Are you looking for the best app to take a personal loan in Nigeria? Well, you’ve come to the right place. So, sit back and go through this article to choose the right loan app for you from the best apps listed below.
A financial loan is always a helping hand for those struggling financially. When someone runs out of money, they can use personal loans as emergency financing.
These loans have no restrictions on how they can be used so the funds can be used for anything, including weddings, trips, and medical costs. It serves as the top-pick financial shield for borrowers.
The process of applying for and receiving personal loans has become simpler as a result of technological developments. Nowadays, several mobile applications offer their users quick personal loans, in addition to traditional banks.
Traditional banks charge excessive interest rates and take a long time to complete the procedures for the personal loan. However, personal loan applications are always the best because they provide safe and hassle-free immediate cash loans in Nigeria in less than an hour.
List Of Best Loan Apps In Nigeria
Here’s the list of the best loan apps in 2023 that you can choose without thinking further if you need financial assistance.
- Carbon
- Palm Credit
- Branch
- FairMoney
- KwikMoney (MIGO)
- Aella Credit
- Creditville
- Kiakia Loans
- Quick Credit
- MoneyPal
- Quick Check
- Kuda Loan
- Alat
- QuickBucks
- Lendigo
Now, let’s dive deeper into each of these loan apps and discover what they offer.
1. Carbon
If we take the list of the best loan apps in Nigeria, Carbon always takes the top position in it.
Carbon was formerly known as PayLater. It is a simple, entirely online lending platform that provides quick loans to help with unexpected expenses or urgent financial needs. You can use this application 24/7 and all you need to have is a mobile phone with a stable internet connection.
The procedures to take the loan will be done within a few minutes and you’ll find out your application status quickly after completing the procedures.
Carbon personal loan app currently offers two loan packages. The Carbon app allows you to make payments for bills such as recharge bills and NEPA bills and others through its loans. It also offers two different loans for everyone and also for those who are salary earners.
Like every instant loan app, all you need to do to apply for a loan is a mobile phone with a proper network and any of your identity cards.
2. PalmCredit
A Nigerian fintech startup called Newage Finance Limited provides loans and other financial services including the PalmCredit app.
The list of best instant loan apps in Nigeria would not be complete if it didn’t have the PalmCredit app. PalmCredit is one of the renowned quick personal loan app because of its reasonable interest rates and simple repayment terms.
Individuals must be at least 18 years old to apply for a PalmCredit Loan, and the Loan amount ranges from $2,000 to $100,000. You will get the PalmCredit loans within a few minutes.
Simply download the PalmCredit App from the app store, enter your information and you can finish the registration process in a few minutes. You can also sign up for PalmCredit using your phone number or your Facebook account.
3. Branch
Here comes the next best loan app in 2023!
The loan app Branch is well-known in Nigeria for its incredibly low-interest rates and speedy loan approvals. Branch has less paperwork required for the loan application. Simply download the app, register, apply for a loan, and wait for approval to complete the loan application process.
Making an account in the Branch app is a quick and easy process. Just give your phone number, bank information, and national ID number, and you are now set to go!
Using this loan app, you may get loans starting from N1,000 up to N200,000. The interest rates on the loans offered by this range from 3% to 21% per month and from 15% to 34% annually.
4. FairMoney
FairMoney is another best option for you to take personal loans from in Nigeria. For taking a loan in this application, you just have to follow a few procedures. Simply download the app to start the quick and easy application procedure, receive your funds, and repay within 15 days or one month.
With an annual percentage rate of 3%, FairMoney allows you to borrow money in amounts ranging from N15,000 to N1,000,000 at interest rates that vary from 2.5% to 30% every month.
Borrowers can access instant loans through FairMoney, which functions as a digital bank.
5. KwikMoney (MIGO)
KwikMoney is also known as MIGO. It is a platform available in Nigeria for integrated lending that enables businesses to easily include credit lines in their mobile applications for both small businesses and individual consumers. Businesses themselves offer this service to consumers and small enterprises.
MIGO provides your loans without having to submit any paperwork within a few minutes. The interest rate on your loan will go up if you pay it off early, which means you will get more money if you borrow from the platform again in the future.
A MIGO loan could have an interest rate between 5% and 15%. The most money that a new MIGO user may borrow from the company is N50,000. MIGO allows you to borrow amounts between N10,000 and N450,000.
6. Aella Credit
Aella Credit sets itself apart from its competitors by offering a quick and easy application process for personal loans. This makes the applicants get loans more rapidly. An applicant who submits a loan request through the mobile app can be sure that they will get the money in less than five minutes.
Aella Credits offers loans with maximum amounts of up to $1,000,000, with interest rates from 6% to 20%. It provides a loan term of 1-3 months and no fees for late payments or rollovers.
7. CreditVille
Creditville is another popular loan app in Nigeria that offers personal loans for those who need financial assistance.
Credville offers Payroll-based personal loans to eligible people through their app. In the Creditville loan app, the amount they borrowed will be eventually deducted from the wage of the borrower.
If we submit the appropriate documents and IDs, Creditville can quickly deposit an emergency loan into your account within a few times. This loan app offers personal loans for up to 18 months for $100,000 and more for the eligible person who is ready to accept their terms and conditions.
8. KiaKia Loans
KiaKia is one of the greatest and simple loan apps in Nigeria. The term Kia Kia means quick and fast in the Yoruba language.
KiaKia is a pioneer in Nigeria’s peer-to-peer loan market, provides both secured and unsecured loans, and takes part in well-planned profit-sharing business deals.
They concentrate their efforts mostly on Micro, Small, and Medium-sized Businesses that have enormous growth potential but lack access to traditional funding from financial institutions.
9. Quick Credit
Quick Credit offers rapid loans for those who are in financial and banking need.
There are no unwanted costs when using QuickCredit, which offers funding up to 5,000,000 Naira at a monthly interest rate of 1.5%. Through this scheme, paid workers can get loans that are up to three times their monthly earnings.
It is a quick and easy process to apply for a loan through immediate credit, and no paperwork needs to be completed.
10. MoneyPal
MoneyPal is yet another best option for you to take personal loans if you are financially struggling.
MoneyPal is one of the best loan apps in Nigeria which works as a helping hand for many people out there. The app was founded under the company name Zedvance Limited. The success of the app can be attributed in part to how simple it is for accepted borrowers to have their loans paid into their bank accounts.
Using MoneyPal, Zevance loans up to N5 million with a 24-month loan term and an APR of 34.8% to 365%.
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11. QuickCheck
Instant loans can be deposited right away into the bank account you have linked to the QuickCheck app if you have downloaded it. On the other hand, since this is the first time you have used their services, you are eligible for a loan of 10,000 yen with a one-month repayment period.
One of the features that differentiate this app from similar ones is the ability for users to choose when they will make a payment. You may borrow a maximum of two hundred thousand Naira in total.
12. Kuda App
Kuda is a digital bank platform that offers various financing options for its customers. The Kuda App can be considered one of the best loan apps in Nigeria as of 2023.
Kuda bank offers short-term loans for its customers who are in urgent need of money. You can get the Kuda loan by following a few simple steps. The money you borrowed will be paid back immediately when you deposit money in your bank account. It occurs at 0.3% daily interest.
The most remarkable aspect of the Kuda app’s short-term loans or overdrafts is that you can apply for a loan without completing any paperwork or putting up any security amount.
13. ALAT
For Nigerian-employed people looking to apply for loans, ALAT is the most helpful app. It is now possible to get loans right away without having to fill out any paperwork or visit a physical bank. ALAT was founded by VEMA, which is a great assistance to financially struggling personalities.
Borrowers are given access to short-term loans of up to $200,000 when they download the mobile app on either Android or iOS without having put up any collateral.
You won’t need to go to a traditional bank as you would normally have to, and you won’t need to submit any paperwork either when you obtain a loan utilizing the ALAT platform. The funds will be sent to your accounts soon as possible, but no later than one hour after your loan application has been reviewed and accepted.
14. QuickBucks
QuickBucks is the name of Access Bank’s quick loan application. Both existing Access Bank customers and those without an account with the institution can utilize the application.
A quick loan is preferable to a bank loan or a loan backed by the equity in your home, both of which may take weeks or even months to process after the application has been submitted.
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15. Lendigo
Lendigo is one of the best loan apps in Nigeria for your financial needs. With the help of this application, getting a loan for your business in Nigeria may be done in a matter of minutes.
The businesses that approach the Lendigo app for loans are eligible for low-interest loans of up to NGN 10,000,000, and they are permitted to borrow this amount.
It is a useful tool for young entrepreneurs who request start-up loans since it enables small and medium-sized business owners to easily, quickly, and in a way that suits their particular needs and acquire access to financing. Additionally, the Lendigo app performs all of this in a tailored way.
Besides the top 15 loan apps discussed above, there are a few more apps that provide personal and business loans in Nigeria. C24 Capital, Specta, Umba, Lidya, Money In Minutes, and Page Financials are some of the other apps that provided loans in Nigeria.
Best Loan Apps In Nigeria: Final Thoughts
With so many personal loan applications available, you have more options for getting quick cash loans. As we mentioned above, one can find a wide range of options by conducting a short online search for quick loans in Nigeria and comparing the various loan applications.
Personal loan apps have changed how they borrow money, enabling quick and inexpensive cash loans in Nigeria. Obtaining a personal loan is now simpler than ever, and you can do it even faster with speedy individual loan applications comfortably sitting in your home.
So why do you still wait? Now you have the best options to join Nigeria’s leading loan app today!
