6 Best Loan Apps in Nigeria today

loan app

Whether during financial difficulties, when you are broke or have emergencies, many people today seek loans for personal use and business purposes, to settle bills or cover expenses. Today, it’s no longer only banks that give loan. Many lending companies and establishments now offer quick and easy to access small and medium size loans, immediate payment, low annual interest rate and very adequate repayment time frame. These companies are safe, reliable, once you abide by their terms, and operate from the easy access of a mobile app.

Continue reading to learn about 6 of the best loan apps in Nigeria today. No 6 is my favourite because they have helped me grow my business from zero to millions.

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6 Best Loan Apps in Nigeria today

  1. ALAT

Nigeria’s no1 fully digital bank is the first on the list of best loan apps in Nigeria. This is a simple, and easy to use digital platform that grants quick and instant loans without any form of paperwork. ALAT does not require you to visit any physical location and their response time between loan acceptance and loan disbursement is in minutes.

All you have to do is to

  • Download the loan app from Play Store or App store
  • Sign up
  • Click on the loan option from the displayed menu.
  • After you have finished all necessary documentation, an assessment of your risk store will be conducted and a range of loan offers will be presented to you along with the applicable duration and interest rate.
  • Once you click on your preferred loan offer and accept it, your account will be credited. With this platform, you can borrow as much as 2 Million Naira without collateral.

ALAT loan app also offers a variety of services such as the Device-lending offer and the Goal-based loan which lets you to receive a loan towards a particular goal or towards getting your favourite device or gadget. The interest rate is also planned entirely to help the user. Salary earners can obtain about 50,000 and even up to 4 million within hours and will have between 3 months to 24 months to pay back with only a 2% interest rate per month.

  1. Carbon loan app

Previously well-known as PayLater, carbon lending app gives access to loans within minutes as well. It provides short-term loans that help you cover immediate expenses and emergencies. You can apply and receive a loan effortlessly without any documentation. All that is needed is your bank verification number (BVN) to ascertain loan credit. With this loan app, you can receive up to 20 Million with interest rates ranging from 5% to 15%.

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  1. Branch

Branch is another dependable loan app that allows you to receive up to N200,000 worth within 24 hours of applying with a minimal amount of N1000. Repayment is very flexible, within 4 to 40 weeks and loan attracts varying interest rates depending on the total sum of the loan and the user’s payment history. No collateral or documentation is needed to access a loan with this app – all you need is your phone number and bank verification number and you are all set.

  1. PalmCredit

Borrowing from the PalmCredit loan app is as easy as it can be, and can be done in some quick minutes. It has a seamless service that allows all users of the app to have access to instant loans worth N2000 to N100,000 hassle free. Persons who will qualify for the loans must be 18 years old and above. The app also offers cash rewards to users who refer others to join the loan service.

Is Palmcredit licensed by CBN?

The parent company which is Newedge Finance Limited is fully registered by the CBN to operate as a finance company in Nigeria. This means that their operations are fully regulated. So, yes. Palmcredit is licensed by the CBN, and it’s real.

  1. AellaCredit

AellaCredit loan app focuses on employee lending and it allows its users to receive quick loans with a monthly interest rate ranging from 6% to 20% and entails loan repayment within 3 months. AellaCRedit also provides other financial services such as investments, bill payments and affordable insurance services.

  1. FairMoney

FairMoney loan app is a trusted loan app which I have personally tested. First time when I applied for loan with this loan app, I was given a loan of #70,000 and to repay within 14 days without interest. It is fast, reliable, secure, and most of all it’s free! It’s an android mobile banking app that makes receiving loans and paying bills very fast and easy.

FairMoney loan app is a fast, secure, reliable and free Android mobile banking app, with over 5 million downloads, also available in India. They make getting a personal cash loan very easy and fast. Their customer care are also a top notch. Download the app, sign up using your mobile numbers, answer a few questions and get instant cash loans approved in under 5 minutes!

Is FairMoney licensed with CBN?

FairMoney, the rapid loan app, has expanded its portfolio to include investment products after being registered and regulated by the Central Bank of Nigeria (CBN) as FairMoney MicroFinance Bank (FairMoney). So FairMoney is licensed by the CBN, and it’s 100% legit.

Conclusion

Getting hold of a loan app from a credible source like Google Play Store eliminates the chances of fraud to some extent. Still, you need to be sure about the loan app with personal checks. Read reviews and do your personal findings. You must not install instant loan apps not approved by regulatory authorities in Nigeria like CBN, for getting loans.

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