Have you heard of mobile apps for a quick loan? Do you want to know any of the best loan apps in Nigeria when you need to meet some urgent financial obligations?
Getting loans has always been stressful. You must belong to a cooperative group or have a bank account where you want to obtain a loan.
Not only that, there is a lot of paperwork to fill out, which makes obtaining loans for individuals and small businesses a technical matter when using the traditional means we are used to.
But thanks to technology, fintech start-ups are created to lend to small business owners and individuals.
Interestingly, some loan apps give you loans within 24 hours of the application.
They are there to provide you with quick loans to meet your immediate needs or business needs.
In this article, I will share the best loan apps in Nigeria.
List of the Best Loan Apps in Nigeria
1. OKash
Okash is a sub-section of Opay and is one of the best quick loan apps.
While Okash has always been part of the Opay app, it has now become a standalone app on the Google Play Store.
Okash started working in Kenya in 2018 before expanding to Nigeria.
To apply for a loan through the Okash app, you must first download the mobile app from the Google Play store, open the app, register with your phone number, fill in your personal information after signing up, and then apply. So, it is easy to apply for a loan with Okash.
Features of OKash Loan App;
- For starters, Okash offers a maximum of N50,000 (the more you borrow and pay back, the more your limit will increase)
- You can apply for a loan using your credit card.
- Okash offers a 91-day to 365-day refund plan (this is a flexible day-based payment)
- Provides a yearly interest rate of 36.5% to 360%
Download for Android
2. Kwikmoney (MIGO)
Kwikmoney is a quick loan app that has now been renamed Migo. Migo offers a simple platform that allows users to apply for loans through its website.
To get a loan on Migo, visit the Migo loan portal and enter your phone number. You will then be asked for the loan amount you are applying for. Then, enter your bank details for a simple deposit.
This is also easy to use and does not require downloading any apps. All procedures will be carried out on the website.
Migo also offers an easier way to get a loan: simply dial a code, the same way you need credit through your SIM card.
You can apply for a loan using an MTN, GLO, or Etisalat SIM card by dialing *564# or *554*561# on Airtel.
Features of KwikMoney (Migo);
- The apps offer two flexible ways to get credit through USSD codes and their website.
- Kwikmoney (Migo) does not have a mobile app but has a customizable website for the app.
- You don’t need insurance to get loans from Migo.
- Migo offers loans from N500 to N500,000 (the maximum limit increases as you continue to borrow and repay your loans)
- The interest rate varies between 5% and 25% on the loans requested.
- Migo loan terms vary from 14 to 30 days (this varies depending on your participation on the platform)
- It has an associated system that rewards you with a lower loan interest rate when you refer a friend.
Download for Android
3. RenMoney
RenMoney is also on the list of loan apps in Nigeria. The service was established under license from a microfinance bank.
It offers affordable loans and other financial services, such as investment services.
By investing in RenMoney, you can save money and earn additional interest on your capital investment.
To be eligible for a RenMoney loan, you must be between 25 and 59 years old, have a verifiable and legal source of income, have a savings account, and ultimately, must live or work in the cities where you operate.
Features of RenMoney;
- It offers a loan of up to 4 million naira
- The RenMoney loan lasts a maximum of 12 months
- Offers an interest rate of 35.76%
- RenMoney has an application through which you can use its services
Download for iOS
4. Paylater (Carbon)
Paylater, also known as Carbon, is a loan app that allows you to easily control financing with just a few clicks. It makes loans to individuals and small business owners and makes it easy for people to invest money online.
Carbon is one of the fintech companies that saves money on all your banking transactions.
In addition to providing loans to individuals, the PayLater app also allows you to make payments by card and bill, including your NEPA account and other services.
This is one of the characteristics that makes Paylater unique.
Features of Paylater (carbon);
- PayLater has a mobile application to use its services
- Provides loans without collateral
- It allows you to earn money by using your wallet for various transactions
- Loan repayment can be made with a carbon wallet, debit card, quick account, and direct transfer
- It offers a loan of up to one million NGN naira
- For now, PayLater offers her services in Nigeria and
- Kenya
- PayLater offers an interest rate of 1.75% – 30%
5. Branch Loan
Branch Loan is a rapid loan network platform that offers fast loans to users of the Branch Loan app. Like the other loan applications listed here, Branch does not need collateral to secure the loans.
To get a Branch loan, you need only your phone number or Facebook account, bank verification number, and bank account number.
Branch uses your phone, text messages, bank account information, and account activity to decide whether or not to grant you a loan.
Features of Branch Loan;
- It offers loans of 1,000 NGN to 200,000 NGN
- Branch offers a loan period between 4 weeks and 15 months
- The interest rate is between 14% and 28%, and the monthly rate is between 1% and 20%
- It offers flexible loan repayment methods. Loans can be paid by debit card in cash at a GT bank branch
- Branch has an affiliate program where you get a bonus every time you refer a friend
- Branch loan services are limited in Lagos
Download for Android
6. Quickcheck
As the name suggests, Quickcheck is one of the best loan apps in Nigeria for getting quick loans. You can get a quick loan if your account is approved within 24 hours.
To start processing a loan in Quickcheck, download the mobile app, log in with your Facebook account information, and fill in the required data in the provided box.
Quickcheck doesn’t offer small business loans, only for people who need the cash to survive until the next payment.
Features of Quickcheck;
- It offers instant loans to clients.
- It has a mobile application providing access to all loan services.
- It has a friendly and easy-to-use interface both in the app and the web app.
- Quickcheck offers loans of up to NGN 10,000 to new customers for 30 days.
Download for Android
7. Aella Credit
The Aella credit is a financial solution for individuals and small businesses.
The application offers the following products and services: loans, investments, bill payments, micro-insurance schemes, and P2P donations.
The products offered by Aella Credit are different from those offered by other loan applications.
Aella is not just a loan application but a complete financial company with various financial products and solutions.
However, Aella credit products are accessible through its apps.
Features of Aella credit;
- It offers a loan amount ranging from NGN 1,000 to NGN 4,000,000
- Loan conditions vary from 1 to 2 months and 2 to 6 months for network users.
- Interest rates vary from 4% to 30%, depending on the profile of the debtor
- Aella Credit is currently only available on Android devices
8. Fairmoney
Fairmoney is another of Nigeria’s best quick loan apps for clients interested in small, short-term loans.
Loans are not suitable for business owners but for paid employees who want to be paid before the end of the month.
Fairmoney offers a quick, reliable, and free mobile app through which your loan service is performed.
It offers a loan of up to NGN500,000 without insurance with no additional loan processing fees.
In addition to loans, FairMoney also offers top-ups and bill payments in its app.
Features of Fairmoney;
- It offers outstanding loans ranging from 1,500 NGN to 500,000 NGN
- The loan term is 180 days
- Fairmoney offers an interest rate ranging from 10% to 30%
- You have an affiliate program through which you can earn a program every time you refer a friend
- It offers flexible loan repayment in installments.
9. KiaKia
Kiakia is a mobile web application that offers instant loans to small businesses and individuals. This is what your business brand represents.
It would be inequitable not to mention the Kiakia loan application on Nigeria’s list of quick loan apps.
One unique aspect of KiaKia is the two-way system. It is a platform for users to get loans and those who approve loans.
You can be a borrower or a lender. This significant financial solution makes it scalable because the more donors there are, the more people can provide KiaKia loans.
So, for the scalable model, KiaKia uses big data, machine learning, and a psychometric algorithm for credit risk management and credit scoring.
This psychometric algorithm helps them reduce the risk of their financial solutions products.
Main characteristics
- It is a two-way system that enables users to take out or grant loans to others.
- The program uses big data and a machine learning algorithm for credit scores.
- It has a user interface.
- It offers a paperless solution. They don’t need any documents or credentials.
- Use a chatbot to help you use their services, which ask for your email address.
