As a business person or an individual, there will be times when things might get a little bit hard, and there will be a need to look for an emergency fund. It could be money to meet personal needs or business needs. In the past, it was almost impossible to access an emergency loan in Nigeria. But these days, there are many loan apps in Nigeria where you can get a quick loan without collateral.
All you need is to download and install their app on your phone. And you can get a loan. Most often without any paperwork.
How do loan apps work?
Loan apps work this way: You download the app from your app store. Install it on your phone. Open the app, and register with your correct details and any document needed. Your credit score will be calculated, and you will get a loan offer. Once you accept the loan, it will be credited to your account. You must pay back your loan before or by the due date.
The majority of the loan apps in Nigeria do not require collateral or guarantors. So you do not need to worry about that.
Loan apps are handy for emergencies. When you need an emergency loan, you must open the loan app and apply for a loan. Most loan apps work 24/7.
Loan apps are available for Android, iOS, Blackberry, and Windows phones. You may need money for house rent, school fees, travel, or business. Loan apps will always be resourceful in times like that. It is very advisable to have one or two installed on your phone. Because you never know when you may need it. L is
Advantages of using loan apps
There are many advantages when using loan apps instead of regular money lenders.
- Loans without collateral
- 24/7 accessibility
- No paperwork required
- Flexible payment options
- Always on your phone, ready to use
Overview of loan apps in Nigeria and their offers
|Carbon (Pay later)
|Up to ₦1 million
|Up to ₦2 million
|Up to ₦100, 000
|Up to ₦200, 000
|Up to ₦100, 000
|Up to ₦200, 000
Top loan apps in Nigeria to get a quick loan
Here are the top loan apps in Nigeria to get a quick loan without collateral:
1. Carbon (Pay later)
Carbon, formerly known as Paylater, is one of Nigeria’s top mobile phone loan apps. It is easy to use, and you can get a loan quickly without much delay. You can get a loan of up to ₦1 million from this app.
It does not require collateral or a guarantor to get a loan from Carbon. All you have to do is download the app into your phone. Register with your accurate details and then apply for a loan. The app is fast; you may get a loan offer in a few minutes.
They charge a flexible interest rate from 5% to 15%, depending on the amount and repayment period.
You can pay back your loan quickly from the app using your ATM.
For android and iOS users, you can download the carbon app from the Google play store or the app store.
With the FairMoney app, you can get a loan of up to ₦150 000 with just a few clicks. It is fast, easy, and secure. This app is one of the most downloaded loans app in the Google Play store.
You only have to download the app and install it on your phone. Then you can proceed to sign up with your Facebook account or with your phone number. Then you answer a couple of questions. After that, you will be sure to get a loan offer.
Once you get an offer, accept it, and the money will be credited into your bank account. It is that easy.
They have a flexible interest rate. You can pay back your loan install mentally for up to 3 months.
You can download the FairMoney app from the Google play store to access their service. This app is not available for iOS, Windows, and Blackberry.
You can get an instant loan of up to ₦100, 000 from the Plamcredit app. This app is top-rated among Nigerians. It is easy to operate and use. Typically, loan applications are approved in about 5 minutes.
You only have to download the app and install it on your phone. Open the app, register and apply for a loan, get approval, and receive the money.
The interest rate is 14% to 24%, depending on the tenor and amount. You can loan for a duration ranging from 91 days to 180 days. You do not need collateral or a guarantor.
You can download the Palmcredit app from the Google play store to access the loan.
The branch is one of the top loan apps in Nigeria. With a branch, you can get up to ₦200 000 loan from your phone without paperwork or collateral.
All you have to do is download the app and create an account. Then apply for a loan, and you get your loan. It is that easy.
The loan term is from 4 to 64 weeks. And the interest rate ranges from 14% – 28%.
These app has been featured in Forbes, Bloomberg, and more.
You can download the Branch app from Google Play Store
5. Aella’s credit
Aella credit is a mobile loan app that gives loans up to ₦100, 000 without collateral and paperwork. It is highly secure and quite popular.
To get a loan, download and install the app. Fill out the application form. Then you register. And you can receive a loan without much delay.
The loan tenure is 30 to 60 days. And the interest rate varies from 4% – 29%.
You can download the Aella credit mobile app from the Google play store.
QuickCheck is a top-rated mobile loan app in Nigeria that gives up to ₦200 000 instant loans without hidden charges.
To access a loan, you need to download and install the app. Permit it to access your phone data to make you an offer. Apply for a loan, and once approved, you get the money in your bank account.
If you forget passwords too quickly, with QuickCheck, you can log in with your Facebook account.
Kiakia is a web app that gives online loans to Nigerians. You can get loans instantly by just answering a few questions.
Kiakia uses a different method to give its loan. You must access the web app and chat with Mr.Kiaia, a chatbot. Then you get your loan!
To get a loan, you can use your Android phone, iOS, Windows, and Blackberry to access the Kiakia Web app and chat with Mr. Kiakia.
Frequently Asked Questions (FAQs)
What is the best app to borrow money in Nigeria?
Experts and borrowers widely regard Carbon as the best loan app in Nigeria. They offer a competitive interest rate, and most importantly, they have strong investor backing with over $15 million invested. They do not harass borrowers with calls and threats like loan sharks in Nigeria.
Which app will give a loan instantly in Nigeria?
Carbon, Fairmoney, Branch, and Quick Check give an instant loan in Nigeria, but you need a credit score. How much you can get will depend on your credit score and other factors. To be guaranteed to get an instant loan, try to maintain a good credit score.
How can I get a loan instantly in Nigeria?
You need to download and install a loan app to get an instant loan. If you are an existing user, if you are new, then create an account. Once you have created an account, you can apply. A good credit score will play a significant role in instant loan access.