Are you looking for the Top 10 loan app in Nigeria with low interest rate? Look no further.
There are many loan apps where you can get instant loan with low interest rate, But for the sake of the post we will be discussing only 10.
We will also discuss how to get instant loans from this apps without collateral or paperwork, terms and conditions, how to register for loans and the loan interest rate.
We suggest you grab a cup of tea to help you enjoy your stay here.
What is a Loan App?
A loan app is a fintech app that allow users of mobile phones or tablets borrow and receive money from the comfort of there home. The fintech apps are provided by online lenders to help facilitate borrowing money. With this apps you don’t need to visit any physical office to collect loan.
What is Interest on Loan?
Interest on loan is the monetary price or charge you pay to borrow money. It is usually charge in percentage. For example, if you are to pay 3% on money borrowed. Let’s assume the money borrowed is #10,000. The interest on loan will be 3/100×#10,000=#300.
How to Know Credible Loan Apps in Nigeria
Below are things to consider before choosing a fintech app to borrow money from. The app must have the following:
- An official website.
- The App must be on Appstore.
- The loan company should have a verified social media channel like Facebook, Instagram and X.
- A good rating on the Appstore. Example 4.0 star rating.
How to Apply For Loan App in Nigeria
Below are methods of loan app application in Nigeria.
- Choose a loan app of your choice from the top 10 apps we listed on this post.
- Search and download the application from Appstore.
- After downloading the application, sign-up for an account.
- Fill the forms with your personal information and submit. Make sure your information are filled correctly.
- Submit the needed documents. Fintech apps will ask for your Bank Verification Number (BVN) and banking information.
- After you send your information, wait for reply from the app. This process will not take too much time, this process vary by apps.
- Carefully Read the Loan terms and conditions. If the terms of loan is okay with you, click next and apply for loan.
Eligibility Requirement for Loan App in Nigeria
The requirements for borrowing money from loan app in Nigeria vary from loan company. Below are some common requirements:
- You must be a citizen of Nigeria.
- You must be residing in Nigeria.
- You must be 18 and above.
- You must have a valid means of identification. (Voter’s card, nation ID, international passport or driver’s license)
- You must have account with any Nigeria bank of your choice and a debit card.
- You must have BVN (Bank Verification Number).
- You must have a source of income. (Salary, Business etc.)
- You must have a good credit score.
Top 10 Loan App in Nigeria With Low Interest Rate
Frequently Asked questions (FAQs)
Which loan app has the lowest interest rate in Nigeria?
Quickcheck App has the lowest interest rate on loan and is licensed by Central Bank of Nigeria (CBN).
Are this loan secured?
Yes, this loans apps are reputable fintech apps. They use advanced security to protect user’s data and personal information.
How quickly can I get approved for a loan?
Approve duration vary by loan apps, but may fintech app offers quick approval. Most times within an hour.
What if I can’t repay on time?
If you can’t repay ontime, we advice you communicate customer’s care support to discuss possible options on how to repay the loan. Some apps offers loan extensions or alternative repayment methods.
