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5 Best Online Loan Apps in Nigeria

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Best online loan apps in Nigeria, top 10 online loan apps in Nigeria, and online apps that grant loans.

Taking a loan offline in Nigeria is always stressful. Apart from submitting different documents, you may still not get the loan in the end. That is painful, right?

But what if I tell you that you can take a loan in Nigeria without leaving your comfort zone? I guess you want to ask, “How”? Relax, that is what this article is all about.

You might have heard of online loan apps but you may not know how they work and the list of best online loan apps in Nigeria. 

In this post, we are going to give you what online loan is all about, how to get a loan from online loan apps, and the best online loan apps in Nigeria.

What is an Online loan app? 

Online loan apps are platforms that allow people to take loans virtually mostly through the use of their official apps(Android or IOS). 

They are just like normal apps we have or downloaded online, but however, with different features specifically designed for loan taking.

How to get a loan from online loan apps in Nigeria

Getting loans from online apps in Nigeria may be stressful sometimes. Sometimes you will complete every step and still not be given a loan. However, there is one tested and trusted method that I have been using and still working like magic.

To get a loan from Nigeria loan apps instantly, follow the steps below;

  • Download a legit loan app
  • Create an account with the correct details
  • make sure you use the same number as you use for BVN
  • Deposit some amount depending on how much you want to take
  • Withdraw the money you deposit, then apply for a loan.
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You should note, that the higher your deposit, the higher the loan offer. Also, make sure the sim attached to your account should be the same phone you are using to apply.

5 Best online loan apps in Nigeria

If you have been looking best online loan app in Nigeria, the following are some of the popular and best loan apps you can use in Nigeria.

1. FairMoney

FairMoney is a very popular and one of the most used loan apps in Nigeria. It has over 5 million downloads on play store and 4.4-star rating. The company aims to grant user loans with just a few clicks without collateral and many documents.

Every registered member of this platform can borrow from N1,500 to N500,000 with an interest rate of 10% to 30%. The repayment is always between 61 days to 182 days.

2. PalmCredit

PalmCredit is another popular and one of the best online loan apps in Nigeria with over 5 million downloads. They are not just popular, their service is also awesome.

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You can borrow from N2,000 to N300,000 from PalmCredit without any collateral. However, your documents must be completed before you be given a loan.

PalmCredit’s interest rate is always between 14% to 24% within 14 to 180 days. It also rated 4.3 on the play store.

3. Carbon

One of the best online loan apps with different features in Nigeria is carbon. This is not just a loan app, but a financial aid platform. The app offers different kinds of loans and services such as payments, personal loans, funds transfers, business loans, savings, credit scoring, and investments.

The interest rate is of one the amazing feature of his app, which start from 3% to 30% depending on the amount you want to borrow and the repayment period.

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Also read: Carbon Loan Requirements and How to Get a Loan From Carbon App

4. Okash

This is Blue Ridge Microfinance Bank Limited-owned loan app. And as of 2022, the app has over 1 million downloads on play store with a good star rating.

Okcash seems to the one of the best if not the best loan apps with the highest repayment period. Their loan options start from N3,000 to N500,000 and the repayment period starts from 90 days to 365 days.

Moreover, The platform has two types of interest rates; daily and annual interest rates. The daily interest rate is between 0.1% to 1%, while the annual interest rate is between 36.5% and 360%.

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5. Branch

One of the most downloaded loan apps in Nigeria is Branch. As of 2022, this app got over 10 million downloads on the play store with thousands of good reviews.

The app offers a quick and easy loan to verified users without collateral. Though, their interest is quite high compared to some popular loan apps.

However, in most cases, you might not get a loan from this app if the app can’t access more of your phone data as it is one of the major criteria to get a loan on Branch.

You should note that branch loan offers start from N1000 to N200,000 with interest rates of 15% to 34%. While the repayment period is between I month to 40 weeks.

FAQs

Which app gives immediate loan?

Branch, fairMoney, palmcredit, and all of the above-mentioned apps offer instant loan, but you may need to meet certain requirements to be given a loan immediately. If you are not sure of the requirements, check where we talk about how to get a loan from online loan apps in this post.

Can loan app block my BVN?

No. No loan app can block one’s BVN, rather they will blacklist it from getting further loan offers.

What happens if online loan is not paid?

Many loan apps will contact your phone contacts without your permission. And sometimes they will call or message you threatening you to pay back their money.
The truth is that there is not much they can do. However, owing a loan from those apps may affect you greatly in the future if you are to start a business that requires a loan from the government or banks. It may also affect you from traveling out of the country.

Final says on Best online loan apps in Nigeria

Loan apps can be very strict sometimes, you may complete all the steps and still not get the loan. That is why it is important to have a list of the best loan apps in Nigeria, so if o does not work for you, you can try the others.

Moreover, always check the interest rate and the repayment period of each app before applying for a loan, so you won’t end up finding it difficult to repay because of the high interest.

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