We live in a technology age where information is easily accessible online. One of the benefits of technology to our world today is the ability to make money easily and also have access to money, loan and grants within a short period of time.
You can easily get a loan from the comfort of your house, without having to print out any documents, bringing guarantor, and all those stress related to various microfinance firms.
Are you in need of money?
Then this information is for you.
From this article you’ll get guide on how to acquire a loan easily online.
List of best loan apps in Nigeria
The loan apps that will be listed below have low interest rate and they don’t need collateral or paperwork before they give you a loan.
This can go a long way to help you financially and also boost your Businesses.
There are some requirement you need to meet but they are not outrageous, also if you pay back on time, you are qualified to get bigger loans with larger time frame for repayment. Before I mention the loan apps, let me list the major things you will need before you can secure a loan from these companies;
*Your Phone Number that is linked to your BVN
*Your account number/ name of the bank.
*Your Full name, passport/selfie, location address.
*Job/employment or if you are self employed.
*Your ATM Card and other things.
Most of these apps requires that you install the app on your phone, which will help the company to run a background check on your eligibility and to confirm if the information you submitted is correct before they can release the loan, these procedures are necessary, because the loan being given is based on trust.
Top 5 loan Apps in Nigeria
1. Fairmoney: the first time I received 100k loan in few minutes, it was from fairmoney. I was credited within 10 minutes, although I have used the app before, I uninstalled it but when I had an urgent need, I had to install it back and got the loan within 10 minutes. I was so excited, this is how easily you can get loan from fairmoney. Fairmoney can give you up to 500,000 loans all from your phone to your bank account. You don’t need any collateral, they have both personal and business loan, you just need to download the app, sign up and apply for the loan from there.
They can give a loan ranging from #1500 to #500,000 and they can give 1 to 5months for repayment of the loan. The interest rate is 10 to 30%.
How to apply for the loan
a. Download the app from playstore
b. Sign up with your phone number linked to your BVN,
c. Answer a few questions and confirm your identity, fill your income/salary amount, your Business and employment status.
d. Select the loan amount you want and it will be determined in 5mins, if you qualify for that amount or for a lesser amount, after this, your money will be credited to your account.
Carbon was formerly called paylater. I have been using paylater since I was in university, but now they have improved on their services and increased the amount of loan given to their customers. They changed their name to carbon last year.
Carbon has been running as a loan company in Nigeria, even before many others started in the industry. Their speed of lending is very fast, and you can apply at any time in Nigeria.
Carbon offers small loan to first timers and then, increases with time;
Loan amount: #1500 to #1,000,000 (for a start).
Loan duration: ranges from 15days to 10months.
Interest rate : 1 to 21%.
How to apply
a. Download the App on playstore, or iOS app store.
b. Fill in your profile details and all that is required of it, ensure they re true.
c. Request for a loan and enter the amount you need, the system will generate the amount you are qualified for at the moment, and then you will be credited immediately.
3. Quick check
They can run swift loan for their customers, they give small but fast loan without collateral or stressful requirements. You can download the app on playstore, or from their website, sign up and choose the amount you want, however the system will generate the amount that is consider fit for you at that time, as you repay on time, you will be qualify for a bigger amount.
How to Apply;
*Download the app from playstore, fill your details and sign up.
*Apply for the loan, which will later be adjusted for you, thereby giving you the amount that you are qualified for at first, immediately your loan is approved, you will get the alert in few mins.
This loan app has been in existence for a long time, if other loan app decline you for any reason, you can be sure to get loan from Branch. Though branch doesn’t give big money like that, but they have a fair interest rate. The good thing is, you can increase the loan amount later by paying back your loan early enough. Branch is reliable and trustworthy when it comes to securing soft loan for urgent needs.
They give between #1000 to #500,000 Loans, and the duration of the loan is between 3weeks to 15months as the case maybe.
You can download the app from Playstore, register and sign up with your details like phone number, business/ employment status, BVN and all that is necessary so that you can qualify for the loan.
5. Aella Credit
This is one of the super good loan app in Nigeria that gives quick loan via their app to Nigerian without stress, they also have fantastic interest rate, after your application, you get your funds in a matter of minutes, you don’t need any document or collateral to get their loan. You can download the app on playstore
They offer between #1500 to #4,000,000 and the loan duration is between 1month to 1year.
To Get started with Aella;
*Download the app on Google playstore.
*Fill the form with your details to create your profile and register, with your email, BVN and other necessary information, please ensure your information are correct, so that you can get the loan.
*Check your eligibility status to see the amount of money you can borrow (it always start with a small amount that increases over time).
*Apply for the loan and in few minutes, you will be credited, it is that fast, easy and simple.
These are the top loan apps in Nigeria where you can get loan within short period of time to meet your urgent needs. Ensure you pay back early enough in order to qualify for larger amount of loan in the future, remember they are into business and not charity, they have come to make life easy and better for Nigerians, you don’t need to undergo the bottle neck processing of securing a bank loan when these ones are there.
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