30 Best Loan App in Nigeria
Do you wish to get quick and easy loans, then you are at the right place as we will discuss with you some of the best loan app in Nigeria.
With many legit loan apps in Nigeria, it’s quite easier and more convenient for you to get loans. No paperwork, no collateral, no stress also.
Getting loans from banks in Nigeria seems like a very big task. With lots of paperwork to sign, the collateral requirements and the stress of going to and from the bank. The good news is that you can now get a loan from the comfort of your home. With any of these best loan apps, you can get a loan of up to NGN500,000 to NGN1,000,000 without any paperwork, and you won’t even have to leave your home.
Why get a loan from a loan app
Getting a loan from these loan apps is very easy and convenient. This has caused many people to get loans unnecessarily.
This is why we have decided to help you know why and how to get a good loan.
Loans are often used to expand your business, for emergency expenses and even for a health challenge. Don’t make the mistake of getting a loan just to impress your girlfriend on a date. Or to use it for clothes or jewellery.
30 Best loan App in Nigeria
Always make sure you take a loan only if it will be profitable shortly.
Requirements for applying for a loan from loan apps
Getting a loan from most of these loan apps is quite easy and faster than going to the bank. But you need to meet their requirements to be able to access their loan.
Some of the requirements for applying for a loan from loan apps include;
- You must have installed the app on your phone.
- You must have made some transactions on the app
- Your BVN is needed, especially if you need a higher amount.
- You must accept their terms and conditions.
- Some loan apps will ask for your face capture, which is optional.
These are some of the requirements that will enable your loan to be approved. Ensure you meet all the above requirements.
Also, read: How to borrow money from Opay
Top 30 Best Loan app in Nigeria
Below are some of the most trusted and recognised loan apps in Nigeria.
1. Palmpay (Flexicash)
Almost every smartphone user in Nigeria is familiar with Palmpay. Especially during the cashless policy, many Nigerians rushed to download the app, due to their fast, effective money transfer.
Palmpay is not only a banking app, it also helps loan money to many people. Their loan plan is very good and a low interest rates.
As a first-timer, the highest amount you can borrow is NGN5,000. However, as you maintain a good credit history, your loan amount will be increased.
If are you in need of quick loans, then Palmpay Flexicash should be your preferred choice.
2. Fair money
Another loan app on our list is Fairmoney. They give fast and easy loans of up to NGN500,000 at once, with no paperwork and no collateral. But you need to maintain a good credit score to help secure this loan.
Fair Money was the first loan app that borrowed me money, I got my loan of NGn5,000 approved and deposited into my Fair Money account the same day I downloaded the app. That’s cool, you should try them also.
3. Opay
Opay is just like PamPay, they are both online banks that offer different financial services like bill payments, airtime, data, electricity and cash savings.
They also give out loans to their customers, depending on your credit score. Palmpay gives out loans beginning from NGN5,000 to NGN1,000,000.
Their loan is fast and easy to get, but you need to meet some simple requirements, which include;
- Download the app
- Verify the identity
- Go to the loan section
- Check for your eligibility
- Apply for any loan amount and wait for approval.
4. Renmoney
Another loan app on our list is Renmoney. Renmoney is a financial institution that offers loans of up to 7 million naira to their customer.
Renmomey is licensed by CBN and your deposit is insured by NDIC. As a beginner, you can get a loan from NGN5,000 to NGM600,000 from this app.
One good feature of this app is that it offers a flexible repayment plan. They also offer personal and business loans 25/7.
The only con is that the loan may not be disbursed instantly.
5. Carbon
Carbon may not be as popular as opay and palmpay but they are considered one of the best loan app in Nigeria.
Carbon is a microfinance bank that also offers loans to its customers via its mobile app. You can get a loan from Carbon from as little as NGN2,500 to NGN1,000,000.
30 Best loan App in Nigeria
Their loan plan is available 24/7, but their interest rate might be high at the initial stage.
6. Branch
Branch is another best loan app though not popular, they also give out instant loans to their customers.
Branch offers swift and easy loans, with low interest rates and no collateral.
The bad news is that the app is not available on the Play Store. You might also get a loan limit.
7. Aella
Another good loan app you should try is Aella. Aella is a microfinance bank that has been lending for over 8 years.
You can get a fast loan of up to 2 million naira with no collateral, and low interest rates. Do you know what’s more interesting isn’t the flexible repayment plan?
8. Kuda
Kuda is a very popula loan app in Nigeria. What started as a saving app has now grown to become a microfinance bank.
Kuda offers a quick loan of NGN150,000 to their customers with a low interest rates. You might not get more than that on an instant loan.
Other best loan apps
- Okash
- Palm credit
- New credit
- Easemoni
- Xcrosscash
- Easecash
- Umba
- Wecredit
- Snap ash
- Irorun
- Moneypal
- Quick buck
- Quicksub
- Nicenaira
- Allen
Key Takeaway
Before accepting any loan from any of these best loan app, you should consider the following;
- Their interest rate
- Their repayment plan
- The loan amount
- The validity period.
If all these are checked then you are good to get your loan.
30 Best loan App in Nigeria
Conclusion
Getting a loan is now easier than you thought. With the best loan app, you can get an instant loan of up to NGN500,000.
The above loan apps offer instant loans to their customers.
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