In this post, we will be talking about reliable Loan Apps in Nigeria 2024. 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 paperworks.
Also, getting bank loans on the other hand is very hard. As you will have to provide collateral, documents and paperworks.
Since the introduction of this reliable Loan apps, people now find it easy to borrow money from this loan companies. You can easily get instant loan from this loan apps with just your smartphone, bank account, working phone number, ATM card and BVN. No collateral or paperwork needed.
What to Consider When Choosing a Loan App in Nigeria
- Interest rate
- Tenure of loan
- Safety of your data (personal and bank information)
- Loan Terms an Conditions
Interest Rate
Interest rate is the amount charged by loan app. This is also known as interest on loan. While applying for loan you need to know the amount charged by the loan company. Interest on loan varies by loan company or app.
How to calculate interest on loan
For Example, 31 days Loan repayment tenure have a interest fee of 5% per month. The loan amount is 30,000.
Interest on 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 of time you are to repay the money borrowed. This loan repayment period varies by company, it is usually minimum of 15 days and maximum of 365 days.
Safety of Your Data
This is making sure your personal or bank information are safe and not exposed to theft or unauthorized access. When Choosing loan app you need to be very sure you informations are 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 loan, penalty when you default payment, additional charges etc. You need to take 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.
Reliable Loan Apps in Nigeria
Below are the most reliable Loan Apps in Nigeria by users rating.
- Branch
- Carbon
- Fairmoney
- PalmCredit
- QuickCheck
Branch
Branch is the number one on our list of reliable Loan apps in Nigeria. Branch loan app is one of the oldest loan app in Nigeria, it offers instant loan ranging between #1000 t0 #1,000,000 with 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 banking and loan app, it is use to receive and transfer money, save money and get instant loans. The apps gives instant, collateral free loans ranging from #2,500 t0 #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, no paperwork.
FairMoney
Fairmoney is a digital bank app focused on lending. Through this app, Nigerians are getting quick and instant loans without guarantor or collateral. It is not surprising that the app is currently one the best and most downloaded loan app in Nigeria with over 10,000,000 plus download records on 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 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, no collateral and no paperwork.
- No hidden fees, no role over charge, no transaction fees.
QuickCheck
QuickCheck is a convenient quick on-line loan platform for Nigeria users managed by Arve Limited. They fulfill customer’s financial needs completely online 24/7.
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 197,000 users 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%.
- Account is credited instantly as soon as 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 Google Play Store or App store.
- Register an account.
- Fill out basic information and submit.
- Apply 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;
- You must a Nigerian resident
- You must be 18 to 60 years old
- You must have a Government issued ID
- You must have a working phone number
- You must have an account with any Nigeria bank of your choice.
Conclusion
The loan apps mentioned in this article are convenient, low interest, reliable and transparent borrowing options for Nigerians to get quick and instant loan. 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.
