In recent years, loan apps in Nigeria; have grown in importance as a source of financial support. These apps are used by many people in Nigeria to rapidly and conveniently acquire loans without going through conventional banks or other financial institutions. With loan applications, customers can apply for loans from their smartphones and receive funds practically immediately, making borrowing money easy and flexible.
This can be especially useful for people who might not have the collateral or good credit needed to get a loan through conventional methods. Additionally, compared to traditional loans, loan apps frequently feature less stringent eligibility restrictions and lower interest rates, making them a more cost-effective choice for many borrowers. Loan apps can play a vital part in expanding access to financial resources and assisting Nigerians in better managing their money. Another good thing about loan apps is the ease and speed with which they deliver their service.
Benefits Of Loan Apps
If you are wondering what the advantage of online loan app over the traditional bank loans, then you should read this carefully. Taking loans from bank apps comes with a lot of benefits, some of which are:
- The Process Is Easy and Fast: Unlike the more traditional way of obtaining loans from banks, which involves long process of documentation and long waiting period before approval, borrowing loans from online bank apps is quite easy and fast. The entire process from registration, verification to when you finally get the funds can sometimes take just a couple of minutes. Impressive right? In addition, most of these apps are really easy to navigate, so you do not have to be tech savvy to use them.
- Low interest rate: one important factor to consider before taking a loan is the interest rate. Now, most online loan apps know this, so they offer very juicy and affordable interest rate, thereby making it a better option as compared to going to banks.
Before you take a loan (even from loan apps), be sure to read the terms and conditions and check to see that the interest rate is within your budget.
Some Other Benefits Are:
- Pocket friendly payment plan: for most loan applications, the repayment plan is quite flexible and it is pocket friendly as well.
- Safe: are you concerned about the safety of online loan apps? On the other hand, are you concerned because of imposters constantly posing as loan apps?
If that is so, then you do not have a need to worry anymore, because most online loan apps are relatively safe unless if you do not carry out your research well and you end up being scammed. Using online loan apps with make you feel safe and trust me, the apps listed on this article have been verified. Choosing an online loan that has been approved by the Financial Services Authority and other significant organizations is one option. If you have received official guidance and approval, using the online loan is secure.
- The requirements are easy to meet: utilizing an internet loan also has the benefit of simpler criteria. Naturally, you must fulfill a number of strict restrictions if you opt to borrow money from the bank.
Although when borrowing money from banks, your loan application will be delayed if you do not meet the requirements, but with online loan apps, you do not get to experience such. With online loan apps, the laws are less strict and more lax and less documents are required as well.
The basic requirements required to obtain loan from online loan apps are, your Identification (ID) card and in some cases, you are BVN.
NOTE: you must be sure that it is not a fake loan app before you input your BVN.
As tempting as the benefits of loan apps, many will still not want to take a chance, because of the probability of falling into a fraud with a fake loan app. Trust me, there so many fake loan apps out there and if one is not careful, you might get enticed and fall into their web of scam and lies.
Now let us check out some fake loan apps
Fake Loan Apps
Fake loan apps are imposters posing as loan app all in a bid to defraud you off your money. They come up with several tricks to lure you into their dark web. Although I may not be able to provide a list of fake loan apps, but one thing you can always look out for in spotting imposters is, the “too-good-to-be-true” offer. These imposters loan apps will always bring an offer that is just “too good to be true”. Therefore, it is advisable to always be on the lookout for these fake loan apps, so as not to fall prey to their frauds.
Now, we will take a look at some of the best loan apps in Nigeria
Carbon Instant Loan App:
Carbon, which was formerly known as “PayLater”, is one of the leading loan apps in Nigeria. With an easy-to-use and very user-friendly interface, carbon offers short-term loans ranging from a few thousands to millions of naira to individual and businesses without requesting for collateral.
One good thing with carbon is that, when you pay off your loan early, you will be eligible for cashback on the interest you pay and also access to a larger loan with even smaller interest rates. Juicy right?
Hurry now to google play store or App store to download the app for access to quick loan. Here are the steps to follow to do that
- Download the Carbon app from play store or App store and install it on your phone
- Provide your information where required.
- Specify the amount you want and your application will be reviewed.
- One your application is approved; your account will be credited.
Fairmoney Instant Loan App:
Fairmoney is another very good loan app that provides you loan in record time (5 minutes). Fairmoney offers short-term loan ranging from a thousand, five hundred (1,500 NGN) to a million Naira (1,000,000 NGN). With fairmoney, the payback period ranges from 61 days to 18 months. The interest rate ranges from 30% to 260% or at a monthly rate of 2.5% – 30%, which places Fairmoney as one of the low interest rate loan apps.
Another advantage of Fairmoney is that it requires very few documents or collateral, for loan approval. Below are the steps to follow to get a loan from Fairmoney loan app:
- Download the Fairmoney instant loan app from google play store or App store and install it
- Register on the app using your mobile number and BVN (don’t worry, the app is completely safe) and you will be required to answer a few questions
- And within a short time, your loan will be deposited to your bank account
Branch Instant Loan App:
Branch is another leading loan app in Nigeria. Branch is an app that makes sending and receiving money a whole lot easier in Nigeria. They also offer amazing loan offers of up to 500000 naira, with a monthly return of 1.5% – 20%.
Branch has no rollover fee and does not require collateral.
To get loan from Branch:
- Download the Branch instant loan app from google play store or App store and install it
- Fill in your details in the short form and send
- Next, fill out an application for a loan and in no time your application will be approved and you will be paid the loan.
Palmcredit Instant Loan App:
This is another popular and reliable loan app. It is currently, the fasted loan app in the country with a payout time of 3 minutes. Palmpay offers loan ranging from a few thousands to 100000 NGN, with an interest rate of 5-28%.
Like the other apps, it requires no collaterals, rollover fees or hidden fees. To get a loan from Palm credit:
- Download the Palmcredit instant loan app from google play store or App store and install it
- You will be provide a form which you will have to fill and submit
- Next, go to the withdrawal page and input the amount you want to withdraw and payment method.
- In addition, within a short time, your loan will be deposited to your bank account.
Aella Instant Loan App:
Aella is creating a platform that makes getting access to finance very easy for Africans. Although, it’s main focus is employees and its aim is empowerment. Aella offers loan ranging from 1500 NGN to 1,000,000 NGN. Her interest ranges from 4% to 30%.
The process to follow to get loan from this app is:
- Download the Aella instant loan app from google play store or App store and install it
- Create an account
- Next fill in the details required
- You will see a “check eligibility” button, click on it, to check how much loan you are entitled to.
- And within a short time, your loan will be deposited to your Aella wallet
KiaKia allows you to access both personal and small business loans. One unique feature of this app is that it allows savers lend out money to borrowers at negotiated interest rate.
To take a loan from this app:
- Hurry to google play store or app store to download the app. Or click on this l;ink to download it: https://kiakia.co/
- Then proceed to register on the app
- Input the details required of you.
Umba, which is a fully-fledged mobile bank, also offers online loan. Umba does not require collateral or many documentations before funds are released. They also do not impose rollover or late fee, although, early repayment of loans gives you access to bigger loans at smaller interest rates. To get and use this app:
- Download the Umba instant loan app from google play store or App store and install it
- Create an account and then apply for the loan.
- And within a short time, your loan will be deposited to your bank account
This is micro-lending platform, which gives you access loan from 3000 NGN to 500,000 NGN. To use this loan app, do the following:
- Download the OKash app from Google Play Store or App store
- Create an account
- Fill in the details required, including your preferred bank account number.
- Fill out a set of questions
- When your application is approved, your loan will be deposited in your bank account.
QuickCheck Instant Loan App:
This is one of the country’s best loan app, with cutting edge techniques and it is very innovative.
With QuickCheck, you can borrow as low as 10,000 NGN as a first time user. Although with early payback comes the advantage of access to more loans at lower interest rates. With an interest rate 1% per day, it has become one of the online loan app with the lowest interest rate. Processing a loan with QuickCheck can take up to 24 hours (1 day).
To borrow from this app, do the following:
- Download the app from the Google Play store
- To create a profile, you will have to register on the app
- Then you can go ahead and register for a loan
- In no time, your loan will be reviewed and if approved, you will be credited.
These are just a few examples of loan apps in Nigeria. There are also some other new loan apps in Nigeria, some of which are:
Taking a loan has never been as easy as it is right now, with just a swipe of your phone, you can access loan up to millions of naira. If you are still in fear, wondering what loan app is safe and reliable, and then check out the apps listed in this article and trust me, you will be glad you did. Despite the fact that many of this loan has juicy offers (no collateral, no rollover or late fee, affordable interest rate), it is very important to carefully study their Terms and Conditions before jumping at the offer. This will also help prevent you from falling into imposter apps and getting sad.
I hope this article was helpful.