Best Instant loan apps in Nigeria (June 2022)
Borrowing has been made easy with loan apps; instant cash, no collateral, and of course 24/7 services.
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With the state of the Nigerian economy, it has become well-nigh inevitable for an average person looking to start up a business or in need of financial aid not to consider taking a loan. Borrowing has become easier with the advent of loan apps. Loan apps help to bridge the gap between customers and having to visit the banks which is usually tedious and time-consuming– thus, saving time.
However, not all loan apps can be trusted, thus, we bring to you a few out of the best loan apps in Nigeria that could make loaning easier and faster.
The 5 best loan apps in Nigeria
Aella is one of the best loan app in Nigeria that doubles as a wallet and a loan app that also allows you to pay for bills, buy tickets and make transfers. Aella loan app lets you borrow 1500 - 1,000,000naira (one million naira); if you are deemed eligible. The app considers social demographic factors from data gathered on your mobile to deem you a worthy borrower.
A loan taken can be repaid within 1 month or 3 months and the interest rate vary between 4% to 30% based on the borrower's profile. Early repayment grants the borrower access to higher loan amounts and access to system-generated accounts — The information needed to take a loan includes personal details, employment information, bank details, and valid identification.
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You would agree with me that fairness should be an attribute of a best loan app in Nigeria and FairMoney seems to fill that gap. FairMoney app is one "fair" app that doubles as a virtual bank app and a loan app as well. It allows you to borrow up to 1,000,000naira for 18 months which can be repaid on or before the due date, all interest and fees are charged as well.
The borrower adds their bank information to allow them to debit for their loan repayment. The information required for loans includes accurate personal(valid identification inclusive) work, and desired loan details. It is also "fair" that they cover the first 15 days' interest charges on your first loan.
Read more: The best virtual (online) banks in Nigeria
As one of the best loan apps in Nigeria, Okash is a relatively good loan app and allows one to borrow from 3000 to 300,000 naira with an interest rate of about 0.1% which is charged daily. The app uses data from your phone — which includes your financial transaction messages to determine the loan offer most suitable for you. Loan duration ranges from 3 months to 1 year — The information required includes the basic information and emergency contacts too.
As the name implies, Quickmoney is an app that loans cash in the quickest time, and just like other loan apps, there's no need for collateral or a guarantor. Borrowing cash is instant and up to 50,000 naira can be borrowed at a time. Although it has an interest fee of about 38%; you are likely to be credited 3,720 naira and repay 6000 naira, borrowing is instant — Moreover, funds can be to any banks, mortgages, or wallets across the globe.
Palmcredit is another app that features on our list of best loan apps in Nigeria. It is a Newedge Finance Limited innovation that aims to help people borrow, transact, and make finance easy as well as accessible. Just like most loan apps, it also gains access to personal info from service providers to enhance their services to the borrower. Information needed to apply for a loan includes work information, personal information, and contact information.
The least amount to borrow is between 2000 to 5000 naira — However, it isn't advisable to test run the app if you are not ready to borrow; you'd have no option to cancel it. For some unknown reason, it turns on Bluetooth when the app is running.
Seeing the list, one might be confused as to what makes a loan app the best loan app in Nigeria when there are so many similarities. Loan apps give quick loans with little or no hassles as regards documentation. Asides from the inherent qualifications of loan apps, FairMoney seems to make things even much easier with their deals — 100 free bank transfers per month and a 0% interest on your first 15-day loan.
Which of the best loan apps in Nigeria would you go for? Let us know in the comment section if you have other preferences as well.