Top 10 Mobile Loan Apps for Online Lending in Nigeria
Life is unpredictable, and the unpredictability tends to land people in unforseen circumstances or situations, especially in terms of finances. This situation may lead to a dire need of money where there is none. One of the possible alternatives to get on top of the situation is to seek out loans from traditional financial institutions. However, different protocols, paperwork, documentation, collateral, and many other requirements makes securing loans in Nigeria a long, drawn-out process. And as an urgent need that need to be sorted in little to no time, these processes can make matters worse..
You may need loans to pay for your school fees before the deadline runs out, or there is a health emergency which needs to be sorted immediately, or an important business opportunity which is critical to the success of your venture. However, going through the traditional banks to seek loans may eventually lead you to missing out, or an inability to get problems solved in time.
Here in this article, we will discuss the top 10 mobile apps to secure quick loans, business loans and personal loans. This is an ideal alternative to traditional financial institutions in Nigeria, as you will easily cut down on the time required to secure loans, it is stress free, and void of lengthy process usually experienced in regular banks.
Paylater is one of the most popular lending platforms in Nigeria. This company centers its operations around creating a seamless access to financial loans to help users get over any situation requiring funds. It is an automated lending service focused on increasing access to credit financially under-served/excluded individuals around Africa.
Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. The loans are delivered via an Android mobile app, with lending decisions provided almost instantly. The usual amount for new borrowers is N10k
Loan from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.
Palmcredit is an online platform owned by Newedge Finance Limited where you can get a loan in Nigeria without collateral. With Palmcredit, you can access loans within minutes without having to worry about providing any collateral. One unique thing about Palmcredit is its attractive low interest. Perhaps this makes it a popular loan provider in the country.
You can apply for a loan by downloading the Palcredit app from the Google play store. The company aims to make getting access to quick cash and short-term loans with a smartphone app as easy as possible.
To get access to loans, all you need to do is to download the app on Google play store for Android users, while Apple users can get the app through the app store. After downloads, you can register by providing personal information, account details, BVN. Then you are good to go.
Branch is also online moneylender that provides single payment loans, installment loans and payroll loans for borrowers. The amount borrowed is then deducted from your account.
Their minimum loan amount is N1,500 and the upper limit for a new customer is N150,000. Interest rates are determined by a number of factors, including your repayment history and the Branch cost of lending.
They currently only support the following banks. Access Bank, Union Bank, United Bank for Africa, Stanbic IBTC Bank, First Bank of Nigeria, Zenith Bank, Diamond Bank, GT Bank, Skye Bank and FCMB.
Through the Quickcheck app, You can borrow from ₦1,500 to ₦500, 000. But at your first attempt, you will be unable to borrow huge amounts. You borrow small then as you pay back you get a bigger offer next time. As you build your credit score with the company by repaying loans promptly, you get access to bigger loan amount.
Quickcheck loan term ranges from 4 weeks to 1 year and interest rates start from as low as 5% monthly on the first loan. Generally, interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%.
There are many options to pay back your loan. You can Pay back your loan with your ATM card (Debit card). When signing up, you had registered your card, just fund the account that the card is linked to, open the app and click on loan payment. You can also pay back using your bank’s USSD code. Other loan repayment options include Bank Transfer or Cash deposit.
- Aella Credit
Aella provides instant credit solutions that eliminates the hassle of standard loan applications and enables employee to borrow at competitive and fair rates through their employers. Individuals can download the application through Android devices. Benefits of the platform are offered to employees, companies, and investors. The offices of the company are located across the United States and Nigeria.
This is another great app where individuals can access quick loans. Their minimum loan amount is N10,000 and the upper limit for a new customer is N40,000 with no collateral or guarantor required. Interest rates are determined by a number of factors, including your repayment history and the cost of lending.
Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. Loans are delivered via an Android mobile app, with lending decisions provided almost instantly.
KiaKia is a moneylender that provides direct personal loans at flexible rates, and also match borrowers with individual or corporate lenders at mutually-agreed rates. They offer loans from N10,000 and N200,000 for a minimum duration of 7 days and a maximum of 30 days.
Responsible borrowers who earn financial responsibility trust points over a period of time will be able to access much bigger amounts at longer tenure and more flexible interest rates. Kiakia’s services are best for anyone looking for an unsecured personal consumer loan, individual’s ineligible for typical bank or credit union loans and those facing financial issues that need a quick fix.
Migo is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps. Migo builds proprietary ML algorithms to assess credit risk using the company’s data then automates credit facilities via cutting-edge cloud infrastructure, simplifying the complex world of lending with a simple API. This company once known as Kwikmoney rebranded to Migo after a significant growth in services and needs of customers. Today, the company operates in the United States, Brazil, and Nigeria.
Creditville can provide an urgent or emergency loan quickly in your account within 48 hours after meeting the necessary conditions and documentation.
Their products include salary advance designed for salary earners. Their loan is without collateral and repayment can be scheduled for up to 12 months without any charges whatsoever. The size of loan and interest rate charged is determined by data provided by your employer such as salary, length of service and position.
Business loan is also a funding product or medium designed for business owners and self employed individuals to enable them grow their business by providing working capitals between the sum of ₦200,000 and ₦2,ooo,ooo.
Creditville limited cab lease product is a car loan/auto finance product specially designed for persons who want to own their own vehicle via the hire purchase method.
Fint loan services are for individuals who need loans and investors who want to grow their money by lending to people. Individuals can borrow little as N20,000 with a maximum of 1 million while businesses can borrow up to 20million.
You can access a loan by getting your company to sign up for a payday loan, or you can go through the companies in partnership with Fint loans. Some of these partners include First Registrars, Thrive Agric, Old Mutual, Farm Forte, Vetiva, and Paystack. Currently, Fint has no mobile app, so all operations are available on their website.
Each of these loan apps are carefully designed to meet the urgent needs of their customers through quick loans that take between a minute to 2 days to acquire. These loan apps are life saving and has been effective in helping millions of Nigerians out of the difficult situation they may find themselves due to lack of funds.
The major differences between these apps lie in their loan repayment rates, and tenor. You can scan through each of these options to find the most suitable loan option for you.