{"id":167171,"date":"2023-11-26T17:06:07","date_gmt":"2023-11-26T17:06:07","guid":{"rendered":"https:\/\/businessyield.com\/?p=167171"},"modified":"2023-11-26T17:06:09","modified_gmt":"2023-11-26T17:06:09","slug":"8-best-loan-apps-in-nigeria","status":"publish","type":"post","link":"https:\/\/businessyield.com\/loan\/8-best-loan-apps-in-nigeria\/","title":{"rendered":"8+ Best Loan Apps in Nigeria","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

Obtaining quick online loans with low interest rates and no collateral is no longer difficult due to loan apps in Nigeria. With the invention of loan apps, you can now borrow money from the comfort of your own home with just a few clicks.\u00a0<\/p>

However, not all loan apps provide low-interest loans. As a result, you will learn about a few low-interest loan apps in Nigeria. This will be useful as a reference when looking for loans. <\/p>

In this article, I will go over the best loan apps in Nigeria that approve fast and instant loans for individuals and businesses, the pros and cons of using loan apps and how to improve and maintain your credit score.<\/p>

What Exactly is a Loan App?<\/span><\/h2>

Borrowers can apply for instant loans in Nigeria using a loan application, which is a digital app. You can obtain fast loans using a loan app in Nigeria. All you have to do is download the app to your smartphone and use it to apply for a loan. Depending on the loan terms and conditions, lenders will grant your loan within a short period of time. <\/p>

Best Loan Apps in Nigeria<\/span><\/h2>

The following are the best loan apps in Nigeria, with quick and instant responses:<\/p>

#1. Branch <\/span><\/h3>

The branch is one of the best apps in Nigeria that provides quick online loans. With over 10 million downloads, the app is now one of the most popular in the lending category on Google Play. Using the data from the users’ smartphones, the app determines loan eligibility and provides personalized loan offers. The app’s monthly interest rates range from 3% to 23%, depending on the customer’s risk profile. <\/p>

Personal loans ranging from N2,000 to N500,000 are available within 24 hours, depending on your repayment history, and have terms ranging from 62 days to one year. An examination of the app’s interest rate reveals that if you borrowed N60,000 at an annual percentage rate (APR) of 181% for 62 days, the total amount to repay would be N78,400 (N60,000 plus N18,400 interest).<\/p>

#2. Quick Check<\/span><\/h3>

QuickCheck is one of the quick and fast loan apps in Nigeria that predicts borrower behavior and instantly evaluates loan applications. This app is one of the top loan apps in Nigeria, with over 1 million downloads. On the first loan, QuickCheck loan interest rates start at as low as 5% per month. Loan amounts range from N1,500 to N500,000, with terms ranging from 91 days to one year. Interest rates range from 2% to 30%, with a monthly interest rate of 1 to 21%.<\/p>

#3. Umba<\/span><\/h3>

The Umba loan app is a simple mobile banking and financial application that allows individuals to access low-interest loans ranging from N2,000 to N30,000, pay bills, perform other basic transactions, and repay within 8 weeks.<\/p>

The Umba app is one of the best instant loan apps, allowing users to apply for, withdraw, and repay loans in Nigeria. It determines loan options based on a risk assessment and can disburse loans quickly without requiring collateral, documentation, or in-person visits. <\/p>

Umba is available around the clock and does not charge late fees or rollover fees. To apply for a loan from Umba, do the following: download the mobile app from the Google Play Store, register, and submit your loan request.<\/p>

#4. New Credit<\/span><\/h3>

Newcredit, another instant loan app in Nigeria, has over 1 million downloads. The personal loan app provides collateral-free loans of up to N300,000 to Nigerians. The app analyzes prospective customers’ financial records, including bank transaction SMS on their phones and creditworthiness from other lenders, using artificial intelligence (AI). <\/p>

The app offers loans ranging from N10,000 to N300,000, with repayment terms ranging from 91 to 365 days. The company charges 4% interest per month.<\/p>

#5. Ease Cash<\/span><\/h3>

Ease Cash takes pride in being one of the best, most instant, most dependable, and most reliable online loan apps in Nigeria. The app, which has over 1 million downloads, provides instant loans ranging from N1,000 to N100,000 with terms ranging from 91 to 180 days.<\/p>

Aside from the 14% APR on its loans, Ease Cash said it charges a one-time processing fee (per transaction) of at least 5% and up to 20%.<\/p>

#6. P2vest<\/span><\/h3>

P2Vest, as a peer-to-peer lending platform, facilitates direct connections in the online lending marketplace between screened borrowers and lenders or investors. This novel approach eliminates the need for middlemen, allowing individuals to lend and borrow money directly from one another. P2Vest offers borrowers competitive interest rates and investors higher returns on capital by eliminating the middleman.<\/p>

#7. Migo Application <\/span><\/h3>

Migo is one of the best instant loan apps in Nigeria, and it allows you to borrow with a USSD code for quick and easy access to loans. The quick loan application provides a diverse range of loan amounts ranging from N500 to N500,000. However, for first-time clients, initial loan offers are typically smaller, gradually increasing as trust and a positive borrowing history are established.<\/p>

Follow these steps to begin the loan application process via USSD:<\/p>