Best loan apps in Nigeria and how to use them

With the invention of technological tools, you’ll trust the actual fact that applying for loan will be done by anyone at the comfort of his home. Yes, this can be one in all the most important pros of applying for loans using an app. Even with the very fact that applying for loans online is quick and simple, there are still major drawbacks that a lot of face when applying for a loan online in Nigeria.

One among such major drawbacks is High rate of interest, the many procedures involved which has made many give up on applying for loan. If you’re in those shoes right away, you’re within the right place. Why? this is often because during this article, we’d be gazing applications that supply low rate on loans, fast to apply through an app and a few other factors why we predict they’re trustworthy.

Branch

This can be because Branch is ready out with the goal of providing a mobile generation with top-notch banking services. Branch interest rates are supported variety of variables, including the cost of borrowing and repayment history with Branch. These variables affect its rates, which change as follows:

The monthly rate at Branch ranges from 1.5% to 20%, counting on the sort of loan you applied to induce.

Typically, the loan periods range from 9 to 52 weeks. While borrowers are answerable for any bank transaction fees associated with loan repayment, Branch doesn’t charge late fees.

These could include any applicable normal SMS and data fees from the borrower’s wireless provider.

QuickCheck

This software allows you especially if you have got a decent credit score to use for loans. On the initial loan, QuickCheck offers interest rates as low as 5% per month. The repayment duration is between 91 days and 1 year, and therefore the typical charge per unit is between 2% and 30%.

Additionally, with QuickCheck you have the choice of return your loan in weekly installments instead of the one-time payment most businesses require you to wait 10 days after repayment before submitting an application for an additional loan. That’s for users who have made fewer than five successful loan payments.

Aella Credit 

This is another rapidly expanding credit platform in Nigeria. The relatively new player within the lending industry links its interest rates to the characteristics of borrowers. Betting on the borrower’s characteristics, the interest rates charged by Aella range from 4% to 30%.

Borrowers whose employers or staff integrate with them are given cheaper interest rates. Aella Credit offers loans with terms up to 3 months and amounts starting from 2000 to at least one million naira. Returning customers are urged to pay back their debts on time in order that they will raise their credit score and become eligible for not just larger loan amounts but also more advantageous interest rates.

Migo

Betting on the terms of the loan, the speed could range between 5-25%. Your charge per unit can also be impacted by your repayment history. On Migo, you’ll be able to obtain loans ranging in value from 500 to 500,000 Naira. But this app utilizes a credit score.

Therefore, you’d only be qualified for a touch sum on your initial attempt. As you pay back this loan over time, your borrowing capacity increases. This signifies that you just don’t seem to be permitted to fire a particular sum, they provide you money in accordance together with your qualifications.

FairMoney Loan app

You will submit an application online with FairMoney for up to N150,000 without submitting any paperwork or security, and using the FairMoney Loan App is 100% stress-free. you’ll split your payments into variety of periods with FairMoney likewise. once you pay off your mastercard fully and on time, your chances of getting additional benefits rise.

You’ll also use the app to pay bills, and you’ll be able to stand up to five off airtime from any Nigerian network by using it to shop for it.

The JumiaOne app 

This does not only acts as a payment gateway for Jumia Nigeria, the biggest online retailer in Nigeria, but it also provides unsecured loans to its individual users. looking on the user’s JumiaOne credit score, the JumiaOne app provides loans from N5,000 to N100,000 with tenors of 15–30 days and even longer. Users may receive loans with a 15% rate for 15 days. On the JumiaOne app, users can get loans by scrolling all the way down to the “Financial Services” section and selecting “Loans.” You receive your notice in 10 minutes or less, reckoning on your internet network, after providing all the needed information, including the payout details.

ALAT

This allows customers the choice of obtaining a free and customised Naira ATM card and virtual dollar card for ATM and online transactions additionally to providing the power to open a full-fledged checking account, send and receive cash, pay bills, and perform other banking transactions from the convenience of their home or place of business. Additionally, it enables users the choice to request for a loan instantly without filling out any paperwork or watching for bank representatives to go to their physical location, and it offers customers 10% interest each year on savings made using the ALAT app.

It enables users to simply plan money transfers and bill payments also as borrow up to N200,000 without the requirement for collateral or a guarantor.

Palmcredit

You will submit an application for a loan immediately from the app, with loan amounts starting from N2,000 to N100,000. the method of obtaining quick online loans on Palmcredit is additionally quite easy and quick. you’ve got complete control to require some quick steps to get the loan you deserve.