It has never been easier to secure a loan for personal or business purposes.
Modern, smartphone-based apps and platforms have made the process more seamless than ever. If you have a phone, an internet connection and a bank account, chances are there’s a platform that will loan you money.
Mobile money and fintech have exploded in Africa since the onset of the COVID-19 pandemic, and Nigeria, like every other emerging market, is experiencing a surge in money lenders.
According to TechCabal, the best online lenders should be able to provide instant cash disbursement, a low-interest rate, sufficient repayment time allotment and flexible options to spur a great customer experience.
Here are 5 top instant loan apps based in/or lending in Nigeria:
Carbon, originally launched as PayLater, gives instant credit access to those urgently needing loans within minutes.
This platform only requires users to input their Bank Verification Number (BVN), after which users can request a loan.
Carbon operates in both Nigeria and Kenya. Its loans range from as little as $3.06 to $2430.13, and it allows repayments over a maximum of 64 weeks with interest ranging from 1.75% – 30% with an equivalent monthly interest rate of 1% – 21%.
Launched in 2017, Branch currently operates in four countries, namely Nigeria, Kenya, Tanzania and India, with different loan amounts and interest rates in each country.
The service’s app platform has a seamless onboarding process, making getting a personal loan as simple as possible. It also makes use of unique security systems, such as capturing information from users’ phones like SMS history to verify identities and create credit scores.
In Nigeria, loan amounts are from $2.43 to $486.03 with monthly interest between 1.6% and 23%, depending on the size of the loan and personal repayment history.
Branch’s repayment allowance is up to 336 days, but every loan comes with the option to repay in a minimum of 60 days.
FairMoney is considered a fast, reliable and free Android loan app available in Nigeria and India, with over 3-million customers claimed.
Loan amounts on this app range between $3.06$ to $1215.07 with repayment periods from 61 days up to 1 year at monthly interest rates between 2.5% and 30%.
PalmCredit’s loan app allows potential users to borrow money online instantly with a “flexible repayment plan and favourable interest rate.”
The app provides two repayment options – 91 days or 1 year, leaving users to pick which of the two is more favourable. Loan amounts range between $12.15 and $729.04. The platform’s interest rate is between 4% up to 24%.
PalmCredit doesn’t charge any rollover or transaction charge, and it rewards customers that repay their loans early or on time with high credit scores and reduced interest rates.
QuickCheck uses AI to run user credit scoring and make instant loan decisions for its customers.
Loan amounts on the platform range from $3.06 to $1215.07 with interest rates from 2% up to 30%. Depending on the type of loan, repayment periods can run from 30 days to 6 months.
Only Nigerian users with Android devices can use QuickCheck’s loaning app.