Friday, December 9, 2022

20 Best Reliable Loan Apps in Nigeria That Gives You Money Instantly In 2022

  • How Loan Apps Work
  • Advantages of using Loan Apps in Nigeria
  • General Loan Application Requirements
  • Why Loans Can Be Rejected
  • 20 Best Reliable Loan Apps in Nigeria
  • List of Fake Loan Apps
  • Loans Apps That Do Not Require BVN

How Loan Apps Work

Scouting through the internet looking for authentic loan apps can be very stressful. Through a lot of interviews and first-hand experiences of different people, we have been able to curate best reliable loan apps in Nigeria that can instantly give you quick money as of today.

Personal loan mobile apps are made to offer an effective way to apply for loans quickly.

People in search of loans can download the loan app of their choice, provide the vital information needed, and have almost instant cash to the loans.

You will have to specify how much you want to borrow while providing information on your identity. Your credit history is a strong requirement as it determines the interest you get on your loans.

Best Reliable Loan Apps in Nigeria

Advantages of using Loan Apps in Nigeria

  1. Saves Time in Emergencies

Loan apps help out with funds instantly in times of distress. You won’t need to go through the bank’s rigorous processes to get a loan.

  1. Easy Documentation

The app system allows you to scan and upload all the needed documents directly to the web portal. You don’t need to carry the originals with you. The risk of losing your documents is reduced to minimal.

  1. Easy Tracking

Loan platforms give you unlimited access to all the information about your loan. You don’t need to depend on anyone or leave your home to find out the status of your loan application. The status of the loan process can be tracked from the comfort of your home.

  1. Constant Access Service

 You can apply for loans any day and anytime, even at midnight. The loan application process is handled/filtered by computer software. Once your documents are valid, your loan will be approved.

Best Reliable Loan Apps in Nigeria

General Loan Application Requirements

  1. Business Experience

When reviewing your loan application, lenders will want to know your financial capability or creditworthiness in business. If you have managed your business responsibly and your net turnover shows an upward positive trend, you stand a chance of being considered loan worthy, but if you have never owned a business or you recently opened a business, the chances of getting the loan would be slimmer.

  1. Business Plan

When applying for a loan, you might be asked to submit your business plan and proposal. Your business plan can help the bank fix the right loan amount and term for you.

  1. Collateral

Collateral is a personal property that you put up to guarantee the repayment of a loan.

Your collateral will be matched with the value of the loan you want to obtain.

  1. Proof of Identity

This is very important, fake identity cards will be detrimental to your success in getting the loan. Identity cards like Driver’s License, Voter’s card, National ID card will be required of you.

salemgists: loan apps
  1. Personal Information

Personal information could affect your ability to qualify for a loan. In addition, banks and loan platforms usually request the following personal information in your application:

Addresses, Criminal records, Educational Background, Tax returns, Financial Statements, Assets, and Personal Loan Balances.

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  1. Personal-Guarantee / Guarantor

This document is a written promise stating that you will repay your loan using your assets in the event that you are unable to offset your personal or business loan. A guarantor might also be required to sign for you and be obligated to pay in case of default.

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  1. Financial Statements and Credit History

Most banks will require one or two of the following documents:

Statement Of Account, Balance Sheet Records, Profit and Loss Statement Accounts, Cash Flow Statement, Income Statements, Business Bank Account Balances

  1. BVN

The Bank Verification Number commonly called BVN is a biometric identification system implemented by the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria. It is a major requirement for loans.

  1. ATM Card

This contains the basic security features of your account. It contains the card number, payment network logo, and cardholder’s name. All loan apps will need the information on your card.

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  1. Smartphone

 A smartphone is required for online loan applications. The app will be installed on your smartphone and you need to grant permission to read contacts, SMS, location, status, and identity.

Why Loans Can Be Rejected

  1. Your Ability to Repay

Banks and Loan houses are not in business to make losses. Therefore, they disburse loans based on facts revealed in documents submitted. Your loan submission can be rejected if your ability to repay is weak or non-existent.

  1. Your Ability to Make a Profit

Loan platforms aren’t charity organizations, they lend with the sole purpose of making a profit. If they are not sure you can make a profit on the loan amount then it is unlikely, they will give you the money.

  1. Too Much Risk

Banks are skeptical about investing money in businesses that pose too much risk. Too much risk is one of the commonest reasons lenders turn down loan applications.

  1. Wrong Details on Your Loan Application

Wrong or false details about yourself and account details will affect your chances of getting a loan. Wrong BVN and Incorrect proof of ID will completely mar your chances of getting a loan.

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20 Best Reliable Loan Apps in Nigeria

The loan apps are reliable as of today and below will disburse cash instantly without hassles in Nigeria.

  1. Palmcredit

Palmcredit is powered by New Edge Finance. It is accessible on the google play store.

Palmcredit offers loans from a minimum of N2,000 to a maximum of N100,000 at a monthly interest rate ranging from 12% to 24%. The repayment duration is one to three months. Palmcredit accepts bank transfers as a repayment method.

salemgists: loan apps
  1. Carbon (Pay Later)

It is powered by One Finance& Investment Limited. Users can access the service without downloading the app, you could dial *1303#.

You could borrow a minimum amount of N1,500 and a maximum of N1,000,000 at an interest of 5% to 15%.

The loan is repayable in one to three months.

To repay a Carbon loan, you could use; Carbon loan app, Direct transfer, fund wallet, Quick teller.

salemgists: loan apps
  1. FairMoney

This loan app is powered by FairMoney. With FairMoney, you could borrow a minimum amount of N1,500 and a maximum of N500,000 with an interest of 10% to 30%. Repayable duration ranges from one to three months.

Repayment methods include USSD, Debit Card, and bank transfer.

salemgists: loan apps
  1. Branch

This loan platform is also one of the best loan apps in Nigeria. It operates in Nigeria, Mexico, Kenya, and India. You could borrow as low as N1,000 and as high as N200,000 with an interest of 10% to 30% for one to three months.

Repayment methods include USSD, Debit Card, and bank transfer.

salemgists: loan apps
  1. Aella Credit

This app gives loans instantly and they are rated for excellent customer relationship.

You could borrow as low as N1,500 and as high as N1,000,000 with an interest of 4% to 30%. The duration lasts for 30 to 90 days.

Repayment methods include Debit Card and bank transfers.

salemgists: loan apps
  1. QuickCheck

You could borrow a minimum amount of N1,500 and a maximum of N500,000. QuickCheck requires borrowers to redeem their loans within 14 to 360 days.

If you pay back the loan before the 14th day from the day you borrowed the money, you will not pay any interest. After the 14th day, there will be a 5% interest increase on the money you borrowed.

Repayment options include USSD and bank transfer.

salemgists: loan apps
  1. SokoLoan

 This is a microfinance platform that provides loans. You can borrow from N5,000 to N100,000 with an interest of 4.5% to 34%. The loan term varies from 7 days to 190 days.

Repayment methods include bank transfer and USSD.

salemgists: loan apps
  1. KiaKia Loan

This platform is powered by Sterling Bank. You could also dial *822# on your mobile phone to get access to loans. You can borrow as low as N10,000 and as high as N200,000 at the rate of 5.6% to 24%. Duration is between 7 days to 30 days.

Repayment methods include bank transfer and USSD.

salemgists: loan apps
  1. Creditville

Creditville offers loans for Salary Earners & Business Owners to meet urgent needs.

The minimum amount to borrow is N100,000 and the max is N4,000,000 at an interest of 5% for 1 to 18 months.

Repayment methods include bank transfer and USSD.

salemgists: loan apps
  1. Paylater

Paylater is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.

With Paylater, you can access cash as low as N5,000 to 500,000 Naira with an interest of 1% with no collateral. Once your application is approved, funds are typically received within 1 – 3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.

Repayment methods include bank transfer and USSD.

salemgists: loan apps
  1. Opay Loan App (Okash)

This loan app on Opay group guarantees you a loan in a few minutes.

You can apply for as low as N3,000 and as high as N50,000 with an interest of 0.1 to 1%. The duration is for 91 days. Repayment methods include bank transfer and USSD.

salemgists: loan apps
  1. Alat

Alat is Nigeria’s functional platform owned by Wema Bank, you could access loans from any part of the country. You could borrow from N5,000 to N200,000 at the rate of 20% to repay in 12 months. Repayment methods include bank transfer and USSD.

salemgists: loan apps
  1. Renmoney

This platform remits loans instantly with a competitive interest rate. You can borrow from N6,000 to N6,000,000 to repay in 3 to 24 months.

The interest varies from 9.8% to 40%. Repayment methods include bank transfer and USSD.

salemgists: loan apps
  1. Specta

This is an online lending platform powered by Sterling Bank. You can borrow as low as N5,000 and as high as N5,000,000 with the interest of 20% to 30% for 1 to 4 years.

Repayment methods include Debit Card and bank transfers.

salemgists: loan apps
  1. Blackcopper

This app is powered by Blackcopper Service Limited. You can borrow as low as N50,000 and as high as N500,000 at an interest of 3.74% with a duration of one to six months.

Repayment methods include Debit Card and bank transfers.

salemgists: loan apps
  1. Haloocredit

This platform is powered by Haloo Service Limited. You can borrow as low as N1,500 and as high as N100,000 at an interest of 25% to 50% with a payment duration of 7 days.

Repayment methods include Debit Card, USSD and bank transfers.

salemgists: loan apps
  1. Go Cash

This platform is powered by Go Cash Support Limited. You can borrow as low as N5,000 and as high as N300,000 at an interest of 3% to 29% with a payment duration of 7 to 14 days.

Repayment methods include Debit Card and bank transfers.

salemgists: loan apps
  1. NodCredit

This platform is powered by NodCredit Limited. You can borrow as low as N10,000 and as high as N50,000 with a 15% interest. The payment duration is within 30 days.

Repayment methods include Debit Card and bank transfers.

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  1. CashLion

This platform is owned by CashLion credit. You can borrow as low as N2,000 and as high as N50,000 with a 30% interest. The payment duration is within 7 days.

Repayment methods include Debit Card, USSD and bank transfers.

salemgists: loan apps
  1. NairaPlus

 This platform is powered by NairaPlus limited. You can borrow as low as N2,000 and as high as N50,000 with a 25% interest. The payment duration is within 7 days.

Repayment methods include Debit Card and bank transfers.

salemgists: loan apps

List Of Fake Loan Apps

Investigations from Quick Loan Arena have disclosed the existence of many predatory and fake loan apps in Nigeria whose purpose is to defraud poor and unsuspecting customers who are unfortunate to request loan advances from them.

These fake loan apps are always demanding processing fees for loans while some blackmail and threaten customers. These apps are loan sharks terrorizing customers with outrageous and unreasonable payments, duration, and interest.

Below is the list of fake loan apps:

• BorrowNow Loan App

• LCredit Loan App

• 9ja Cash Loan App.

• Cash Wallet loan App

• GGMoney Loan App

• 9Credit Loan App

• Palmcash Loan App

• Ease Cash Loan App

• ForNaira Loan App

• NCash Loan App

Loans Apps That Do Not Require BVN

  1. Branch Loan

Branch is a personal finance loan app that provides you access to loans without BVN, collateral or physical documentation through the Branch loan app.

Branch Loan requires your phone number or Facebook account, and bank account number.

Branch Loan will also request access to the data on your phone to check your eligibility. You could borrow as low as N1,000 and as high as N200,000.

salemgists: loan apps
  1. Xcredit Loan

Xcredit is a mobile app developed by a fintech company based in Lagos. This app is hassle-free. It doesn’t need BVN or any collateral. You could borrow as low as N1,000 and as high as N40,000 with an interest rate of 10% for 1 to three months. Repayment methods include bank transfer and USSD.

Few documents needed to apply are:

• Your Phone Number

• Your Email Address

• Your Full Name

• Your Bank Account Number

• You need to be at least 18 years

• Your Last 3 Month Statement of Account, etc.

salemgists: loan apps
  1. LCredit Loan

This is another fintech platform in Nigeria offering constant loans through their app.

Its services are only available for Nigerians. You could borrow as low as N1,500 and as high as N50,000 with an interest rate of 10% for 1 to 3 months. Repayment method include: bank transfer and USSD.

Basic requirements for using this platform include:

• You must be a Nigerian who resides in the country.

•You must be at least age of 18-55 years old.

• You must have a bank account

• You must not have any outstanding loan credit from any fintech platform..

• Your proof of identity

salemgists: loan apps
  1. Renmoney Loan

They provide loans without BVN or collateral to individuals and small businesses through their website.

These are some certain requirements needed before applying:

•You must be above the age of 21 – 59 year’s old.

•You must have a verifiable source of earnings.

• Live and work in cities where Renmoney is operated

• Have a savings or current bank account with any commercial bank

• Statement of your bank account

• Utility bill

• Proof of Identity

salemgists: loan apps

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