5 Best Loan Apps In Nigeria - Get Credited In Minutes
Searching for the best loan apps in Nigeria, has been a current trend in the last few years, due to the level of economic recession and poverty in the country.
People take loans to settle pressing issues, Hospital bills, School fees, House rent or starting up a new business.
Requesting for loans in Banks has been really difficult and Stressful for some set of Individuals or Working class citizens, due to the numerous and rigorous processes and requirements needed, from providing Collateral, Sureties and lots and lots of Paperwork to be processed before your request will even be looked at.
This gave rise to the creation or launching of various loan apps which takes away the barrier of providing Collateral, Sureties and no more paperwork.
In less than 3 minutes I'll show you the 5 best loan apps in Nigeria in 2021, without collateral and paperworks.
Ready? Alright, let's get started.
5 Best Loan Apps In Nigeria - Get Credited In Minutes
FairMoney
Branch
QuickCheck
Okash
Best Loan Apps in Nigeria - Carbon (Paylater)
Loan Range: 1,500 - 1,000,000 NGN
Repayment Period: 2 weeks - 3 Months (Based on the Level Of Loan taken)
Interest Rate: 1-21%
Requirements: Bio-data, Education, Work, Bank details (incl. BVN)
App Rating: 4.3/5 on Google Playstore
Just as there former name Implies (Paylater) you choose to pay back when it's convenient for you although it depends on the amount of Loan taken.
Requesting for a loan is pretty easy. If you haven't downloaded the app yet, Quickly rush down to Google Playstore and search for Carbon or you can use the Link Provided Above.
Once you're done with installing the app, fill your bio-data in the form Provided for you.
After you've entered the required details your BVN inclusive (N/B: your BVN is safe with carbon, no need being Skeptical) a calculated loan amount based on the details you provided will be made. After processing your details Carbon will confirm if you're eligible for a loan or not.
After confirming you can now apply for a Loan.
The faster you repay loans, increased the amount of the subsequent loans that will be Offered to you.
Paraventure you weren't granted a loan by Carbon, you can simply apply in the other loan apps in Nigeria I'll be talking about.
Best Loan Apps In Nigeria - FairMoney
Loan Range: 1,500 - 500,000 NGN
Repayment Period: 2 Weeks - 3 Months (depending on the amount of Loan taken)
Interest rate: 10-28%
Requirements: Bio-data, Education, Work, Bank details (incl. BVN)
App Rating: 4.4/5 on Google Playstore (1M+ downloads)
FairMoney just as their name Implies, are not only fair on their interest rates but also fast in granting your loan, less strict or less demanding than Carbon (formerly Paylater).
FairMoney's app user interface is also worth talking about. It's easy to navigate even if it's your first time of using the app.
Getting a loan app with nice user interface and also fair interest rates is no longer an impossible task.
FairMoney should definitely as a matter of fact be on your list of best loan apps in Nigeria.
Use the link above to download from Google Play Store or can search for it manually.
Best Loan Apps In Nigeria - Branch
Loan Range: 1,000 - 200,000 NGN
Repayment Period: 1 - 15 Months
Interest Rate: 14 - 28%
Requirements: Bio-data, Education, Work, Bank details (incl. BVN)
App Rating: 4.2/5 on Google Playstore (10M+ downloads)
Branch is the oldest loan app in my list today, and aswell the most downloaded in Google Playstore no one comes close.
Branch can be compared with Carbon(Paylater) in terms of authenticity and reliability.
Branch gives you more time to repay your loan, though paying on time or before your due date is encouraged, to avoid incurring more rates.
In Branch interest rates are on the high side most especially when taking larger loan amounts.
Nevertheless Branch easily falls among the best loan apps in Nigeria that you can lay your hands on right now.
Best Loan Apps in Nigeria - QuickCheck
Loan Range: 5,000 - 200,000 NGN
Repayment Schedule: 2 Weeks - 3 Months
Interest Rate: 1 - 21%
Requirements: Bio-data, Education, Work, Bank details (incl. BVN)
App Rating: 4.5/5 on Google Play Store (500k+ downloads)
Aside their Quick Nature, QuickCheck also provide flexible repayment options for their users. You can decide to pay within 7 days, a month or more.
Another fantastic reason I can boldly recommend QuickCheck to any of my friends or family members is it's discount in interest rates on early repayment, that is if you took a loan of 10,000 NGN to Repay 13,000 NGN in Two Weeks and you Repay before your due date, instead of paying 13,000 NGN, it will be reduced to 12,000 NGN.
Not forgetting it's easy and user friendly app interface just like in FairMoney, QuickCheck being among the best loan apps in Nigeria shouldn't be a surprise to you all with all these amazing features QuickCheck offers.
Best Loan Apps In Nigeria - Okash
Loan Range: 1,500 - 200,000 NGN
Repayment Schedule: 2 Weeks - 3 Months
Interest Rate: 14 - 18%
Requirements: Bio-data, Education, Work, Bank details (no BVN needed)
App Rating: 4.4/5 On Google Playstore (1M+ downloads)
Okash was launched towards the last quarter of year 2019 and since then, they can b. of having upto one million borrowers on their database.
Those Skeptical about giving out their BVN to any loan app or online platform (which is rightly so) can now fall in love with Okash loan app because they don't require or ask for your BVN before dishing out or granting loans but note this new found love can quickly change to Hate in no amount of time if you fail to repay on time or at when due.
Okash will not hesitate to bombard your Mobile Phone with Texts, Calls and will even go further to Calling or texting your friend or family member telling them you haven't repaid your Loan.
In conclusion, these are the Best Loan Apps in Nigeria that one can think of now.
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