Over the past few years, numerous mobile loan apps have emerged in Nigeria, giving entrepreneurs an alternative to seeking business funds.
That is why many business ideas are in the grave today because there was no finance to translate the opportunity to wealth.
Even when you try to save, you discover that it is nearly impossible due to the hostile economy and inflation.
If you were to seek bank loans, the process alone is discouraging. Without any tangible collateral, it is almost impossible to get a bank loan.
But with these mobile loan apps in Nigeria, you can get a loan from online lenders to start that dream business of yours.
Table of Contents
- What Are Mobile Loan Apps?
- 10 Best Loan Apps in Nigeria
- Pros Of Mobile Loan Apps
- Cons Of Mobile Loan Apps
- FAQs On Mobile Loan Apps In Nigeria
What Are Mobile Loan Apps?
Mobile loan apps or lending platforms are designed to save an entrepreneur from raining days or emergencies. Through the short term loan offered by lenders, you can start, manage, or take care of business needs.
With your mobile device, you can borrow over a million naira from these apps or lending platforms. In this article, you’re going to learn some of the best mobile loan apps in Nigeria.
10 Best Loan Apps in Nigeria
This loan company is one of the best online lenders in Nigeria, and they can provide over #6 million worth of loan, with an interest rate of 2.8% per month.
However, your income statement history has to be impressive, with regular monthly earnings to show capability.
The minimum loan this lending company offers is from 50,000 to #6,000,000. This mobile loan app has over 5,000 downloads on Google PlayStore with a 2.6-star rating.
Renmoney mobile Loan App is only available for androids and can be downloaded from Google PlayStore. Once everything is successful, you should get your loan within 24 hours.
- Interested borrowers must be within the age range of 22 – 59 years to qualify for this loan.
- The borrower must have an existing bank account with any of the commercial banks in Nigeria.
- The borrower has to be well-paid as an employee or own a striving business.
- The intending borrower must verify their monthly income and also a clean credit bureau.
- A recent passport to confirm that you’re a staff of your organization.
2. Carbon (PayLater)
When it comes to the best mobile loan apps in Nigeria, many business consultants believe Carbon to make the cut.
It is inarguably one of the most popular choices for people looking to borrow money online.
This app is regarded as the best because virtually anyone can borrow from the platform, including students, monthly earners, or entrepreneurs.
If you want to borrower from this online lender, rest assured that you don’t need any collateral.
What I love most is the easy interface, and you can get your loan in a matter of minutes.
If you’re able to repay your loan on time, the lender gives you more chances to take higher loans.
Pretty cool, right?
As an entrepreneur, you can take advantage of one of the best mobile loan apps in Nigeria to start that lucrative business idea.
- You must have a bank account with any of the Nigerian banks
- For identification, voters card, driver’s license, national identity card, employment letter, etc.
- Five minutes for successful registration on the platform.
3. Fair Money App
FairMoney is one of the best mobile loan apps in Nigeria, offering over #500,000 without any paperwork or collateral.
For aspiring entrepreneurs looking for ways to finance their business idea, this mobile loan app could be an answer to your dreams.
All you need to access this loan is download the app, sign up, and follow the simple instructions to get your loan.
According to numerous users, the app is fast and reliable. The monthly interest of this loan ranges from 10% to 30%, which is somewhat high.
As long as you have a Nigerian bank account, there are no other requirements.
With PalmCredit, you can get a fast loan that ranges from #2,000 to #100,000 right from the app.
All you need is just a few minutes, and you will get credited to your bank account immediately.
PalmCredit has been at the forefront for years now, and they pride themselves as one of the best mobile loan apps in Nigeria.
The app’s interface is pretty friendly and easy to interact with. So, you don’t need to be a computer wizard to pull this off.
All you have to do is download the app from your app’s store to access this loan. After signing up, proceed to request for a loan.
According to this lending company, they are fast, flexible, and offers a low-interest rate.
Do not forget to compare with other mobile loan apps before making a decision.
That is to ensure you’re making the right choice. Also, when you repay your loan early, your credit score gets updated.
What that means is that you will be able to get over a #100,000 in your next loan.
A Nigerian Bank Account
A means of identification like voters’ cards, national identity card, driver’s license, etc.
Another incredible lending platform that offers quick online loans in Nigeria is Branch, offering over 200,000 with a duration of 4 to 40 weeks to pay back.
Based on the positive reviews, you’re free to conclude that this is one of the best mobile loan apps in Nigeria. This lending app offers an interest rate that ranges from 15% to 34%.
If you’re going to get a loan from Branch, have in mind that interest rate is determined by your credit history and cost of lending for Branch.
Thanks to Branch, numerous entrepreneurs have been able to get financing for their businesses.
You don’t need any paperwork, collateral, or guarantor.
- A Nigerian bank account
- A means of identification
- Download app from play store
6. Aella Credit
Another excellent mobile loan app is Aella, known for their impeccable customer service and fast delivery.
Getting a loan from this lender is super easy, with a friendly interface that mature or senior entrepreneurs can easily understand.
To access this loan, you will have to download the app from Google PlayStore. When you fill in the correct details, you will get access to the loan in a matter of minutes.
This app is mainly focused on employee lending and empowerment. However, entrepreneurs can still benefit provided that have a good income statement.
Aella utilizes a proprietary credit scoring algorithm to determine the amount users are eligible to. Other factors also play a role, like monthly income.
- A Nigerian bank account
- Download app from Google PlayStore
On our seventh spot is QuickCheck, one of the most reliable mobile loan apps to get instant loans directly to your bank account.
You don’t need any paperwork or collateral to access this loan, but you will need a bank account.
As an entrepreneur looking for ways to access business funds, QuickCheck made it easy to get loans fast and seamlessly.
The interface of this app is friendly and pretty simple. After signing up, the algorithm will run a credit score to determine your creditworthiness.
When it comes to choosing the best mobile loan apps in Nigeria, QuickCheck seems to make the spot.
Many prefer this lender because you can choose when you payback, and how much to borrow.
Depending on your credit score, you can borrow up to #200,000 without hassles.
- A Nigerian bank account
- Download QuickCheck app from Google PlayStore
8. Kwikmoney (MIGO)
This impressive quick loan mobile app was recently rebranded to Migo, and they are known to be fast and reliable.
Unlike some lenders, Migo doesn’t require you to download any app.
That means every process can be done on their website without any issue. To begin, visit the Migo loan portal and input your phone number.
You will also have to provide your bank account details for the deposit of the loan. An edge it has over other competitors is the responsive and friendly website.
If you want, Migo offers a way to access loans through USSD codes, which is a game-changer as long as mobile loan apps are a thing.
The loan offered ranges from #500 to #500,000, with an interest rate of 5% to 25%. If you’re able to repay your loan, your loan limit increases immediately.
With a bank account and a means of identification, you can easily access Migo loans without hurdles.
Another mobile loan app in Nigeria you should consider is Soko loan, and they aim at providing quick loans to individuals and entrepreneurs alike.
This lending platform is a product of a microfinance institution known as Soko Lending Company Limited.
After a few research, it becomes evident that users love this mobile loan app due to their passionate goal of solving financial problems.
If you want to access this loan, you must download the mobile app from your app store.
This quick loan app offers you loans ranging from #5,000 to #100,000, with an interest rate of 4.5% to 34%.
When you’re given a loan, you’re given a loan duration term of 7 to 190 days.
- A Nigerian bank account
- Download Soko Loan app from Google PlayStore
10. Kia Kia
Kia Kia is a Yoruba word that means fast, which is what this mobile loan app offers.
In other words, accessing loans in this lending platform is super quick and easy. There is no paperwork or any rigorous process involved.
With Kia Kia, you can obtain from #10,000 to #200,000, with an interest rate of 5.6% to 24% depending on your credit score.
Unlike some lending platforms, you don’t need to download an app to access this loan. All you need to do is visit their website and click on the ‘get a loan’ button.
An interface will come up, urging you to enter your full name, email address, and phone number associated with your bank account.
Signing up and accessing the loan shouldn’t take you more than 7 minutes.
- A Nigerian Bank Account
Pros Of Mobile Loan Apps
1. Great Rate And Terms
Most online lenders in Nigeria can offer great rates and terms, which you can use to manage your business or settle huge expenses.
2. Easy Comparison
Since there are many mobile loan apps, it gives you the advantage to compare and finally settle for the best. Through reviews and customer testimonials, you can quickly determine the best fit for your business.
3. Quick and Easy
Unlike bank loans or business grants, online lenders are pretty fast and quick when it comes to giving loans.
There is no rigorous protocol or collateral needed. Once your income statement is impressive, you’re good to go.
Cons Of Mobile Loan Apps
1. The Bank Might Be Best
Before you take that mobile loan, you might need to consider if your bank would be the best option. It is easier to get a loan from the bank where you have a long history of keep money.
Many of these banks have special packages for small businesses. Contact your bank’s customer care and make inquiries about business loans.
Only go for lenders when all other options have failed.
2. Frequent Contact
When you take out a loan via mobile loan apps, the calls and messages might never stop coming. It will take a better effort to take you off their marketing list.
3. Managing The Loan Online
Unlike commercial banks, you will need to repay and manage your mobile loan online. Users often run into glitches now and then, which can be frustrating.
FAQs On Mobile Loan Apps In Nigeria
The best lending platform depends on your needs, requirements, and loan duration. Migo is best for Mr. B doesn’t mean it will work in your case.
Some mobile apps often require a guarantor, but the ones reviewed in this article don’t need any guarantor or paperwork.
When you fail to pay back, it will affect your credit score. Ideally, you will start getting calls from the lending platform.
When you refuse to comply, they might extend such calls to family and friends. If all attempts prove abortive, your BVN might be blacklisted.
Getting access to quick loans is possible if you use a reliable mobile loan app.
There are many options to choose from. Endeavor to take your time to compare the different apps before making a decision.
Compare the ratings and reviews, and then go for one that seems to offer better customer service.
Also, consider when you can pay back, and the interest you can afford. If you’re thinking of starting a business with this loan, ensure the business has a high chance of succeeding.
So, which of these mobile loan apps in Nigeria would you go for?