With those stuff up there, anybody with bank account can easily put in for loan and get it instantly. In some loan company, they'll even allow you to request a loan on your phone via USSD - just to serve you a very seamless and quick loan.
Nigeria, like every other Emerging Market is experiencing a huge demand in loan companies. However, not all those fintech companies offers a reliable and secure Loans to its users.
Additionally, the best loan app in Nigeria should offers quick, fast and easy access to personal and business loan, instant payment, low annual interest rate, easy repayment time frame and options for lenders to choose plus ultimately and good customer relationship.
Now, I will recommend best loan app in Nigeria that has attained those qualifications mentioned above. Here is the table of contents. Set back and choose wisely.
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Best Loan Apps in Nigeria, 2022 Recommendation.
Migo
This is my number one recommendation of best loan app in Nigeria. However, it doesn't matter the one I choose first, but all my recommendation are best in the lending field. Migo is a finance app that is best for getting instant and quick loan in Nigeria.
Migo doesn't require any collateral or paper, however, you will be required to provide phone number linked with your Bank Verification Number (BVN) and simply fill in your personal details plus including your local bank account details where you wants to get paid.
On Migo Loan App, you have the opportunity to get up to 500,000 Naira depending on your credit score. The lending company gives out loan base lender's credit scores. In some cases, you can get as low as 500 Naira. This shows that on your first trial, you will get small amount and over time, when you repay the loan with no default, you can opt-in for a bigger amount.
What I'm saying in essence is that you can not request amount of your choice (a fixed amount) at first, they provides you will amount that tallies with your credit scores.
Migo interest rate is also not constant or fixed. The rate could vary between 5 to 25 percent or affected depending on the loan conditions. So when you have a good repayment history, you're likely to get lower interest rate.
Payment into your bank account is often immediately. So be assured to get your loan instantly in the next 24hrs or within. Learn more about Migo Loan App.
Carbon
Carbon was formally known as Paylater - is one of the best loan app in Nigeria that provides urgent loan to those in need of financial within minutes.
All you need to get a loan from Carbon is your BVN, phone number and Carbon mobile app and you'll get loan between the range of 1,500 Naira to 1 million Naira depending on your credit score. Your phone and BVN will be used to access your credit score - this will determine loan amount you're eligible for to get.
To get a loan from Carbon, simply download the app on playstore or app store and sign up using the available registration form provided. You Phone and BVN will be needed in the registration form to access your credit score. After you've submitted your form, it will be reviewed and once you're eligible to receive a loan, you will be immediately into the bank account you included in your registration form.
Carbon interest rate is usually between the range of 1.75 percent to 30 percent, without no rollover fees, or late fees or processing fees.
Talking about the advantages and benefits of Carbon loan app, users are liable to get cash back on interest paid once they repay on time and without any repayment default. Additionally, when lender completed his/her repayment, such lender can opt-in for another loan immediately and get paid within 24hrs - that's if such lender have a good repayment history and credit score. Learn more about Carbon Loan App.
Branch
Branch Loan is among the top rated loan apps in Nigeria. All you need to apply for the loan is your phone number, BVN and Bank account. And one more thing, you can only apply if your bank is listed among supported banks in the app.
To request a loan, simply download the branch app, which is available on Google playstore and sign-up. You can borrow loan ranging from 2000 naira to 500, 000 naira depending on your credit score and repayment histories.
After you loan has been approved, payment into your bank account usually takes 24hrs and below.
Branch is not only available in Nigeria, it's also available in other countries including India, Kenya and Tanzania. The company was launched in 2017 to offer simple and quick personal loan through its app.
Branch Loan offers differents interest rate and are vary per each country. For instance in Nigeria, loan amounts are range from ₦1,000 ($2.43) to ₦200,000 ($486.03) with monthly interest between 1.6 percent and 23 percent, depending on the loan amount and repayment history. While in Tanzania, loan amounts are range between Tsh 5,000 ($2.16) to Tsh 700,000 ($301.87) with monthly interest between 4percent and 27 percent, also depending on the same conditions.
However, there are no late fees or additionally cost and users have the option to choose repayment terms for up to 52 weeks, giving you enough time to pay back your loan without stress. Learn more about Branch Loan App.
Fair Money
Fair Money isn't just a lending platform, it's also a digital bank in Nigerians. The platform is best known for it lending services (loan) which is considered to be one of the best loan app in Nigeria.
Fair Money offers single payment loans, installment loans and payroll loans with low interest rate. On the app, you will be eligible to get a loan ranging from 1,500 naira to 1,000,000 naira depending on your repayment histories and credit scores.
All you need to get started is your mobile number, BVN, internet connection, bank account and fairmoney mobile app. You can download the FairMoney app on Google play store and sign up or create an account on the app.
Once your loan is approved, you will get it within 5mins to 24hrs. It has an interest rate ranging from 2.5 percent to 30 percent. The loan app has a very good repayment schedule from 61 days to 365 days at monthly interest rate between 2.5percent to 30 percent.
Additionally, FairMoney has a feature called auto-debit, with this feature, you can automatically pay back your loan on the repayment date. As soon as your repayment period is over, you can reapply immediately and get another loan.
As I said earlier, FairMoney isn't just a lending platform, here are other things you can do on FairMoney App.
- Pay bills
- Airtime Top up
- Request a New Card
- Send and receive money
FairMoney is a Microfinance Digital Bank in Nigeria. It's licensed by Central Bank of Nigeria (CBN) and deposition insured by NDIC, Nigeria Deposit Insurance Corporation. The app is also available in India. Learn more about FairMoney Loan App.
Quick Check
To get a loan on QuickCheck, you will need a smartphone and internet connection, a Meta (Facebook) email address and password, and a QuickCheck Mobile App. Download the app on Google play store and Sign up to get started.
As a first time users, you can have the opportunity to get a loan of 10,000 naira and with time, repayment histories and credit scores, your loan amount will step-up and you maybe able to receive up to 500,000 naira. After applying, loan validation and disbursement may take up to 24hrs before you get credited into your Nigeria bank account.
QuickCheck loan has interest rates ranging from 5 percent monthly on your first loan. The repayment period starts from 91 days – to 1 year and typical interest ranges from 2 percent – 30 percent. You can also choose to repay your loan in weekly installments as opposed to the one-time payment other services operate on. After repayment, you have a 10 day waiting period before you can apply for another loan, however, this is for lenders with less than 5 successful loan payments.
Palm Credit
Palmcredit is another lending platform that let people get the best and instant loan for personal or business purposes in Nigeria.
The fintech company is owned and manage by Newedge Finance limited. It offers instant and convenient loan without paper work or collateral to it users with the help of interconnected relationship between itself, telcos and banks.
To apply for Palmcredit loan,you will need to possessed a mobile phone with internet connection, BVN and a bank account to receive your credit. Download the Palmcredit app on playstore and proceed with the account registration and sign up form. After your loan has been approved, you will likely get it in your bank account in less than 24hrs.
Palmcredit interest rate is ranged between 14 percent to 24 percent, Equivalent Monthly interest is ranged between 4 percent to 4.7 percent, the Annual Percentage Rate (APR) on a Palmcredit loan is 48 percent to 56 percent and the loan term is between 14 days to 180 days. Learn more about Newedge Finance Palmcredit loan app.
ALAT Loan
ALAT is the first-ever digital bank in Nigeria. It's owned by WEMA Bank . The platform have full access to grant quick and instant loan to its users without any form of paperwork or collateral.
With ALAT, you do not need to visit any physical location (bank) before your loan application is accepted and your loan disbursement will occur immediately after approval.
To get ALAT Loan, you will need to first download the ALAT App on Google play store or app store. Then signup and select the option from the menu to get started.
After you've completed all necessary documentation in the registration form, the platform will review your application including your credit score and a range of loan offers will be presented to you along with the applicable duration and interest rate.
After that, you will need to choose your preferred loan offer and accept it. Once you accept it, your account will be credited immediately. Lenders are allowed to borrow as much as 2 Million Naira without collateral or paperwork.
Apart from the normal lending services that ALAT offers, it also provides a range of services such as the Device-lending offer and the Goal-based loan which lets you to receive a loan towards a specific goal such as getting a preferred device or gadget. Additionally, the platform also some bank basic features, they're; money payment and transfer, savings and goal, free card delivery and ALAT Life which is the online and mobile banking.
ALAT Loan interest rate is designed entirely to completely render help the lenders. Salary earners can receive about 50,000 naira and even up to 4 million naira within hours (not up to 24hrs) and will have between the range of 3 months to 24 months to pay back with only a 2 percent interest rate per month on a reducing balance basis. Learn more about ALAT.
Aella Credit
This is another best rated loan app in Nigeria. With Aella Credit, you will be able to get quick and instant loan online with no need of paperwork or collateral. All you need to get started is Aella Credit Mobile App, your BVN and Mobile Number.
To get started, first download the Aella Credit App on Playstore or app store and sign up by filling all the requirements details including your phone number and BVN.
On Aella Credit, you will the chance to get a loan ranging from 1,500 naira to 90,000 naira depending on your credit score and you'll get the loan with zero late fees.
Aella Credit have a monthly interest rate ranging from 4 percent to 29 percent with terms of 30 to 60 days. If you have good loan repayment history, you will stand the chance to get a higher loan on your next request, this is one of the benefits gained from Aella Credit. Learn more about Aella Credit Loan App.
Fast Money
Fast Money is one the quick and instant online loan platform created to offer the best personal and business loan to its users in Nigeria.
Users can get loans up to NGN 300,000 without any mortgage, paperwork or collateral with low-interest rate, and long time repayment.
If a user chooses a 6-month loan and borrows NGN 1,000, FAST MONEY charges an interest rate of 4.4 percent per month. And the interest rate is 26.4 percent, they would charge you 263 naira as the interest of the 6-month repayment period. The total amount of repayment is 1,263 naira.
To get started with Fast Money Loan, you will need to download FastMoney App on Google playstore and sign-up. Once your application is reviewed and accepted, you will get loan in less than 24hrs into your bank account. Learn more about Fast Money Loan App.
Credit Ville
Creditville is one the best loan app in Nigeria and the last on my list. The lending platform offers quick and instant loan to salary earner (PayDay Loan) and businese owners in Nigeria. The platform also offers a car loan to its users but T&Cs is applied.
On Creditville, lender stand the chance to get a loan ranging from 100,000 naira to 4,000,000 naira at repayment terms of 18 months, no collateral, no paperwork is required to get the loan.
All you need to get started is visit Credit Ville site and fill the loan application form available on the website. Your application will be reviewed and get your disbursed I'm your bank account if your application is approved. Learn more about Credit Ville Loan App.
Hope you find this (best loan app in Nigeria) helpful? If you've used any of these loan app before, please let us know your experience in the comment section below.
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How to get the best loan in Nigeria?
When choosing best loan app in Nigeria, here are what you should put into consideration;
- They offers loans without collateral or paperwork.
- It is quick, fast, instant and convenient
- You receive payment directly into your bank account
- Long-term repayment schedule for easy pay back
- Very low interest rate.
These can also be considered has part of the advantages and benefits of getting a loan from those loan app recommended above.
Quick Recap: Best Loan App in Nigeria
- CreditVille
- Fast Money
- Aella Credit
- ALAT
- Palmcredit
- Quick Check
- FairMoney
- Branch
- Carbon
- Migo
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