Until the advent and boom in the FinTech industry, getting instant loans in Nigeria was nearly impossible as Banks placed a lot of criteria before disbursing loans to the ordinary citizens. That is now in the past as many companies now provide financial services which leverage on technology to meet the daily financial needs of individuals and small and medium scale enterprises (SMEs).
Whether it’s a personal loan, rent loan, car loan, education loan, medical loan, business loan or just to buy some household goods – just name it, you can get those outstanding bills sorted out within few minutes without much stress, and it gets more interesting. You certainly do need to worry about having a collateral or guarantor before accessing these loans, something that was very common with regular bank loans.
More interesting is the fact that these loans do come with interest rates lower than what most Nigerian commercial banks offer in some cases. We have, however, generated the list below based on dominance, usage and acceptability by the public:
Two major requirements by all these money-lending apps are your mobile phone number and your Bank Verification Number (BVN). Of course everyone even the low income earners can boast of these two requirements. For most of these apps, once you register on the app, it approves your loan and disbursed it to your bank account supplied within few minutes.
10. FairMoney: This loan app provides quick cash for personal finance, house rent, health emergency, business, education needs and car repairs without collateral or guarantor. Fairmoney is a licensed loan app that offers quick loans to cater for needs like bill payments. It requires your Bank Verification Number and your debit card to obtain a loan (from N2,500 to N150,000). Loan interests on FairMoney start at 5% and can grow up to 28% depending on how much you are borrowing. Also, it runs a loan term duration of 4 – 26 weeks.
Similar to others, when you pay back your loan before the due date on FairMoney, you’ll likely repay at a reduced interest rate. With a repayment tenor of 2 – 12 weeks, users can borrow money from N1,000 to N150,000 within few minutes of applying, based on their creditworthiness.
9. JumiaOne: Regarded as a multi-purpose android app, it is owned by the Jumia Group. Besides serving as an online payment platform for Nigeria’s leading e-commerce site, Jumia Nigeria, the JumiaOne app also offers loan to its individual users without collateral.
Users can access their loans by scrolling down to the ‘Financial Services’ section on the JumiaOne app and clicking ‘Loans’. Once you supply all the required information, which includes disbursement details, you get your alert within 10 minutes or less, depending on your internet network.
The JumiaOne app offers loans from N5,000 to N100,000 for a tenor of 15 – 30 days and even more days, depending on the user’s credit score with JumiaOne. Sometimes, users get loans at 15 percent interest rate for 15 days period while longer tenor attracts higher interest rates and can be as high as 30 percent monthly in some cases for a first-timer. But it promises to offer bigger loans with lower interest rates on subsequent loans.
8. OKash: Another amazing loan app though must be noted that accessing this mobile loan platform is only possible through the Opay mobile app. Owned by the Opay Digital Services Limited/Paycom; though the OKash is independently owned and managed by Blue Ridge Microfinance Bank Ltd.
It offers users instant loans from N1,500 up to N50,000 for a repayment tenor of 7 to 90 days, at about 10 – 24 percent interest rate per month. It also promises to offer loans at reduced interest rates once a user becomes regular customer on the app.
7. Aella Credit: Another user-friendly online loan app which offers as low as N2,000, up to N1,000,000 within 10 minutes after submitting your loan application.
The app was initially launched as a loan platform for employees of companies in its network, the Aella Credit app now offers individuals who may desire quick loans to meet their urgent needs.
Like most other loan apps. Aella credit is designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly.
It also allows any registered company to sign-up and joined its network, just as employees in its network only need their name and employee ID number to get quick access to higher loan amounts with minimal interest rates.
For every timely repayment of borrowed money, the users’ loan limit increases and while interest rate reduces. Like other platforms, the Bank Verification Number is one of its requirements. Their loan tenure spans between 1 to 2 months.
It offers users loan for a tenor of 30 – 60 days, starting at a 30 percent monthly interest rate; though this may reduce to around 4 percent once the user maintains a good credit report on the app over time.
6. Eyowo: This loan platform also provides financial services to anyone with a phone number. Users can spend, send, receive, save and borrow money by simply dialling a USSD code: *4255# on their mobile phones or via the Eyowo mobile app or website or by just calling its IVR centre on 01-7001511,
Other features of the Eyowo includes allowing users to scan to pay at any favourite cafe, retail stores or shopping malls for goods or services using a QR Code which can be generated on its POS terminals.
5. ALAT (by Wema Bank): If you’re tired of your regular commercial banks and feel like being in charge of your money directly, get the ALAT app.
Popularly referred to as Nigeria’s first full digital bank, ALAT is owned and managed by Wema Bank, one of Nigeria’s national heritage banks.
ALAT also offers users the choice of getting a free and customized Naira ATM card and virtual dollar card for ATM and online transactions. Besides, it offers users 10 percent interest per annum on savings in the ALAT app and also gives them the privilege of applying for a loan without paperwork or bank officials’ visitation to any physical location within minutes.
You can borrow as much as?N200,000 (Two hundred thousand naira) without any collateral.
4. Quick Credit(by GTBank): Known for its digital disruption of the Nigerian banking sector and innovations, the GTBank-backed Quick Credit offers individuals, especially salary account holders with the bank an opportunity to get quick loans to meet urgent individual needs.
It can be accessible through the GTBank mobile app, website, GTWorld and Habari app, the Quick Credit offers users an instant loan of N10,000 up to N5million for salary earners at a monthly flat interest rate of 1.75 percent. Its loan tenor ranges between 1-12 months.
Aside using the GTBank app to access the Quick Credit loan, anyone with a mobile phone can also access the loan by dialling its USSD code: 73151*51#.
To be eligible to access the loan, it said customer must earn a minimum net monthly salary of N10,000; including having no history of dud cheques, bad credit report or unpaid obligations.
3. Branch: One popular app that disburses loan in less than 3 minutes after applying is Branch app. With an equivalent interest rate of 20 percent per month, users can get personal loans from N1,000 up to N200,000 quickly, anytime, from anywhere without collateral for a tenor of 4 – 40 weeks, depending on your loan option.
You can get access to loans from N1,000 to N200,000 within 24hrs, with a period of 4 to 40 weeks to pay back. It is arguably regarded as one of the most reliable platforms where you can get an online loan because of its mode of operation. Their interest rate ranges from 15% to 34%.
You don’t need any collateral to get any loan. Interest rates are determined by a number of factors, including the lender’s repayment history and the cost of lending for Branch.
You can complete its application process within a minute and receive your loan directly in your regular bank account shortly thereafter.
They operate not just in Nigeria but other countries such as Kenya, Tanzania, India and Mexico.
The Branch app also allows users to spread their loan repayment into 4 weeks. As you apply for loans and repay on or before the due date regularly, the app gradually reduces the equivalent interest rates per month to as low as 15 percent and also increases your loan tenor.
2. PalmCredit: Another amazing loan app which is owned by Transsnet Financial group, the PalmCredit mobile app offers instant loans for short term needs in less than 5 minutes.
Individual users can get a loan of N2,000 up to N300,000 instantly without any collateral or paperwork with a weekly/monthly interest rate of between 8% to 24% for a limited tenor of 7 – 180 days. Once you repay your borrowed loan on time, the app automatically increases your loan limit,
Palmcredit offers two kinds of loan:
A. Palmcredit Airtime Loan which you can borrow up to N10, 000 airtime to repay within 2 weeks.
B. Palmcredit Installment Loan, which you can borrow from N2000 to N100, 000 loan.
You can get either loans by simple taps from your mobile phone.
To apply for the Palmcredit loan follow the simple steps laid out below:
First, download the Palmcredit loan app
When you have installed the app click on the Apply for loan. Enter your phone number (a verification code will be sent to the number, so make sure its a working number).
Fill other necessary valid information in the fields available after the phone number verification.
Now submit your application.
After making the bank deposit, send a proof of the receipt to firstname.lastname@example.org for verification.
1. Carbon (Paylater): Previously called Paylater, the Carbon mobile app is owned by One Finance & Investment Limited. The lending app prides itself as “a simple digital finances management platform” that provides instant online loans to help you cover urgent and unexpected cash needs.
Aside the fact that you can easily get loans from N5000 to N1,000,000 repayable for a tenor of between 7 – 180 days, your account will also be credited within 3 minutes of submitting your application on the app.
One of the amazing features of the Carbon app is its recently introduced Cashback option, which allows users to borrow money and be rewarded with up to 50 percent of the interest rate charged if loan is repaid before the agreed deadline. Its process is simple and reliable for users.
It may even allow you to borrow money for a shorter period without any interest rate or for as low as 7.5 percent (monthly), if you’ve maintained a good credit scorecard with them (by repaying borrowed loan on or before due date).
Carbon is available on web and mobile apps (Android and iOS). Their rates range from 5 – 15%, and this depends on the loan repayment period and the amount of money you wish to borrow. Apart from being one of the top loan companies in Nigeria, Carbon provides a platform that allow its customers to recharge airtime, transfer funds, and pay bills.
Though they are currently available in Nigeria and Ghana only, the Carbon app is fast, secure, reliable to use any time.
With the advent of technology, Many financial services institutions are now experiencing never before seen disruption with innovative digital services that are making the process of getting loans in Nigeria more simple, convenient and accessible to the public.
Have you had any experience using any of the apps above? We would like to hear from you. Kindly share your experience with us below in the comment section.
SOURCES: https://dailytrust.com, https://www.loanspot.ng