Mobile loan in Nigeria: loan app for iPhone user and Android

Loan is one of the pillar of country economy. One of the best way to boost GDP per capital of people is to give out loan to business and individuals but our government has fail in this like they fail on other aspect of governance, thanks to entrepreneurs that decide to startup loan company that provide loan for all aspect of people in Nigeria.

While there are many loan app some of them utilise website platform or mobile while some utilise both. This article is on mobile loan in Nigeria: loan app for iPhone user  and android user, such as Baobab, fairmoney, carbon, kiakia loan app, branch and others

At the end of each loan company or app the platform they utilise will be stated.

Baobab loan app

The first mobile loan on our list of mobile loan in Nigeria is Baobab, which operates similarly to Lapo microfinance loan. You can borrow up to #500,000 from them without putting up any collateral, but you must provide proof of ownership of a business before they will lend you money.

I’m sure you don’t have a business, so find a friend who does and snap with it for verification, but make sure you have a way to pay back to avoid trouble. They have a reasonable payback period and their interest rate is determined by the amount borrowed.

Platform: Android

Jumia loan

Jumia loan is one of the best mobile loan in Nigeria, they give loan without collateral or documentation, in fact it is one of the best loan for unemployed in Nigeria, but the little problem is that the loan is small, even though the highest amount they stated on their platform is #200,000, it is actually less than this for a first timer, usually between #20,000 and #40,000 for depending on credit worthiness.

They have a reasonable payback period, and their in-test rate is determined by the amount borrowed.

To use them, go to the Google Play Store and install the Jumia Pay app.

Platform: Android and IPhone

Carbon loan app

Carbon is one of Nigeria’s most respected loan companies; they are professional and do not intrude on people’s privacy.

You can get a loan with carbon without putting up any collateral, but you must provide your BVN, which will be used to assess your creditworthiness.

The repayment period is measured in months, and the interest rate ranges from 5% to 10%.

To use them, go to the play store or the app store and download their app; to register, simply follow the prompts on the app.

Branch loan app

Branch is another loan company that caters to the unemployed in Nigeria; with them, you can obtain a loan of up to #200,000 without collateral; however, as a first-time borrower, you may not be able to obtain this amount.

Their interest rate ranges between 15% and 30%, depending on the amount requested. Depending on your preferences, the payback period could be in months or weeks.

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To use them, go to the app store or the Paly store, download their app, register, and request a loan; if you meet their requirements, your account will be credited within 24 hours.

Platform: Android and iphone

Fairmoney loan app

As their name implies, they are indeed fair in their operations. With Fairmoney, you can get a loan of up to #150,000 without collateral by providing only your BVN, phone number, and home address.

They will then check your creditworthiness and credit your account. If you have previously defaulted on a loan, do not bother going to Fairmoney; they will not give you a loan.

The repayment period can last up to 26 weeks, depending on the amount of the loan and the loan taker’s specifications; their interest rate ranges from 5% to 28%.

To use them, go to the Play Store or the App Store, download their app, register, and request a loan; if you have a good credit score, your account will be approved.

Platform: Android and iPhone

Specta loan app

Specta loan provides loans in minutes if you meet their requirements. They do not require collateral or documentation, but you must have a good credit score.

Specta is one of the best loan companies in Nigeria that caters for individual. With a single tap, you can get your loan, but make sure you have a repayment plan.

They have a hood payback period, and their interest rate is determined by the amount borrowed. To use the app, go to the play store or app store and download it, then register and request a loan; your loan will be disbursed within minutes.

Platform: Android and iPhone

Credit direct app

Credit Direct offers loans of up to one million naira to businesses and unemployed individuals.

All you need is your BVN to get started. But don’t be fooled by the million naira figure; you will not be able to borrow that much as a first-time borrower, but as you continue to work with them, the amount you can borrow will increase.

To use them, go to their website, register, and request a loan; your loan will be disbursed within 24 hours.

Platform: Android and iphone

Fastcredit loan app

As the name implies, they disburse loans quickly and they do not require collateral or documentation. As an unemployed person, you can get a loan from this company very quickly; after applying, your loan will be disbursed in minutes.

When applying, opt for a private loan because the platform offers three types of loans: SME loans, public loans, and private loans.

Platform: Android and iphone

QuickCheck loan

Quick check loan will provide you with up to 500k in cash without the need for collateral; simply have your BVN ready when registering.

Their repayment period is measured in weeks, and the interest rate is determined by the amount of loan requested. To use them, go to the Google Play Store, download their app, register, and your account will be credited within minutes.

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Platform: Android and iphone

Pagefinance loan app

This is yet another Mobile loan company in Nigeria, they give loan to both iPhone user and android user without the need for collateral.

They are very quick in analyzing credit scores and will credit your account within hours of registering and requesting a loan.

Their payback period is measured in months, and they can lend you up to 500k at a time, but not to first-time borrowers.

Platform: Android and iphone

Lendigo loan app

Lendigo also offers loans of up to #300,000 to their customers. As a first-time borrower, you won’t be able to get up to this amount, but if you take a loan and pay it back on time, your credit worthiness will improve and you will be able to access more loans.

Their repayment period is measured in months, and their interest rate is calculated based on the amount borrowed, typically ranging from 15% to 20%.

To use them, go to their website, register, and request a loan; your account will be credited within an hour.

Platform: Android and iphone

Lmoney loan app

Lmoney loan is one of the best loan companies in Nigeria that approves people quickly. If you register and submit your BVN, they will calculate your credit worthiness in minutes and the loan will be disbursed in hours if you have good credit.

If you have previously defaulted on a loan, do not apply.
Their primary focus is on business, but you can apply for a loan as an individual as long as you have a repayment plan.

Platform: Android and iphone

Fast cash loan app

Fast cash loan is a loan app developed by FCMB, with just a USSD code your account will be credited and you can get up to 200k it is very fast easy and hassle free, you don’t need collateral or paper work but you must have an account with FCMB before you can apply

To apply, enter *329*11#.

Renmoney loan

Renmoney is one of the best loan apps in Nigeria; they do not bother their customers and are professional.

Renmoney allows you to get a loan as soon as you apply, and it also allows you to save and transact.

Renmoney is licensed by the CBN and insured by INDIC, demonstrating their professionalism.

They have a reasonable payback period, which is usually one month, but make sure you have a good credit score before applying for a loan.

Platform: Android and iPhone

Aellacredit loan

Aellacredit is another professional loan app in Nigeria; their loans range from #1,500 to #700,000, and their repayment period can be as long as two months; their interest rate ranges from 4% to 29%.

To apply, go to the app store or play store, download their app, and request a loan. It is simple and easy, but make sure you have a good credit score.

Platform: Android and iphone

Standard Chartered loan

Standard chartered  is a loan company with the best interest rate in Nigeria, their interest rate is as low as 1% and their payback period can be as long as 60 months, but it is difficult to get a loan from them, most of the time it is by chance, but if you request, you stand a chance of obtaining a loan of up to 2 million naira as an individual.

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Quickteller loan app

Quickerteller has a presence in many African countries, including Nigeria. They have been in the loan business for a long time and are professional in their dealings with customers. They have one of the best interest rates in Nigeria, and and it is easy to obtain a loan from them.

Platform: Android and iPhone

Migo loan

Migo loan is also a professional loan company in Nigeria; they do not require collateral or paper work, but you must have a good transaction volume per month, which means you must have enough transactions with whatever bank you are using.

You will use USSD code to access the loan; if your monthly transaction is low, you will not be able to request a loan from them.

Palmcrdit  loan app

You can also get a quick loan as an individual in Nigeria from Palmcredit, which is simple and hassle-free. With palm credit, you can borrow up to #100,000, and their repayment period ranges from 91 days to 180 days, depending on the amount borrowed.

And, guess what? The loan will be disbursed in minutes if you meet their criteria; they don’t waste time. Their interest rate ranges from 14% to 20%, depending on the amount requested.

To use them, go to the play store or app store and download their app, request a loan, and your loan will be disbursed in minutes if you have a good credit score.

Platform: Android and iPhone

Conclusion

Above are the mobile loan in Nigeria: loan app for iPhone user and Android. They give loans to individual and business. The majority of them are simple, hassle-free, and do not require collateral.

However, before applying for a loan from any of them, I would advise you to have a repayment plan.

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