The activities of instant online lending companies and quick loan apps in Nigeria are becoming a menace and cankerworm that need to be addressed quickly. Many poor and hapless borrowers of some fake and illegal lending applications have become victims of sporadic online attacks, threats and defamation as a result of the unethical lending practices of the platforms.
We have carefully selected the top 7 best and most reputable online loan apps in Nigeria that process and approve loans up to N500,000 and above for customers and borrowers instantly without documents or collateral. We have also reviewed their maximum loan amount which is up to N500,000 in some apps and N10,000,000 in some others. We have reviewed their monthly payments, tenor and loan application processes and interest rates. What we found out is analysed and simplified below.
Top 7 Loan apps in Nigeria granting over N500,000 loan and some with their maximum loan amount up to N10,000,000
A loan amount or what is sometimes called maximum loan amount, or loan limit, describes the maximum amount of money that a borrower or loan applicant is allowed by the loan application or lending platform to borrow if the loan is approved. Maximum loan amounts are used for personal loans, payday loans, salary advance loans and credit card loans. The apps we are reviewing here are those applications that grants between N500,000 loan and N10,000,000.
It should be noted that loan amount always depend on several factors including a borrower’s creditworthiness, length of the loan, loan purpose and whether the loan is backed by collateral or not. Lenders must also consider their own risk parameters when determining a borrower’s total principal and loan eligibility. Thus, maximum loan amounts can also be based on the risk diversification of a lender. For a borrower, the loan amount will depend on a combination of factors key of which is the purpose of the loan and ability to make repayment.
Some of the most reputable loan apps in Nigeria that grant the highest maximum loan amounts up to N500,000.00 with flexible monthly payments and lowest interest rates include Branch App, Carbon App, Fairmoney App, Aella Credit App, QuickCheck App, Alat by Wema and Lendigo App among others. These online lending applications give access to instant loans within few minutes of request without collateral, documentation or paperwork.
|Rank||Top 7 loan apps In Nigeria with N500,000 loan||Maximum Loan Amount for each app|
|#6||Alat by Wema||N2,000,000|
1. Branch App
Branch is one of the most trusted and most patronized quick loan apps in Nigeria with one of the highest loan amount (N500,000) and with over 10 million users as at the beginning of 2023. The lending platform is known for fast and emergency loans with monthly interest between 2.5% to 20% and APR of 18% to 260%. Branch do not charge late fees or rollover fees, nor put restrictions on how you spend your money, and their customer support team is available all round the clock.
A review of Branch loan amount shows that the platform provides access to instant loans with no need of physical office visit, documentation or collateral and has loan amount ranging from ₦2,000 to ₦500,000. Depending on the loan amount you select, Branch monthly repayment will be available for you which is averaged at 60 days (2 months).
2. Carbon App
Carbon loan app in Nigeria is also one of the most credible lending platforms which offers quick and instant loans without collateral, guarantors, or paperwork and has a loan amount up to N1,000,000. The platform is available night and day and you can apply for instant cash on weekends and holidays and get your loan approved. Carbon will evaluate your application and inform you of your eligibility when you’ve specified the loan amount you want to borrow. Once accepted, Carbon will immediately deposit the cash into your account in few minutes.
Carbon 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. You can borrow loan amount up to N1 million (One Million Naira) without collateral, guarantors, or paperwork with a monthly payment amount ranging from 1 to 12 months depending on the loan amount.
3. FairMoney App
FairMoney is another reliable and one of the best loan apps in Nigeria because of its fast lending, higher loan amount and extended monthly payment period. The app uses artificial intelligence to analyse your bank records and validate your BVN to make lending decisions. The loan is 100% online, with no collateral or documentation required to access cash loan. You can apply at any time, any day of the week for FairMoney loan ranging between ₦1,500 to ₦1,000,000 and monthly payments ranging from 2 months to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).
4. Aella Credit App
Aella Credit is one of the few loan apps in Nigeria offering loans at very low-interest rates, zero late fees and high loan amount up to N1,500,000 all within few minutes of approval. The lending platform allows borrowers to build their creditworthiness via prompt loan repayment in order to qualify for larger loan amounts and lower interest. 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. QuickCheck App
QuickCheck app is one of the best quick loan apps in Nigeria for high loan amount up to N500,000 and favourable interest rate as low as 1% per day. Loan amounts range between ₦1,500.00 and ₦500,000.00 without collateral, physical office visit or documentation. It has monthly repayments from 3 months to 12 months. Interest rate ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. Loan request takes about 24 hours to process, making QuickCheck a non-competitive lender when it comes to evaluating the fastest loan app in Nigeria.
6. Alat by Wema App
Alat By Wema is one of the best quick loan apps in Nigeria for salary earners looking for instant access to their salary already worked for. ALAT by Wema operates a digital bank that can be run by an internet connected device, providing loans to salaried and non salaried workers, savings and cash transactions and is a product by Wema bank. Interest rate of this platform is 2% per month on a reducing balance basis.
Alat by Wema has one of the highest loan amount which is a maximum of N2,000,000 (Two million naira) without collateral or documentation. However if you are a salary earner, you can receive a minimum of N50,000 and up to N4,000,000 within hours and will have between 3 to 24 monthly payments plan to pay back with only a 2% interest as indicated above.
7. Lendigo App
Lendigo app is one of the most reputable instant business loan apps in Nigeria with the highes loan amount of N10,000,000.00 to small and medium scale businesses. The app which has well over 500,000 users on Google Play Store offers easy, fast and flexible access to working capital to SMEs in Nigeria according to their business requirements and suited to their finance needs. Lendigo app offers business loans with interest rate starting from 4% on a monthly basis. Loan amount is from N100,000 to N10,000,000.00 (₦10 million) without collateral, documentation, paperwork and does not require any physical visit to an office. Monthly loan repayment ranges between 1 – 6 Months.
What are the most reliable and trusted Loan apps in Nigeria with the highest loan amount?
Some of the best and trusted fast loan apps in Nigeria with the highest loan amounts and most flexible monthly payments include Branch, Carbon, Fairmoney, Aella Credit, QuickCheck, Alat by Wema and Lendigo business App among other credible platforms. You can get an instant loan of N500,000 or more approved and disbursed into your bank account within few minutes of applying from any of these lending applications without submitting any collateral, documentation or paperwork.
The tenor or monthly repayment period is the period given by the creditor to the debtor in paying installments. Generally, the longer the tenor, the higher the interest rate offered. On the other hand, shorter tenors will offer lower interest rates. Usually, loan interest rates offered by Financial Institutions such as Banks and Financing Companies range from 1% to 3% per month, if using a fixed interest rate.
Unfortunately most illegitimate and unregistered loan apps in Nigeria give loan to consumers for 7 days tenor and loan amount as little as N5,000 and most times not more than N20,000. This is not acceptable ethical lending practice and laws in Nigeria. Loan tenor should not be less than 60 days minimum.