Quick Loan Apps in Nigeria – Getting a loan out of a bank can be a very tedious process, especially in Nigeria. The evolution of the Fintech industry has made the loan getting process relatively easier now more than ever for Nigerians. With a mobile phone now, one can get a loan right in the comfort of his/ her room without any hassles. The added advantage of these new age loan applications in the Nigerian nation is the fact that they are available to almost everyone who wishes to access them. The most significant advantage of these loan applications is the fact that you do don’t have to leave the comfort of your room to get the loan, and you can pay back right there in your place as well.
Also Read: How to get a Business Loan in Nigeria
Of course, there are limits to how much loan you can get on these mobile applications; they, however, are an effortless way of getting finances available to meet urgent needs both personally and in your business. Getting money is quite essential; however, getting it at the time when it is needed makes it more valuable, and this is why one must have at least a brisk knowledge of these loan applications.
We will highlight some of the quick loan apps in Nigeria that provide instant loan services to Nigerians all across the nation.
Instant Loan Apps in Nigeria
There are several loan applications in Nigeria; we will highlight some of the topmost ones and their features in the following lines.
Paylater Loan App
The Paylater app is one of the foremost names in the mobile loan applications circle in Nigeria. This mobile application is operated by a finance company names One Finance & Investment (RC 1044655). The Paylater administrators are licensed by the Central Bank of Nigeria to operate as financial service providers in the nation.
Paylater can lend as much as one million Naira in loan amounts, and it is one of the most reliable loan applications in Nigeria. Asides the fact that Paylater lends money to individuals and organizations, Paylater is also into investments. The ROIs of Paylater is as much as 15.5% annually. This is good news; perhaps you want a way to grow your extra money and have been wondering how to go about it. The Paylater app is the option you need.
The process of getting a loan out of the Paylater app is quite easy. First, before all, you need to download the Paylater app from your app store (Google Playstore for Android devices and Apple App Store for IOS devices). Once the application is downloaded, you need to register and fill a few details. The details you supply will be the determinant factors as to how much you can get in loan amounts from the Paylater platform. After all the details have been put into the application, and the registration is successful, the app will show you how much you can borrow, and it should be able to process your loan application in a few minutes. If the loan application becomes successful, you will be able informed on the app interface.
The process is pretty much a walkover, as there is no special documentation needed for the loan application process. The most crucial information that will be required for the registration of your account on Paylater is your bank verification number. Loan applications use the bank verification number to determine how much your accounts are averagely worth, and this will help the app determine how much money it can lend you within your safe comfort zone.
There are four ways to repay a loan on Paylater. You can pay back the loaned amount via your ATM card, Quickteller, a bank transfer, or through the Paylater wallet.
Download the Paylater App to fast loan.
PalmCredit is another loan service providing app in Nigeria. Transsnet Financial Group operates this mobile application. The PalmCredit application is one that is quite empathic with the needs of its customers as its services are customer-centric.
Palm Credit can lend as much as one hundred thousand Naira in loan amounts to its customers, and it also offers a variant in the type of loan it provides its clients.
PalmCredit offers both cash and airtime loan services, depending on the preferred option of its clients. The cash loan of the PalmCredit app is payable in a three-month timeframe. The interest on the cash loaned amount usually falls between twelve (12) and twenty-four (24) percent within the time frame. The airtime loan of the PalmCredit app is payable in fourteen days and comes with an interest of twelve percent of the initially loaned amount.
Getting a loan from the PalmCredit app involves pretty much the same process as it would take to get a loan on the other loan apps in Nigeria. All you need to do is download the PalmCredit App form your app store. Complete a few registration forms in the app, and you’re ready to start enjoying the loan within the comfort of your room. There are no special registration requirements for the use of this app, and it is quite a user-friendly one.
You can return loaned amounts in two ways on the PalmCredit app, either through the app itself or via bank transfer.
Download the PalmCredit instant loan App.
Branch is another of the foremost names among loan application in Nigeria. The services of Branch are quite standard, and this loan app can offer loans as much as a hundred and fifty thousand Naira in a short while. Branch is a dominant name in the financial services industry, and this is not only true for Nigeria, Branch operates in four other countries of the world: Mexico, Kenya, India, and Tanzania.
Depending on the terms that surround the loaned amount form Branch, the interest rates vary between one (1) and twenty-one (21) percent. The factors that dictate the interest of Branch loans are the amount loaned as well as the time of repayment. If you pay back on time, the interest may not raise the ladders. It, however, keeps gradually rising as time passes (although the interests are mostly affordable even when they grow).
Branch offers five types of loans, and we will highlight them briefly here:
- Personal Loans
These are loans that are a way of getting personal needs met.
- Travel Loans
These are loans that Branch provides for those who wish to go on a journey. The travel loan will cover all expenses that accompany the journey.
- Business Loan
These are loans that are provided for engaging in business activities.
- Medical Loans
Sometimes, medical treatments can be costly, and people may sometimes need a little extra weightlift to pay off the medical bills. Branch also offers services that cover medical bills.
- Emergency Loans
These are loans that Branch provides to cover for unforeseen situations that arise around its customers.
Getting a loan on the Branch app involves the following processes:
- Download and install the Branch app form your application store
- Complete the registration forms
- And there it is, you’ll be shown how much Branch can offer you as a loan. The amount Branch can provide you with as a loan is usually determined by the information you give to the application in the registration process, especially your account details and Bank Verification Number (BVN).
Paying back is also a walkover on the Branch app, as it offers four dynamic methods of loan repayment on its interface. You can pay back via your ATM card, USSD code transfer (available only to GTB customers for now), bank transfer, and with your bank account as well.
Download the Branch loan app.
Aella Credit is another loan app that is on the rise in Nigeria. The app has been in service for four years, and it is still operating with excellence in its service delivery. Aella Credit offers loan amounts between one thousand, five hundred Naira (NGN 1,500), and ninety thousand Naira (NGN 90,000). The unique thing about a loan from the Aella app is the fact that it offers a monthly interest rate, unlike other loan apps whose interests increase with time. The monthly interest rate of Aella varies between 4% and 29%, and loans are payable within thirty to sixty days.
Getting a loan from the Aella app involves first of all other steps, downloading the Aella Credit app form your mobile app store. After downloading, register on the app, and fill all necessary details as requested. You will be asked to take a selfie and set a pin for getting into your Aella Credit account, and there you go, you are ready to start enough the credit facility of the Aella Credit app.
Paying back is also easy on the Aella Credit app; you can either pay back via your debit card or bank transfer. If you opt to go for the option of paying back via debit card, the money is just deducted from your account because the details of the card would have been put in the registration process of your Aella credit account. The faster you pay back your Aella Credit loan, the more loan opportunities you are opened to, and the more you are allowed to borrow next time.
Download the Aella Credit fast loan app.
FairMoney is another loan application that’s operational in Nigeria. If you seek a place to get a loan without any hassles, then FairMoney is the option you’re seeking. FairMoney offers loan amounts between one thousand, five hundred Naira (NGN 1,500), and one hundred and fifty thousand (NGN 150,000) Naira. The loan amounts on FairMoney are repayable between one and three months from the date of borrowing. Like many other loan apps, the faster you pay back your loan on the FairMoney app, the more loan opportunities you can get. FairMoney also operates on a monthly interest basis and charges between ten and thirty percent interest per month, depending on the parameters that surround the loan. Another unique thing about FairMoney is the fact that it determines how much it can give you as a loan from your previous loans.
Getting a loan from the FairMoney app involves a simple set of processes as listed below:
- Download the FairMoney app
You can do this on the Google Playstore for android mobile devices and the Apple app store for IOS devices.
- Complete Registrations
You will be required to complete a simple registration setup before being allowed on the FairMoney loaning interface. Your Facebook account and your phone number will be needed for the registration process.
Repaying loans on the FairMoney app is also quite easy. You can pay back either via a direct bank transfer or a bank deposit, depending on your preferred option.
Download Fairmoney Instant Loan App here
‘KiaKia’ is a Yoruba word meaning very fast. This tells a lot about the services of this loan platform. Aside from the fact that this loan platform offers loan services, speed is another essential value which the KiaKia loan platform gives to its clients. Asides the fact that the KiaKia platform offers loan services, it also uses a powered machine system to connect loan demands and loan givers on its platform. You can, therefore, get a loan on the KiaKia platform, and you can also give a loan on its platform. KiaKia does not have a mobile app at the moment, but you can process all of your loan applications on its website. The KiaKia platform has a bot that will guide you through the registration process on its platform, and enable you access to loans.
KiaKia works in partnership with Sterling Bank, and it offers loan amounts between ten thousand Naira (NGN 10,000) and two hundred thousand Naira (NGN 200,000). KiaKia loans come with an interest that ranges between 5.6% and 24% depending on the terms that surround the loan. Some of the factors that influence the interest on KiaKia loans are your credit score on its platform and the loan duration. KiaKia loans are repayable within seven (7) to thirty (30) days from the date when the loan was approved.
Getting a loan from KiaKia is also a walkover. All you need to do is visit its website and click the link that says, “Click to get loan.” You will be required to fil some details, after which you will be asked to upload your recent passport photograph and an Identity card (a work ID preferably). You will also be required to fill the details of your working bank account, and there it goes, you get access to loan facilities on the KiaKia platform.
Loan repayment is relatively easy on the KiaKia platform. You can authorize the platform to gain access to your bank account and get the loaned amount back when you desire to repay. And, not to worry, the process is very safe and secure.
Download Kiakia Loan App
RenMoney is another popular name among loan apps in Nigeria. RenMoney operates under the license of a Microfinance bank. RenMoney does not just provide loan services; you can also save your money on its investment platform and get some interest on the amount you placed as an investment on its platform. Therefore, if you seek more than a loan application in Nigeria, but also a place where your money can just grow securely, the RenMoney app is the one you need to do the job.
RenMoney gives loan credits ion some set of conditions as listed below:
- The loan applicant must be between twenty-five (25) and fifty-nine (59) years of age
The reason for this condition is because RenMoney believes this age range would still be active and able to work and repay loaned amounts.
- The loan applicant must have a valid and legal source of income
RenMoney wants to get back loaned amounts, and so it wants to make sure the person applying for the loan is one that’s working and can repay loaned amounts without defaulting.
- The loan applicant must have a savings account
This is the account to which the loaned amount will be sent.
- The loan applicant must live ow work in the cities where it operates
RenMoney can offer a loan as much as four million Naira (NGN 4,000,000), and its repayment term can last as long as twelve (12) months. RenMoney offers an interest rate of 35.76%.
Getting a loan out of the RenMoney app is also easy; all you need to do is download the RenMoney app form your mobile app store. Register on its platform, and there it goes, you can apply for a loan as you desire and within the limit which you are allowed.
Download RenMoney Loan App
Other Loan Applications in Nigeria
There are several other loan apps in Nigeria, and we will list some of them here; however, you must take note that the list here is not exclusive and so there may be more of them.
- Kwikmoney (MIGO)
- Soko Loan
- Jumia One
The world is continually evolving, and so are the systems that accompany the running of the world. The evolution of the world has brought Nigeria to the point where we can get loans from the comfort of our rooms and closets right now.
The Fintech industry has seen a revival in the past decade, and with the recent technological innovations, one can be sure there is more to come.
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