smartbusinessinfohubDo you want to know about the 6 best loan apps to borrow money in Nigeria that can save you or help you in urgent times of need to get quick loans?
If Yes … continue to read.
Technology advancements, has helped mitigate this long process by making it easier for people to apply for loans in minutes via mobile application.
In finance, a loan is the lending of money by means of one or greater individuals, businesses, or different entities to other people, organizations etc. The recipient (i.e., the borrower) incurs a debt and is generally vulnerable to pay interest on that debt until it’s far repaid as well as to pay off the foremost quantity borrowed.
Do you want to know about the best loan apps in Nigeria that can save you or help you in urgent times of need to get quick loans?
Read through this post from top to the end and choose the 6 best loan apps to borrow money in Nigeria
The 6 Best Loan Apps To Borrow Money in Nigeria are;
Best Loan Apps in Nigeria -Palmcredit
Palmcredit is one of the best Loan apps in Nigeria, a prominent loan app that provides loan to users of the app. One distinctiveness of the app to other loan apps is that all processes are performed with the app, rather than redirecting to affiliate websites. People above 18 are eligible to use this service and the loan amount start from N2,000 to as high as N100,000.
Below are the intriguing features of Palmcredit loan app:
Time frame and loan duration lapse for 91 days to 180 days
Loan interest is between 14% to 24% while the annual loan interest is between 48% to 56
With PalmCredit getting a mobile loan is simple. Apply for your credit limit in minutes, then take as many instant loans as you need without further approval steps. It’s a credit revolution!
As soon as you repay, your credit score is updated. Repay on time and watch your limit grow to N100,000.
FairMoney
FairMoney is also a best loan app that you can use to get quick loans online in Nigeria is the FairMoney Loan app. I choose this app as the second one among the best loan apps in Nigeria 2020 because of their good service.
FairMoney packages include personal loan, education loan, business loan & more. With the effective use of technology, they are able to provide a speedy and efficient loan app to all our esteemed customers.
FairMoney also lets you spread your repayments in multiple installments for you to have more flexibility and also makes the app and services much easier for you. When you pay your credit on time it opens more chances for you to get more benefits. Loan interest is between 14% to 24% while the annual loan interest is between 48% to 56%
You can use the app to get your bill payment done also and you get up to a 5% discount using the app to get airtime of any network in Nigeria.
Paylater
Paylater is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.
Paylater Now known as Carbon is the first on the list of best loan apps in Nigeria to borrow quick money for either personal or business needs. Carbon app was formally called the PayLater app when first come into existence. Carbon is the number one choice and most popular for most people to borrow money online.
The platform borrows money from anyone either you working or not, Student or monthly salary earner even if you are an entrepreneur carbon is there for you when needed and getting money is fast.
They make access to credit easy. No need for guarantors, No need for collateral for you to use carbon. It is so easy that you can apply for a loan 24/7 and receive funds into your account within minutes.
Branch
Branch is a simple yet powerful mobile loan app in Nigeria and Kenya. Getting quick and instant loans on Branch App is so fast and easy. It will help you sort out your financial issues in real time.
Branch offers loans from ₦1,500 to ₦150,000. Loan terms range from 4 – 64 weeks. Interest ranges from 14% – 28% with an equivalent monthly interest of 1% – 21%, depending on selected loan option.
Branch loan platform is also one of the best loan apps in Nigeria and do you know the good thing about Branch? It doesn’t operate only in Nigeria but also, it operates in other countries like Kenya, Mexico, and India.
Branch makes it easy for you to access loans for the way you live anytime, anywhere. Sign up in seconds, apply for a loan, and receive your money straight to your account. It’s a fast, convenient, and reliable way to access credit when you need it.
Money borrowed from Branch can be used for anything you prefer to use it for and no one is going to ask you about that not even Branch Officials.
OKCash
OkCash App Interface is an affiliate of Opera mobile payment platform, Opay. The app is highly rated as one of the best apps for quick loans.
Before, the application was featured in Opay app, but it has now been moved to become an independent app on its own for convenience. This system is fast, as all you need to do is to download the app from GooglePlay and apply for a loan with your OkCash app.
After download, open the app and sign up with your phone number, fill in your personal information, and complete the registration. Just log in, apply for the loan and see how simple it is using OkCash mobile app loan.
OkCash is Opay’s automated lending service focused on increasing access to credit to financially under-served/excluded individuals in Nigeria.
Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. The loans are delivered via an Android mobile app, with lending decisions provided almost instantly. The usual amount for new borrowers is N10k.
Here are the features included in OkCash loan app that you should know
OkCash loan system gives up to N50,000 maximum loan for starters, this loan app offers an annual interest rate of 36.5% to 360%. You can also apply for OkCash loan using your credit card.
OkCash offers a pay-back plan of 91 days to 365 days
LCredit
Most of the time in life you may quickly need money to solve a pressing issue, it may be difficult to get this money from friends, family. Then, the next option that may come to your mind will be to get a loan.
Getting loans from commercial banks is quite a difficult process, the paperwork and knowing that you will need collateral to make many people discourage.
Lcredit is an app that gives loans of up to 50,000 naira to Nigerians, without any need for paperwork or collateral. Lcredit helps you get your loan application approved in a few minutes and get the cash in just 10 minutes.
The Lcredit loan app is an app that provide loans to entrepreneurs, small and large businesses, students and individuals. The app is owned by a company which bears its name— Lcredit.
The Lcredit loan app is an app that provide loans to entrepreneurs, small and large businesses, students and individuals. The app is owned by a company which bears its name— Lcredit.
LCredit Review Loan Requirements
All loan apps have their requirements and Lcredit is no exception. To qualify for a loan you must provide the following:
- You have to provide your mobile phone number.
- You need to provide your Bank Verification Number (BVN)
- You need to provide your bank account details.
- You need to be a Nigerian and between the age of 18 to 55.
How Much can be Loaned with LCredit App
The LCredit allows loan between N1,000 to N50,000. You won’t be allowed to loan a big amount if it’s your first time but you can increase loan amount if you keep a good record of paying your previous loans on time.
How to Apply for LCredit Loan
- First, go to Google Playstore and download the app. Click HERE to download.
- Sign up with your mobile number and verify. I found it difficult to verify my phone number as the verification code was sent after several tries.
- Then set your log in PIN and tap on “Confirm”.
- Tap “Apply now” on the next page that comes up
- Go ahead to provide your BVN and other information which includes your name, date of birth, gender.
Just follow the simple steps to get a loan.
READ THIS: Get the fastest loan here from Lcredit
Conclusion
Above are best loan apps to borrow money in Nigeria; that you can borrow money from.
But You should know that if you are going to borrow money, especially for business sake make sure you have planned everything well so as not to enter debt and if you are borrowing for personal use make sure you have ways of paying it back on time because of Interest.
Meanwhile, you should know that there are going to be some terms and conditions attached to each loan apps/platform on which their services are based on. You should be sure if the terms and conditions favor you.
Also, you should know that all the money borrowing platforms have their own terms and conditions and also they have different policies and different interest rates.
Quick Disclaimer
We are not Affiliated with any of this loan companies; neither are we their staff, the article is provided for information purposes and personal opinion based on what we’ve tried with the Loan apps.
Do read their terms and interest rate policies before you proceed to get loan from them. We have an affiliate link on the site in which if you click we get a small commission
Make sure you read and understand the terms of guiding each loan apps in Nigeria that you want to use.
READ THIS:
Get the fastest loan here from Lcredit
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2 comments
Thanks for this information
Thank you sir
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