Top 10 loan apps in Nigeria to get a quick loan without collateral
INTRODUCTION
Everybody has that one moment in their lives when they need cash urgently. This could be for personal or professional reasons.
As a business person, there will be times when things might get a little bit hard and there will be a need to look for an emergency fund. In time past, it was difficult to get an emergency loan in Nigeria. But these days, you can easily access a loan app in Nigeria to get a loan quickly without any collateral.
You just need to download the app and install it on your phone. Most loans are available without the need for paperwork.
HOW DO LOAN APPS WORK?
The way loan apps work is that:
First, you are to download the app from your app store, you’ll then install it on your phone. Next, you’ll open the app, register your correct details and attach the required document. Your credit score will be calculated and you get a loan offer. Once you accept the loan, it will be credited to your account. You will have to pay back your loan on or before the due date.
Most loan applications in Nigeria don’t require collateral or guarantors. This means you don’t need to be concerned about that.
For emergencies, loan apps can be very helpful. You can simply open the loan app and request an emergency loan. Most loan apps operate 24/7.
There are many reasons you might need money, including to pay rent or school fees, for travel, business expenses, e.t.c. In such situations, loan apps are always a great resource. It is a good idea to have at least one of these apps on your phone. You never know when you might need it. You can get loan apps for Android, Blackberry, and Windows phones.
ADVANTAGES OF USING LOAN APPS
Below are some of the advantages of using loan apps instead of regular money lenders.
- There Are No Application Fees
- Loans without collateral
- No paperwork is needed/ Zero physical documentation
- 24/7 accessibility/ Quick processing
- Flexible payment options
- Always on your phone ready to use
OVERVIEW OF LOAN APPS IN NIGERIA AND THEIR OFFERS
| Loans | Offer |
| Carbon (Paylater) | Up to ₦1 million |
| FairMoney | Up to ₦2 million |
| Palmcredit | Up to ₦100, 000 |
| Branch | Up to ₦200, 000 |
| Aella credit | Up to ₦100, 000 |
| QuickCheck | Up to ₦200, 000 |
| Kiakia | ₦100, 000 |
| Umba | Up to ₦89,182 |
| Okash | Up to ₦50,000 |
| Irorun | Up to ₦50,000 |
TOP 10 LOAN APPS IN NIGERIA TO GET A QUICK LOAN
1. Carbon (Paylater)
Paylater now referred to as “Carbon” is one of the top mobile phone loan apps available in Nigeria. It’s easy to use, and you can quickly get a loan. This app allows you to get a loan up to N1million
Carbon does not require collateral or a guarantor in order to obtain a loan. You only need to download the app to your phone, register accurately all necessary details and then apply. You may receive a loan offer within minutes of completing the application.
The interest rate charged by them is quite flexible, ranging from 5% to 15% depending on the amount and repayment term.
You can also pay back your loan quickly and easily from the app via your ATM.
For android and iOS users, you can download the carbon app from the Google play store.
Carbon official website is https://getcarbon.co/
2. FairMoney
FairMoney allows you to get loans up to N150,000 and it takes just a few clicks. It’s fast, simple, and secure. This app is one of the most downloaded in Google Playstore.
You only need to download the app and install it on your phone. After which, you will need to register with your Facebook account or your phone number, then proceed to answer a few questions. You will receive a loan offer after that.
Once you accept the offer, the money will be credited to your bank account. It’s that simple.
These loans have a flexible interest rate. Your loan can be paid back in instalments for as long as 3 months.
To access FairMoney’s service, you can download their app from the Google Play Store. This app is not available for iOS, Windows, and Blackberry.
FairMoney official website is https://fairmoney.io/
3. Palmcredit
Plamcredit allows you to get an instant loan up to N100,000. The app is very popular in Nigeria. It’s easy to use and operate. Most loan applications can be approved within 5 minutes.
You only need to download the app on your phone, register, and apply for a loan and get approved. After which you’d receive the money immediately.
The interest rate ranges from 14% to 24% depending on the amount and tenure. The loan term can be from 91 days up to 180 days. A guarantor or collateral is not required.
You can download the Palmcredit App from the Google Play Store to access the loan.
4. Branch
Branch is one the most popular loan apps in Nigeria. Branch allows you to get up N200, 000 loan directly from your phone, without the need for collateral or paperwork.
You only need to download the app and create an account. You can then apply for a loan to get your loan. It’s that simple.
The term of the loan is between 4 and 64 weeks. The interest rate is between 14% and 28%.
This app was featured in Forbes, Bloomberg, among others.
The Branch app can be downloaded from the Google Play Store
Branch official website is https://branch.co/
5. Aella credit
Aella credit is a mobile lending app that allows you to get loans up to N100,000. There are no collateral or paperwork required. It is very popular and secure.
All you have to do is download and install the app, register, complete the application form and you get your loan quickly.
The loan term is between 30 and 60 days. The interest rate ranges from 4% to 29%.
The Aella credit mobile app can be downloaded from the Google Play store.
Aella credit official website is https://aellaapp.com/
6. QuickCheck
QuickCheck, another popular mobile loan app in Nigerian, offers instant loans up to N200,000 and there are no hidden fees.
You will need to install the app in order to access a loan. It will need permission to access your mobile data to send you an offer. Apply for a loan and once approved, you get the money in your bank account.
QuickCheck allows you to login with your Facebook account if you’re the type that forgets passwords easily.
You can download QuickCheck from the Google play store
QuickCheck official website is https://quickcheck.ng/
7. Kiakia
Kiakia is a web application that offers online loans to Nigerians. By just answering a few question, you can get a loan.
Kiakia uses a different approach to give its loan compared to other loan apps. You will have to access the web app and chat with Mr.Kiakia, a chatbot. Then you get your loan.
You can access the Kiakia web app from your Android, iOS, Windows or Blackberry.
KiaKia official website is https://kiakia.co/
8. Umba
The 8th best loan app in Nigeria is Umba, which enables users to apply for, drawdown, and repay loans. Once a person’s identity has been confirmed, Umba uses a risk assessment to make loan choices.
In addition to mobile loans, Umba is a full-fledged mobile bank that rates as the second-best loan app in Nigeria for iPhone. To expedite loan disbursement, Umba, available 24/7, eliminates the need for documentation, collateral, or in-person visits.
Umba does not impose late fees or rollover costs, and you may have access to larger loans, reduced rates, and more flexible payment terms as you repay. It uses your phone’s data, including your SMS history, to authenticate your identity and generate a credit score, making obtaining a personal loan straightforward.
As one of the best loan apps in Nigeria, Umba also ranks among the country’s most secure, as they prioritize your privacy and pledge never to share your information with other parties.
There is a maximum term of 62 days for Umba loans, with a minimum loan amount of 1,115 NGN and a maximum sum of 89,182 NGN. The maximum APR is 10% with no commission or VAT.
Several automated variables determine your loan offer: as you continue to make repayments, the loan amount will rise over time.
How to borrow from the Umba instant loan app
- Install the app using the installation button above
- Create an account
- Apply within minutes.
- Receive an Umba Loan
- Increase your borrowing limit whenever a loan is repaid on time.
Umba is available on Android and iOS. You can download it on the Google play store
Umba official website is https://www.umba.com/
9. Okash
OKash quick loan app is a Blue Ridge Microfinance Bank microlending program powered by OPay and is among the best loan apps in Nigeria. The Okash instant loan app excludes borrowers under the age of 20 and those over 55 from receiving loans.
In addition to age, the OKash quick loan app uses information from the borrower’s smartphone, such as the specifications, financial transaction messages, and the reason for your loan, to create a customised credit score and select the most suitable loan offer.
Okash, the 6th best loan app in Nigeria, is one of the fastest loan apps in the country, crediting loans in minutes to Nigerians with a daily interest rate of 1.2% for a set duration of 15-day increments.
How to borrow from the Okash instant loan app
- Install and Launch the OKash mobile app using the Get App button above.
- Locate “loan” and begin the loan application procedure.
Okash official website is https://ng.o-kash.com/
10. Irorun
Irorun, which means peace of mind in the Yorùbá language, makes it easy for you to access loans just when you need it. Sign up in a few seconds, apply for a loan, and receive your money into your wallet. You can transfer to your bank accounts immediately. It’s a fast, convenient, and reliable way to fix your spending gap. It’s Irorun!
As you continue to get and pay back you will have access to higher loans up to N50k with 10%
interest. They also offer gifts on your birthday and for referring other users to sign up and get a loan.
You can download Irorun app on the app store.
Irorun official website is https://irorun.com/
Getting a loan with Irorun is as easy as ABC if you take the following simple steps:
- Download the app or sign up on the web app
- Provide your next of kin
- Update your address
- Add your government-issued ID
- Add a debit card
- Apply for the loan
As a general note
- Don’t request more than you are capable of repaying
- Don’t lie on your application; you would be found out, barred and may be reported for fraud
CONCLUSION
The loan process is safe and secure when money comes from a trusted source like Google Play Store. This eliminates the possibility of fraud, so you don’t have to worry about fraudulent activities been carried out.
Downloading a loan app on the Google Play store keeps the borrower’s safety intact during an instant loan application. But if you’re still concerned about the authenticity of the loan apps, below are a set of tips you can follow:
1. Carry out a Background check: Read and research on the registered company that launched the loan application. It is best to not proceed if the loan app that you downloaded doesn’t have a website. An official website will be linked to a loan application from a credible lender.
2. Verify Offline Address,
3. Check for customer reviews and lastly,
4. Check for website credibility.
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12 comments
In fact we appreciate your instant response
Disadvantage of loans app is listed
Thanks allot
what are the disadvantages of obtaining loans through Loan Apps
You are wonderful
Pls give us the disadvantages
Thank you very much for this information.
thanks for the information
Have hard everything about all the loans app but what is the disadvantages them pls and say the truth
Good day ma’am,
Please is it okay to take a loan from those app and start-up a business?
What are the requirements to qualify for these loans?
Your information is very helpful