from 90-365 days, without collateral. All you need is an Android phone and a good credit score.
10. Carbon
It was formerly called Paylater. Carbon is one of the forerunners of digital lending in Nigeria, hence their track record of consistency and credibility. They’ve evolved from giving just loans to services like bill payment and insurance.
They have over 5 million app downloads. They give from as little as ₦2500 to as much as ₦1m at an interest rate from as little as 4.5% for up to 12 months. The earlier you pay, the higher loan amount you have access to.
Conclusion
With digital money lending platforms, you don’t need collateral or guarantors. All you need is a phone, access to the Internet, and the ability to put in your details to set up the app.
These are very credible options that won’t have you watching your back. If you ever need a cash loan for bills, emergency, or your business, choose any of these options that fit your credit score and income level. Which of these apps have you ever used?
