Best Loan Apps in Nigeria for Quick Loans 2023

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Last Updated on May 25, 2023

Best Loan Apps in Nigeria

We all have a moment in life when we urgently need money, perhaps for personal use or for other things to come and we need funds to survive, and getting a quick loan is perhaps the fastest way.

It’s not always easy to start a business, finance an idea, or even raise money for a rush deal. Sometimes we want to find the fastest ways to get the funds you need when you need to get a loan. This article talks about the best loan applications that you can use in Nigeria.

These apps are one of the most trusted in the country when it comes to getting quick loans, not just the loans their services and a customer representative and even their platforms are trustworthy. Thinking about borrowing money from a friend can sometimes seem like the best option, but remember that we all live in times when things are not so easy. That is when getting quick loans comes in.

Smartphones and websites are one of the most used things in this world if the internet, air, and electricity are included among the most used things in the whole world. That is why we can make good use of our smartphones.

Do you want to know about the best loan apps in Nigeria that can save you or help you in urgent times of need to get quick loans? Read through this post from top to the end and after that, you can select one out of all of them.

Top 10 Loan Apps in Nigeria

Here’s a quick recap of the 10 best loan apps in Nigeria:

  1. Carbon
  2. Branch
  3. Fair money
  4. Aella credit
  5. Palm credit
  6. Renmoney
  7. Migo
  8. Xcredit
  9. Lidya
  10. Kiakia loan

1. Carbon

Carbon is a digital financial service platform that provides a range of financial services, including personal loans, business loans, payments, funds transfers, credit scoring, savings, and investments. It is currently available in Nigeria and Kenya.

The Carbon loan application process typically takes less than 5 minutes to complete. Their rates range from 2% to 30%, and this depends on the loan repayment period and the amount of money you wish to borrow.

2. Branch

Branch is another platform that offers quick online loans in Nigeria. They determine loan eligibility and personalized loan offers using the users’ smartphone data. Their interest rates range from 15% – 34%. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back.

3. Fair money

FairMoney offers fast loans within 5 minutes with no documentation or collateral required. The loan amounts vary based on your smartphone data and repayment history. Loan amounts range between ₦1,500 to ₦500,000 with repayment periods from 61 days to 180 days at monthly interest rates that range from 10% to 30%.

4. Aella credit

Aella credit is a one-stop-shop for all your financial services. They offer short-term personal loans that range from ₦2000 to ₦1,000,000 with repayment periods from 1 – 3 months. Their interest rates range from 6% – 20%. You get access to higher amounts and better rates if you work with an Aella Credit partner company.

5. Palm credit

PalmCredit offers fast loans in small amounts for first-time applicants. You get access to higher loan amounts when you pay back your loans on time. Palmcredit Monthly interest rate ranges from 4%~4.7% while Loans Interest Rate ranges from 14% to 24%. Their loan limits range From ₦ 2,000 to ₦100,000 with a repayment period between 91 days to 180 days.

6. Renmoney

Renmoney offers personal or micro-business loans ranging from ₦50,000 to ₦6 million without collateral. They offer large loan amounts and flexible repayment terms to low-risk borrowers with strong financial profiles. Monthly interest rates range from 2.76% – 9.33% repayable in 3 -24 months.

7. Migo

Migo is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps. You can access Migo’s lending services on their website. If you don’t own a smartphone, you can use the Migo USSD code. Their loans range from ₦500 to ₦500,000 with repayment periods from 14 – 30 days. Their interest ranges from 5% – 25%.

8. Xcredit

XCredit makes it easy for people in Nigeria to access a loan, anytime, anywhere. XCredit loan amount ranges from ₦5,000 ~ ₦500,000. The shortest loan tenor is 91 days and the longest is 180 days. They offer an interest rate of 12% of the amount borrowed.

9. Lidya

Lidya provides financing based on the cash flow in your bank account and without collateral. The loan amount at Lidya ranges from ₦150,000 and above with an interest rate of 3.5% per month.

10. Kiakia loan

Kiakia is a financial marketplace that grants short-term business and personal loans. They offer a peer-to-peer lending option so you can either offer a loan to someone or request a loan on kiakia. You can borrow as low as ₦10,000 and as much as ₦200,000. Kiakia’s interest rate is typically from 5.6% – 24%.

Disclaimer: Please make sure you read and understand the terms and conditions before applying for any of these loans.

Fake Loan Apps in Nigeria

Did you know that there are a series of fake loan apps in Nigeria today? You should know that being terrible does not preclude you from obtaining a loan from them; rather, the manner in which they operate is the true issue, and you should avoid them if you value your dignity and peace of mind.

The indicators of a poor loan are listed below:

  • A higher rate of interest
  • Shorter loan terms, such as (7-14 days)
  • Bad lenders will charge a different service fee and interest rate.
  • They treat their consumers as though they are garbage.
  • When you default for even a few hours, they send hateful messages to all of your contacts.
  • Even before the loan is due to expire, you can launch a fight.
  • Before approving a loan, they charge for card verification.
  • Some won’t give you a loan but will refer you to other apps and charge you a fee for their services.

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