Aka Ekene, PBA Journalism MenteeThe margins of new loan apps and fintech startups in a market that is over-saturated have made it easier than ever to get a loan. Getting a loan is instant these days but you want to make sure your identity and information are well protected to avoid exposing you to fraudsters. In this article, we will discuss the best Nigerian instant loan apps that are safe, credible and efficient with the disbursement of funds.
FAIRMONEY (Instant Loan Apps)
Originally a lending application, FairMoney is now a fully-fledged fintech company. FairMoney is one of the most well-known loan platforms in Nigeria because it provides a quick source of cash for a variety of needs, including paying rent or school fees or paying for medical care, education, or business expenses. You can always bet on FairMoney to provide you with the money you need or want right away. The best feature of the app is that you can get a loan without collateral, guarantors, or even any paperwork. You can now borrow as much as one million Naira, and getting approved for a loan only takes a few minutes.
FairMoney has a license from the Central Bank of Nigeria, and the NDIC insures all of your deposits.
CARBON
If you’re looking for a loan application in Nigeria that doesn’t require a BVN—that is, if you’re looking for a website or application where you can get a loan without requiring a BVN—I want you to think about Carbon. The Carbon loan app is now one of the best places to borrow money in Nigeria right now. The app, which began disbursing loans in 2016, is one of the oldest in Nigeria’s lending sector.
The Caborn app lets you save money to earn interest as high as 15.5% in addition to providing instant loans of up to one million naira. If you’re looking for a quick loan app, Caborn is one you should definitely try right now. You won’t be sorry you did.
BRANCH
One of Nigeria’s best lending apps is the Branch app. Branch operates in Africa at large not just Nigeria. In addition, it is one of the few that does not require you to submit your BVN prior to evaluating a loan in Nigeria. The organization works in four unique nations in Africa, including Tanzania, Kenya, India, and Nigeria.
Additionally, the company operates in accordance with distinct terms and conditions in each of the nations from which you operate. Customers can now get loans up to 500,000 naira from Branch. It restricts the steps you can take incrementally to improve your credit score. If you sign up for the Branch now, you can give them access to the information they need to evaluate a loan in less than 24 hours. Now, if you take out a loan from this loan app, you have to pay it back within a set amount of time, which can be anywhere from 4 to 52 weeks.
Currently, loans also accrue interest at rates ranging from 17% to 40%, depending on the loan term and repayment terms. Branch is one of the most dependable platforms that provide loans with no collateral or paperwork
Instant Loan Apps!
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HALO CREDIT
When this Halo Credit first debuted, it served as a platform for employee loans for businesses in its network. Now, the app has quickly grown from saving a few businesses to a full-fledged fintech platform that serves all of Nigeria because of its rapid success. You can now evaluate loans from 1500 naira to one million naira with Halo Credits, with interest rates ranging from 2% to 20% per month. Numerous cite it as one of Nigeria’s lowest interest rates.
Like the vast majority of other fintech apps in this category, it now features a payment feature that enables you to assess fundamental bill payment services directly from the app. Without leaving the app, you may pay for items like internet data, airtime, and bank transfers.
PALMCREDIT
Palmcredit is another amazing loan app in Nigeria. It’s owned by NewEdge Finance. Palmcredit’s interest rate is between 14% to 24%, with Equivalent Monthly interest of 4%~4.7%. The loan term is between 14 days to 180 days.
You can borrow up to ₦100, 000 from Palmcredit. Also, note that you can adjust the maximum amount at any time. There is also no collateral, and no paperwork it’s fast and reliable making the perfect app for app for Nigerians who need instant or fast cash. There are no hidden fees or transaction fees.
Additionally, another advantage of palm pay is if the loan is paid on time, your credit score will be increased and the interest rate will decrease
The sister app of palm credit is PalmPay, a platform where you can make transactions and pay for data, cable tv, airtime and so much more.
OKASH
Okash is owned by Blueridge Micro Finance Bank. Loans from this app are also collateral free. One of the biggest takeaways is that Okash has 24/7 customer service support and the application for a loan is straight forward and little documentation is needed. Okash loan ranges from N3,000 to N500,000 while the repayment period is between 3 months to a year. Now, the interest rate is 0.1% – 1% which is so low compared to the other apps on this list, maybe that’s the reason for their unparalleled popularity in the loan industry
Okash is also under OPay which is licensed and insured by the NDIC. On OPay different types of transactions can be made including bank transfers, cable subscriptions etc.
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AELLA CREDIT ( Instant Loan Apps)
This is a financial institution in Lagos, Nigeria. It was founded by Akin Jones and Wale Akanbi. The company was launched to simplify and open up financial services to support financial inclusion in emerging markets. Now, to apply for a loan, first create an account, obviously. Secondly, check your eligibility and the go-ahead to fill in your personal details as well as proper documentation.
Aella loans range from N1,500 – N1,000,000. The repayment period is 91 to 180 days. The interest is 2% – 20% based on the repayment period. Similar to Palmcredit, Aella offers up to a 30% interest cut on early repayment.
Aella Credit is relatively new. it debuted in 2015 and has since been providing Nigerians with accessible loans and a stupendous repayment plan.
RENMONEY
Renmoney is owned by Tencent Holdings, which is a Chinese investment holding company whose subsidiaries provide media, entertainment, internet, and mobile phone value-added services and operate online advertising services in China. Renmoney is one of the well-known loan financing apps in Nigeria. They typically offer loans of up to ₦6,000,000 for up to 730 days. Their loan requirements include a bank statement, government ID and utility bill.
Renmoney loan tenure is 3 – 24 months and the interest rate is 32% – 132% annually.
One of the biggest takeaways is that Renmoney has savings and investment options, which can be great for people who want to see their money work for them.
Instant Loan Apps!
SUMMARY
It goes without saying that there are more choices, applications, websites, and loan applications that you can actually try. If you need immediate cash for any reason, you can get more information about the aforementioned apps by visiting their official websites.
The difficulty lies in distinguishing between legitimate and fraudulent platforms. These are ensured and trusted applications and your information is saved. Although you can also try these apps, you should exercise caution before providing your information to any loan apps in Nigeria.
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