Today, in this article, we will provide a quick review of the selected top 20 best loans app for Nigeria in 2022.
The advent of technology has revolutionized the borrowing process in Nigeria. Now, instead of endless paperwork, guarantor, and documentations, people can borrow from the comfort of their homes, office and just about anywhere.
Below is a list of the top 20 best loan apps providing unbeatable terms and conditions.
1 | Branch |
2 | Carbon |
3 | Aella Credit |
4 | QuickCredit |
5 | KashNow |
6 | FairMoney |
7 | Page Financials |
8 | Renmoney |
9 | Umba |
10 | Money in Minutes |
11 | QuickCheck |
12 | Migo |
13 | MoneyPal(Zedvance) |
14 | C24 Capital |
15 | Alat by Wema |
16 | Lendigo |
17 | Specta Loan |
18 | Lidya |
19 | SukFin |
20 | Coolbucks |
1. Branch
Branch International streamlines its services for ease for all her service users. With Branch, you can obtain quick loan up to ₦500,000, make cash transfers for free, and enjoy investment yields of 20% per annum.
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Branch Loan platform uses data science to increase access to financial services. Offering loans at Market leading interest rates, their withdrawals are flexible so that you can access your money anytime, anywhere without rollover fees!
Branch is not known for aggressive debt collection practices, including debt shaming and encourages user to report incidences immediately via in-app chat. To discover more about Branch, visit their website.
2. Carbon
Carbon, formerly known as Paylater, is the second on our list of top 20 loan apps In Nigeria. This lending platform gives instant cash to borrowers once application has been approved to its users. Quick cash loan from Carbon do not require collateral, documents or guarantors.
First time users are often offered low cash amounts, but as they begin to establish your credit worthiness, then you will begin to have access to bigger funds. The loan platform is available 24/7. You can apply on weekends and holidays and get a quick loan
You can download Carbon App Google Play Store, Click here or on Apple Store. To discover more about Carbon, visit their website
3. Aella Credit
Aella Credit is the third on our list of top 20 loan apps In Nigeria for reputation and respect of customer data privacy. With this app, it shouldn’t be difficult to borrow quick cash credit either for yourself or for your business. It shouldn’t also be difficult to get loan to invest, increase productive capacity, pay bills, and get more working capital for your business. With Aella, all these are available at the snap of your fingers.
To obtain loan from Aella
- Download the Aella Credit app from Google Play Store or IOS App Store.
- Simply fill out your details in less than a minute and submit for a quick review.
- Update your profile by providing answers to quick questions about you.
- Click the “Check Eligibility” button to see the amount of loan you are eligible to borrow in seconds.
- Apply for loan
- Receive funds in your bank account in few minutes
You can download Aella app on by clicking here.
4. Quick Credit
In simple steps and minimal documentation, users can get qualified loan products which is 100% online process. Once approved, the loan amount will be immediately transferred to the applicant’ s bank account.
Product Features
1.Tenure: From 91 days to 365 days.
2.Loan Amount: From NGN.1,500 to NGN.50,000.
3.The maximum Annual Percentage Rate (APR) is 36%.
4.Origination fee: From 1% to 9%.
How to apply
- Download Quick Credit App from google play store and install.
- Register an account with your phone number.
- Fill in basic information.
- After the submission of the loan application, the final result will be shown in the APP.
- If approved, the loan amount will be disbursed into the bank account directly.
You can download Quick Credit app on Google Play Store by clicking here or here for iOS devices.
5. KashNow
5th on our list, KashNow is a digital loan product of UC Plus Advance Limited that allows users to access instant credit facilities to meet small cash needs through a secured and reliable platform.
UC Plus Advance, a subsidiary of United Capital Plc Group, is a consumer finance business that is committed to providing efficient alternative lending solution to you.
KashNow loans range between N10,000 to N50,000 and are typically within one month tenure or repayable from the next salary. KashNow is easy, quick, simple, fast and convenient.
- KashNow Products
- KashNow for employee of any organization (Federal government, State government or Private organizations) whose salary is being processed through Remita payment platform.
- Asset Backed loan (A short to medium-term loan for individuals against their investments)
To discover more about KashNow, visit their website
6. FairMoney
If you have been involved in online borrowing, chances are you have come across the very popular FairMoney loan app.
FairMoney Online Loan App helps you meet your cash needs fast and easy!, Users have experienced quick disbursal in under 5 minutes, without collateral or paperwork and delivered directly to your account and with some of the industry’s lowest interest rates.
Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)
To use FairMoney, simply register using your phone number attached to your BVN (an OTP will be sent to the registered number for verification) just like every other loan app, you are required to fill in your contact details. To access the FairMoney loan click on download.
You can download FairMoney app on Google Play Store by clicking or here for iOS devices. To discover more about FairMoney, visit their website
7. Page Financials
Page financials is a financial company licensed by the CBN that offers personal loans in Nigeria. The company claims that getting a loan from them is smooth and easy and that they use a flexible documentation process.
- Platform: iOS
- Loan Amounts: N100,000 – N5,000,000
- Interest rate: (3.76%) – Charged Flat Per Month
- Annual Percentage Rate (APR): 29% – 120%
- Loan tenure: 60 – 180 days.
- Repayment channels: Manually or via the auto-debit service.
You can download Page Financials app on Google Play Store by clicking or here for iOS devices. To discover more about Page Financials , visit their website.
8. Renmoney
Renmoney is Nigeria’s most convenient lending company delivering outstanding service experiences to her customers and leverage technology, data and innovation to deliver outstanding service experiences.
With Renmoney, you can apply for a convenient loan to meet needs like growing your small business, renovating your home, buying a new car, paying rent, school fees, medical bills, etc.
To apply for Renmoney Quick Loan, click here. To discover more about RenMoney, visit their website.
9. Umba
9th on our list, Umba is an African digital bank, offering free bank accounts and financial services to our customers providing an ecosystem of connected financial services that allows the customer complete control of their finances all in one App.
Its app, hosted on both Google Play Store and Apple Store and prides itself as the leading digital bank in Africa. The app allows users to apply, drawdown and repay loans directly from their smartphone or desktop computer. Once an individual is verified, it makes lending decisions based on an assigned risk rating.
Umba app lets you apply for credit on the go and it works 24/7. No paperwork, collateral or office visits needed. No late charges or rollover fees. You can get access to bigger loans, lower fees, and flexible payment terms as you repay. You can download Umba app on Google Play Store by clicking here.
To discover more about Umba, visit their website.
10. Money In Minutes
Money In Minutes, coming 10th position on our rating of top 20 loan apps In Nigeria, is managed by MIM Finance Company, a UK-originated lending platform with presence across three (3) continents and Nigeria’s 1st Credit Membership that gives instant cash.
The organization code named MIM Finance Company has been enabling lives and businesses for over twenty (20) years now by its quick online loans and other related business support. MIM gives quick loans from ₦25,000 – ₦2m at interest rates between 4% to 30%
You can download Money in Minutes app on Google Play Store by clicking or here for iOS devices. To discover more about Money in Minutes, visit their website.
11. QuickCheck
QuickCheck is a one-stop platform with the mission of providing financial services to underserved consumers and micro-entrepreneurs in Africa, going beyond, Quickcheck aims at providing financial services to meet personal and business goals.
However, being a first-time user, you can access a ₦10,000 loan for a period of 30 days.
Should you decide to get more information, kindly check the FAQ page on quickcheck.ng/faq/ and you can download the app from Playstore. To access the QuickCheck loan click on download.
12. Migo Loan App
Formerly Kwikmoney, Migo loan app is a very popular cloud-based platform that deals with companies like banks, telecommunications operators, and merchants.
It enables these companies to provide leading companies in Nigeria. You can get a mobile loan in Nigeria of up to N500,000 with Migo in less than 2 minutes in Nigeria. Over N40 billion Naira has been borrowed on Migo. The interest rate for a Mogo loan is 5 % to 15%. To access the Migo loan click on download.
13. MoneyPal (Zedvance)
MoneyPal owned and managed by Zedvance Limited is the 13th position rating on our list of top 20 loan apps In Nigeria.
Zedvance Limited is a consumer finance company that offers loan packages that cater to all your financial needs regardless of what they may be. The company claims an eligible individual or small business can get up to N5million quick loan in 5 hours. Customers can enjoy loan tenors up to 24 months at Annual Percentage Rate (APR) of 34.8% – 365%.
To apply for MoneyPal loan, by downloading the app on Google Play Store, Click here.
14. C24 Capital
The C24 Capital platform provides retail loans for consumers in need of quick financial solutions and is focused on delivering services that can be accessed online, from any internet-enabled device anywhere within Lagos.
C24 Capital does not exist on Google Play Store or App Store and therefore application has to be completed on the company’s website.
15. Alat by Wema
With ALAT, Nigeria’s first fully digital bank, you can open an account and manage your money without ever going to a branch. This award-winning app also provides you access to instant loans.
Alat by Wema gives you access to instant loans without paperwork or visiting the bank branch. Even though it’s owned and managed by a bank, you can borrow up to ₦2,000,000 based on certain terms and conditions.
The app is available for download on Google Play or the App store and has loads of information on the Alat website.
To access the Alat loan click on download.
16. Lendigo
Lendigo prides itself as Nigeria’s No 1 SME Finance Provider, and our 16th pick on the list of top 20 loan apps In Nigeria. The lending platform offers Nigerian SMEs easy, fast and flexible access to working capital according to their business requirements and suited to their finance needs.
Up to ₦10m Loan
Apply in Minutes
Low Interest Rate
Flexible Terms: To Apply for Lendigo loan, Click here.
17. Specta Loan
Just like Alat, Specta is owned and managed by a financial institution, Sterling and does not require any collateral, guarantor or bank visit to access quick loans.
Irrespective of your occupation or bank, you can access a loan amount of up to ₦5,000,000 to meet your financial needs.
The app could be downloaded on Playstore and has other interesting packages for you.
Access their website for more information.
18. Lidya Loan
Lidya is one of the first loan apps in Nigeria that started providing small and medium-sized businesses access to an unsecured instant online loan in Nigeria. The platform offers businesses credit of $500 and $50,000.
Lydia loan offers an instant loan option where if your application is accepted, you get credited 14 days after the confirmation, though this takes a couple of days, interest rate is quite low.
Lydia assesses the credit risk of every business seeking a loan. It uses this assessment to create a credit score unique to each business. Lydia also disburses loans in 24 hours or less.
- Requirements: Own a business.
- Platform: Web
- Interest Rate; Unspecified (The company claims they are affordable)
- Loan tenure: Depends on the loan amount
- Multiple loans at a time: No
- Repayment channel: Debit Card, Direct Deposit.
You can access the Lydia loan through their website.
19. SukFin
SukFin is our 19th pick for our comprehensive list of the top 20 loan apps in Nigeria, providing a free and easy way for SMEs in Nigeria, to research and find finance for their businesses. The organization employs the use of tech and expertise to match SMEs with a variety of lenders — giving access to a number of funding products across Nigeria. It’s easy to apply and as long as you provide them with requested information — funds can be in your account quickly and instantly.
How SukFin Small Business Loans Without Collateral Works
- Decide the needed.
- SulFin will match your requirements with their lenders.
- They will get your loan approved and your small business financed.
SukFin SME Loan Scheme understand that getting finance for your business in Nigeria can be incredibly frustrating. It is upon this foundation that SukFin was founded — to make it easy for business owners to find the right finance products.
The company works with numerous lenders across the whole business funding market. They claim to have helped many of their customers find unsecured loans, invoice financing, equipment leases, startup loans and more. To apply for SukFin Small Business Loan, click here.
20. Coolbucks
The online lending platform provides unsecured loans without collateral within minutes of completing your application.
Depending on your profile, Coolbucks can disburse within 5 minutes to 24 hours of completing our application. The platform provides you up to N5,000,000 within minutes.
The platform also offers small ticket loans from N15,000 to low income customers and up to N5,000,000 to high income customers. Borrowers can access loans within 30 minutes maximum.
To Apply for a Coolbucks Loan, click here