The act of taking loans shouldn’t be seen as having a terrible disease as some people believe. Because we have little control over money emergencies that pop up once in a while. You’d agree that processing loans in Nigerian banks can be so tedious and frustrating. Plus you’ll need to give them concrete collateral. And sometimes, friends and families aren’t able to render help or, they’re simply skeptical about lending you money. The best alternative here, then, are online loan apps in Nigeria – all thanks to the Financial Technology revolution that we have at our disposal to use. So you’d be able to make the best choice, this article will explain the top loan apps to borrow money from in Nigeria.
The Top 5 Apps to Borrow Money in Nigeria
- Carbon(Pay Later)
Carbon is one of the top online loan apps in Nigeria, that lets you access loans in a few minutes. You’re eligible to use the loan to meet unforeseen expenses that may arise. With your correct BVN, you’re also privileged to borrow up to 20 million naira. Although interest payment varies from 5 to 15%. Also, there’s an 11% interest rate on savings. You also get to make free money transfers to any Nigerian bank. You don’t need any documentation or collateral and you don’t need to pay for account fees before you can borrow as much as you want on Carbon.
Furthermore, you stand to gain a lot with this online app because their services are available 24/7, also because it’s an easy and protected loan app that guarantees friendly charges. What’s more? https://getcarbon.co gives you access to settle your bills, transfer money and make recharges.
- Branch
Branch is another online loan program where you can access quick loans. They use high-class data encryption and security to ensure all your data is protected. Depending on what you want, you can get from as low as 1000 to 20000 naira in the space of 24 hours and payback within 4-40 weeks. That Branch is at the top among reliable online loans apps, is as a result of their smooth operation. The interest rate of Branch is from 15 to 34% and there’s no need to get collateral before you can access their loans. The 15 to 34% interest rate depends on some factors that range from the Branch’s cost of lending and your repayment history.
Branch has an impressive feature that lets you save and at the same earn up to 20% returns. You’ll pay bills at zero naira and make free transfers to any bank with this online loan app. Branch allows you access money from any part of the nation with no need for collateral or physical meetings.
- Palmcredit
Palmcredit is also a reliable online app to borrow money from. They give customers the access to borrow up to 100,000 naira within a few minutes. It has a virtual card that allows you to access money anywhere and at any time. All you’ll have to do to get started is to apply for a credit limit, which will take a few minutes after which you’ll be able to take as many loans as you want. Also, you’ll have to be 18 years and above before you’ll be able to access this online loan program. What’s more? Your credit score on Palmcredit increases as you repay, and when you pay back on time, it’ll give you access to borrow more money.
- Aella Credit
Aella Credit is an online loan app that’s specifically meant for employees. They’re at liberty to access from as low as 1,500 to 700,000 naira with an interest of 4 to 29% monthly. This online program is available for Nigerians, the Philippines, and Ghanaians. Aella credit does request for BVN and their loan repayment is between 1-2 months. You can make bill payments like airtime recharge and electricity bills. And there’s access to health insurance on the app. The interesting part about this online loan app is that you can make investments on the app and earn up to 26% returns.
Also, there’s no need to pay a convenience fee before you’re able to make a transfer, nor do you need to pay an agent before you can use the app to your advantage.
- FairMoney
This is a legitimate online loan app that will offer you fast loans to pay up bills. You can get a loan range of 2,500 to 150,000 naira with 5 to 28% interest. Their interest rate depends on how much loan you’re getting. They run a loan repayment time duration of 4-26 weeks and amazingly, your interest rate will reduce if you pay earlier than the deadline. You’ll be making a superb choice if you choose FairMoney because its loan processing is seamless and so simple. The app is also designed to be very easy to use because of people that’ll be using it for the first time. It has a delightful interface that offers you the liberty to send money to any Nigerian bank. If you need an account number? FairMoney can get you one that’ll use to receive money, it is just like a normal account number.
In conclusion, these five online apps are the leading online apps you’ll find anywhere. Both Android and iPhone users can access these apps with their smartphones. All you have to do is go to the play store for android users or the app store for iPhone users to download the app and start using it. Also, before you use any of these online loan apps, it’ll be advisable you study their terms and conditions carefully to understand all they’re about better. Finally, another factor to consider before making a choice is to compare their interest rate and choose the one that suits your business or purpose for taking loans.