In this post, we will be talking about reliable Loan Apps in Nigeria. Loan Apps is one of the best things that happened to Nigerians. Getting a loan before now to solve personal needs was like getting an American visa, as you will have to provide many documents and paperwork.
Also, getting bank loans, on the other hand, is very hard as you will have to provide collateral, documents, and paperwork.
Since the introduction of these reliable Loan apps in Nigeria, people now find it easy to borrow Money from these loan companies. You can easily get an instant loan from this loan app with just your smartphone, bank account, working phone number, ATM card, and BVN. No collateral or paperwork is needed.
What to Consider When Choosing a Reliable Loan App in Nigeria
- Interest rate
- Tenure of loan
- Safety of your data (personal and bank information)
- Loan Terms and Conditions
Interest Rate
The interest rate is the amount charged by the loan app. It is also known as interest on loan. While applying for a loan, you need to know the amount charged by the loan company. Interest on the loans varies by the loan company or app.
How to calculate interest on the loan
For Example, 31 days Loan repayment tenure has an interest fee of 5% per month. The loan amount is 30,000.
Interest on the loan will be 0.05×#30,000= #1,500
Total Loan Repayment will be #30,000+#1,500=#31,500.
Loan Tenure
Loan tenure means the duration or period you are to repay the Money borrowed. This loan repayment period varies by company; it is usually a minimum of 15 days and a maximum of 365 days.
Safety of Your Data
This is making sure your personal or bank information is safe and not exposed to theft or unauthorized access. When Choosing a loan app, you need to be very sure your information is safe with them.
Loan Terms and Conditions
Loan terms this is the length of time it takes to repay the Money borrowed, the interest charged on the loan, the penalty when you default on payment, additional charges, etc. It would help if you took your time to read and understand all this before accepting loans. If the Conditions are good with you, then you can go ahead and borrow from the company.
Top 5 Reliable Loan Apps in Nigeria
Below are the most reliable Loan Apps in Nigeria by user rating.
- Branch
- Carbon
- Fair Money
- PalmCredit
- QuickCheck
Branch
Branch is the number one on our list of reliable Loan apps in Nigeria. The branch loan app is one of the oldest loan apps in Nigeria; it offers instant loans ranging between #1000 to #1,000,000 with a repayment plan of 62 days to 365 days.
Loan Features
- Loan tenure: 62 days to 365 days
- Loan amount: #1000 to #1,000,000
- Loan interest: 3% to 23%, depending on the risk profile of the customer.
- APR from 34% to 271% per annum
- Fast and instant loan
- No loan fees, no collateral, no processing fee, no paperwork or hidden cost associated.
Carbon
Carbon is a mobile bankingmobile banking and loan app that is used to receive and transfer Money, save Money, and get instant loans. The app gives instant, collateral-free loans ranging from #2,500 to #1,000,000 with repayment plans of 61 days to 12 months.
Loan Features
- Loan Tenure: 3 to 12 months
- Loan Amount: #2,500 to #1,000,000
- Loan Interest: 4.5% to 30%
- Max APR is 195% per annum
- Save Money, free transfers, and instant loans.
- No collateral or guarantor, no hidden fees, and no paperwork.
FairMoney
Fair Money is a digital bank app focused on lending. Through this app, Nigerians are getting quick and instant loans without a guarantor or collateral. It is not surprising that the app is currently one the best and most downloaded loan apps in Nigeria, with over 10,000,000 plus download records on the Google Play Store.
Loan Features
- Loan Tenure: 61 days to 18 months
- Loan Amount: #5,000 to #3,000,000
- Loan Interest: 24% to 30%
- Max APR is 120% per annum
- Exclusive discount on airtime and data purchases, free transfers, and nationwide ATM delivery.
- No hidden charges or fees, no catch, and no collateral.
PalmCredit
PalmCredit is a safe and reliable Loan App in Nigeria also owned by Newedge Finance Limited. The app gives instant and collateral-free loans ranging from #10,000 to #300,000 with a repayment tenure of 91 days to 12 months.
PalmCredit app is one of the most downloaded loan apps in Nigeria with over 10,000,000 downloads on Google Play Store as of January this year. The app was rated 4.2 out of 5 by 173,017 users.
Loan Features
- Loan Tenure: 91 days to 365 days
- Loan Amount: #10,000 to #300,000
- Loan Interest: 4% to 24%
- Max APR is 24% to 56%
- Secure, reliable, with no collateral and no paperwork.
- No hidden fees, no role overcharges, and no transaction fees.
QuickCheck
QuickCheck is a convenient, quick online loan platform for Nigeria users managed by Arve Limited. They fulfill customers’ financial needs completely online 24/7.
The quickCheck application process takes just free steps with no collateral or paperwork needed. The apps offer loans ranging from #1,500 to 1,000,000, and the repayment tenure ranges from 3 months to 1 year. With a 197,000 user rating, QuickCheck has received over 10 million downloads.
Loan Features
- Loan Tenure: 3 months to 1 Year
- Loan Amount: #1,500 to #1,000,000
- Loan Interest: 2% to 30%
- Maximum Annual Percentage Rate (APR) is 30% to 260%.
- The account is credited instantly as soon as the loan is approved.
- Available 24/7, no collateral or guarantor needed.
How to Download Loan Apps
Below are quick steps to download loan apps in Nigeria.
- Download your preferred loan app from either the Google Play Store or the App Store.
- Register an account.
- Fill out basic information and submit.
- Apply for Loan
- Accept Loan terms
- Get your loan disbursed into your registered bank account.
Loan Application Requirements in Nigeria
You must meet the following requirements for borrowing Money from any of the apps mentioned above;
Loan Application Requirements in Nigeria
To borrow money from any of the loan apps mentioned, you must meet the following requirements:
- Nigerian Residency: You must reside in Nigeria to be eligible for loans from these platforms.
- Age Requirement: Applicants must be between the ages of 18 and 60.
- Valid Identification: A government-issued ID is necessary to confirm your identity (e.g., National ID, Voter’s Card, or Driver’s License).
- Active Phone Number: You need a working phone number to receive loan-related updates and communication.
- Bank Account: Having an active account with any Nigerian bank is essential for loan disbursement.
Meeting these requirements ensures you can easily apply for and access loans with no hassle.
Conclusion
The loan apps mentioned in this article are convenient, low-interest, reliable, and transparent borrowing options for Nigerians to get quick and instant loans. They offer both short and long-term loans, whether for personal or business purposes.
However, remember to borrow wisely and only what you can affordably repay. Feel free to download any of the apps mentioned above and take control of your finances.