Which App Is the Best Loan App in Nigeria?
We might have all come to that one point in our lives where we needed money urgently to sort out a personal issue or maybe to even help finance our business. Getting to handle such urgent matters might not be one of the easiest things to work around. This is where some of the best loan apps in Nigeria come into play.
So, say you have been wondering about what app is the best loan app in Nigeria at the moment that can help you sort out business or personal issues, then you have hit the right spot. We will be considering some of the best loan apps in Nigeria in this article.
Reviews of the best 6 Loan Apps in Nigeria Features, Reviews, and Links
1. Carbon (PayLater)
Carbon is one of the best instant loan apps in Nigeria at the moment as you can borrow up to a million naira without collaterals, guarantors, or even paperwork. Carbon which was previously known as PayLater is a Lagos-based platform that provides its users with the opportunity to finance convenient payment solutions and high-yield investment options.
When you pay off your loan on time on this platform, you are eligible for cashback on your interest and you can access more significant loan amounts and low-interest rates. Carbon has amassed a good level of reputation for itself as it comes with no extra cost.
On this platform, users pay only what they owe which means that there are no late fees or even rollover fees, or processing expenses. This is why carbon is one of the most sought-after platforms for easy access to loans.
To use the app, click on the link below and download the app. Then, you can create an account and access any loan of your choice. On the Carbon app, there are four different sections which are:
- The loan section: This is the first section where you can make your loan request.
- Payment section: This section allows you to make different payment transactions which include buying airtime, paying utility bills, and subscribing to data plans.
- Financial tools section: This section provides you with different investment opportunities which could be opening a fixed deposit account. You can also access a free credit report here.
- Transaction section: This section shows you the overview of the transactions you have made.
Carbon features as one of the best mobile loan platforms because of the ease of financial transactions. Here are some of the other reasons why you should try out Carbon:
- Carbon is available 24/7 and you can make transactions from anywhere with this platform.
- You just need an android phone, a data connection, and a valid means of ID to access their loans.
- The services come at no extra cost as there are no hidden charges.
- This platform also features a reward system.
To download the app on your Google play store, click on: https://play.google.com/store/apps/details?id=com.lenddo.mobile.paylater
2. Branch
Just like Carbon, with Branch, you can also unlock substantial loan amounts progressively. This platform features one of the lowest interest rates in the country at the moment with an interest rate of 1.5% to 20%.
Branch also comes with an APR that is comfortably one of the lowest among its competitors. With this platform, you can access loans from 2,000 to 500,000 Naira at no extra cost. You also don’t have to bother about rollover fees or late fees with this platform.
The interest rates on the app are based on variables like your repayment history and the branch’s cost of funds. With your permission, Branch will analyze your smartphone data to evaluate your loan eligibility status as they seek to provide personalized loan alternatives in seconds.
To download the app on your Google play store, click on this link: https://play.google.com/store/apps/details?id=com.branch_international.branch.branch_demo_android
3. FairMoney
With an offer of over 10,000 loans daily, Fairmoney features on our list of one the best loan apps in Nigeria. FairMoney provides loans within the range of 1,500 to 500,000 Naira with a payback period of between 61 days to 18 months.
With this platform, loan disbursement is in minutes and it features an APR of between 30% to 260% and an interest rate ranging from 2.5% to 30% making it an ideal option for low-interest loans. This platform requires nothing more than little paperwork and a piece of collateral and this has enhanced its reputation in Nigeria.
To authorize a payback on this app, you would have to link your card or bank account and you would also have to supply your BVN during the application process. FairMoney gathers information from your smartphone before a lending decision is made for mobile loans.
To download the app on your Google play store, click on this link: https://play.google.com/store/apps/details?id=ng.com.fairmoney.fairmoney
4. Palmcredit
Palmcredit offers access to loans ranging from 2,500 to 300,000 Naira in minutes and it is by far one of the fastest platforms in the country. Palmcredit features a repayment period of between four and twenty-six weeks and an interest rate of 5% to 28%.
This platform has become quite popular as it allows its users to access many short-term loans without needing any approvals. With Palmcredit, you don’t need to have any collateral and it does not require any serious documentation.
Palmcredit comes with no hidden costs, rollover fees, or even transaction costs. So long as you are within the age bracket of 18 and 65 years, you can access short-term loans with Palmcredit.
To download the app on your Google play store, click on this link: https://play.google.com/store/apps/details?id=com.transsnetfinancial.palmcredit
5. QuickCheck
QuickCheck is one of the most innovative loan platforms in the country as it uses machine learning to understand borrowers’ behavior. This platform is also PCI DSS compliant which means that they offer the highest level of data protection.
QuickCheck in consideration of its users usually gives a minimum of a week’s notice to address any modifications in your interest rates. As a first-time user, you can easily borrow 10,000 Naira within the first 30 days but when you pay back early enough, you can access more significant amounts and cheap interest rates.
This platform provides one of the lowest interest rates in this space at the rate of 1% per day. Although, you would have to wait for about 24 hours before your loan request is approved.
To download the app on your Google play store, click on this link: https://play.google.com/store/apps/details?id=io.quickcheck.loans
6. Okash
Okash is a Blue Ridge Microfinance Bank that is backed by Opay. For you to be able to access loans on this platform, you must fall within the age bracket of 20 and 55 years and it is among one of the best loan platforms.
Okash uses information from your smartphone which encompasses specifications, financial transactions, and reasons for your loan to create a customized credit score and decide on the most suitable loan offer for you.
With a daily interest rate of 1.2% for your loan set duration, this platform is one of the fastest loan apps in the country. Although if you default on your payment, your interest rate will increase.
To download the app on your Google play store, click on this link: https://play.google.com/store/apps/details?id=com.loan.cash.credit.okash.nigeria&hl=en&gl=NG
Which App Is the Best Loan App in Nigeria?
In a nutshell, of all the apps we have listed, our top favorite picks of the bunch are Carbon, Branch, and Fairmoney loan apps. You must have seen why they are our favorites. These platforms do not come with extra charges as many platforms that we have out there, so with them, you do not have to bother about any rollover fees.
Accessing loans on these three platforms is fast and more reliable than all others. The interest rates on these platforms and their repayment period are also some good reasons why they are featured as our favorite picks. Let’s examine our favorite loan apps further and see how you can use them.
Reasons Why These Loan Apps Are the Best in Nigeria
- Carbon
The Carbon app is your one-stop destination for mobile financial transactions. On this platform, you can access loans to meet urgent financial needs, make transfers into your bank account, invest at high-interest rates, and make utility payments.
Once you have downloaded the app just as we have instructed, accessing loans with Carbon is just a few minutes away. You would have to provide all the necessary details, and then upload a photo via the app. Then you can click on the request a loan tab and wait for your loan approval. This usually happens in minutes. You can then accept the loan offer and provide your card details.
- Branch
Borrowing money with Branch is quite easy and can be done within minutes. All you have to do is to download the app and then, create an account. You would then be required to fill in some details, you have to ensure you are as accurate as possible. Then, you can check how much you are eligible to borrow and receive the money in minutes.
Branch has been designed to help individuals and it grows with you. What this means is that as you build your credit with Branch, you can unlock larger amounts, and loans are approved and disbursed right from the app. Branch does not also charge you extra costs like late fees or rollover fees. Although you must ensure that you pay as at when due so you don’t have issues with the Credit Bureau.
- FairMoney
FairMoney helps you access critical finance by harnessing the power of technology and it is fast, reliable, and secure. FairMoney provides you with a different way of getting loans in Nigeria and it comes with no collateral. With this platform, you can access loans of up to 500,000 Naira.
To access loans from the Fairmoney app, all you have to do is download the app and create an account via the app. Then, you will have to either create a new profile or use your old profile if you have one. Then, you can get credited in a matter of minutes. Getting loans on this platform is fairly straightforward and can be done by anyone at all.
Which App Can Borrow Me 200k in Nigeria?
Different loan apps in the country function well and provide support for small-scale business owners and individuals alike. However, most people have found that most of those apps cannot offer up to 200,000 Naira in payments. Let’s run you through a list of some of the best loan apps that can borrow you 200,000 Naira.
- Carbon.
- Branch.
- FairMoney.
- Palmcredit.
- QuickCheck.
- Okash.
- Aella Credit.
- Kiakia.
- Xcredit.
How Much Can I Borrow from FairMoney for the first time?
FairMoney is an automated online money lender that offers single-payment loans, installment loans, and payroll loans to borrowers. Whatever amount you have borrowed will then be deducted from your account.
As a new customer or first-timer, the minimum loan amount you can access is 10,000 naira with an upper credit limit of 40,000 Naira. This means that you cannot access more than 40,000 Naira as a first-time user of the app. The load decision is made within seconds and you can receive your funds within five minutes.
How Much Can Kuda Borrow Me?
Kuda Bank offers loans to its active users which means that you must be an active user on the Kuda Mobile App to be able to access loans faster. It is very possible to take short-term loans with Kuda without any paperwork. You can also decide to pay back at any time with an interest rate of 0.3% daily interest.
The amount you can borrow from Kuda depends on the kind of account you have, your credit reports, and how much you have transacted with your Kuda account. However, you should be able to access loans of up to 50,000 Naira with the Kuda App.
In Conclusion
With so many loan apps out there, differentiating what is good from what is fake might be a difficult task. However, our take on the best six loan apps in the country can help make your search an effortless one. Just look through our list and make your choice. You can also check out our favorite top three loan apps.