Which App Gives Loan Instantly In Nigeria? Are you looking for the lowest interest rates, the fastest disbursement time, or great customer service, by exploring the best quick loan apps in Nigeria, this article on which app gives loan instantly in Nigeria, will equip you with the knowledge to navigate the world of lending. My listed app will enable you to make the right decision for your specific financial needs.
Therefore, our ranking highlights the best loan applications in Nigeria, which app gives loan instantly in Nigeria with the lowest interest rates and gives an insight into the repayment term options they offer.
Finally, we have compiled a list of the pros and cons of each of the best loan apps in Nigeria, providing a balanced overview of their features allowing users to weigh the benefits and drawbacks at a glance and select the loan app that best suits their preferences and financial goals.
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Which App Gives Loan Instantly In Nigeria?
To answer your question on which app gives loan instantly in Nigeria, we have considered compliance with regulatory agencies, customer reviews, interest rates, delivery time, quality of customer service, payment terms, and pros and cons, the best loan apps in Nigeria are:
- FairMoney
- Branch
- PalmCredit
- Okash
- NewCredit
- Ease Cash
- Carbon
- Aella Credit
- Quick Check
- Umba
1. FairMoney
FairMoney App, has been downloaded more than 10 million times on the Google Play Store, FairMoney App offers fast loans in 5 minutes without the need for documents or collateral. Loan amounts vary based on your Smartphone data and payment history.
Loan amounts range from N1500 to N1 Million with repayment periods ranging from 61 days to 18 months at monthly interest rates ranging from 2.5% to 30%.
For example, if you borrow N100,000 in 3 months, you are expected to pay N43,333N each month, making a full payment of N130,000 at the end of the three months.
2. Branch
Which App Gives Loan Instantly In Nigeria? Branch is a platform that offers fast online loans in Nigeria. Today, the app is one of the most downloaded apps in the lending category on the Google Play Store with over 10 million downloads.
The app determines loan eligibility and offers personal loans using users’ smartphone data. The application’s monthly interest rates range from 3% to 23% depending on the client’s risk profile. You can get Personal Loans from N2,000 to N500,000 within 24 hours depending on your payment history, with tenure from 62 days to 1 year.
An interest rate analysis from the app shows that if you borrow, say, 60,000 Naira at an annual percentage rate (APR) of 181% for a period of 62 days, the total amount payable will be 78,400 Naira (Naira plus N18,400).
3. PalmCredit
On the Google Play Store, the Palmcredit app has been downloaded over 5 million times, making it one of the top lending apps in the country. The lending platform says that it can provide a quick loan of up to N300,000 in less than 3 minutes without any collateral.
You can borrow between N10,000 and N300,000 fast loan and if your documents are complete and accurate, you can receive your payment within one working day, as the platform claims.
The annual percentage rate (APR) on the platform ranges from 24% to 56%.
For example, if you choose a 6-month loan and borrow N100,000, Plamcredit charges an interest rate of 4% per month. The interest rates for 6 months will be 24,000 naira so the total repayment will be 124,000 naira.
4. Okash
Which App Gives Loan Instantly In Nigeria? Okash is a convenient and fast online loan platform for mobile users in Nigeria operated by Blue Ridge Microfinance Bank Limited. OKash caters to customers’ financial needs entirely online 24/7. The application process takes only a few steps with minimal documents 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 company’s range is from 0.1% to 1%. However, the interest rate on Okash is calculated on a daily basis, which comes out to an Annual Percentage Rate (APR) between 36.5% to 360%. OKash app has been downloaded more than 5 million times.
5. NewCredit
Newcredit is another instant loan app in Nigeria that has crossed 1 million downloads. The personal loan app gives Nigerian loans without collateral up to N300,000. The app uses artificial intelligence (AI) to analyze the financial records of potential customers, including bank transaction SMS on their phones and their creditworthiness from other lenders.
The application loan amount ranges from N10,000 to N300,000 with the repayment period from 91 days to 365 days. The company charges a monthly interest rate of 4%.
6. Ease Cash
Ease Cash pride itself as a safe and reliable online loan app in Nigeria. With over a million downloads, the app gives instant loans ranging from N1,000 to N100,000 with a tenure of 91 to 180 days.
Aside from the 14% annual percentage rate on its loans, Ease Cash said it charges a one-time processing fee (per transaction) of a minimum of 5% and a maximum of 20%.
Note: Many loan app operators have been known to get their money back through harassment, including contacting the defaulter’s phone contacts to request the contact’s
7. Carbon
Carbon is a digital financial services platform that offers a range of financial services, including personal and business loans, payments, remittances, credit scoring, savings, and investments. The carbon loan application process usually takes less than 5 minutes to complete.
Interest rates range from 2% to 30%, depending on the loan repayment period and the amount of money you want to borrow. The app has been downloaded more than a million times.
8. Aella Credit
Aella Credit provides quick and easy access to loans in 5 minutes. With no paper documentation, you can increase your credit score and increase your credit limit with instant repayment. All you need is your basic information, BVN, and a smartphone (iOS or Android).
The app which has scored over 1 million downloads offers loans ranging from N2,000 to N1.5 million with tenure ranging from 61 days to 365 days. The monthly interest rate ranges from 2% – 20% and the annual interest rate ranges from 22% – 264%/annum.
9. QuickCheck
QuickCheck is a fast loan application that uses machine learning to predict borrower behavior and evaluate loan applications instantly. This app is among the top loan apps in Nigeria with over 1 million downloads.
QuickCheck Loan has interest rates starting at 5% per month on the first loan. Loans range from N1,500 to N500,000 with terms from 91 days – 1 year. Interest ranges between 2% – 30%, with a monthly interest rate equivalent to 1 – 21%.
10. Umba
Umba, like other loan apps in Nigeria, has crossed 1 million downloads. The lender prides itself on being the leading digital bank in Africa. The application allows users to apply, withdraw and repay loans directly from their smartphone or desktop computer.
Ompa Loans have a maximum and minimum term of 62 days, with a credit amount ranging from N2,000 to N30,000. The company’s maximum annual interest rate is 10%.
intervention. These contacts may be friends, family members, co-workers, or even employers of the borrower.
Once you sign up for a loan on any of these apps, you give up the privacy of your contact list to them and this is used if you default. The passwords for dealing with loan applications are: don’t owe them.
Conclusion – Which App Gives Loan Instantly In Nigeria?
In times of urgent financial need, the speed of a loan disbursement can make all the difference; so, in this article, we have looked at which app gives loan instantly in Nigeria? and identifies the platforms that offer the fastest response, ensuring instant access to funds when you need them most.
Also, see our guide on how to stop loan app harassment.