Best Loan App in Nigeria 2020

Top Loan Apps in Nigeria 2020

Everyone faces financial difficulties from time to time. When this happens, we have two options: ask friends to lend us some money, or take a bank loan. The first option usually ends in mutual insults, and the second may result in the need to collect a bunch of documents, so it will not be possible to urgently get the money.

And what if we say that there is a third option? This option is a loan mobile app. In this article, we will talk about the benefits of this type of loan, as well as give you a list with every best loan app in Nigeria.

Advantages of Instant Loan App in Nigeria

Such loan apps are just beginning to gain popularity, but those people who have used them at least once believe that this is the best way to get money urgently.

It Is Urgent and Quick

In a loan app, you do not need to wait a few days while your request for a credit is processing because the programs are designed to ensure that customers receive money at any time and urgently.

Each application in Nigeria has its own time frame, but in general, the waiting period does not exceed an hour.

You Don’t Need to Collect Documents

For urgent loans in the loan apps, customers do not need to provide many documents that are required for a bank loan. Usually, an identity card or a passport is enough.

If you are going to open a line of credit in Nigeria, then you will also have to collect a certificate of your income, but it is not required immediately, so you do not have to hurry.

It’s Safe and Secured

It may seem to you that online loan apps are a danger to your personal data, but they are not. In fact, each best mobile loan app in Nigeria is much more secure than banks because online transactions require additional security measures that are not required of banks.

In addition, hacker attacks are more often carried out on banks rather than on the network of online applications.

You Receive Permanent Funds Status Reports

If you have taken a loan from a bank at least once, you know how difficult it is to get a fund status report in the account: you need to write a few application forms, submit several requests, and wait for several days. This word ‘several’ seems to haunt banks and their activities.

You do not need to do all these actions with loan apps because you have access to the status of your funds at any time. In the application, you can see all the details: what amount is available to you, when you have to make the next payment, etc.

Personalization

The mobile loan application provides you with personalization. When you register, you fill out a detailed application form in which you indicate the general state of finances, why you need funds, and how you plan to use them (this is not necessary, so if you urgently need to get one-time money, you can skip these details).

The program uses this application form and creates an account specifically for you. You can also get advice from a financial expert if you have the need and desire.

Best Online Loan App in Nigeria

Now let’s take a look at the list of the best loan apps in Nigeria.

1. Carbon Loan App

It is one of the most recognizable loan apps in Nigeria. Carbon is available for Android and iOS and is very easy to use.

Carbon doesn’t require the certificate of income, so if you are not working now, it is not a problem.

If you pay on time every month, you will be able to raise the maximum amounts for the next loans.

2. SokoLoan

As in many other loan apps, SokoLoan doesn’t give you high amounts right away – the maximum increases with every loan. However, SokoLoan drops the interest rate with every payment you make on time.

3. FairMoney

This loan app is the best for small individual loans if you need money urgently – within 5 minutes, your loan will be on your card.

You can download it for Android or iOS.

4. PalmCredit

It is the best loan app that provides you with a virtual credit card; then you can send a request for a loan. The first loan cannot exceed ₦100,000, but you can raise the amount with every loan.

PalmCredit is the fastest app where you can receive your money within minutes if you already have an account. If you, however, are using this loan app for the first time, you will need around ten minutes to fill the registration form.

It is available for Android and iOS.

5. Aella Credit

This loan app is very fast to use once you have registered. You can get a free consultation from the best financial expert when taking a loan.

It is available for Android and iOS.

6. Branch

This loan app may be considered the simplest one because the design is very easy to work with. For the citizens of Nigeria, it is possible to get a loan up to 64 weeks, but the interest rates are high.

You can get it for Android or iOS.

7. CreditVille

Here you can get cash loans which is great if you need cash. To get loans for amounts higher than ₦20,000 you need to have a monthly salary, but for smaller loans, you don’t need to show your certificate of income.

8. KiaKia

What differentiates this loan app in Nigeria is that the interest rate is not fixed – you discuss it with a manager who works with you. It depends on the amount of the loan, on its duration, and many other conditions.

Get it for Android or iOS.

9. QuickCheck Loan App

Here you can get both individual loans and loans for business, so it is the best way to solve your entrepreneurship problems. However, the loans are not extended for a long period – a month is a general duration.

Available for Android and iOS.

10. KwikMoney

It is an app, but you are not required to download it in order to get a loan. You can register with the help of SMS and use it like that. However, without an app, you will not be able to review the fund status reports or to extend your loan.

Now, you should not worry if you face financial problems – use this article and our list of the best loan apps, and you will be able to solve your problems!

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