Do you want to save your business from a possible collapse but don’t have the finance to pump in? Is taking a loan the only way out? I’ve got some advice for you, get closer, it’s my little secret.
DON’T TAKE LOANS FROM TRADITIONAL BANKS.
Loan apps in Nigeria can help you out without collateral and paperwork. Yes, all you need to do is read this article to find the BEST LOAN APPS IN NIGERIA, their features, and how they work.
You will also get answers to some of your most commonly asked questions about loan apps in Nigeria. Fasten your seatbelt as we drive through 20 loan apps in Nigeria to help you decide which to use.
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Below are the Top Twenty (20) Loan Apps in Nigeria
1. Carbon
Carbon is a known name when you talk about loan business apps in Nigeria. Carbon gives out several loan amounts to its customers depending on their account history and other factors, like credit score, financial history, and ability to pay back.
If you’re a new customer, you may be eligible for this range of loans. ₦30,000 – ₦800,000, if you meet up with the necessary criteria.
Existing customers who have successfully followed the repayment schedule can access up to ₦1,000,000 and even more. Carbon operates at a low-interest rate of 5% per month.
With over 1 million downloads, carbon is a go-to loan app when you want a low-interest-rate loan package. Download Carbon to access a loan today.
2. Fairmoney
FairMoney offers one of the largest first-time loans you can access, up to N3 million is available for grabs and you have about 24 months tenure to repay.
Your repayment history can boost your chances of getting higher loan offers and wider repayment tenure. The app requires no collateral, and loans can be repaid within one to twenty-four months.
Fairmoney also offers a quick and easy application process, making it one of the most popular loan apps in Nigeria. Download Fairmoney to get started.
3. Aella Credit
Aella Credit is another loan app in Nigeria that offers loans of up to ₦1,000,000 ($2,438) without collateral. With a tenor of 3- 6 months, the loan app has a flexible repayment period of one to three months and an interest rate of 2% to 20%.
Aella Credit also offers investment and savings features, allowing users to earn interest on their savings. Get Aella Credit to begin
4. Palmcredit
Palmcredit is a loan app in Nigeria with about 5 million active users and offers loans of up to ₦300,000 without collateral, paperwork, or hidden fees.
You also get a friendly repayment tenure of 3-12 months, depending on the amount you borrowed, and an interest rate starting from 4% to 24%. If you’re thinking of a soft loan to upset urgent bills, think PalmCredit
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5. Renmoney
Renmoney is one of the low-interest loan apps in Nigeria that offers loans of up to ₦6,000,000 without collateral and paperwork. The app has a flexible repayment period of 3 to 24 months and an annual interest rate of 33.9%.
With Renmoney, all you need is to qualify and apply, you’ll get credited without collateral and paperwork.
6. KiaKia
KiaKia is one of the household loan apps used in Nigeria that offers loans of up to N10,000 and N200,000 for first-timers. The earlier you repay your last loan, the higher you can borrow the next time.
Interest rates range from as low as 12% and as high as 40% which depends on a 6 to 18 months tenure. KiaKia has added some investment and savings features, which help users earn interest on their savings.
7. Branch
For a start, Branch is a loan app that offers loans of up to ₦200,000 without collateral, with the likelihood of increasing your limit, if you pay back on time
The app has a flexible repayment period of 4 weeks to 20 weeks and an interest rate of 15% to 34%. Users are allowed to invest and save on Branch with some chances to earn interest on their savings.
8. Kwikmoney
Kwikmoney is one of the easiest loan apps in Nigeria that offers loans of up to ₦500,000 without collateral. Dial *561# to access it.
Before now, you could just dial a code and get credited, the introduction of an app has made it even safer, with customers being able to track their loan history and more.
The app has a flexible repayment tenure of 14 to 180 days and an interest rate of 10% to 25%. Kwikmoney has investments and savings features, targeted at helping users to earn interest on their savings.
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9. Quickcheck
Quickcheck is a loan app in Nigeria that offers loans of up to ₦200,000 without collateral. For a new customer, you can only access ₦10,000 and grow into a full-blown amount as you keep to the repayment schedule.
The app has a repayment period of 4 weeks to 52 weeks days and an interest rate of 1% to 25%. To get a loan from Quickcheck, download and register with all the necessary information.
10. Specta
Specta, a subsidiary of Sterling Bank PLC is undisputed to be a leading loan app in Nigeria that offers first-time loans of up to ₦5,000,000 without collateral and paperwork.
With an interest rate of 1.5% to 30%. Specta gives a window of 1-12 months for repayment, if a borrower fails to keep to schedule, a Penalty fee of 1% is attracted. Specta is a go-to loan platform if you’re looking at getting a good amount of money at a time.
11. Lidya
Lidya calls itself the help you need in your business and offers loans of up to ₦35,000,000 without collateral. Their loan packages are processed and disbursed within 48 hrs
The app has a repayment period of three to 36 months and an interest rate of 3% to 4.5%.
With a focus on SMEs, Lidya has come through for start-ups in the area of hospitality, farming, real estate, and the health sector to access the capital they need to grow their business.
12. Rosabon Finance
Rosabon Finance is still one of the reliable loan apps in Nigeria today that offers loans of up to ₦3,000,000 without collateral.
Its loan applications are completely disbursed within 48hrs, which makes it even faster to access what your business needs to stand on the go. The platform has a repayment period of 3 to 18 months and an interest rate of 4.5% to 6%.
Rosabon Finance also lets its users invest, earn, and save their money on the platform.
13. Credit Direct Limited
With about 3 categories of loans, it is possible to access loans of up to ₦5,000,000 without collateral, and this happens within 24hrs of application.
To start with, you can dial *5120# to access the Sharp Sharp loan package. The app has a repayment period of 2% to 4.5% per month and a feasible tenure of 1-36 months.
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If this represents the kind of loan package you need, think Credit Direct Limited
14. FINT
If you need to rescue your business from a tear-up, Fint is the loan app you need. In recent times, the finance company has offered Nigerian applicants up to ₦500,000 without collateral.
Users get a repayment period of 1 to 12 months and an interest rate of 2.5% to 30%. Fint helps you invest your idle funds with a handsome return on investment (ROI) and savings features.
If you’re getting a loan today, get it from Fint
15. C24 Limited
With over 100,000 active users, C24 Limited loan app has helped Nigerians acres personal, business, and urgent loans as it were.
These offers can get up to ₦7,000,000 without collateral, depending on your credit behavior. You can enjoy a repayment period of 180 to 270 days at an interest rate of 4% to 4.5%.]
C24 Limited has supported about 180,000 applicants with about N8 billion. You can be the next beneficiary.
16. Quickcredit
For Nigerians with the need to get fast cash, Quickcredit is the loan app for you.
You can borrow up to ₦1,000,000 at an interest rate of 5% to 10%. and also choose your most preferred payment tenure, your account will be credited immediately after your loan is approved
Without collateral, Quickcredit is one of the fastest and simple seamless access to loans, without hidden charges.
17. Page Financials
With over 100,000 downloads on the store, Page Financials has stood out as one of the loan apps in Nigeria that can offer loans of up to ₦5,000,000 to its applicants without collateral.
You can borrow and pay within a period of 6 to 12 months and an interest rate of 3.5% to 5%.
Page Financials has also added more value with investment and savings opportunities for users that don’t know what to do with their money, making it a double-win platform.
18. Sycamore
If you haven’t accessed any loan on Sycamore, the opportunity is here to get up to N100,000 – N5 million in loan without collateral within 24 hours of application.
With an interest rate of 3.5% – 5%, the loan tenure is a flexible one ranging from 3 – 9 months.
You can also invest and earn a cool return on the platform, you only need to Download the app, verify your person and apply for your choicest package.
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19. Zedvance
If you want to talk about delivery in service, then Zedvance should come to mind.
With various packages available, you can get from ₦2,500 – ₦100,000 on the nano package, while a private worker can enjoy as much as ₦50,000- ₦5,000,000 and ₦20,000 to ₦3,000,000 if you’re a public official.
You can access this with no collateral on Zedvance but your chances of getting more loans in the future rely on whether you have good repayment behavior, hence it’s important to keep to terms.
With a friendly repayment tenure, you can take up to 15 – 90 days, or 1 – 12 months. The above depends on the loan package you choose, hence the interest rate varies too.
20. Jumiapay
If you’re looking to get an instant soft loan In case of emergency, Jumiapay is all you’ll be needing to put yourself out of stress. Access instant loans with No Collateral, No hassles, and No delay.
Up to ₦100K is available to pick up and the repayment schedule is fair. Don’t let your stress beat you, let Jumiapay take up the fight.
These are some of the loan apps available in Nigeria, and each app has its unique features and requirements. You should do your due diligence to compare the terms & conditions of different loan apps before making a decision.
Are Loan Apps in Nigeria Safe?
Yes, most loan apps in Nigeria are safe to use. However, it’s important to do your research and only use reputable loan apps that are registered and licensed by the appropriate authorities.
Can I Get a Loan Without Collateral From Loan Apps in Nigeria?
Yes, many loan apps in Nigeria offer loans without collateral. However, the amount you can borrow and the repayment period may vary depending on the loan app.
How Do I Apply for a Loan on a Loan App in Nigeria?
To apply for a loan on a loan app in Nigeria, you typically need to download the app, create an account, and provide some personal and financial information.
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The loan app will then review your application and determine if you qualify for a loan.
What are the Interest Rates on Loans from Loan Apps in Nigeria?
The interest rates on loans from loan apps in Nigeria vary depending on the loan app and the amount and repayment period of the loan. It’s important to compare the interest rates of different loan apps before making a decision.
How Long Does it Take to Get a Loan From a Loan App in Nigeria?
The time it takes to get a loan from a loan app in Nigeria varies depending on the loan app and the loan amount.
Some loan apps offer instant loans that can be disbursed within minutes, while others may take a few days to review and approve your application.
Final Thoughts
Loan apps have become an essential part of accessing credit in Nigeria. The convenience and speed offered by loan apps have made it easier for Nigerians to access credit and meet their financial needs.
However, don’t forget to do your necessary research and when you finally get a loan, make such to repay as at when due to avoid risking disapproval the next time you need a loan.
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