In this article, I will be reviewing the top 12 best loan apps in Nigeria where individuals and business professionals can borrow money immediately and get instant approval and cash disbursement into their bank account in few minutes.
These online lending applications are for short term quick loan advances typically ranging from N10,000 to N100,000 and sometimes to up to a million. The loans are approved quickly to help you meet unexpect expenses and paid back when you collect your next salary.
If you need to borrow money quickly, you will need to patronize only these trusted and reputable loan apps in Nigeria that have been very responsive to customer lending requests over a long period of time. These lending platforms can give you emergency cash loan within a few minutes without documentation, collateral, paperwork or physical visit to any office. With your internet enabled smartphone, you are good to apply at the comfort of your house and conclude the loan process within 5 minutes.
What are the best loan apps in Nigeria?
Some of the best loan apps in Nigeria to borrow money right now with the fastest approvals are Branch app, Carbon app, FairMoney app, Aella Credit, Umba App, QuickCheck, GTB Quick and Specta App among others Please do not patronize fake loan apps that are in the habit of sending defamatory and threatening messages to your phone contacts and family members.
1. Branch App
Branch app is one of the best loan apps in Nigeria where customers can borrow money with very low interest rate and very quick approval time. Branch interest ranges from 2.5% to 20% monthly and APR from 18% to 260%. The platform has over 10 million users due to its very fast loan processing making it easy for borrowers to get cash credit of up to ₦500,000 in the quick loan industry.
A major quality of the Branch app is that it does not charge extra fees on late payments like other loan apps. To access Branch loan, you just need your active phone number, BVN, bank account number, and Facebook account.
2. Carbon App
Carbon, formerly known as Paylater, is another legit loan app in Nigeria best for customers wanting to build credit score. The app disburses cash within few minutes of application without requiring collateral, documentation, or guarantors.
With this platform, interest rate ranges from 2% to 20% depending on the loan repayment period and it has gathered over 1 million users on Google Play Store. Carbon allows you to borrow up to N1,000,000 without any paperwork or physical office visit with a monthly payment between 1 to 12 months.
3. FairMoney App
FairMoney is yet another reliable and among the best loan apps In Nigeria because of its seamless lending procedures, fast approval rating and excellent customer service.
FairMoney allows you to have access to funds ranging from N15,000 to N1,000,000 for a monthly interest rate of 2.5% to 30% which translate to an APR of 30% to 260%. The monthly repayment for FairMoney is between 2 months to 18 months.
4. Aella Credit
Aella Credit app is well reputed as one of the best online loan apps in Nigeria to borrow money right now because of its respect for customer data privacy. The platform allows you to quickly borrow urgent cash loan either for personal or professional use without documentation or collateral of any sort.
Aella Credit app has a monthly interest rate of 2% to 20% and APR of 22% to 264% per year. Loan amount ranges from N2,000 to N1,500,000 while monthly payments range between 2 months to 12 months.
5. Umba App
Umba loan application is a trustworthy financial service provider and loan app in Nigeria. However, it is essential to follow the app’s instructions diligently to ensure a smooth borrowing and repayment process. To obtain a loan from Umba, individuals can apply through their mobile app downloaded from Play Store and fill necessary information. Applicable loan amount ranges from ₦2,000 to ₦30,000.
With very low interest rates, Renmoney is still one of the best loan apps in Nigeria and also one of the oldest, most reliable, and most reputable online microfinance platform. It is managed by a group of technology and finance enthusiasts who are passionate about making financial inclusion count in Nigeria.
With Renmoney, you can apply for a conventional loan to meet needs like growing your small business, renovating your home, buying a new car, paying rent, school fees, medical bills, etc. The app allows you to borrow from ₦6,000 to ₦6,000,000 and repay in 3 to 24 months.
QuickCheck is one of the top 10 loan apps in Nigeria that have gained a prominence for excellent customer data privacy. The application allows you to borrow money with your smartphone and repay back easily without issues. It respects your data privacy online unlike the illegal loan apps that invade your contacts. Loans range from ₦1,500 to ₦500k with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. (APRs from 30% to 260%).
8. Alat By Wema
Alat by Wema is a trusted and reliable lending app in Nigeria offering easy access to quick and emergency cash loans without paperwork or collateral or documentation. Loans are available to all Alat customers via Alat App or the website.
As with everything else on ALAT, you can now apply for a quick loan without collateral or paperwork, no visitation to any physical location, and the response time between acceptance of the offer and loan disbursement is in minutes. You can now borrow as much as N2,000,000 (Two million naira) without collateral.
9. Lendigo App
Lendigo is last on our list of best loan apps in Nigeria and its loan is dedicated for small businesses. At the moment, Lendigo business app gives the higest digital loan amount instantly to small and medium scale organizations. You can get between 300,000 – ₦10,000,000 loan amount per invoice and credit line with 1% processing fee and commitment fee of loan facility. Interest rates is 4% per month on borrowed amount. Loan tenure is between 1 – 6 Months.
To borrow money from Lendigo, simply download the app from Google Play Store with your smartphone, register and complete your personal profile, submit your business and financial details, make a loan request. If you qualify, your loan will be approved in few minutes and you will get a loan offer based on your details. Once you accept the loan offer, your account will be credited.
10. Migo App
Migo (formerly kwikmoney) is one of the best cloud-based lending app in Nigeria for instant cash and quick lending decisions. The app strives to ensure your online loan request enters your account (or the account of the merchant you are paying) right after you complete your application session and get approval. Migo loan amounts range from N10,000 to over N500,000 but limited to N50,000 for a new customer. You do not need any collateral, guarantor or documentation to request a Migo loan.
11. GTWorld Quick Credit
With GTWorld our last on our list of best loan apps in Nigeria for instant cash, you have a reputable banking loan app for instant cash, designed to cater for your banking and money needs. However to enjoy its services, you first have to open an account with the bank. The platform is best for bank account holders seeking instant loan apps in Nigeria.
12. Specta Loan App
Specta is an online lending platform that gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork, and no visit to any office required. It is one of the top 20 best loan apps In Nigeria with very low interest and superfast lending processes.
With Specta, you can take care of urgent personal and business needs anywhere, anytime. The Specta4individuals package is particularly tailored towards accessing a personal loan of up to N5 Million without collateral in 5 minutes.
The best loan apps in Nigeria to borrow money in 2023 right now with the fastest approval include Branch, Carbon App, FairMoney and Aella Credit among other reputable lenders which protect customers’ data privacy, and ensure quick and easy processing without collateral, documentation or paperwork.
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