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Top 10 Loan Apps In Nigeria And Their Interest Rates

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Top 10 Loan Apps In Nigeria And Their Interest Rates

Most times, people and business owners might be in short of cash to handle some financial issues around them. Sometimes like this, when all method for getting money have been depleted, the best option is to consider getting a fast and easily affordable loan online.

The most common way of getting access to quick loans in Nigerian banks is extended and frustrated for any individual who is looking to access a small loan for a short period of time.

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All thanks to the Fintech revolution in Nigeria, online lending startups are making it fast and easy for businesses and individual to access quick loans as when needed.

Here is a list of Nigeria’s top 10 mobile apps for online business and personal loans.

1. RenMoney

Top 10 Loan Apps In Nigeria And Their Interest Rates
RenMoney

Renmoney is one of the best lending company that operates as a microfinance bank in Nigeria. The company prides itself as the most convenient online lending organization for businesses and people in Nigeria. It gives affordable loans to address issues growing your small business, renovating your home, buying a new car, paying rent, school fees, medical bills, and so on. You can get up to 6 million Naira for as long as two years or 24 months.

Download the RenMoney App today, to get instant access to credit.

2. Carbon

Top 10 Loan Apps In Nigeria And Their Interest Rates
Carbon

Formally known as PayLater, Carbon is a lending company that operates as a microfinance bank in Nigeria.

Carbon provides short-term loan to people and small businesses in Nigeria to assist with covering unexpected expenses or urgent cash needs.

With Carbon, you get access up to a million Naira loan without collateral. When your application is approved, fund are typically received within 1 – 3 business days.

Making on-time repayments can give you access to higher credit limits for your next loan.

Download the Carbon Application to get fast and affordable loans at flexible rates.

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3. Palmcredit

Top 10 Loan Apps In Nigeria And Their Interest Rates
Palmcredit

PalmCredit is a virtual credit card that makes it easy and simple to get access to loan whenever and anywhere. Palmcredit offers loans of up to ₦100,000 within the space of minutes on your mobile phone.

With PalmCredit getting a mobile loan is simple. Apply for your credit limit in minutes, then take as many instant loans as you need without further approval. It’s a credit revolution!
As soon as you repay your debts, your credit score is updated. Repay on time and watch your limit increase to N100,000 or above.

Download the Palmcredit App to get instant and flexible loans at affordable rates.

4. Branch

Top 10 Loan Apps In Nigeria And Their Interest Rates
Branch

Branch is one of the most powerful mobile loan application operated in Nigeria and Kenya.

Getting quick and instant loans on Branch Application is so quick and simple.

Branch offers loans from ₦1,500 to ₦150,000. Loan terms range from 4 – 64 weeks. Interest goes from 14% to 28%, with an equivalent monthly interest of 1% to 21%, depending upon the selected loan option.

Download Branch App for access to quick and instant loans.

5. QuickCheck

Top 10 Loan Apps In Nigeria And Their Interest Rates
QuickCheck

QuickCheck is a modern lending platform for small businesses and individuals. QuickCheck utilizes mobile technology to empower people and small businesses to have access to financial credit.

As indicated by the platform, users can have access to quick and hassle-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.

You can get the QuickCheck App on Google Playstore.

6. Aella

Top 10 Loan Apps In Nigeria And Their Interest Rates
Aella

Aella is modern lending platform platforms that fully focus on African individuals to access financing. Mainly focused on employee lending and empowerment, the company was affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.

Aella Credit utilizes a proprietary credit scoring algorithm to determine the creditworthiness of its users. The algorithm, built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility for a loan by considering social and demographic factors and their debt-to-income ratio.

Download Aella App now to get everything rolling.

7. Lendigo

Top 10 Loan Apps In Nigeria And Their Interest Rates
Lendigo

 

Lendigo is a SME finance provider that offers Nigerian SMEs Nigerian SMEs easy, fast, and flexible access to working capital according to their requirements and suited to their finance needs. With Lendigo, you can access business loans from 100,000 Naira up to 1,000,000 Naira.

By downloading our Loan Application on your mobile phone, you can easily apply for a loan at a very affordable rate and get it credited straight into your bank account within a blink of an eyes, even if your business is not registered.

Download Lendigo Application now to begin.

8. FairMoney

Top 10 Loan Apps In Nigeria And Their Interest Rates
FairMoney

FairMoney is another powerful mobile loan app in Nigeria that offers short-time loans to help with covering of urgent needs, bills, business, and more. They give access to loans anytime and anywhere with our loan application within 5 minutes.

FairMoney packages include personal loans, education loans, business loans & more. With the effective use of technology, they can provide a quick and efficient loan app to all our esteemed customers.

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9. KiaKia

Top 10 Loan Apps In Nigeria And Their Interest Rates
KiaKia

KiaKia is a mobile web application that gives you access to personal and small business loan and empowers savers lend out funds at negotiated interests through intuitive conversations.

KiaKia uses psychometry, big data, machine learning, and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.

Click here to Download Kiakia mobile web app.

10. OKash

Top 10 Loan Apps In Nigeria And Their Interest Rates
OKash

OKash is a micro-lending platform owned by Blue Ridge Microfinance Bank Limited. They gives registered users access to quick collateral-free loans as long as they meet the company requirements. You can get loans from 3,000 Naira to 500,000 Naira.

OKash provides loans 24/7, and the whole process is based online. Users can download OKash from Google Play and set up their loan account within a blink of an eye, select their preferred bank account, link their active bank card for repayment, fill out a set of questions, and get a decision on their loan application in minutes with paperless.

Download the OKash App to get started.

List on the best loan apps in Nigeria for Android and iOS users

  • RenMoney
  • Carbon (formerly pay later)
  • Palmcredit
  • Branch
  • QuickCheck
  • Allea credit
  • Lendigo
  • FairMoney
  • Kiakia loans
  • OKash

What are the benefits of online loans in Nigeria?

Online loans have many benefits that differ them from normal loans, as they are quick and can have access in a matter of minutes. Here are some of the benefits of online loans:

  • Easy accessibility
  • Unrestricted availability for 24 hours every day
  • No need for collateral or paperwork
  • Quick disbursement
  • The money is disbursed directly into your account

What should I know before obtaining an online loan in Nigeria?

Kindly note that each loan app listed here comes with its respective terms and conditions (T&C). Therefore, it is important that you read and understand them before applying for any loan. Also, it also includes interest rates, penalty fees, as well as other conditions that follow the loan.