New Discovering: Top 15 Loan Applications in Nigeria and their Interest Rates

 

Many times, many individuals and businesses may need more money to solve some of the financial issues around them. In times like this, when all the ways of getting money have been exhausted, the best way is to consider getting a quick and easy loan online.

The process of getting a quick loan from a Nigerian bank is long and tedious for anyone who just wants to get a small loan for a short period of time. Thanks to the Fintech revolution in Nigeria, online lending startups are making it easy for businesses and individuals to get quick loans when needed.

The Nigerian government is poised to close the micro credit gap through its ongoing registration of digital lending institutions in the country.

This registration, made by the Federal Competition and Consumer Protection Commission (FCCPC), should distinguish between the legitimate loan applications and unlicensed / illegal, known as loan sharks.

In January 2023, the FCCPC said that a total of 78 companies have received full approval to operate as digital money lenders in the country.

A total of 40 more will have received recognition of status from the Commission, bringing the number of digital lenders under FCCC supervision to 118.

It is clear that Nigerians have not stopped supporting the so-called loan sharks despite their acerbic behavior and unfair methods of loan collection, which often involve bad words or public harassment and the king of those who lend them.

Although many cannot distinguish between approved and unapproved loan applications, the main factors that Nigerians seek for credit are the speed of loan payments, repayments and interest rates.

 

List of Best Loan Applications in Nigeria and their Interest Rates

Here is a list of most downloaded loan apps in Nigeria and
the interest rates they offer:

1. Branch

2. PalmCredit

3. AellaCredit

4. Carbon

5. Fair Money

6. Okash

7. Quick Check

8. Umba

9. RenMoney

10. Newcredit

11. EasyCash

12. KiaKia

13. Lendigo

14. KwikMoney (MIGO)

15. SokoLoan

We’ve detailed what we found above.

 

1. Branch

Branch is a platform that provides fast online loans in Nigeria. Today, this application is one of the most downloaded applications in the loan category in the Google Play Store with more than 10 million.

The app determines loan eligibility and personalized loan offers using users' phone data.

The monthly interest rate of the application ranges from 3% to 23% depending on the risk profile of the customer. You can get a personal loan from N2,000 to N500,000 within 24 hours, depending on your payment history, with a period of 62 days to one year.

The interest rate analysis of this application shows that if, for example, you borrow N60,000 at an annual percentage rate (APR) of 181% and 62 days, the total amount to be paid will be N78,400 (N60). ,000 plus N18,400 interest).

2. PalmCredit

In the Google Play Store, the PalmCredit app has been downloaded more than five million times, qualifying itself as one of the best loan apps in the country. The loan system is qualified as one of the best loan applications in the country. This lending site claims to be able to provide instant loans of up to N300,000 in less than 3 minutes without any form.

You can borrow between N10,000 and N300,000 quick loan if your

the documents are complete and accurate, you can get your payment in one business day, says the platform.

The annual percentage rate (APR) on the platform ranges from 24% to 56%. For example, if you opt for a six-month loan and borrow N100,000, Palm credit charges an interest rate of 4% per month. The interest rate for 6 months will be N24,000, so the repayment will be N124,000.

 

3. AellaCredit

AellaCredit offers a fast and easy loan in 5 minutes. Without documents, you can improve your credit score and increase your credit limit with fast payments. All you need is your basic information, BVN and smartphone (iOS or Android).

The app, which has already had over a million downloads, offers loans ranging from 2,000 to 1.5 million naira and home owners from 61 days to 365 days. Its monthly interest rate varies from 2% to 20% and APR from 22% to 264%/year.

4. Carbon

Carbon is a digital financial services platform that offers a wide range of financial services including personal loans, business loans, payments, mortgages, credit ratings, savings and investments. 

The carbon credit investment process usually takes less than five minutes. Their interest rates vary from 2% to 30%, depending on the loan

repayment period and how much you want to borrow.

The app has been downloaded over a million times.

 

5. FairMoney

Fair Money, which has been downloaded more than 10 million times in the Google Play Store, provides quick loans in five minutes with no documents or approvals required. Loan rates vary depending on your phone data and payment history. 

The amount of the loan varies between 1,500 and 1 million naira with a repayment period of 61 days to 18 months and a monthly interest rate ranging from 2.5% to 30%. For example, if you borrow N100,000 in three months, you will repay N43,333 every month, bringing the total repayment to N130,000 at the end of the three months.

 

6. Okash

Okash is an online loan application for Nigerian mobile users

Managed by Blue Ridge Microfinance Bank Limited. OKash caters to the financial needs of online customers 24/7.

The application process takes only a few steps and a small document and the approved loan amount is transferred to the applicant's bank account. This app offers loans ranging from N3,000 to N500,000 with repayment plans from 91 days to 365 days.

The company is from 0.1% to 1%. However, Okash interest is calculated daily, which corresponds to an annual percentage rate (APR) of between 36.5% and 360%. The OKash app has been downloaded more than 5 million times.

 

7. Quickcheck

QuickCheck is a fast loan application that uses machine learning to predict borrower behavior and instantly review loan applications. This app is one of the top loan apps in Nigeria with over 1 million downloads.

Quick payday loans have interest rates starting at 5% per month on the first loan. Loans range from N1,500 to N500,000 with terms of 91 days to one year. Interest rates range from 2% to 30%, with monthly interest rates of 1 to

21%

 

8. Umba

Umba, like other loan applications in Nigeria, has more than 1 million downloads. The lender prides itself on being the first digital bank in Africa. 

The app allows users to request, withdraw and repay loans directly from their phone or desktop computer. Umba loans have a maximum and minimum tenure of 62 days, and loan amounts range from N2,000 to N30,000. The company's annual interest rate is 10%.

 

9. RenMoney

RenMoney is a loan company that operates as a microfinance bank in Nigeria. The company prides itself as the best online lending company for businesses and individuals in Nigeria. 

It provides good loans to meet needs like growing your small business, renovating your home, buying a new car, paying rent, school fees, medical expenses and more. You can earn up to 6 million naira for 24 months.

 

10. Newcredit

NewCredit is another fast loan tool in Nigeria that has crossed the million-mark download. Personal loan application offers unsecured Nigerian loans up to N300,000. The app uses artificial intelligence (AI) to analyze customers' financial records, including their bank and phone transaction text messages and their credit with other lenders.

The loan amount of the application ranges from N10,000 to N300,000 with repayment from 91 days to 365 days. The company charges a monthly interest rate of 4%.

 

11. EasyCash

EasyCash prides itself as the most secure, reliable and online lending tool in Nigeria. With over 1 million downloads, the app offers instant loans ranging from N1,000 to N100,000 with a tenor of 91 to 180 days.

Apart from the 14% annual interest rate on its loans, Ease Cash said charges a one-time processing fee (per transaction) of a minimum of 5% and a maximum of 20%.

 

12. KiaKia

KiaKia is a mobile web application that allows you to access personal and small business loans and also offers borrowers the opportunity to borrow money with negotiated interest through intelligent communication.

KiaKia uses psychometrics, big data, machine learning and digital forensics for its own credit score and credit risk analysis to provide personal and tailored loans to millionaires and SMEs without credit information.

 

13. Lendigo

Lendigo is an SME financing provider that offers Nigerian SMEs easy, fast and flexible access to working capital based on their business needs and tailored to their financial needs. 

With Lendigo, you can get business loans from 100,000 Naira to 1,000,000 Naira. By installing our loan application on your phone, you can apply for a loan with a low interest rate and have it deposited directly into your bank account, even if your business is not registered.

 

14. KwikMoney (MIGO)

Getting a loan through KwikMoney is a unique experience, as loans can be obtained without using an application. Loans are made through the investment of their website. You don't need any proof to get your loan approved in minutes. The faster you pay off your loan, the higher the interest rate you can borrow the next time you use the site. 

You can visit their official website at Kwikmoney.com to complete the loan in seconds using just your phone number and get the money deposited directly into your bank account.

Refund period, you have 14 days to 30 days to pay the amount. If the money is repaid before 14 days, you will not be charged interest. This is very good for students. The interest rate on the amount you borrow will increase by 5% after 14 days.

 

15. SokoLoan

Soko Lending Company Limited, a microfinance company, seeks to improve the access of the poor to financial services by providing financial services to low-income businesses, students and others.

Sokoloan is an easy to use app that can be used anytime day or night to get short term loans in Nigeria.

The faster you repay the loan, the higher your loan amount will be. You can rely on the Sokoloan lending platform/app to get instant loans in Nigeria.

 

Conclusion on Top 15 Loan Applications in Nigeria and their Interest Rates

There are many applications to get instant loans online in Nigeria.

However, you should know that if you want to borrow money, especially for business purposes, make sure that you prepare everything properly so that you do not get into debt, if you borrow money for something blame yourself, make sure you have a way to pay it on time due to interest.

Many loan service providers have been known to get their money back through harassment, including calling a toll-free contact to ask for the contact's help.

These contacts can be the borrower's friends, family members, colleagues or even employers. Once you register for a loan with any of these applications, you leave yours. The privacy of the contact list is used if you do not repay the default.

The watchword when dealing with loan applications is: don't use them Although many of these platforms claim to offer fast loans without any contracts, it is advisable to carefully study their terms and conditions before applying.

Another thing to consider is the interest rate and repayment period. As a business, you don't want to take a short period of time to repay the loan if you are sure that you will get the money back soon.

Thanks for reading.