There has been compliant online about activities of fake loan app in Nigeria some of them will deduct their loan twice and some will collect processing fee but won’t give out a loan while some will invade their users friend privacy, we can go on and on about the atrocities of this fake and bad loan app all day.
But once there is fake there will certainly be original, that is why we go all out to search for legit and good online loan app in Nigeria. Before coming out with our list we check as many as possible loan app with a focus on customer care, processing fee and payback period.
How to get loan from loan app
It is as simple as going to their website or downloading the app of the respective loan company you want from the play store or app store, logging in and registering with your details, and then applying for loans.
Some will check your credit worthiness, which means that if you have previously defaulted on a loan, they will not give you a loan, whereas others will simply credit your account. Regardless, they all give you a loan right away.
Legit and good online loan apps in Nigeria
Carbon (pay later) loan app
Carbon, formerly known as Pay Later, is the first on our list of legit and good online loan app in Nigeria, It is one of the best loan companies that provides loans without collateral. To use them, go to the Google Play or Apple App Store, download it, register, and request a loan.
Carbon will check your creditworthiness using your BVN, and if it is good, you will be approved for a loan in less than 10 minutes. Carbon offers loans ranging from #15,000 to one million naira, with interest rates ranging from 5% to 15% depending on the amount of your loan and the length of time you have to repay it.
To repay, you will use your ATM card to make payments on a daily, weekly, or monthly basis, according to the time you specify. As you make on-time payments on your loan and interest, your creditworthiness will improve, and you will be able to borrow more money.
Carbon is more than just a loan app; in fact, it acquired Pay Later just to have that feature; it also has features like bill payment and airtime purchase.
The only issue with carbon is their creditworthiness, so if you have previously defaulted on a loan, they may refuse to lend to you.
Fairmoney loan app
Indeed, it is fair in money; with Fairmoney, you can bid buy to the hassle that surrounds loan acquisition; you don’t need any collateral or documentation, and you can get it in 5 minutes. It is one of the legit and good online loan apps in Nigeria, lending people up to #150,000 in cash.
To use them, download their app from the Google Play or App Store, register with your phone number or Facebook, request a loan, and it will be deposited into your account within 10 minutes.
Their interest rate is usually between 5 and 20% depending on the amount you want to borrow, but the payback time can be as long as 3 months depending on how you want it and how much you borrow from them.
Fairmoney is not only about loans; you can also use it to open a bank account, pay bills, save money, and conduct financial transactions. So far, there have been few or no complaints about them, as they do not drag their customers on social media at the time of writing this article. You can rely on them when an emergency involving money arises.
Palm credit loan app
Palm credit is another good loan app in Nigeria; they are willing to lend up to #100,000 to Nigerians without collateral or documentation.
They are simple to use and free of complications. Download their app from the play store or the app store, register, and request a loan; your account will be credited within a minute.
The interest rate ranges between 5% and 20%, depending on the amount of the loan and the length of the repayment period. Palm credit payback time can range from 90 to 180 days, depending on your preferences, but keep in mind that the longer the duration, the higher the interest rate.
Kiakia loan app
As the name implies, kia kia” (quick in english) provides loans to people in Nigeria and does not need collateral or documentation.
They use an algorithm to determine their users’ creditworthiness, so if you have previously defaulted on a loan, I would advise you not to go to them. As of the time of writing this article, the minimum loan they offer is #50,000 with a 3.5 percent interest rate.
Kiakia takes a different approach; to obtain a loan from them, you must login to their web app and answer the questions posed by their bot; once you pass, your money will be deposited into your account within 10 minutes.
Branch laon app
Branch is one of the legit loan app in Nigeria that provides urgent loans; they have been featured in Bloomberg and lauded by many award givers for how professional they are in dealing with defaulted customers. You can get a loan from branch ranging from #1,000 to #200,000 with no collateral or documentation, and they do not consider your credit score.
One of the best things about Branch is the long payback period. You can pay back between 4 and 40weeks, though the longer the payback period, the higher the interest rate, which ranges between 5 and 28 percent.
You can access them via an app that you can download from the Google Play or Apple App Store. Branch, like many of the other loan app listed above, has additional features such as saving, where you can receive up to 20% interest rate based on the length of your shaving, and you can also pay bills and make transfers.
Aella Credit
Aella Credit has a presence in Nigeria, Ghana, and the Philippines, and they are a professional loan company that is ranked among the top ten in Nigeria.
To use them, download their app from the Google Play or Apple App Store, register, and request a loan. They will use an algorithm to determine your creditworthiness, and if you pass, you will receive an alert in minutes.
Their interest rate ranges from 5% to 38%, depending on the amount and duration of the repayment, which is usually between 30 and 60 days.
Aside from loaning, you can also invest your money with Aella credit, which has a whopping interest rate of more than 20%, and you can use the app to transfer, receive, and pay bills.
Quickcheck
Quickcheck offers loans of up to #500,000 with no collateral or documentation. To use them, go to the play store or app store and download the app, then request a loan; if you have a good credit score, you will be approved immediately.
However, as a first-time borrower, you are only eligible for #10,000; however, as you use the app and pay back, you will move up the ladder and gain access to larger loans.
Their interest rate is high and can reach 30%, but you will only be charged interest based on the number of days the money is with you. The repayment period is 30 days, but this depends on the amount of the loan requested.
Fast credit loan app
If you need an urgent loan with a long repayment period, Fast Credit Loan is the place to go. They provide loans to individuals as well as businesses without the need for collateral or documentation, and the process is simple.
To use them, download their app from the Google Play or Apple App Store and register.
They provide loans of up to #1 million with interest rates of up to 25% depending on the payback period.
Migo loan
Migo loan is one of the best urgent loans in Nigeria; you don’t need collateral or documentation, and you can get the loan through their app, web app, or USSD code if you don’t have Internet.
The interest rate ranges from 5% to 15%, and the repayment period is 30 days. It is simple to use, and once you have your BVN and account number, you are ready to go.
Lidya loan app
Lidya is a loan app that focuses on both individuals and businesses; you can get a loan from them quickly and without the need for collateral or documentation.
They provide loans of up to #150,000 naira, but they use credit scores, so if you have previously defaulted on a loan, don’t go to them. To get the loan, you can use their app or go to their website.
Their loan has a 3.5 percent interest rate and a month repayment period.
Social lender
This loan company takes a different approach; they score you based on your social reputation, so if you have a bad reputation on social media, for example, because you have abused someone or sold a fake product, they will not give you the loan.
Once you’ve logged into the app, you’ll need to connect it to your social media accounts, where they’ll be able to see your reputation. As a first-time borrower, you will be given a loan of #10,000, which will increase as you take out more loans from them.
They provide loans of up to #200,000 with interest rates ranging from 5% to 25%.
Specta loan app
Specta is a big player in the Nigeria loan industry, owned by Starling Bank. With Specta, you can get up to 5 million naira loan in a matter of minutes. They concentrate on businesses, individuals, non-salaried workers, and others.
The only disadvantage of Specta is that the interest rate is high, ranging from 15% to 30%, but they have a long pay period.
Jumia loan
Few people are aware that Jumia provides loans to customers, but you must have an account with them. With them, you can get a loan of up to #200,000 naira. It is simple and does not necessitate any documentation or collateral.
To use the app, go to the Google Play or Apple App Store and download the Jumia app, then request a loan. You can also use Jumia pay to pay bills, receive and send money.
C24 loan app
C24 loan is another legit and good online loan app in Nigeria. They provide loans of up to #200,000 and have a flexible repayment plan.
They boast of having over 300,000 customers, demonstrating their professionalism; they will not post your name on social media or send your obituary to friends. Your account will be credited if you use them within minutes.
Onefi loan app
Onefi has one of the best loan repayment plans in Nigeria, with repayment periods ranging from 3 to 6 months depending on the amount of loan requested; you can borrow up to #200,000 from them. To use them, download their app, register, and make a loan request.
Zedvance loan app
Zedvance loan checks your creditworthiness, so if you have previously defaulted on a loan, don’t go to them. They offer loans of up to 5 million naira, which are disbursed within minutes if you pass their credit check.
To use them, you must first create an account with them, answer some of the questions they will ask you, and then choose the loan package you want.
Lcredit loan app
Lcredit will give you a loan in Nigeria without a BVN, collateral, or documents, but you must have a good credit score, which means you must not have previously defaulted on a loan, in order to use them, download their app and request a loan; it’s simple and easy.
Conclusion
Though we try as much as possible to list all the legit and good online loan apps in Nigeria but these list certainly doe not cover all of them, there are some that are just popping out. also some laon app we listed above may not be good or legit to some people, we picked loan app that have 70% score out of 100.
If you realy want to know the one that will work for you I suggest you try as many as possible with a small loan like #2,000
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