Loan apps have become very popular in Nigeria, and many people are utilizing unethical methods to get the money they are owing. Numerous Nigerians continue to use these apps to ask for short-term loans despite the unfavorable press their way of operation has received.
We’ll examine the top ten apps in this post based on total downloads.
They are actually defying the odds by offering loans without collateral, a field where conventional banks are afraid to go. The loan apps are the greatest option for Nigerians in need of quick cash because of the speed at which the loans are disbursed, the personalized repayment plans, and the minimal documentation required.
Even though there have been increasing claims of violations of the nation’s National Data Protection Regulations, the Central Bank of Nigeria (CBN) has granted licenses to hundreds of loan apps to offer loan services.
It should be noted that not all loan apps are available on Google Play, and the list below isn’t always complete. It merely serves as a summary of the loan apps that are available on the Play Store.
It should be cautioned that some loan applications have been known to use harassment to collect their money, such as calling a defaulter’s phone contacts and pleading for help. These contacts may include a borrower’s friends, relatives, coworkers, or even employers.
Top 10 Loan Apps In Nigeria
By listing a loan app here, we are in no way endorsing them and you should do your own due diligence before engaging the services of the loan app.
1. Branch (more than 10 million downloads)
Branch is a website in Nigeria that provides instant internet loans. The most popular lending app in Nigeria, with over 10 million downloads on Google Play, is this one.
The app uses information from users’ smartphones to determine loan eligibility and personalize loan offers. The range of their interest rates is 15% to 34%. Depending on your history of repayment, you may be able to receive loans between N1,000 and N200,000 within 24 hours. The repayment duration ranges from 4 to 40 weeks.
Your phone number or Facebook account, bank account number, and bank verification number (BVN) are all you need to apply. Additionally, they will ask to access the information on your phone in order to raise your credit score.
2. FairMoney (with over 10 million downloads).
According to FairMoney, it provides quick loans within 5 minutes with no paperwork or collateral needed. Depending on your smartphone data and repayment history, the loan amounts change.
Loan amounts range from N1,500 to N500,000 with 61 to 180 day repayment terms and monthly interest rates of 10% to 30%. Given that it has been downloaded more than 10 million times and is continuously growing, the app is without a doubt one of the most popular in Nigeria.
3. Alat (More than 1 million downloads)
One of the most popular lending apps in Nigeria is Alat. According to the lending site, a rapid loan of up to N300,000 can be obtained in less than 3 minutes without the need for any kind of security.
According to the platform, you can borrow between N2,000 and N300,000 for a rapid loan, and if your paperwork is accurate and complete, you can receive your cash within a business day. On the Google Play Store, the app has been downloaded more than one million times.
4. EasyCredit (More than 1 million downloads)
In Nigeria, EasyCredit takes pride in being a safe, reputable, and online loan application. The app offers fast loans from N3,000 to N100,000 with a 91- to 365-day loan period and has over 1 million downloads as of Q2 2022.
The maximum annual percentage rate (APR) for this loan is 40%, and the interest rate ranges from 0.1% to 1%. The one-time processing charge is between N1,256 and N6,000.
5. Aella Credit App (More than 1+ million downloads)
Aella Credit takes pleasure in offering all of your financial services in one convenient location. They provide one- to three-month payback terms on short-term personal loans with amounts ranging from N2000 to N1,000,000.
The range of their interest rates is 6% to 20%. The fact that the app has been downloaded over one million times on the Play Store indicates that Nigerians like it.
6. Newcredit App (More than 1 million downloads
Another rapid lending app with over 1 million downloads in Nigeria is Newcredit. The personal loan application that provides Nigerians with loans without collateral up to N300,000.
The software analyzes prospective clients’ financial information, including bank transaction SMS on their phones and their creditworthiness from other lenders, using artificial intelligence (AI).
7. Umba (More than 1 million downloads)
Umba has surpassed 1 million downloads, along with other popular loan apps in Nigeria. The lender takes great satisfaction in becoming the top digital bank in Africa. Users of the app can apply for, receive, and repay loans online using a desktop or mobile device.
Following verification, it bases loan decisions on the risk assessment given to the applicant. Once a borrower is capable of making timely payments, this software enables them to raise their loan limit.
8. QuickCheck App (more than 1 million downloads)
A rapid lending software called QuickCheck uses machine learning to predict borrowers’ behavior and analyze loan applications right away. Among the top lending apps in Nigeria with over 1 million downloads is this one.
According to the organization, its purpose is to provide digital financial services that will assist people achieve both their personal and professional objectives. The app also provides unsecured loans.
9. Okash App ( 1 Million+ downloads)
For mobile phone customers in Nigeria, Blue Ridge Microfinance Bank Limited manages Okash, a practical and efficient online loan platform. Customers’ financial demands are fully met by OKash online and round-the-clock.
The loan amount is deposited to the applicant’s bank account after only a few simple steps and little paperwork in the application procedure. The app offers loans with repayment terms of 91 days to 365 days and amounts ranging from N3,000 to N500,000.
The app has received over 1 million downloads, making it one of the most popular lending apps on the Play Store.
10. Carbon App (More than 1 million downloads)
A variety of financial services, including personal loans, business loans, payments, fund transfers, credit scoring, savings, and investments are offered by Carbon, a digital financial service platform. It normally takes less than 5 minutes to complete the Carbon loan application.
Depending on the loan payback duration and the amount you want to borrow, their rates might range from 2% to 30%. The app had more than one million downloads as of Q2 2022.
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Conclusion
As we mention, these are just some of the top apps as per google downloads. There are hundreds of other apps that are not famous. Their terms vary a lot and some apps operate like cartels of thieves out to rob poor Nigerians.
Please be aware that these loan apps will share your contacts and the contacts in your phone book with third parties to enforce debt collection notwithstanding data protection rules.
Always pay on time, and refrain from borrowing unless absolutely necessary, to prevent awkward circumstances.