In the past few years, Nigeria has faced a rapid inflation, increased cost of feeding, increased cost of living and a lot of Nigerians need financial assistance. Many loan Platforms have also been created, most of which are scams, but in this article, we have a list of the best loan apps in Nigeria. We have selected the platforms with the best interest rates, the best loan tenure, best loan payback duration and also the best customer support services.
1. Branch Loan App
This is the overall Best loan app in Nigeria with about 10 million downloads on the google play store, it is known for its best interest rates of 2.5% to 20% monthly which is very low compared to other loan apps in Nigeria. They don’t charge late fees, or rollover fees and you do not limit how you spend your money. They offer loans of up to N500,000 and you get approved for a loan in 24 hours.
The requirement for getting a loan is your phone number, your Facebook account, BVN, and bank account number, they will require access to your phone data and all this will be used to evaluate and build your credit score. They also have 24/7 customer support so you get to speak with their representatives whenever you have an issue.
How to borrow from Branch loan app
- Download the branch loan app on google play store
- Register by filling out your name and other required information
- Apply for the loan and the money will be sent to your bank account instantly
2. Fair Money Loan App
Fair Money is one of the best loan apps in Nigeria. It is the best for long loan tenure, this means you get a longer time to use the borrowed money. It is the second best in Nigeria. They give loans from N1500 to N1 million. Their long tenure lasts for a minimum of 61 days to a maximum of 18 months, they also offer a monthly rate of 2.5% to 30%.
How to apply for Fair Money loan
- Download the Fair Money loan app from the google play store
- Fill in the required information and answer some questions
- Wait a minute or two for Evaluation and see if you are eligible to borrow at that moment.
- Apply for available loans and get the money sent to you instantly.
3. Palm Credit Loan App
This is one of the best loan apps in Nigeria because they offer fast and emergency loans, you could apply for a loan and get it in less than 5 minutes. they offer loans from N2500 to N300,000, and their loan tenure lasts from 4 weeks to 26 weeks.
Palm Credit has a monthly interest rate of 5% to 28% and an annual interest rate of 25% to 56%. They require no collateral and they offer repayment duration of 91-365 days
How to apply for palm credit loan
- Download the palm credit app from the google play store
- Register/create an account in the app by filling out the required information
- Apply for the loan available and verify how you’ll pay it back.
- Withdraw your loan to your bank when it’s available.
4. Carbon loan app
Carbon loan app is one of the best loan apps in Nigeria with about 1 million downloads on the google play store. They were formerly known as Pay Later and it is the best loan for customers who want to build their credit score.
They have a monthly interest rate of 4% to 30%, and they offer loans up to N1,000,000. They have 24/7 customer support available as well.
How to apply for Carbon loan.
- Download the Carbon app from the google play store
- Register and fill out all required information
- Wait for your credit score evaluation
- Get your loan instantly to your bank account
5. Aella Quick loan app
Aella quick is one of the best loan apps in Nigeria. They have a monthly interest rate of 4% to 30% and require no collateral from their customers.
They only require your BVN and your data, this will be used to ensure that you are who you say you are, and to prevent impersonations, they offer loans based on customer data and characteristics. Aella quick offers loans up to N1,000,000, and cashback on interest paid, they don’t collect late fees
How to apply for Aella Quick loan
- Download the Aella Quick app from the google play store or App Store
- Create an account and provide all required data
- Click the “check eligibility” button to find out how much you are eligible to borrow
- Apply for a loan that is suitable for your need
- Wait for the money to reflect in your Aella wallet
6. Umba loan app
This is one of the best loan apps in Nigeria and the best for iPhone users. They require no documentation, no collateral, and no late fees or rollover costs. They use customer data like SMS history, to verify your identity and for credit score evaluation. They offer loans from N1000 to N80,000 and their loan tenure lasts for a maximum of 62 days.
How to apply for Umba loan
- Download/install the Umba app from the google play store
- Create an account in the app and provide valid information
- Apply for available loan
- Receive the loan in your bank
7. Quick Check loan app
Quick Check loan is one of the best loan apps in Nigeria because they have very high data and privacy protection. It takes up to 24 hours to get approved to receive loans and they have a daily interest rate of 1%.
Quick check offer loans from N3,000 to N200,000 and they require no documentation, no late fees, and no collateral.
How to apply for quick check loan
- Download the quick check loan app from the google play store.
- Register and fill out your data and all required sections
- Apply for available loan
- Get an instant loan into your bank in minutes
8. Lendigo loan app
The Lendigo loan app is one of the best loan apps in Nigeria. They offer the best loans for small-scale and medium-scale businesses. They are the number 1 SME provider and they are the best in Nigeria for small businesses. They offer fast working capital and financial needs to small-scale and medium-scale businesses.
How to apply for Lendigo loan
- Download/install the app from google play store
- Register and create your profile on the app
- Submit your business and your financial information
- Make a loan to request
- Get a loan sent to your bank based on your credit score and business details.