Top 8 Lending Apps in Nigeria: Customer’s Guide


Top 8 Lending Apps in Nigeria: Customer’s Guide

It's Fund Month! It's the end of the year, but it's the beginning of something good. The average Nigerian would agree that pumpkin months, especially November and December, are peak months. This is because you have many personal and business bills to pay. With all this in mind, it is not surprising that many people usually receive financial assistance during this funding period. 

From family members to church members, Nigerians are asking for help, but often it is not enough. This is just one of the reasons why payday and unsecured lenders are a ray of sunshine for people across the country.

Now you can easily get loans from these companies as per your needs without going through any hurdles and speed bumps.  See: Top 15 Loan Applications in Nigeria and their Interest Rates


Here is a List of the Top 8 Digital Loan Apps in Nigeria to Secure Loans

Top 8 Lending Apps in Nigeria: Customer’s Guide

• Branch

The branch is one of the best loan applications in Nigeria. It currently has over 10 million downloads and offers fast online loans with repayment periods of 61-180 days. Personal cash loans range from ₦2,000 to ₦500,000. The loan can be accessed through a branch application and requires no documents.


• FairMoney MFB

FairMoney is a leading loan application and one of the most downloaded loan applications in Nigeria with over 10 million downloads. It is considered a quick loan application in 5 minutes. We also serve companies through small business loans. We use basic smartphone information and credit history to determine eligibility, allowing applicants to access affordable FairMoney loans with no paperwork or collateral. FairMoney offers loans up to ₦1,000,000 and SME loans up to N5,000,000.


• Kuda

Kuda, the bank of the free as they are popularly called, offers short term loans in the form of overdrafts to regular customers. Overdrafts require no documents and the daily interest rate is 0.3%. Account overdrafts typically take 90 days, but refunds are expected to begin 30 days after payment is made.


• Quick check

Quick Check instant loan is based on smartphone data and credit score. They provide emergency cash to their customers to help them meet their needs until their next payday. For this reason, they are relatively popular and are usually used by recruiters to fill in gaps until they are paid.


• Carbon

Carbon is a loan financing program in Nigeria that allows customers to buy raw materials and pay later in installments. The return period is 3-6 months, but a 25% deposit of 25% of the product price is required to proceed with the purchase. Carbon is especially good for bulls because you can buy the raw materials you need and pay them back slowly over the next 3-6 months.


• Aella

Aella is currently growing in popularity in the online lending space. It is growing steadily, registering 1 million app downloads. We offer digital loans up to ₦1,000,000 for 1-3 months at competitive interest rates.


• Palm Credit

Palm Credit is owned by Transsnet Financial Nigeria Ltd. The unsecured loan limit is ₦100,000 and the interest rate ranges from 14% to 24%. According to the loan repayment policy, the loan must be repaid within 14 to 180 days of payment.

• RenMoney

Renmoney is one of the most popular loan financing programs in Nigeria. They usually offer loans of up to ₦6,000,000 for up to 730 days. Loan requirements include bank statements, government ID and utility bills.


Final Thoughts

Thanks to these loan applications, it is very easy to get a loan in Nigeria. The problem is determining which platforms are legitimate and which are scams. As a result, various misunderstandings occur in the industry, where consumers cannot distinguish between truth and lies. This is why I wrote this article.

All the above apps are registered and legally approved by the CBN and the Government of Nigeria. To go beyond understanding the best loan applications, to understand industry myths/facts. See: Top 10 Best Online Banking Apps in Nigeria (Mobile App)


Frequently Asked Questions (FAQs)

How to Borrow at FairMoney

The loan from FairMoney is very simple and can be completed in 3 steps. Download the application here, create an account and click the "Get a loan" button. FairMoney AI checks your loan eligibility and approves/rejects your loan application.


How Long Does it Take to Get a Loan in Nigeria?

The time varies depending on the platform you choose. Getting a loan from FairMoney usually takes 5 minutes on average.


Can I Get an Instant Loan in Nigeria?

Yes, it's possible. The above application provides instant online loans. To try FairMoney, download the FairMoney app from the Google Play Store. Register with the phone number associated with your BVN, answer a few questions and verify your identity to receive a loan offer. Once approved, you can get the loan directly into your preferred bank account!


What is the Interest Rate for Loans in Nigeria?

Interest rates vary by lender. FairMoney's interest rates range from 2.5% to 30%, depending on the desired amount and the term of the loan.


Do Payday Loans Require Collateral?

It depends on the lender. On the other hand, FairMoney direct loans do not require collateral or documents. Learn more about your loan options.

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