The popularity of loan apps sometimes known as loan sharks is on the rise daily
These are companies who provide fast loan to Nigerians and it’s majorly done through the mobile apps and due to the difficulties involve in accessing loan from commercial banks, there have come to the rescue
Giving Nigerians the opportunity to get loans ranging from as low as 5,000 to 100,000 and sometimes, 500,000 with little or no collateral since it’s purely online which is impossible with normal banks
There are over 50 loan apps available and most of them take advantage of the public with high interest credit for shorter duration
It is advisable to avoid loan apps due to privacy concerns, but might be difficult if you get into an emergency
And if you want to know the right online loan companies, here are 7 legitimate loan apps in Nigeria:
Fairmoney is one of the popular and legitimate loan apps in Nigeria providing individual and businesses with instant loan of up to 1 million naira and they are also a micro finance company fully licensed by the CBN and deposits insured by NDIC
To get started, you need to download their mobile app from Playstore.
Branch is another loan company with good reputation because they are not known for debt shaming and getting a loan from branch is quite easy in four simple steps, starting by downloading the mobile from the Google playstore and once your application is successful, you get your loan instantly
Carbon is more than a loan app, they are an online bank offering different banking services like instant loans, high interest savings, bills payment and transfers
Carbon has a license from the CBN and deposits are insured by NDIC
Applying for loan from carbon is fully online with their mobile apps on both android store and Apple app store
Palmcredit is a loan app run by Newedge Finance Limited in Nigeria that allows you to receive a loan without putting up any collateral. You may get a loan in minutes with Palmcredit, and you don’t have to worry about putting up any collateral.
Palmcredit’s enticing low interest rate is one of its distinguishing features. This may explain why it is a popular loan provider in the country.
Download the Palcredit app from the Google Play store to apply for a loan. The startup wants to make receiving quick cash and short-term loans as simple as possible via a smartphone app.
The CBN has completely licensed Newedge Financial Limited, the parent company of palmcredit to operate as a finance firm in Nigeria. This implies that their activities are completely regulated. This means it’s safe to apply for loan from them
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Quickcheck is another good loan app you can apply for instant cash and get credited immediately and their process is simple and all you have to is download the app from playstore, create a profile and get credited instantly. You can get a loan ranging from 5,000 and up to 100,000 depending on your credit score with 1% daily interest
Migo ( Formerly Kwikmoney)
Migo, originally known as Kwikmoney or Kwikcash, is an automated rapid lending service that was created in Nigeria as a result of a collaboration between banks, mobile networks, and telecommunication firms to make personal banking and access to financing more convenient for Nigerians. The partnership’s fundamental goal is to provide Nigerians with easy access to credit without the need for collateral or guarantors.
You may receive a loan in 60 seconds or less with Migo. That’s how simple and quick the procedure can be when it’s at its best. To receive a loan, all you have to do is dial a code on your phone, just like you would to check your airtime balance.
The Aella Credit loan app is another safe place to receive quick loans online in Nigeria. They offer excellent customer service, and their helpdesk is always available and quick to react to any questions.
With the Aella credit app, there are no hassles and no worries!! Simply download the app from the Google Play store, fill in all of the required information, and you’ll have fast access to loans no matter where you are.
Make sure your details are right and correspond to the information you entered, as incorrect details may prevent you from using the app.