Mobile Loan in Nigeria – Top 20 Loan Apps in Nigeria
In recent years, the emergence of mobile loans in Nigeria has revolutionized the traditional lending system, making it easier and faster for individuals and businesses to access loans. With the increasing number of smartphones in Nigeria, loan apps have become increasingly popular, providing a convenient and accessible way for individuals to access credit facilities.
In this article, we will be discussing the top 20 loan apps in Nigeria for both Android and iOS users. These loan apps offer a range of services, from personal loans to business loans, and have varying interest rates and repayment terms.
Whether you need a loan for emergencies, business expansion, or personal projects, this article will provide valuable insights on the best loan apps to consider in Nigeria.
Top 20 Loan Apps In Nigeria For Android And IOS Users
Carbon (formerly Pay Later)
Carbon, formerly Paylater, is a Nigerian fintech company providing digital financial services to individuals and small businesses. The company was founded in 2016 and has since grown to become one of the leading Nigeria’s digital lending platforms in Niger that offers a range of financial products and services, including loans, savings, and payments.
The company uses advanced algorithms and data analytics to assess borrowers’ creditworthiness and provide them with affordable loans. Customers can access Carbon’s services through its mobile app, which is available on both iOS and Android platforms.
In terms of interest rates, Carbon offers loans at rates ranging from 5% to 15.5% per month, depending on the borrower’s creditworthiness and the loan amount. The company also charges a one-time loan processing fee of 1% to 5% of the loan amount.
Contact Details
Email: info@paylater.ng
Tel: +233240108580
Branch
Branch is a mobile loan application available in Nigeria that provides access to instant loans without collateral. The app allows users to apply for loans ranging from ₦1,000 to ₦200,000, with 4 to 64 weeks repayment periods.
To use the Branch Loan app, users need to download the app and create an account. Users must also provide their bank account details, BVN, and a valid phone number for authentication. Once the account is set up, users can apply for loans within minutes and receive the funds directly in their bank accounts.
The interest rate on the Branch loan app varies based on the loan amount, repayment period, and the borrower’s creditworthiness. The interest rates typically range from 14% to 28%, which is relatively competitive compared to other loan apps in Nigeria.
However, users are advised to review the terms and conditions carefully before accepting a loan offer to understand the full cost of borrowing.
Contact Details
Email: nigeria@branch.co
FairMoney
FairMoney is a Nigerian loan app that provides instant loans to individuals and small businesses. The app uses machine learning algorithms to assess creditworthiness, making the loan application process faster and more efficient.
To use the app, customers need to download it from the Google Play Store, register, and fill out an application form. The app will then analyze the applicant’s credit score and other factors to determine their eligibility for a loan.
The loan amounts range from ₦1,500 to ₦500,000, with loan tenures ranging from 4 weeks to 6 months. The interest rates for FairMoney loans vary depending on the loan amount and repayment period, with rates starting from as low as 10% per month.
One of the advantages of using FairMoney is the quick disbursement of loans, which is usually within minutes of approval. The app also allows customers to track their loan status and repayment schedule, making it easier to manage their finances.
Contact Details
Head Office: 28 Pade Odanye close, off Adeniyi Jones, Ikeja, Lagos, Nigeria (No money in the office, everything is digital)
Email: help@fairmoney.ng
Tel: 01 7001276 / 01 8885577
RenMoney
RenMoney is a Nigerian loan app that offers personal loans to individuals without collateral. The app is designed to support individuals still looking for loans from traditional financial institutions.
With the RenMoney loan app, users can access loans of up to ₦4 million with repayment periods ranging from 3 to 24 months. The loan application process is straightforward, and approvals are typically granted within 24 hours.
Interest rates on RenMoney loans range from 4.5% to 6%, depending on the loan amount and repayment period. Overall, RenMoney is a reliable source of credit for Nigerians needing financial assistance.
Contact Details
Head Office: 23, Awolowo Road, Ikoyi, Lagos.
E-mail: hello@renmoney.com
Tel: 0700 5000 500.
Kiakia
Kiakia is a digital lending platform that provides accessible and affordable loans to individuals and small businesses in Nigeria. The platform uses a proprietary credit-scoring algorithm to assess borrowers’ creditworthiness and offer loans within minutes, with loan amounts ranging from ₦10,000 to ₦200,000.
Kiakia also offers financial education and budgeting tools to help borrowers manage their finances effectively. The interest rate on Kiakia loans ranges from 5.6% to 24%, depending on the borrower’s credit score and loan term.
Kiakia’s user-friendly interface and fast loan processing have made it a popular choice among Nigerians looking for quick and easy access to credit.
Contact Details
E-mail: helpdesk@kiakia.co
Tel: 08092245588
PalmCredit
PalmCredit is a mobile loan app that operates in Nigeria, providing instant loans to users with no collateral requirement. It allows users to access loans ranging from ₦2,000 to ₦100,000, with a repayment period between 14 to 180 days. The app uses an algorithm to determine the creditworthiness of users, and funds are disbursed into the user’s bank account within minutes of approval.
PalmCredit charges an interest rate of 4% to 4.7% per month on loans, depending on the user’s creditworthiness. The app has gained popularity in Nigeria due to its quick loan disbursal and flexible repayment terms, making it a go-to option for many Nigerians needing quick cash.
Contact Details
Email: support@newedgefinance.com
Tel: 017001000
Aella Credit
Aella Credit is a loan app available in Nigeria that provides quick and accessible loans to individuals and small businesses. With its user-friendly interface and quick loan processing time, Aella Credit has become a popular option for people in need of loans in Nigeria.
The app offers loans ranging from N1,500 to N1,000,000, with a repayment period of up to two months. The interest rate on Aella Credit loans ranges from 4% to 29%, depending on the borrower’s credit score and repayment history. Overall, Aella Credit has allowed many Nigerians to access credit easily and quickly.
Contact Details
Email: support@aellacredit.com
Tek: +23409080296333
QuickCheck
QuickCheck is a mobile app that provides loans to individuals in Nigeria. It uses a proprietary algorithm to analyze borrowers’ creditworthiness and offer loans within minutes. The app allows users to apply for loans ranging from ₦1,500 to ₦500,000 with interest rates ranging from 1% to 15% per month, depending on the borrower’s risk assessment.
The loan repayment period can vary from 4 weeks to 12 months. QuickCheck aims to provide quick, transparent, and affordable loans to individuals who traditional financial institutions in Nigeria underserved.
Contact Details
Email: support@quickcheck.ng
Tel: 0907 344 2522
Sokoloan
Sokoloan is a mobile loan app that operates in Nigeria, providing quick and easy access to credit for individuals and small businesses. Users can apply for loans through the app and receive funds within 24 hours.
The app uses an algorithm to assess borrowers’ creditworthiness and determine their loan eligibility. Sokoloan offers loans ranging from ₦5,000 to ₦100,000 with 7 to 180 days repayment periods. However, the interest rate charged by Sokoloan is relatively high, with rates ranging from 4.5% to 34% per month, depending on the loan amount and repayment duration.
Contact Details
Email: info@sokoloan.com
Tel: 01-4536792,08148799371
Specta
Specta is a loan app in Nigeria that provides quick and easy access to loans for individuals and businesses. The app offers personal and business loans, ranging from ₦10,000 to ₦5 million, and repayment periods between 1 and 12 months.
Specta’s loan application process is entirely online, and funds are usually dispersed within 5 minutes of approval. The app’s interest rates vary depending on the loan amount and duration but generally range between 5% to 30%. Specta is a convenient option for Nigerians looking for fast and accessible loans at competitive rates.
Contact Details
Email: specta@sterling.ng
Tel: 01-7004271
KwikMoney
KwikMoney is a loan app in Nigeria that provides quick and easy loans to individuals and small businesses. It uses a proprietary algorithm to determine the creditworthiness of applicants, and loans are disbursed within minutes. KwikMoney offers loans ranging from N500 to N500,000 with flexible repayment options of up to 6 months.
The interest rate charged by KwikMoney varies depending on the loan amount and repayment period, with rates ranging from 5% to 15%. Overall, KwikMoney provides a convenient and accessible way for Nigerians to access credit, particularly for those who may not have access to traditional banking services.
Contact Details
Email: specta@sterling.ng
Tel: 01-7004271
FINT
FINT is a digital lending platform that provides quick and convenient loans to individuals and businesses in Nigeria. The platform uses a proprietary credit scoring system that evaluates borrowers’ creditworthiness based on their financial behavior and history. FINT offers loans of up to N500,000 ($1,300) with a repayment period of up to 6 months.
The interest rates charged by FINT vary depending on the borrower’s credit profile, with rates ranging from 3.5% to 30% per month. FINT aims to make credit accessible and affordable to Nigerians underserved by traditional banks and financial institutions.
Contact Details
Email: support@fint.ng
Tel: 09082925456
CreditVille
CreditVille is a loan app in Nigeria that offers quick and easy loan access. The app is available for download on iOS and Android devices, and the loan application process can be completed within minutes. CreditVille offers loans for various purposes, including personal, business, and education, ranging from ₦10,000 to ₦2,000,000.
The interest rate varies depending on the loan amount and duration but typically ranges from 4.5% to 34% per annum. CreditVille’s loan app has gained popularity among Nigerians due to its convenience, accessibility, and low-interest rates compared to traditional lending institutions.
Contact Details
Email: Customer@Creditville.ng
Tel: 07000330330
Lidya
Lidya is a digital platform that provides loans to small and medium-sized enterprises (SMEs) in Nigeria. The app was launched in 2016 and has since become the country’s leading financial services provider. Lidya uses machine learning algorithms to evaluate creditworthiness and provide loans to qualified borrowers within 24 hours.
Its loans range from ₦50,000 to ₦50 million, and the interest rates vary between 3% to 15% per month. Lidya’s user-friendly interface, fast loan disbursement, and flexible repayment terms have made it a popular choice among Nigerian SMEs looking for quick and convenient access to finance.
Contact Details
Email: info@lidya.co
Tel: 01 76 49 03 78
Page Financials
Page Financials is a digital lending platform in Nigeria that provides personal and business loans to customers via its mobile app. The app offers a simple and user-friendly interface for loan applications and disbursement, making it accessible to a wider audience.
Page Financials offers competitive interest rates on loans, ranging from 3% to 15.5% per month, depending on the loan type and the customer’s creditworthiness.
Customers can access loans ranging from ₦200,000 to ₦5 million, with repayment terms ranging from three to twelve months. The platform also offers a savings feature, allowing customers to earn interest on their savings while building a credit history.
Contact Details
Email: customer@pagefinancials.com
Tel: 01-6317243
C24 Limited
C24 Limited is a Nigerian-based digital lender that provides quick and easy loans to individuals and small businesses through its mobile app. The loan application process is entirely online, and users can access loans of up to ₦10 million with flexible repayment options.
C24 Limited claims to use advanced algorithms and data analytics to evaluate the creditworthiness of borrowers and provide loans within minutes of application.
However, the interest rates vary depending on the loan amount and repayment period, with rates ranging from 4% to 30% per month. Overall, C24 Limited provides a convenient and accessible way for Nigerians to access credit, but potential borrowers should carefully evaluate the terms and interest rates before applying for a loan.
Contact Details
Email: contact@c24.com.ng.
Tel:09090896919
Zedvance
Zedvance is a digital lending platform that provides quick loans to Nigerians without collateral. The app allows users to apply for loans of up to 5 million naira and repay within 12 months.
The loan process is fast and efficient, with borrowers receiving funds within 24 hours of application. Zedvance charges an interest rate of 4.5% per month, which is quite competitive compared to traditional lending institutions.
The app also offers a flexible repayment plan, which allows borrowers to repay their loans in installments that suit their budget. Zedvance has gained popularity in Nigeria due to its convenience, speed, and affordable interest rates.
Contact Details
Email: info@zedvance.com
Tel: 07001001000
Credit Direct
Credit Direct Limited is a Nigerian fintech company that provides quick and easy loans through its mobile app. The app offers loans ranging from ₦10,000 to ₦500,000 with a repayment period of up to 12 months.
With no collateral or paperwork required, customers can apply for a loan in just a few minutes and receive funds in their accounts within 24 hours.
The interest rate on Credit Direct loans ranges from 4.5% to 34%, depending on the customer’s risk profile and loan amount. Overall, the Credit Direct loan app offers a convenient and accessible way for Nigerians to access quick cash when needed.
Contact Details
Email: contact@creditdirect.ng
Tel: 09070309430
SnapCredit
SnapCredit is a loan app that provides fast and easy loans to individuals and small businesses in Nigeria. The app allows users to apply for loans of up to ₦100,000 with flexible repayment terms of up to 12 months. The loan application process is simple and straightforward, with minimal paperwork and no collateral required.
The interest rate for SnapCredit loans ranges from 4% to 4.5% per month, which is relatively competitive compared to other loan providers in Nigeria. Overall, SnapCredit provides a convenient and accessible solution for individuals and businesses seeking quick access to funds in Nigeria.
Contact Details
Email: support@snapcredit.ng
Fast Credit
Fast Credit is a loan app in Nigeria that allows users to access loans quickly and conveniently through their mobile devices. The app offers loans ranging from ₦2,000 to ₦500,000 with up to 12 months repayment periods. The loan application process is straightforward, and users can receive loan disbursements within 24 hours of approval.
However, Fast Credit’s interest rates are relatively high, ranging from 2.5% to 15% per month, depending on the loan amount and repayment period. Fast Credit is a viable option for those needing quick loans but may not be the best option for those looking for lower interest rates.
Contact Details
Email: info@fastcredit-ng.com
Tel: +234 01-888-5046
Frequently Asked Questions
What is a mobile loan in Nigeria?
A mobile loan in Nigeria is a loan that is accessed through a mobile application without the need for collateral or a visit to a bank.
How can I access mobile loans in Nigeria?
Yes. You can access mobile loans in Nigeria by downloading any available loan apps from the Google Play Store or the Apple App Store.
Can I access mobile loans in Nigeria without a smartphone?
No, you need a smartphone to access mobile loans in Nigeria, as they are usually accessed through mobile applications.
How do I qualify for a mobile loan in Nigeria?
To qualify for a mobile loan in Nigeria, you usually need to be a Nigerian citizen, have a bank account, a valid means of identification, and a source of income.
What is the maximum amount I can borrow from a mobile loan app in Nigeria?
The maximum amount you can borrow from a mobile loan app in Nigeria varies from app to app, but it can range from ₦50,000 to ₦500,000.
How long does it take to get a mobile loan in Nigeria?
It usually takes between a few minutes to a few hours to get a mobile loan in Nigeria, depending on the loan app you are using.
How do I repay a mobile loan in Nigeria?
You can repay a mobile loan in Nigeria by using the loan app’s repayment feature, usually linked to your bank account or debit card.
What happens if I default on a mobile loan in Nigeria?
If you default on a mobile loan in Nigeria, the loan app may report you to the credit bureau, affecting your credit score and ability to access credit in the future.
Are mobile loans in Nigeria safe?
Mobile loans in Nigeria are safe as long as you use a reputable loan app and provide accurate information during the loan application process.
Bottom Line
The availability of mobile loan apps has revolutionized the lending industry in Nigeria, making it easier for individuals and businesses to access quick loans without the need for collateral or lengthy application processes.
Nigeria’s top 20 loan apps, such as Carbon, Renmoney, and Branch, offer competitive interest rates and flexible repayment terms, providing borrowers with various options to meet their financial needs.
However, it is important for borrowers to carefully evaluate the terms and conditions of each loan app before taking out a loan to avoid falling into debt traps. Overall, mobile loan apps have transformed the lending landscape in Nigeria, providing accessible and convenient financing options for millions of people.