List of online Loan apps in Nigeria to apply for loan and their Interest rates

Last Updated on December 6, 2023 by admin

Online lenders are focused on making borrowing as easy as possible using smartphone to apply for loan online from any location without visiting their office.

Most online loan app  aim at offering digital financial services to help you get closer to your personal and business goals.As they continue to make use of machine learning to predict borrower’s behaviour and instantly evaluate loan applications

Though you’ll need to provide personal information such as your BVN, your phone contact details before you can access the loan. Online lending platforms emerged to solve unexpected money problems without the hassles of you having to go to the bank.

The loan application process via online app is fast, seamless, convenient, and effective when compare to visiting the banking hall.They can almost tell you instantly whether you qualify to apply or not you’re approved, how much you can borrow, and what your payments will be.

Also read: List of Wema bank Consumer loans customer can apply

However, emergency money needs do not choose a time to occur which is a non-convenient time as the banks are closed at that time. With online loan services, you just need a phone and internet to apply for a personal loan and get instant access to money.

We are going to discuss different loan apps in Nigeria you can apply,monitor the progress of your application easily and their interest rate.

There are now many online lending platforms in Nigeria such as Carbon,branch,Fair money Renmoney, Migo, XCredit, Kiakia loan,PalmCredit,Aella credit, Lidya, . QuickCheck, C24 Loan, Fint Loan,Specta Loan, Jumia Loan etc who have been successfully offering unsecured personal loans

When searching for online loans avoid payday loans, these are high-cost, short-term loans which get paid off within a month or so. You should look for loans that you make monthly payments on over several months or years.

Read: List of Union Bank loan and how to apply

Please note : To get a great loan, you need to shop around, and online lenders need to be included in your search. Stick with reputable lenders, and you should be able to avoid trouble.

1. Carbon Loan App

This online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs.The financial services, includes personal loans, business loans, payments, funds transfers, credit scoring, savings, and investments.

Carbon loan interest rates range from 2% to 30%, and this depends on the loan repayment period and the amount of money you wish to borrow.

2. Renmoney

Renmoney offers personal or micro-business loans ranging from ₦50,000 to ₦6 million without collateral.To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments

Renmoney interest rate is 2.8% per month depend on the amount you intend to borrow.

3. Branch Loan App

Branch does not require any collateral to get loans. All you need to get a loan is your phone number or Facebook account, bank verification number, and bank account number.

You don’t need any collateral or income generating assets to get a loan. Interest rates are determined by a number of factors, including the lender’s repayment history and the cost of lending

Branch interest rates range from 15% – 34%. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back.

4. Fair money

Apart from giving out of loans, Fair Money also offers the airtime recharge and paying of bills services on their app. The loan amounts vary based on your smartphone data and repayment history.

The Loan amounts range between ₦1,500 to ₦500,000 with repayment term duration of 4 – 26 weeks. at monthly interest rates that range from 10% to 30%

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5. Migo, formerly Kwikmoney

Their loans range from ₦500 to ₦500,000 with repayment periods from 14 – 30 days. Their interest ranges from 5% – 25%

You can access migo loan by Dialing *561# on your mobile phone or apply from their app if you own a smartphone

6. Kiakia

With Kiakia loans, you can borrow from #10,000 to #200,000. Their interest ranges from 5.6%-24% depending on your credit score and the duration of the loan. Payback times are between 7-30 days

They offer a peer-to-peer lending option so you can either offer a loan to someone or request a loan on kiakia.

Also read: Jaiz Bank loan package and requirements: How to apply

7. Aella Credit

Aella Credit is available in Ghana, Nigeria, and the Philippines. Like other platforms, the Bank Verification Number is one of its requirements. Its loan tenure spans between 1 to 2 months.

Aella credit offers loans from N1,500 up to N90,000 with zero late fees, unlike other loan companies.

8. XCrediT

Borrower can access loan amount ranges from ₦5,000 ~ ₦500,000. The shortest loan tenor is 91 days and the longest is 180 days. They offer an interest rate of 12% of the amount borrowed.

9. Lidya

The loan amount at Lidya ranges from ₦150,000 and above with an interest rate of 3.5% per month.

10. QuickCheck

QuickCheck loan app approve loan in less than 5 minutes. They provides up to NGN 500,000 Though as a first time user, however, you can only access up to N10,000 for a period of 30 days.

Interest on loans are only paid for the number of days you use the loan. You are requires o provide your BVN for security and verification purposes; and bank account number for disbursal of your approved loan.


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