Top 10 Best Loan App In Nigeria

best loan app in Nigeria

Best Loan App in Nigeria- In the times past, before you can obtain loan, you must present weighty collateral. A number of times, the people needing the loan don’t even have such kind of collateral. So if you need to do something serious but need some good money, you have to just forget about it. Because no one will give you loan without a reasonable collateral.

But with loan apps, getting a loan is never an issue again. You don’t need to visit any bank or present any collateral. From the corner of your room with that your smartphone, you can obtain a loan to take care of that your pressing need.

In this article, you will get to know all you should know about loan app, including the safety precautions to take when applying for a loan. I will also be sharing with you an interesting story of a guy and his experience with the loan app. Am sure you don’t want to miss it. Read on!

Best Loan App in Nigeria

I will be discussing below 9 best loan apps in Nigeria

Best Loan Apps In Nigeria

  1. Paylater
  2. Palm Credit
  3. Branch
  4. QuickCheck
  5. FairMoney
  6. Kiakia
  7. Aella Credit
  8. Kwik Money
  9. Credit Ville

#1   Paylater (now Carbon)

Best Loan App in Nigeria

Paylater is an online loan app in Nigeria that offers short term loans to individuals and petty businesses to take care of pressing needs. You can get up to #500,000 loan without a collateral. When you repay your loan on time, you will have access to higher credit limits. Funds are usually available within 1-3 working days after application.

#2   Palm Credit

Best Loan App in Nigeria

It is a virtual credit card that gives you access to loan anytime and anywhere. You can get up to #100,000 loan from the app. It is very easy to use this loan app. All you need to do is to apply for credit limits after you must have downloaded the app and then fill in your personal details. After your credit limit has being approved, you can take as many instant loans as you want without needing any further approval. As you repay your loan on time, your credit limit will start rising.

#3   Branch

Branch is one of the best loan app in Nigeria and even Kenya and some other countries. This app will help you sort out your financial constraints in a short time. You can have access to loan between #1, 500 and #150,000. Branch loan app is fast, easy and convenient.

#4   QuickCheck

This app gives loan to individuals and petty businesses. You can access instant loan of up to #30,000 without needing any collateral. The app makes use of modern technology to assist its users in getting out of financial constraints.

#5   Fair Money

You can get instant loans on this app without collateral. Loan obtainable on this app ranges from #1,500  and #500, 000. Repayment period is between 61 days and 180 days with a monthly interest ranging between 10 to 30%. Within 5 minutes of applying for the loan, you will be credited. With FairMoney, you can get personal loan, business loan, education loan, etc.

#6   Kiakia

Best Loan App in Nigeria

If you are involved in small businesses, you will love Kiakia loan apps. The app is really keen on helping SME businesses flourish through its loan schemes. This loan app is so business-friendly that it even allows you negotiate your interest rates unlike other loan apps that have fixed interest rates.

The loan app makes use of advanced mobile technology to provide loans to a large number of people for personal and business use. Kiakia loan app is fast, easy and convenient.

#7   Aella Credit

Best Loan App in Nigeria

Aella Credit offers short-term loan ranging between #2000 and #1,000,000. The loan app is majorly focused on supporting employees and helping them overcome their financial constraints.  Interest rate is usually between 6-20% while repayment window is between 1-3 months.

The app makes uses of a proprietary credit scoring algorithm to assess its prospective users and determine their credit worthiness. Some of the things the app consider to determine the credit worthiness of its users is the social and demographic factors. Debt to income ratio is also put into consideration.

#8   Kwik Money

You can easily obtain loans to settle your pressing needs with Kwik Money loan app. Registration on this app is quite easy. All loans are repayable in 14days.  All you need is your smartphone and the phone number that is registered to your account number. You can visit the website to get more details on how to obtain loan from the app.

#9   Credit Ville

This loan app is majorly for salary earners. Any money borrowed is deducted from your monthly salary at a scheduled frequency until the loan is totally repayed. You don’t need any collateral to access loan on this app. You can get loan as much as #100,000 or even more that is repayable in a space of 18months.

3 Cautions To Take When Dealing With Loan Apps In Nigeria

When dealing with loan apps in Nigeria, great caution is needed so you don’t find yourself in a big bad mess.

Caution 1: Read all the terms and conditions of the loan app very well before subscribing. Make sure you understand all the terms very well and be sure to ask questions for more clarity from the help center.

Caution 2: Please, do not collect any loan you do not plan to payback. A lot of people have fallen victims of this error. Some of those victims took the loan apps for granted since no collateral was involved and took loans they were not ready to repay. As much as most of these loan apps are legit, some of them are willing to do just anything to retrieve their money back from you. I mean anything. So be careful!

Caution 3: Be sure to research very well about the loan app before subscribing. Not all are genuine. Be vigilante!

Tunde’s Experience With The Loan App

A short story; Tunde became the happiest man on earth three weeks ago. I guess you want to know why. The young lady he has been trailing for the past 3 years just accepted his proposal. And they are planning to get married in the next 7months. Then just a week ago, Sade , the young lady called Tunde to inform him of her birthday coming up in two days’ time. Tunde almost peed on his pants. This is because he has not been paid salary at his work place for the past 3 months. His friend, John has been the one bailing him out by sharing his food stuffs with him and taking him to work in his car every day. Tunde was afraid he would lose the love of his life as he had no money to celebrate her birthday. His friend met him in his low state that night and inquired what the problem was. When John heard why he was low, he busted into laughter. Tunde was surprised and also angry at the same time. Why on earth should someone be laughing at his predicament. John then told him about loan apps, where he can obtain instant loan without any collateral.

To cut the long story short, Tunde was able to get a loan to take care of his Fiancee’s birthday. Sade was thrilled by the surprise birthday gifts, she couldn’t have wanted a better guy. And the part I loved most in this story was that just a day after Sade’s birthday, Tunde got a new job which would be paying him 5times his former job. Isn’t that interesting?

Tunde never allowed the lack of money to stop his joy, why should you?

Last Word

My mentor would always say this two statements: whenever you need to do something and you consider money, you will miss it; never let money stop your dreams.

I know there are a lot of controversial issues with loan apps. We have tried as much as possible to give information about the loan apps, but you can also make deeper findings before patronizing any of them.

Also ensure to read the terms and conditions of the loan app very well before subscribing. Be sure their payback terms and duration is okay with you. I wish you all the best in your life pursuits.

I believe you have got some great value from this article: best loan app in Nigeria?


  • www. [Latest!] Top 7 Mobile Loan Apps For Online Lending in Nigeria.
  • www. Top 10 Best Loan Apps in Nigeria for Instant Loan 2022
  • www. Top 10 Loan apps in Nigeria by number of downloads as of Q2 2022

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