Are you finding it difficult getting a loan? The easiest way to get a loan in Nigeria is no longer by walking into the bank and asking for it. It is now done by using the bank’s specific loan app. With these apps, you can apply for a loan of any amount online and get it instantly in your bank account.
Are you in need of serious cash to boost your business, pay your school fees, or offset a bill? Here are top loan applications you can download and apply for any amount of money you need right now from top microfinance banks in Nigeria today.
Whether you are in need of something as little as N1,500 for airtime/data or up to N300,000 for medicals, business, education and lots of other purposes, with these bank apps specifically meant for loan applications, you can apply and get the money in less than 24 hours. Check them out below
Best Loan Apps In Nigeria Today
The loan apps reviewed in this list are rated based on their interest rates, the initial amounts given to new users, the number of days you have to pay the loan back and how long it takes or them to increase the credit limit.
Also considered in the rating is their customer service, their repayment policy and the accessibility of the mobile applications. See the full list below:
- OKash (Payday Loan)
Though operated by OPay or Opera Pay where it derived its name, OKash is a creation of Blue Ridge Microfinace Bank Ltd. Prior to January 2020 when the mobile app was fully launched as an independent app, the loan app was solely operated from the OPay.
OKash makes getting a loan without collateral so easy. You don’t need to submit any land ownership certificates or use your car as collateral to get the loan. Just download the app, answer a few questions on it about yourself and you are good to go.
Based on the amount you entered as your monthly earnings, OKash will recommended a particular amount of money you can start with. As you keep taking a loan using the app and paying back on time, you will be building up your credit records. This will lead to an increase in the amount of money being given to you.
Okash interest rate is lesser compared to what is available on other loan apps. However, for beginners, the maximum time you have to pay back a loan is 3 weeks. As you keep taking a loan back, this can increase also, up to 91 days.
To ensure you didn’t forget to pay back your loan when it’s due on Okash, you will receive a text message on your registered phone, a pop up message from the app and phone calls from their customer care representatives.
On a scale of 1 to 10, I would rate OKash 8 out of 10. when they increase the amount given to new users, then this scale can go up.
You can download the mobile application from Google Playstore, signup on it and apply for the loan from it. You can also download Opay and access it right from there.
- Palmcredit
OKash may be the King of all loan apps in Nigeria today due to its’s popularity, but Palmcredit is the queen here. Right from the start, the loan app offers you a bigger sum of money compared to other loan apps. You also have the option from the beginning to choose the duration of the loan before you repay it.
Palmcredit app is easy to use. You can signup and apply for a loan on the platform in less than 5 minutes. You don’t need any collateral to get a loan on the app. You just need to signup using your personal information like your Bank Verification Number, House Address, employment status, salary per month and other details.
Palmcredit offers you the opportunity to apply for a loan of up to N300,000 and repay it in instalments. For instance you can choose to pay back N50,000 every month until you finish the whole payment.
As a new user, you are given N9000 for a start. And you have about 2 to 3 weeks to pay it back. Once you’ve successfully repaid the loan, you can reapply for another one instantly.
Now here’s the striking thing that sets Palmcredit apart from other loan apps: the app offers you the opportunity to increase your credit limit by yourself. Without you having to wait for the app to automatically do it for you after some months.
“How?” You may be asking.
Well, through adding other details about yourself on your profile. For instance your Facebook Profile, Other Phone Numbers, Credit History, Drivers License, Bank Statement and so on. Every time you add any of these details, you increase your credit limit greatly, up to 50%.
So what are you waiting for? Visit Google PlayStore, download Palmcredit and get started with it.
- FairMoney
My all time favourite loan app in Nigeria, FairMoney is 100% secure, easy to understand and use, with low interest rates. With FairMoney, you can get a loan of up to N150,000 and repay it over a three months period.
FairMoney is not all talks and no action, the loan app does exactly what it advertises. Simply apply for a loan on it and get the money instantly in your bank account. The longest it can take before you receive it is 24 hours. I have received a loan on the app in less than 5 minutes of applying for it.
You can download the app right now from Google Playstore and enjoy instantly loan approval, certainly one of the fastest in Nigeria.
In Summary
Are you in need of money urgently and don’t know how to get it? Consider downloading any of these best loan apps in Nigeria right now and apply for a loan instantly with it. Believe me, you will receive the money in your ban account within a few minutes.
Are you searching for how to get a loan without collateral? This guide explains, the apps and procedures involved in getting that online in less than 24 hours.
I hope you find it useful.
