Top Five (5) Loan Apps in Nigeria.

Assumed you woke up and realized you have no penny in your pocket. That’s almost everybody’s nightmare, huh? In the past, you will have to learn to live the day broke but nowadays, thanks to technology, you can simply get a quick loan from your smartphone without a sweat. And guess what, it’s easy and quick. You can get a loan offer in as low as 5 minutes.

These loan apps don’t ask for collateral before issuing you with a loan. In as much as there are legit loan apps out there, so also, there are fraudulent and dubious ones. One has to be careful to prevent falling a victim to any of the dubious apps out there.

So, in this article, I decided to list the best 5 loan apps out there. Please know that these are apps I’ve tested and trusted.

How do loan apps work?

Loan apps work in this way; You download the app from your app store., install it on your phone, open the app, register with your correct details and provide any documentation needed. Your credit score will be calculated and you will get a loan offer. Once you accept the loan offer, the loan will be credited to your account. You will have to pay back your loan before or by the due date.

Pros

Here are some pros that can make you want to access loan apps:

Access loans without collateral and unnecessary paperwork.
24/7 and easy accessibility.
Flexible payment options.
Only a smartphone is needed for application.

Cons

High-interest rates with some apps charging as high as 30%.
Amounts are too meagre for a start. Most apps offer less than ₦2,000 for new users.

Top 5 loan apps in Nigeria

Below are the top 5 loan apps in Nigeria:

1. Branch

When it comes to loan apps, Branch came ahead with ease to access loans, flexible repayment choices and reasonable monthly interest rates starting from 3% and topping out at 23%. Loan tenures are usually 1 month.

It has a presence in India, Kenya, Tanzania and then Nigeria.

Branch doesn’t have an iPhone app so to access their loans, you will need an android device. Download the Branch app on Google Play.

Read: How to get a loan from Branch

2. Carbon

Now, here is one app that has support for iPhones and iPad as well as Android devices. Carbon started way back as PayLater and has been giving loans for over 2 years now.

Carbon loans start from ₦1,500 up to ₦1,000,000 Naira as you built up a reputation by paying back. Monthly interest rates range from 1.5% to 21%.

Download the Carbon app here.

3. FairMoney

Another credible loan app is the FairMoney app. This company has worked tediously toward getting a piece of the growing fintech opportunity available.

With the FairMoney app, you can get a loan of ₦1,500 in just a few clicks with monthly interest rates ranging from 2.5% to 30%. It is fast, easy and secure.

They have a flexible interest rate. You can pay back your loan in instalments for up to 3 months.

Download the FairMoney app here

Read: How to get a loan from Fairmoney

4. Aella credit

Aella credit is another loan provider that provides loans from ₦1,500. Although they claim to offer up to ₦1,000,000 in loans, the highest I’ve gotten was just ₦3,000. I’ve applied about 5 times now.

Download the Aella Credit app here.

Read: How to get a loan from Aella Credit

5. QuickCheck

Quickcheck is another impressive loan app. It has grown gradually to emerge as one of the best consumer loan apps in Nigeria by offering loans that start from ₦1,500 to ₦500,000 with interests starting from 13%.

You can pay back your loan in instalments for up to 3 months.

Download the Quickcheck app here

Read: How to get a loan from Quickcheck

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