With the way loan app are invading peoples privacy and deducting extra money even after the loan taker have balance them it beget a search for good loan app that do not haras their customer or any other atrocities of fake loan app and trust us will have come with genuine and trusted loan app in Nigeria such as palm credit, Aella credit, Branch, Quikchevk, migo and others.
These loan app are professional they do not invade privacy or call out their user on social media.
Genuine and trusted loan app in Nigeria
Before going into the list, I will like to state that we are not in any affiliate with the loan app listed below nor collet a dime from any one of them
Palm Credit
Palm credit is at the top of our list of genuine and trusted loan app in Nigeria. Palm credit have been in business for a long time and require no collateral or paperwork.
Before they will give you a loan, you must submit your income statement for the previous three months. They are professionals who do not harass their customers on social media or intrude on the privacy of your friends and family.
The maximum loan amount is #100,000, and the minimum loan amount is #2000. If you are a first-time borrower, your loan will not be up to #100,000, but once you submit your income statement, the amount you can loan will increase sporadically.
The interest rate ranges from 14 percent to 24 percent depending on the payback period; typically, the interest rate per month is 4.6 percent, so if you receive a #10,000 loan and want to pay it back that month, you will pay #10, 460.
The repayment period ranges from 91 to 180 days, depending on the amount borrowed. Before applying, make sure you have a valid email, bvn, and phone number, as these are the most important requirements.
Carbon (pay later)
I’m sure you’ve heard of Carbon; they are one of the trusted and genuine loan app we have in Nigeria; they also provide emergency loans to their customers in Nigeria, with no collateral or paper work.
The repayment period ranges from 91 to 180 days, depending on the amount borrowed. Before applying, make sure you have a valid email, bvn, and phone number, as these are the most important requirements
Carbon is a large loan company that can lend you up to #1 million at a time. Of course, as a first-time borrower, you will not be able to get this amount, but as you continue to take loans from them and pay them back on time, you will be able to access more loan.
Their repayment period is 2 to 3 months, and the interest rate varies depending on the amount of loan obtained, but it is typically between 15% and 25%. Carbon laon app do not drag their customers on social media or invade their friends’ privacy, and they do not deduct money from your account automatically.
To apply for their loan, go to the play store or app store, download the Carbon app, and request a loan, but first make sure you have your Bvn, email address, and phone number ready.
Their loan is quick; you will receive a credit alert in five minutes.
Pettycash loan app
Pettycash deals with many segments in Nigeria; they give loans to coppers, salary earners, and individuals; however, the loan you can get as a copper is smaller than the loan you can get as a salary earner, who can get up to #50,000.
With their most recent product, Pettycash+, you can get a loan of up to #100,000 without putting up any collateral. The interest rate is determined by the amount of the loan and the length of time it is to be repaid.
Once you have your bvn, phone number, email address, credit card, and income statement ready, they will approve your application in minutes.
Aella credit
Aella Credit is a large shark in the Nigeria loan industry, with operations in Nigeria, Ghana, and the Philippines. They have been proven to be one of the best loan companies in Nigeria; they also provide emergency loans in Nigeria, and your loan will be disbursed within minutes of your application.
You can borrow up to #100,000 and pay it back in 30 to 60 days. Their interest rate is one of the best in Nigeria, ranging from 4% to 29% depending on the amount of loan borrowed.
To apply, go to the play store or app store and request a loan. Your loan will be disbursed within minutes, but make sure you have never defaulted on a loan before.
Branch loan app
Brach is another trusted and genuine loan app that provides quick loans in Nigeria; their loans are simple, hassle-free, and do not require collateral. You can borrow up to #200,000 from them, with repayment terms ranging from 4 to 6 weeks and interest rates ranging from 14% to 20%.
They are professional, as are the other loan apps mentioned above; they will not invade your friends’ privacy or call you out on social media.
To apply, go to the play store or app store, download and request loan on the app; it’s simple and quick.
Quick-check
As the name implies, their loan is quick and hassle-free. They also provide instant loans to people in Nigeria, so if you need urgent cash without collateral, they are the place to go.
They do not take time before approving loans, so if you have a valid email address, phone number, and bvn, you are good to go. However, make sure you have a good credit score before applying.
Depending on the amount of loan you want to take, their interest rate could be as high as 29%. The length of time it takes to repay the loan is determined by the amount borrowed.
To apply, download their app from the play store or the app store, request a loan, and submit the required documents such as a bvn, email address, and so on.
Fairmoney loan app
Faimoney will give you a loan in Nigeria within five minutes of submitting your application; it is one of the loan companies you can rely on during an emergency; their loan is simple and without collateral.
They can lend you up to #150,000 in a single transaction, with interest rates ranging from 5% to 28% depending on the amount borrowed. The payback time ranges from 4 weeks to 26 weeks, which is not ideal; they give their customers enough time to repay, but the longer the payback time, the higher the interest rate.
Fair money is more than just a loan app; it can also be used to pay bills, transfer funds, and create account.
Migo loan
Migo is a loan company in Nigeria that works with a number of banks and telecommunications companies. Migo loans are hassle-free and simple to obtain; all you need is a USSD code (*561#) on your phone, and the phone number you want to use must be linked to your bank account.
Their interest rate ranges from 5% to 15%, and their repayment period is one month. They have access to your account, so if you default, the amount you owe will be deducted automatically from it.
Kiakia loan app
Kiakia is a Yoruba word that means “fast fast.”
It is a loan company that provides emergency loans in Nigeria without the need for collateral. To apply for a loan, simply download their app from the play store or app store and request a loan; you will be credited within minutes.
As of the time of writing this article, the minimum amount you can loan is #50,000, and the payback time depends on the amount you loan; the interest rate is 3.5 percent per month.
There are some requirements that you must meet before they will approve your application, and they are as follows:
- Have BVN on hand
- Be a Nigerian and live in Nigeria.
- Have a high credit score
- Have a working email address
- You must be over the age of 21 and
- provide proof of income for the last six months.
Fint loan
Fint loan has one of the lowest interest rates in Nigeria; they charge 2% per month, which isn’t bad, but the amount of loan they give out is small; it is geared toward people who need to offset emergency bills such as school fees, medical bills, house rent, and so on.
It is simple to apply for a loan with them, and the loan is disbursed into your account in less than 10 minutes.
Their repayment period is one month, and you must have a good credit score before applying with them.
Specta loan app
Specta loan provides loans to individuals and businesses without the use of collateral; their interest rates are determined by the amount borrowed and the length of time it is paid back.
They are also a professional loan company, so you can rest assured that your family or friends will not be aware of the loan even if you default.
They will contact you and offer you a flexible repayment plan, but make sure you have the means to pay back before taking out a loan.
Your credit score should be good, which means you should not have previously defaulted on a loan; if you have, do not apply.
Loan from Jumia
I know you’re surprised, but Jumia does provide loans through their jumia pay app. With jumia loan, you can borrow up to #200,000 without putting up any collateral.
However, you must have an account with them, and as a first-time borrower, you will not have access to #200,000; however, as you borrow and pay back on time, they will increase the amount you can borrow. Their repayment period is one month, and their interest rate is 3.5 percent.
Their loan is simple and straightforward, and they are ideal for when you need an emergency loan to cover a bill.
Okash loan app
Okash is from the tech giant Opramini; they also provide emergency loans in Nigeria without collateral; their loan amount is small, but they have a long repayment period that can last up to a year.
Their interest rate is 36 percent per year, depending on the amount you borrow. It is simple and does not require collateral to obtain an Okash loan.
Download the Okash app from the Google Play or Apple App Store to get started. Fill out your information and apply for a loan; if you meet their criteria, your loan will be disbursed in minutes.
Conclusion
Above is a list of the genuine and trusted loan app in Nigeria. While their features and products appear to be the same, there are some differences such as interest rates and pay back period. Before making your decision, you can test them out by taking out a small loan.
Whatever loan you take out, make sure you have a way to repay it, even though the majority of the loan companies listed above will not shame you before collecting their loan, but they will find a way to make you pay back what you owe.
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