Last updated on September 27th, 2023 at 05:27 am
The abundance of loan apps in Nigeria has made it easy for people to take care of pressing needs within minutes.
This was not the case from the beginning, having access to loans used to be difficult for many people except those that are privileged to have wealthy friends.
But with the coming of fintech loan apps in Nigeria, it is now easy to get a loan with just a smartphone and internet connection.
You don’t need to have collateral to get these loans, most of the loan apps require your basic personal information, bvn, next of kin details, and at least two contacts of your friends and family.
The loan apps have different features that make each one unique, these features are what you will need to consider carefully before making your choice.
The high number of loan apps in Nigeria is to your advantage because you have many options to choose from, you now have the liberty of choice.
What to consider while choosing a loan app in Nigeria
- Interest rate
- Duration of loan
- Safety of your data
- Payment terms
While applying for a loan it is important to see if the interest is not too high because it will become a burden at the end of the day. The loan is supposed to help solve your problems and not increase them.
For example, when you are applying for a loan of 10,000 Naira and you are asked to repay 15,000 Naira within 7days, that’s not assistance, it’s an increase in burden.
When you see something similar to the aforementioned, quietly close the loan app and look for another one. They are many remember? you have many other options to choose from.
2.Duration of loan
How long do you have before making repayment? will it be enough for you to get money to pay back?
Consider carefully the duration the loan app is offering you because failure to pay within that period will increase your loan interest.
3.Safety of your data
You will be surprised to find out that many Nigerians don’t protect their information.
If not how do you explain people giving strangers (scammers) their personal information like OTP, Verification pin, or even bank details?
It is important that you guard your data diligently, and make sure the app loans are keeping it secured or even that they won’t later use it against you in case of any eventualities.
Some loan apps in Nigeria give you the option to repay the loan taken more than once. That is to say, the payment time is broken into bits to help you repay easily.
In most cases, the more the payment terms the higher the interest because it will take a longer time to repay the loan.
30 Best Loans apps in Nigeria
Before you learn about the loan apps in Nigeria, note that the loan apps listed and explained in this article are for educational purposes alone, the responsibility of choosing the loan app is solely on you.
You will get to know about the loan apps and make the choice when you are satisfied with their terms and conditions.
Below is a list of loan apps in Nigeria that you can use in times of need in no particular order
Take note again that the article is for educational purposes alone therefore you will take responsibility for any decision you make at the end of the day.
Lcredit is an app loan that operates within Nigeria alone, they give loans to people between the age of 21 and 58 years.
You can be given a loan of up to 50,000 Naira after your information has been reviewed and confirmed within 24 hours.
They also claim to give loans of up to 100,000 Naira if you are faithful in repayment.
They give loans to people from 2,000 Naira to 500,000 Naira in Nigeria.
The loan amount may be small when you first apply but the loan amount increases when your credibility is confirmed.
Branch is a loan app that makes it easy for people to access loans online.
They have a well-optimized mobile that you can use to collect loans. When your loan is being approved it will be sent to your Branch wallet within the App.
You can now transfer the money to your account or that of your friends and family without much hassle.
Branch operates in the following countries as at the time of writing this article India, Kenya, Tanzania, and Nigeria.
They also give their users the option to invest money and gain 20% interest which they can withdraw at any time they want. Branch also claims not to condone any aggressive debt collection practices, including debt shaming.
Fairmoney is a digital bank that operates in more than 3 continents of the world, making it easy for people to access large amounts of loans for a long period.
You can access a loan of up to 1 million Naira based on your data, the better your lending history and positive behavior the more you can access and longer the periods.
They have an office in Lagos, Nigeria.
It is a Microfinance loan service that allows people to have access to loans with low-interest rates.
They charge as little as 5 to 10% interest per month, with a repayment period of 91 to 365 days.
Aella- Credit is part of the services offered by Aella. They also offer health insurance services in partnership with Hygieno HMO.
You can get a loan of up to 1 million Naira if you meet their demand, but note that you will have to link your bvn and bank card to Aella-.
They have a wallet where you can fund on the platform to pay bills online and perform other transactions daily.
You get daily interest on your wallet.
7. Palm Credit
Palm credit is a virtual credit card that makes it easy for people to perform transactions and collect loans online.
It is part of Newedge Finance limited. You can get a loan between 2,000 to 100,000 Naira. The amount can keep increasing based on the track record of repayment you maintain with them.
Lendigo is an SME finance provider that gives loans to Small and medium enterprises and businesses in Nigeria. They give loans of up to 300 thousand Naira to businesses without collateral.
They give up to 10 million Naira loans to businesses and have a relatively small interest rate.
Examples of SMEs that can gain access to their loans are POS agents E-commerce merchants and distributors.
They offer loans to people in Nigeria within the age of 20 to 55 years with an interest rate of 4.4% per month.
When you become a user with them you can borrow between 5,000 to 300,000 Naira.
Blue Ridge Microfinance bank is the provider of Okash.
They use data from your phone including your handset details and financial transaction messages, and your reason for borrowing. Coupled again with your borrowing history to determine how much loan to give to you.
They can give loans as high as 50,000 Naira to individuals.
Quick Credit is a Micro Loan service provider by Lubeck capital Ltd (RC. 1044655), a Finance company licensed by AMFIN and regulated by the Central Bank of Nigeria.
They offer loans up to ₦100,000 with loan tenors of up to 90day.
Xcredit is a quick and instant loan app that gives loans to people in Nigeria, they offer loans of 5,000 to 500,000 Naira.
They charge an origination interest rate of 12% for 180 days.
9credit is a 100% mobile loan app that offers loans of up to 100,000 Naira to people in Nigeria.
When they confirm your data, you can get a loan from them within 5 minutes.
Quickchek loan app also makes it easy to get quick loans within a few minutes in Nigeria.
They use machine learning to predict borrowers’ behavior and instantly evaluate loan applications.
Quickbucks is an access bank App loan that gives quick loans to people without collateral.
You will need to submit your monthly salary information, Bvn, and other information.
They offer up to 12 months loan tenure.
Quicknaira offers a maximum loan amount of 200,000 Naira based on the estimate made on your data.
They provide refund services for people who use their service and cannot get loans from their partner’s lending platform.
As the name is, so is the goal of the app, they offer money fast to people in Nigeria up to 300,000 Naira.
Like every other loan app in Nigeria listed here, you can also download FastMoney from the Google play store.
Nairaplus offers loans for 7 days with 25% interest.
You will have to link an atm card, your bvn, details of one of your friends, and one of your family members to complete your registration process.
They offer loans between 2,000 and 50,000 Naira.
It is a personal loan platform for Nigerian users to access loans online.
They have a loan range of 91- 365 days. You can get a loan from 30,000 to 300,000 Naira.
They offer loans up to 6 million Naira for 2 years for people to take care of needs like buying a car, paying rent, paying school fees, and even growing a business.
You need your bank statement, a government-issued ID card, a utility bill (optional), and active savings or current account with a commercial bank to be eligible for a loan with them.
GGmoney offers the same service as other loan apps in Nigeria, they give people access to fast loans to cater to urgent needs.
Newcredit loan app gives loans to people within the age of 18 to 60 years in Nigeria.
They give loans of amounts between 10,000 and 300,000 Naira with a repayment period of 91 to 365 days.
Migo is an embedded platform that operates in Nigeria, and Brazil for individuals and businesses to access loans.
They were able to raise 20 million US dollars which enabled them to expand to Brazil.
You can get loans from them to take care of your personal needs or even expand your business.
iCredit offers credit to people with a verifiable source of income in Nigeria between the age of 20 to 60 years.
After validating your data you can get loans from 1000 to 50,000 Naira with an interest rate that ranges from 4-30% monthly.
Ajeloan is a financial technology company that seeks to provide accessible financial services to people in Nigeria.
They offer loan amounts between 5000 to 100,000 Naira with an annual interest of 14 to 20% and a one-time processing fee of 10%.
Kiakia does not have a mobile app but they made the list of mobile loan apps in Nigeria because they use their pc/web platforms to give loans to people within a short period.
For you to be eligible for a loan you need to be at least 21 years, have a verified source of income, be a resident of Nigeria and have a valid means of identification.
Click the Loan page on their website to apply for a loan from Kikia.
27. Xcross cash
Xcross cash loan offers loans to people in Nigeria to meet their immediate needs.
They offer loans up to 500,000 Naira when you maintain a good history with them.
KashNow is a consumer credit scheme specifically designed for salary earners to meet an urgent financial need through a secured and reliable platform.
That is to say that you must be a salary earner to gain access to loans on their platform. They operate using both USSD and mobile apps.
The minimum amount they loan to people is 10,000 Naira and the maximum is 100,000 Naira.
iMoney is just another loan app in Nigeria that you can use to get an instant loan. They operate only in Nigeria at the time of writing this article.
Cashlion is a loan app in Nigeria that offers loans up to 200,000 Naira for citizens with a verifiable source of income between the age of 20 to 60 years.
These are some of the loan apps in Nigeria that you can use to meet your urgent needs.
But before applying for a loan, make sure you measure it against the criteria mentioned at the beginning of the post; which are interest rate, loan duration, the safety of your data, and repayment terms to see if it is not beyond you.