It is no longer news that there are now many loan app in Nigeria catering to various segments of the population, with some focusing on salary loans, personal loans, and some on business loans.
Despite all the increasing number of loan app, only few of these lending companies can truly disburse funds within minutes of applying; others even wait up to five days, undermining the purpose of applying for a loan in the first place.
We took our time to research into fast and quick loan app in Nigeria that do not require collateral or paper work, and that are also simple and quick to disburse loans to the requester, with an alert sent to your phone minutes after you submit your application.
We make every effort to screen out false and poor loan apps in Nigeria, such as loan apps that harass and invade their customers’ privacy, and loan apps that continue to charge customers even after they have paid off their debt.
The first on our list of fast and quick loan app in Nigeria is branch, one of the most dependable loan companies in Nigeria; they are professionals who do not publicly shame their defaulters on social media or send their obituaries and embarrassing messages to their friends; they know the better way of getting their money from the efaulters.
Branch allows you to borrow up to #150,000 without requiring security or a guarantor, and they provide their customers enough time to repay the loan, ranging from 4 to 40 weeks, but the longer the repayment period, the higher the interest rate.
Their interest rates range from 15% to 30%, depending on the amount of loan taken.
Branch is a mobile money app with additional features such as saving, money transfer, and bill payment. If you save with them, you could earn a 20% annual interest rate.
To apply, go to the play store or the app store and download the carbon app, register with your email and other details, after this request a loan. Your application will be approved and your loan will be disbursed within minutes of submission.
Carbon is another loan company in Nigeria that offers quick and fast loan. With Carbon, you can borrow up to #20 million without putting up any collateral, but as a first-timer, you won’t be able to borrow this much until you’ve been with the company for a while.
Their interest rate ranges from 5% to 15%, and the period it takes to repay the loan is determined by the amount borrowed.
Carbon uses bvn to check your credit score, so if you’ve defaulted in the past, you won’t get a loan from them.
Like Branch, Carbon also has features for saving, money transfer and paying bills, they loan app offers free transfers to any Nigerian bank account. You will get 11% interest if you save your money with them.
Aella Credit is an international lending firm with offices in Nigeria, Ghana, and the Philippines, they have proven to be one of the reliable app so far. They specialize in personal loans and can provide up to #700,000 without a guarantor.
The repayment period is one to two months, and the interest rate can be as high as 29 percent. The app can also save, transfer, and pay bills. Long-term savings with them can yield you money, with interest rates as high as 26%.
Download Aella Credit from the Play Store or the App Store, register, and request a loan; your loan will be disbursed in minutes.
Fairmoney focuses on people who need money to pay bills or meet a emergency financial obligation. They offer loans of up to #150,000 with no collateral or guarantor.
Their interest rates range from 5% to 28%, depending on the amount borrowed and the time it takes to repay the loan, which can be anywhere from 4 to 26 weeks.
One of the best features of fairmoney is that if you pay off your loan before the due date, you’ll save money on interest.
The app can also save, transfer, pay bill, and help you create a bank account
Migo loan App
Migo is one of the best fast and quick loan app in Nigeria, in fact they should be at the top of the list. However, the amount of loan they give out is small, and it is dependent on transaction volume per month Their interest rate is also high, at 3.5 percent, with a one-month payback period.
They are, however, the best laon app to go to if you need a quick, fast and hassle free loan.
Migo does not issue loans directly; instead, they work with banks and telecommunications which make loan requesting as simple as dialing a code on your phone (*561#). Onec you dial this code the maximum amount you can loan will appear.
Loan from Jumia
Jumia, a Nigerian ecommerce company, also offers a fast loan through its subsidiary, the Jumia One app. With jumia, you can borrow up to #100,000 without a guarantor, and the repayment time ranges from 15 to 30 days, depending on the amount borrowed.
You will have a high interest rate as a first-time borrower, but your following loans will have a lower interest rate.
They issue loans based on credit scores, so be sure you have a decent credit score before applying.
Loan from Okash
Okash is a subsidiary of one of Nigeria’s most used browser; they too provide rapid loans, but their interest rate is high at 3.5 percent per month, and the payback time varies depending on the amount of the loan requested, although it is normally a month.
They are fast and easy to use; your account will be credited within minutes of applying.
To apply, go to the play store or the app store, download the Okash app, register with your information, and submit a loan request; it will only take them 5 minutes to accept or reject your application.
Eyowo is an online banking company with a unique approach: you don’t require a bank account; your phone number serves as your bank account, and you may save, transfer, and pay bills with a USSD code or by downloading the Eyowo app from the Google Play store or Apple App Store.
Eyowo also offers fast loans in Nigeria, though the amount depends on the monthly transaction volume. It is simple and quick. Their payback time is determined by the amount of the loan requested, but it is usually less than a year.
Kuda bank is another online bank where you can get a Quick and fast online loan in Nigeria. Their loan is known as an overdraft, and the amount they give out is determined by the recipient’s monthly transaction volume; for example, if you transfer and receive up to #100,000 per month, you will be eligible for a loan of #30,000 or less.
It’s simple and straightforward; the repayment period is one month, and the interest rate is 0.3 percent each day; if you repay your loan before the due date, you’ll save money on interest because interest accrues daily.
To apply, go to Google Play and download their app.
Alat App by WEMA
Alat is another online banking app developed by Wema Bank. It is one of Nigeria’s full-fledged online banking systems.
They also hand out loans in Nigeria without collateral or guarantor, up to #200,000, depending on the recipient’s monthly transaction volume and how long they have been using the app.
The average interest rate is 3.5 percent per month, and the payback term varies according to the amount borrowed, although it is normally a month. To apply, go to the play store or app store and download the app, then use it for three months before requesting a loan.
Kia kia laon app
Kiakia is another fast and quick loan app in Nigeria. With Kia Kai loan app, you can get your loan in a matter of minutes; they are very quick in approving applications and disbursing loans.
Their monthly interest rate is 3.5 percent, and the repayment period is one month. They specialize in corporate and personal loans, with a minimum loan amount of #50,000 without collateral or paperwork.
You must have bvn before applying, it will be used to determine your credit score.
Quick Check offers a maximum loan of #200,000 without requiring collateral or a guarantor, but as a first-time borrower, you can only get #10,000, which will increase as you take more loans and pay them back regularly
Their interest rates can reach 30%, and the length of time it takes to repay the loan is determined by the amount borrowed.
Quickcheck approves and disburses loans quickly. You’re good to go once you have your email address, bvn, and phone number.
To apply, go to the play store or the app store and download the Quickcheck app, then request a loan. Your loan will be disbursed within minutes of your application.
Specta loan app
Specta loan caters to both businesses and individuals, and they offer fast and quick online loans in Nigeria without the need for collateral or a guarantor.
They will give out up to 2 million naira in at a go if the requester meets their requirements, which include providing a six-month income statement, an ID card, and a bank statement. If you can provide all of this, they will approve your application.
Depending on the amount of the loan requested, the interest rate might be as high as 30%. To apply, go to the play store or the app store and download their app, then register and request a loan.
C24 loan app
C24 is another loan app in Nigeria that offers fast and quick online loans. They offer up to 1 million naira at a time, but you must provide a six-month income statement and be over the age of 21.
Their interest rates are determined by the amount of money borrowed as well as the length of time it takes to repay the loan.
Before disbursing a loan, they will check your credit score, so be sure you have a decent one before applying.
In Nigeria, there are numerous fast and quick loan loan app from which you can obtain a easy and hassle free lloan. I would encourage you to obtain only one loan from a single source; taking too many loans could bankrupt you and lead you back to square one.
Most of these lending organizations are only in it for money, and if you default, they will show you their true colors.
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