EasyCredit prides itself as a secure, reliable, and online loan app in Nigeria. With over 1 million downloads as of Q2 2022, the app gives out instant loans from N3,000 to N100,000 with the lending term of 91 days – 365 days. Its interest ranges from 0.1% – 1%, one-time processing fee ranges from N1,256 to N6,000 and the Maximum Annual Percentage Rate (APR) is 40%.
Umba, like other top loan apps in Nigeria, has crossed 1 million downloads. The lender prides itself as the leading digital bank in Africa. The app allows users to apply, draw down and repay loans directly from their smartphone or desktop computer. Once an individual is verified, it makes lending decisions based on an assigned risk rating.
This app allows a borrower to increase his or her loan limit once they are able to repay on time.
Okash is a convenient quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited. OKash fulfils customers’ financial needs completely online 24/7. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account. The app offers loans ranging from N3,000 to N500,000 and the repayment plan ranges from 91 days to 365 days.
The app is one of the most-downloaded loan apps on Play Store as it had crossed 1 million downloads as of Q2 2022.
04. Carbon:
Carbon is a digital financial service platform that provides a range of financial services, including personal loans, business loans, payments, funds transfers, credit scoring, savings, and investments. The Carbon loan application process typically takes less than 5 minutes to complete. Their rates range from 2% to 30%, and this depends on the loan repayment period and the amount of money you wish to borrow. As of Q2 2022, the app had been downloaded over 1 million times.
03. FairMoney:
FairMoney says it offers fast loans within 5 minutes with no documentation or collateral required. The loan amounts vary based on your smartphone data and repayment history. Loan amounts range between N1,500 to N500,000 with repayment periods from 61 days to 180 days at monthly interest rates that range from 10% to 30%. The app is, no doubt, one of the most used by Nigerians as it has also been downloaded 5 million times and still counting.
02. Plamcredit:
Palmcredit comes a distant second to Branch in terms of downloads, it is nonetheless one of the most patronized loan apps in Nigeria. The lending platform says it can provide a quick loan of up to N300,000 in less than 3 minutes without any form of collateral. You can borrow between N2,000 to N300,000 quick loan and if your documentations are complete and accurate, you can get your disbursement within a business day, the platform claims. The app has been downloaded over 5 million times on the Google Play Store.
01. Branch:
Branch is a platform that offers quick online loans in Nigeria. As of Q2 2022, this app is the most-downloaded loan app in Nigeria that has crossed 10 million downloads on Google Play Store.
The app determines loan eligibility and personalized loan offers using the users’ smartphone data. Their interest rates range from 15% – 34%. You can get access to loans from N1,000 to N200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back.
All you need to apply is your phone number or Facebook account, bank verification number (BVN) and bank account number. They will also request access to the data on your phone in order to build your credit score.
Note: Many operators of loan apps have been known to recover their monies through harassments, including calling a defaulter’s telephone contacts to request the contact’s intervention. Such contacts may be friends, family members, co-workers or even a borrower’s employers.
Once you register for loan on any of these apps, you are surrendering your contacts list privacy to them and this is used if you default in repaying. The watchwords in dealing with the loan apps are: Do not owe them.
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