Boost your business with below loan in Nigeria. Read about 16 Best Online Loan Apps in Nigeria. There are various options for obtaining an urgent loan. You may now acquire a rapid online loan within 24 hours, or sometimes in less than five minutes. Check below:
16 Best Loan Apps in Nigeria & Details about them
Table of Contents
- Loanspot
- Renmoney
- Carbon
- Branch
- Credit to Aella
- Fairmoney
- Migo
- Lidya
- Kiakia
- Community Lender
- QuickCheck
- C24 Loan
- Credit Loan
- Loan Specta
- Jumia Lending
- Loan Opay
Their details
About Loanspot
One of the top loan apps in Nigeria, Loanspot offers quick loans to consumers. The purpose of this platform is to make it simpler for enterprises, entrepreneurs, and regular people to obtain loans that will improve their standard of living.
On that basis, they created this platform to connect you with a number of lenders throughout Nigeria by enabling you to quickly compare loans from various lenders. You can always find a lender on this platform who can fulfill your needs, which is wonderful.
They used the marketplace approach to prototype this platform. Loanspot exists to assist you in gaining access to credit choices at a lower cost, much like Uber, which enables you to obtain affordable transportation with the push of a button.
In fact, Loanspot assisted more than 180,000 people get information on loan products as of the writing of this article.
App Features
At the time this post was written, the Loanspot app was not accessible. The software should be accessible for download on the Google Play Store and the iOS App Store shortly.
About Renmoney
One of the loan companies in Nigeria offering microloans up to N4 million is Renmoney. Your company must have a solid track record of income statements and be able to demonstrate consistent monthly revenue in order to qualify for a Renmoney SME loan. The monthly interest rate is 2.8%, and the minimum borrowing amount is N100,000.
The platform also streamlines the process of obtaining funding for capital-intensive firms, such as a real estate firm in Nigeria.
App Features
Access to all Renmoney Services Immediately. These consist of investments, savings, and payday loans.
You can use the app to transfer money between different bank accounts and your Renmoney account.
The download size is 7 MB.
About Carbon
Carbon Loan, formerly (and widely known as) PayLater, is a lending platform that enables you to obtain a loan in Nigeria within a short period of time. The three-year-old lending application takes pride in being “a straightforward digital finances management platform” that offers immediate online loans to support you in meeting short-term cash requirements.
To calculate the value of your loan, the site uses your Bank Verification Number (BVN). It offers loans up to N20 million with variable interest rates. If you no longer have your information, see how to check BVN.
Both mobile apps and the web offer Carbon (Android and iOS). Depending on the loan payback duration and the amount you want to borrow, their rates might range from 5 to 15%.
In addition to being one of the leading loan providers in Nigeria, Carbon offers a platform that lets its users transfer money, recharge their airtime, and pay their bills.
Website for carbon
App Features
Free money transfers to any Nigerian bank.
Access to Carbon Services Right Away. This includes saving, investing, paying bills, and borrowing between N1500 and N1 million.
About Branch loan
Another website that provides speedy online loans in Nigeria is Branch Loan. Within 24 hours, you can apply for loans ranging from $1,000 to $200,000 with repayment terms of 4 to 40 weeks.
Because of how it functions, it is likely one of the most dependable lending apps in Nigeria. Its interest rate fluctuates between 15% and 34%.
You don’t need any assets that can generate revenue or serve as collateral in order to be a borrower. The lender’s history of repayment and the cost of lending to Branch are two variables that affect interest rates.
Nigerians now have simple access to loans from anywhere in the nation without a physical presence or security.
App for Branch Loan
App Features
accessing branch loan options quickly
Details about Credit to Aella
In Nigeria, there is an app called Aella Credit that provides loans to workers with interest rates ranging from 4% to 29% per month and amounts ranging from 1500 to 700,000. The Philippines, Ghana, and Nigeria all offer Aella Credit. The Bank Verification Number is one of its prerequisites, just like other platforms. Its loan term is between one and two months.
Website for Aella
In-App Feature
Access to loans in 5 minutes is quick and simple.
Bill-Paying functionality. You can pay for things like airtime recharges and utility bills.
Care for Aella using a mobile app to gain access to health insurance
Details about FairMoney
A certified loan app called FairMoney provides rapid loans to cover demands like bill payments. To get a loan (from 2,500 to 150,000), you need your debit card and bank verification number. Depending on how much you borrow, FairMoney’s loan interest rates might range from 5% to 28%. Additionally, the loan length extends from four to twenty-six weeks.
On FairMoney, you would pay back your loan at a lower interest rate if you did so before the due date.
Website for FairMoney
App Features
Accessing Fairmoney Loan alternatives is simple and quick.
Send money to any Nigerian bank account.
About Kwikmoney, Migo
A platform where you can get a quick loan in Nigeria was created through a partnership between businesses, banks, and other technology companies. This platform is called Migo Loan. You can get up to N500,000 in immediate collateral-free loans by providing your Bank Verification Number (BVN) and account number.
You can use the loan app or Migo’s web interface to access their lending services. You can use the Migo USSD code if you don’t have a device that can access the internet.
The USSD code for loans in Nigeria can be found in this post.
You have between 14 and 30 days to return your loan, and Migo charges a fee of 5 to 15%, depending on how much you borrow.
It offers cutting-edge financial services to the mass retail market, which is underserved financially. It’s a straightforward digital finance management tool that offers quick cash loans to aid with unforeseen costs or immediate cash demands.
Website for Migo
About Lidya Loan
One of the top loan providers in Nigeria is Lidya. It began operations in November 2016 with the goal of bridging the credit gap in Nigeria and other emerging markets.
If all prerequisites are met, businesses applying for loans at Lidya can do so online or via their mobile device and receive a decision within a few hours.
At Lidya, loans start at N150,000 and go up from there, with a monthly interest rate of 3.5%.
Website for Lidya
App Features
Simple and intuitive design
fast-responding system
Option for financial management
About Kiakia
A loan can be obtained through the KiaKia Loan platform in Nigeria for both individuals and businesses. The lending platform, which is supported by Sterling Bank Plc, also enables savers to loan out money through simple discussions at agreed-upon interest rates. Its monthly interest rate is 3.5%, and the minimum borrowing amount is N50,000.
Website Kiakia
App Features
amazing P2P lending opportunities
Rapid response and speedy loan approval
Who is qualified?
For a Kia Kia loan, you must fulfill the following criteria:
being a Nigerian citizen
Over 21 years old
The applicant must have a bank account with a major commercial bank and a Bank Verification Number (BVN).
proof of a legitimate source of income (paid employment or business)
Valid forms of identification, such as a Work ID for applicants who are employees
bank statements or screenshots of notifications over the past six months are acceptable forms of income documentation.
About Community Lender
An online, social, and mobile lending service called Social Lender is built on social reputation. It helps those with little access to formal credit fill the gap of immediate fund access.
Social Lender assigns a social reputation score to each user after conducting a social audit of the person on social media, online, and other relevant platforms.
Website for social lenders
App Features
Release 1.3.0
Updated on April 19, 2021
10,000+ downloads
Size of Download: 11.50 MB
App is accessible on both iOS and Android.
About QuickCheck
In Nigeria, QuickCheck offers a quick online immediate loan of up to NGN 500,000. However, during your first 30 days as a user, you can only access up to N10,000.
Early repayment of loans, according to their repayment terms, ensures reduced interest rates and bigger amounts. In addition, interest is only charged on loans for the days they are actually used.
For security and verification reasons, QuickCheck, like other loan platforms, needs your BVN; for the disbursement of your authorized loan, QuickCheck also needs your bank account number.
Site QuickCheck
C24 Loan
Another website where you can obtain an urgent loan in Nigeria is C24 Loan. Their application form may be finished in under five minutes, and you will receive application feedback very instantly.
They have a flexible repayment schedule, so paying them back won’t break the bank.
The loan platform states that it has provided credit facilities totaling more than NGN 5 billion to more than 150,000 consumers.
Website C24
App Features: enables quick cash, personal loans, and business financing
About Credit Loan
You have access to low-cost loans thanks to Fint Loan. Once you register your business on the FINT employment model, this lending company in Nigeria allows you the chance to borrow money for as little as 2% per month to pay your rent, utility bills, medical expenses, and education expenses for both you and your coworkers.
Good Website
App Features
An incredible tool for finding investors for your business
Who is qualified?
Lending is restricted to verified business owners.
About Loan Specta
If you need an emergency loan in Nigeria, turn to Specta Loan. The business provides three different lending packages, including:
MySpecta offers five-minute loans up to NGN 5 million.
SpectaScore is a tool for evaluating your credit and predicting your net worth.
For obtaining business loans, use Specta4Business.
Website for Specta
App Features
Release 13.0.1
Latest Update: June 16, 2021
50,000+ downloads
Size of Download: 11.43 MB
Sterling Bank Plc is the provider.
About Jumia Lending
Jumia developed this platform for quick cash loans so that customers may get loans right away. The JumiaPay Android app on the Google Play Store provides access to the Jumia loan.
Simply download the app, navigate to the “financial services” area, and enter your information. If your request is granted, you won’t need to provide any security for the loan. Consider a Jumia loan the next time you’re trying to figure out how to secure a loan.
Jumia Lending
App Features
Release: 4.5.0
Accessed on: May 10, 2021
Downloads: over a million
Size of Download: 11.81 MB
Published on: September 8, 2017
Who is qualified?
You must fulfill the following criteria in order to be eligible:
You must be in possession of a Jumia account.
BVN-enabled, operational bank account
About Loan Opay
This is a lending platform that is mostly known as the Okash loan and is owned by the tech behemoth Opera. They have established themselves as one of the leading loan providers in Nigeria right now.
Simply download the Okash mobile app, create an account, enter your information, and wait for approval to get a quick loan. Within 24 hours, you’ll receive your loan.
App Features
Release: 1.3.8
Accessed on: June 9, 2021
Downloads: over a million
Size of Download: 11.86 MB
Blue Ridge Microfinance Bank Limited is the provider.
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