Following the recent pandemic that struck the whole world of which Nigeria was no exception coupled with the stagnant or would it rather be tagged depreciating economy of Nigeria, lots of people across the country have resulted to borrowing money from sources they could find to help them get back on tier feet as regards financial stability, but the problem seems to be where and which platform could easily give or raise anyone or a business firm with a loan?
Well, we have dedicated our time to making researches and has come up with the 15 best loan apps for android and ios, these apps are mostly from financial institutes that have seen the need to help raise others across the country by lending them money to carry on with their businesses, firm, or even needs as they are charged to pay back later.
With the 15 top best loan apps we have got for you, getting loans has been made easy and accessible via just your Smartphone alone.
Top 15 Best Loan Apps For Android & iOS
1. Palm Credit
Kicking off with one of the best loan apps available for android platform users, we have the palm credit loan app. This app appears to be very easy-to-use app that provides users with quick loan within the range of #2,000 to #100, 000. However, the loan platform has been made limited to individuals of 18 years and above. With these few steps below, you stand a chance of getting a loan from the app.
Head over to your android PlayStore, search for the palm credit app, download, and install.
Launch the app and you have the option of signing in or registering with your phone number or Facebook account.
Proceed to fill in your correct details and you will be done within minutes, then you can now apply for the loan. Another quick way to make money without having to apply for a loan on palm credit loan app is by referring your friends and family to download the app using your referral link and you will be rewarded, it is indeed one of the best money lending platforms in Nigeria.
2. Carbon Loan App (Paylater)
Carbon Loan App also known as Paylater App is one of the most installed loan apps in Nigeria which also makes it one of the best loan apps in Nigeria. Since its existence, the app has proven to be a simple to use app that provides its users with a short-term loan to help sort out urgent needs. All you need is your android Smartphone and some basic requirements to get you qualified for the loan within minutes of application, amazing right?
However, Carbon loan App (Paylater) is known to provide two loan packages for convenience, the two packages are;
- Paylater (Made available for all)
- Paylater Plus ( Available for Salary earner only)
Aside, the loan packages the Carbon app offers, the platform also allows you to make utility payments without hassles via the app, payments which include Nepa bills, Subscription packages, Airtime purchase, and other services.
Just like most of the online loan apps and platforms we have today, Carbon app gives you access to an instant loan without collateral or documentation, all you need is a means of identification, and you are all set to getting your loan approved.
3. Fair Money App
With an easy-to-use and convenient platform comes another loan app option for you known as fair money. The app also gives you easy access to a quick short-term loan to help you keep up, however, you should go through their easy terms and conditions to help you scale through. All you need to do to get started is download the app from your app store or playstore, sign up, fill in your details and wait for some minutes to get your loan request approved. However, you are advised to make a repayment between the period of 15 days to a month to grant you access to perhaps a higher limit. The Palm Credit App, Carbon Loan App and the Fair Money App are the top 3 best loan apps in Nigeria currently.
4. Branch Loan App
Coming right up next on our list of best loan apps in Nigeria, we have the widely used Branch App. Branch also provides you easy access to loans which can be granted within 20 minutes or less, all you need to do is head over to playstore to download the app, sign in, fill in your correct details, and in a matter of minutes, you could be granted a loan within the range of #1,000 and #200, 000, but most people have reportedly stated that you have to accept the #1, 000 loan then repay to get a higher limit from the platform.
5. Kwikmoney (Migo)
Another fast and reliable quick loan platform for you is the Migo App popularly known as Kwikmoney. Well as the name implies, you get everything done quite fast on the platform, all you need is your smartphone and Sim registered to your personal or business bank account. A quick one to get you a loan from the platform;
- Method 1
– Pick up your mobile phone and Dial *561#.
– Make a selection of ‘Loans” and then “Request Loan”
– Type in the loan amount you require.
– Type in your bank details, and hold on till its approved.
- Method 2
– Go to your web browser and search https://kwikmoney.com
– Type in your phone number in the space provided
– Type in the verification code you get from the platform into the space provided.
– Click on the “Check Loan Offer”.
– Select a loan amount from the option displayed.
– Fill in your bank details and you’re done.
6. Quick Check
With the quick check loan app, users are granted access to loans of up to #30,000 without collaterals, although, loans should be paid back within 15 to 30 days. However, the platform also goes with the policy, “the more you take loans and repay within the stipulated date of repayment, the higher credit score you get for a higher amount of loan”.
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This platform offers a loan within the range of #1, 500 to #90, 000 with absolutely zero fees for late repayment, isn’t that amazing? However, they go with a monthly interest rate of about 4% – 29% depending on your loan amount for a period of 30 to 60 days. Here is how to get it done;
- Download the app from your playstore.
- Sign in.
- Fill in your details.
- Then you will be required to take a selfie and also set a pin.
With the above steps completed, you are definitely good to go.
8. Kia Kia Loans
Kia Kia loans as it implies in Yoruba dialect means fast loan and of course the platform is not just on the list of best loan apps in Nigeria for fun, it appears to be a reliable loan platform that offers secure loans for small, medium and huge business enterprise.
9. Credit Ville
Credit Ville happens to be an online loan platform that has to do with consumer’s payroll eligibility through their individual employers of which any amount borrowed is later deducted from the individual salary. This platform provides emergency loans into your account as fast as possible after certain requirements have been met.
On the top 10 best loan apps in Nigeria we have ALAT mounting the 10th position. Here we have a financial institute-based loan platform that offers you quick services such as goal-based loans and device-lending offers which grant you access to receive loans towards getting a preferred gadget or hitting a specific goal. All you need to do is open an account with them via alat.ng and you will be good to go.
Here we have another widely used app in Nigeria that can’t be left out of the list of best loan apps in Nigeria. Sokoloan appears to be a very easy to use app when it comes to applying for short-term loans in Nigeria. Sokoloan is a microfinance institution that goes by the name Soko leading company limited, this company has the intention of making an increase in the opportunities for the poor to access quick financial services by introducing financial services to low income entrepreneurs in the country as well as students seeking financial services, it is considered as one of the best loan apps for entrepreneurs in Nigeria.
This platform gives emerging enterprises the opportunity to access loans above #150, 000 with an interest rate as low as 3.5% per month. This platform can be accessed directly from your mobile phones via their website or you can just download the mobile app. However, to get loans from Lydia, you would be required to add your bank statements as a firm or upload their transaction history to be considered for a loan, meanwhile, it takes up to 24 hours to process your data and if you appear to have a good credit score, then you would be eligible for a loan.
Renmoney is a Nigerian based financial loan service that supports the growth of financial inclusion of small medium enterprises, micro-businesses, and SMEs. With this loan platform, you have the opportunity of receiving up to #100,000 loan with an interest of 2.8% per month. However, if you are a firm seeking to apply for loan via this platform, then you should have a good bank statement.
Specta is another similar loan platform to alat and its owned and managed by a financial institute known as Sterling. With this loan platform, you get to access quick loans without having to worry about guarantors or any sort of bank visits. However, this platform gives everyone, irrespective of the occupation and bank the opportunity to access up to 5 million Naira loan. All you need to do is get the app from google playstore to get started.
Coming last but definitely not the least on our list of top best loan apps in Nigeria is a loan platform which appears to be a subsidiary of the popular OPay app. Apparently, Okash has been a great and reliable platform when it comes to loans as it provides access to loan amount of up to #50,000 with absolutely no collateral. All you need to do is provide your details and you might be considered for a loan if you do have a good credit score.
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Getting a reliable online loan app has been made easy, and just as stated, kindly do well to always pay up your borrowed loan on time so as to increase your credit score and give you a higher loan limit. Below is a recap of the topic.
Best Loan Apps In Nigeria
Below are the top best loan mobile apps in Nigeria currently:
- Palm Credit
- Carbon Loan App (Paylater)
- Fair Money App
- Branch Loan App
- Kwikmoney (Migo)
- Quick Check
- Kia Kia Loans
- Credit Ville