Need an instant loan in Nigeria? Here is a list of the best loan apps in Nigeria with low-interest rates and fast disbursements without harassment.
Many Nigerians have turned to rapid loan applications in order to get out of their financial jams at a time when money is the most important essential for everyday living in the nation. But which Android and iPhone loan app in Nigeria is the best?
As seen by the current prices of food and energy, inflation has risen since the COVID-19 breakout. Because of this, there are now more quick lending apps in Nigeria that offer low-interest loans that don’t require much or any proof.
The finest rapid loan applications in Nigeria are ranked and evaluated in this post. We look at each app’s interest rate, how easy it is to use, how loans can be paid back, if a BVN or other paperwork is needed, and how long it takes to process a request.
Before signing up for one of the best loan apps in Nigeria on this page, you should understand how loans work, what the law says, and what happens if you don’t pay back your loan on time. It is crucial to understand:
- which loan app gives loan without BVN,
- if your BVN is safe with loan apps, and
- if loan apps can block your BVN.
1. Carbon loan app
You can borrow up to one million naira with Carbon without providing any collateral, guarantors, or paperwork. The Carbon Loan App has won the coveted distinction of top loan app in Nigeria because to these distinctive qualities.
A website called Carbon, formerly known as PayLater, is situated in Lagos, Nigeria and offers customers access to credit, practical payment alternatives, and high-yield investment opportunities.
Carbon is the top loan app in Nigeria for iPhone that is accessible on the iOS operating system for Apple mobile devices.
Those who repay their loans on time are entitled to lower interest rates, larger loan amounts, and cashback on the interest they pay.
The Carbon loan app has no late fees, rollover fees, or processing costs because of its solid reputation for dependability. Users only pay what they owe, a highly desired characteristic demanded of all of Nigeria’s top loan applications.
How to borrow from the Carbon loan app
- Install the Carbon application from the Google Play Store or the App store.
- By giving your information, you get closer to gaining access to financing. It is secure and safe.
- Carbon will evaluate your application and inform you of your eligibility when you’ve specified the amount you want to borrow.
- Once accepted, Carbon will immediately deposit the cash into your account.
2. Branch instant loan app
The Branch fast lending app is Nigeria’s second-best loan app and, like Carbon, gradually unlocks larger loan amounts.
Branch’s 1.5% to 20% monthly interest rate is the lowest among Nigeria’s top lending apps. The APR for the loan application ranges from 18% to 260%, which is significantly less than that of Fairmoney, Carbon, Palmcredit, and other competitors in the mobile lending market.
Branch offers loans for 4 to 52 weeks with amounts ranging from 2,000 to 500,000 NGN. Depending on the loan you take out, the APR ranges from 18 to 260%.
There are no late or rollover penalties and no security is needed. The cost of money at the branch and your history of payback are two factors that can affect interest rates.
Branch analyzes smartphone data with customer consent as one of the finest quick loan applications in Nigeria to determine loan eligibility.
The loan app’s learning algorithms process thousands of data points, and in a matter of seconds, they offer personalized loan alternatives, making it one of the swiftest lending apps in Nigeria.
How to borrow from the Branch instant loan app
- Using the button above, download Branch to your Android device from the Google Play store.
- To create your account, kindly complete the short form and submit it for a quick inspection.
- When you submit a loan application, the funds will be transferred instantly to your bank account or mobile money.
- Utilize your smartphone to make the loan repayments and raise your credit score to gain access to bigger loans in the future.
Loan App without Bvn: How to Get Loan without Bvn in Nigeria
3. Fairmoney instant loan app
On our list of the top loan apps in Nigeria, Fairmoney comes in third place and offers over 10,000 loans every day. With maturities ranging from 61 days to 18 months, they offer loans with amounts ranging from 1,500 NGN to 1,000,000 NGN.
One of the fastest loan apps in Nigeria is Fairmoney, which disburses loans in only five minutes. Fairmoney is a preferred choice for low-interest loan applications because its annual percentage rate (APR) runs from 30% to 260%, or a monthly interest rate of 2.5% to 30%.
One of the top lending applications in Nigeria, Fairmoney is known for only requesting a few documents or a small piece of collateral.
You must link your card or bank account and provide your BVN information throughout the loan application procedure in order to authorize a repayment debit.
Due to the law, you run the danger of losing your FairMoney account as well as a credit report to CRC and FirstCentral if you attempt to default on the loan.
Since it is situated in Europe and has one of the greatest ratings among Nigerian lending applications on the Google Play Store, Fairmoney complies with European data protection rules.
You should be aware that FairMoney collects and examines information from your mobile device before making a lending decision for mobile loans. This information is necessary in order to instantly approve your loan without needing more documentation from you.
How to borrow from the Fairmoney instant loan app
- Utilize the installation buttons above to download and install the program.
- You must register using the phone number associated with your BVN and respond to a few questions in order to receive a loan offer.
- Your loan will be transferred immediately into your preferred bank account if you agree to it.
4. Palmcredit instant loan app
The fastest lending app in Nigeria, according to all sources, is Palmcredit’s immediate loan app, which offers loan payouts in less than three minutes. With the Palmcredit Loan App, you can quickly acquire loans between 2500 and 300,000 NGN for up to 100,000 NGN.
Palmcredit offers loans with durations ranging from 4 to 26 weeks and interest rates from 5-28%, or 24-56% annually.
Palmcredit’s quick loan app is one of the top rapid loan applications in Nigeria and has become a popular mobile lending choice in Nigeria since it enables users to take out as many short-term loans as they like without having to wait for approval.
This top-rated fast loan app offers a payback period of 91 to 365 days and requires no collateral or paperwork.
The fourth-best loan application in Nigeria, Palmcredit has no rollover fees, hidden charges, or transaction prices. Only people between the ages of 18 and 60 are eligible for their loan programs.
How to borrow from the Palmcredit instant loan app
- Using the GET APP button above, you can download and install the Palmcredit loan app.
- Launch the application, then register.
- Fill in all the necessary blanks on the form before submitting it.
- You can input your desired withdrawal amount and repayment method on the withdrawal page.
- To begin a withdrawal request after visiting the withdrawal page, enter the withdrawal amount and repayment method.
- Before you apply, the platform will not make a loan.
5. QuickCheck loan app
QuickCheck is not just one of Nigeria’s top loan apps, but also among its most creative. Loan requests are swiftly assessed using machine learning to predict the behavior of borrowers.
The Quickcheck lending app complies with PCI DSS to offer the highest standards of data security. The National Credit Bureaus will label you a high-risk borrower if you default on a loan, which will make it more challenging for you to obtain credit in the future.
A minimum of seven days’ written notification is required for any interest rate change that will have an impact on a borrower’s account out of respect for its users.
As a first-time user, you are only permitted to borrow up to 10,000 NGN for 30 days, but early repayment ensures larger sums and lower interest rates.
The interest rate is the QuickCheck lending app’s greatest asset and competitive edge. The QuickCheck loan app offers one of the lowest interest rates on the market at 1% per day.
However, QuickCheck is not among the fastest lending applications in Nigeria because it takes more than 24 hours to execute a loan request.
How to borrow from the QuickCheck loan app
- Using the GET APP button above, access the Play Store to get the app.
- By creating an account on Quickcheck, you can create a profile.
- When you apply for a loan, Quickcheck will instantly check your credit score and use machine learning to verify your eligibility. If approved, money will be transferred to your bank account in a matter of minutes.
6. Okash loan app
One of the top loan applications in Nigeria is the Blue Ridge Microfinance Bank’s OKash rapid loan app, which is powered by OPay. Borrowers over 55 and those under 20 are not eligible for loans through the Okash fast lending app.
The OKash rapid loan app uses data from the borrower’s smartphone, including specifications, financial transaction messages, and the reason for your loan, in addition to your age, to build a customized credit score and choose the best loan offer.
Okash, Nigeria’s sixth-best lending app, is one of the fastest in the nation, crediting loans to Nigerians in only a few minutes with a daily interest rate of 1.2% for a predetermined duration of 15-day increments.
How to borrow from the Okash instant loan app
- Install and Launch the OKash mobile app using the Get App button above.
- Locate “loan” and begin the loan application procedure.
7. Umba instant loan app
Umba, which enables users to apply, draw down, and repay loans, is the seventh-best lending app in Nigeria. Umba employs a risk analysis to choose which loans to approve after a person’s identity has been verified.
Umba, which ranks as the second-best loan app for the iPhone in Nigeria in addition to mobile loans, is also a full-featured mobile bank. Umba, which is accessible around-the-clock, does away with the need for paperwork, collateral, or in-person meetings to speed up loan disbursement.
You can send money from your Umba loan directly to your M-Pesa account, merchants, and utility service providers.
Umba does not charge late fees or rollover fees, and as you repay, you could be able to access larger loans, lower rates, and more flexible payment options. It analyzes the data on your phone, including your SMS history, to produce a credit score and verify your identity, making applying for a personal loan simple.
Umba, one of the top lending applications in Nigeria, is also one of the safest because they value your privacy and promise never to share it with anyone else.
Umba loans have a maximum period of 62 days, a minimum loan amount of 1,115 NGN, and a maximum loan amount of 89,182 NGN. There is no commission or VAT, and the maximum APR is 10%.
Your loan offer is determined by a number of automated factors; as long as you make payments, the loan amount will increase.
How to borrow from the Umba instant loan app
- Install the app using the installation button above
- Create an account
- Apply within minutes.
- Receive an Umba Loan
- Increase your borrowing limit whenever a loan is repaid on time.
8. Aella quick loan app
One of the greatest lending apps in Nigeria is Aella, which offers uncollateralized loans up to 1,000,000 NGN to lessen the impact of unforeseen expenses. Interest rates can be as high as 30%, depending on the borrower’s qualities, and can be as low as 4%.
Aella, Nigeria’s eighth-best quick loan app, provides loans with cheap interest rates and waives late penalties. By making on-time loan payments, it enables borrowers to increase their creditworthiness and become eligible for lower interest rates and higher loan amounts. You will receive reimbursement for the interest you paid in exchange for prompt loan payback.
Your loan offer is influenced by a number of factors, so it’s in your best advantage to use your smartphone and provide the required information to get the greatest possible loan offer.
The length of the loan varies depending on the borrower, but it typically lasts between one and three months with a normal repayment sum of between 1,500 and 1 million NGN.
The eighth-best lending app in Nigeria, Aella, needs your BVN to verify that you are the rightful owner of the account information provided and to stop account imposters.
Aella, one of the top lending applications in Nigeria, was the first digital lender to test its products in the continent’s largest market and has a long history of innovation.
As the first African lending company to get accepted through Y Combinator, they offered B2C loans under the Aella Credit name in 2017. They reportedly garnered more than 350,000 users by the end of their first year of selling B2C loans in 2018.
How to get a loan from the Aella loan app
- Install the app using the installation button above.
- Create an account.
- Complete all relevant fields with valid and pertinent data.
- Click the “Check Eligibility” button to find out how much you may borrow.
- Apply for a loan that meets your needs.
- Obtain money in your Aella Wallet.