Top 10 Online Loan Apps In Nigeria


Top 10 online loan app


Top 10 Online  Loan Apps In Nigeria.

All this while that there are a lot of loan apps both fake and unregistered ones – not registered with the central bank of Nigeria.Nigerians are yet to stop the patronage of the so-called loan sharks despite their sharp practices and their unethical means of loan recovery, which often involve blackmailing or publicly harassing their borrowers per say.

While many are unable to distinguish between the approved and the unapproved loan apps, the key considerations for credit-seeking Nigerians are promptness in loan disbursement, the flexibility of repayment, and interest rates doesn’t concern them.

I am going to list the top 10 loans apps that good and registered but a few of these apps are not duly registered with CBN even as you may see them in Google play store


1. Branch

Branch is owned by Branch Microfinance Bank. It “s a platform that offers quick online loans in Nigeria. Today, the app is one of the most downloaded apps in the lending category on Google Play Store with over 10 million downloads.

The app determines loan eligibility and personalized loan offers using the user’s smartphone data.

The app’s monthly interest rates range from 3% – 23% depending on the risk profile of the customer. You can get access to personal loans from N2,000 to N500,000 within 24hrs, depending on your repayment history, with a tenure of 30 days to 62 days and to 1 year. This all depends on your frequency of borrowing and paying back on time. It will make them to increase the amount you borrow and the duration.

And the analysis of the app’s interest rate shows that if, for instance you borrowed N60,000 at an Annual Percentage Rate (APR) of 181% with a tenure of 62 days, the total amount to repay will be N78,400 (N60,000 plus N18,400 interest)

Branch is the number 1 pick because if you default you interest will not accumulate. It stays like that and if you can pay bit by bit you will finish it in good fate not with hypertension.

Branch offers savings, transfer, top up, payment of bills and so on.
It’s a bank account on its own and offers a lot of freebies which includes save and win some cash and even referral money.

2. FairMoney

FairMoney is owned and managed by Fairmoney Microfinance Bank in Lagos.
As the name implies it’s really fair in the sense that you can extend your loan if you can’t meet up with the proposed date you are to pay back. You extend for a fee. That’s all but it’s too bad that there interest kept accumulating if you default.

There loan app have been downloaded over 10 million times on the Google Play Store. 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 also like Branch.

Loan amounts range from N1,500 to N1 million with repayment periods from 14 days, 62 days to 18 months at monthly interest rates that range from 2.5% to 30%.

For example, if you borrow N100,000 over 3 months, you will be expected to repay N43,333 each month, which brings the total repayment to N130,000 at the end of the 3 months.

Fairmoney offers services of top up , pay bills, transfers and so on. It’s a bank account on its own.

3. Palmcredit

On the Google Play Store, the Palmcredit app has been downloaded over 5 million times thus qualifying as one of the top loan apps in the country. 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. But the pitfall here is that it’s not duly registered by the CBN like Branch and Fairmoney. And you ever default you might be blackmailed.

With them you can borrow between N10,000 to N300,000 quick loan and if your documentations are complete and accurate, you can get your disbursement within some minutes.

The Annual Percentage Rate (APR) on the platform range from 24% to 56%.

For instance if you choose a 6-month loan and borrow N100,000, Plamcredit charges an interest rate of 4% per month. The interest rates for the 6 months will be N24,000, hence, the total repayment will be N124,000. But just know it that they duration of paying back starts from 2 weeks and if you always pay back on time then you can have longer duration of 1 month and above.

But if you default on your loan payment, the interest kept increaseing.

4. 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. They are duly registered and can be trusted

Their interest rates range from 2% to 30%, and this depends on the loan repayment period and the amount of money you wish to borrow. The app has been downloaded over 1 million times.

They offer savings services also.


5. Okash

Okash is a convenient quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited. OKash fulfills customers’ financial needs.

The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account.

They offers loans ranging from N3,000 to N500,000 and repayment plan ranges from 2wks, 4wks, 91 days to 365 days.

The interest rate is from 0.1% to 1%. However, Okash interest rate is calculated on a daily basis, which amounts to an Annual Percentage Rate (APR) of between 36.5% to 360%.

The app has been downloaded over 5 million times.


6. Aella Credit

Aella Credit provides Quick and easy access to loans in as fast as 5 mins.

And with no paper documentation, you can grow your credit score and increase your credit limit by prompt repayments.
All you need is your basic information, BVN, and a smartphone.

The app which has recorded over 1 million downloads offers loans ranging from N2,000 to N1.5 million with a tenor of 2 wks, 4wks, 61 days to 365 days. The monthly interest rate ranges from 2% – 20% and APR from 22% – 264 %/annum.


7. QuickCheck.

QuickCheck is a quick loan app that uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications. This app is among the top loan apps in Nigeria that have crossed 1 million downloads. But am not sure they are registered with the CBN.

QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. Loans range from N1,500 to N500,000 with terms from 14 days, 30days, 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%.


8. Umba

Just like other top loan apps in Nigeria, Umba 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.

Umba loans have a maximum and minimum duration of 62 days, with credit amount ranging from N2,000 to N30,000. The company’s maximum annual interest rate is 10%.

They offer savings services and other things that a normal bank account offers.

9. Newcredit..

Newcredit is another instant loan app in Nigeria that has crossed 1 million downloads. The personal loan app gives Nigerian collateral-free loans of up to N300,000.

This app uses Artificial Intelligence (AI) to analyze prospective customers financial records, including the bank transaction SMS on their phones and their credit worthiness from other lenders.

The app’s loan amount range from N10,000 to N300,000 with repayment from 14 days, 30 days, 91 days to 365 days. The company charges a monthly interest rate of 4%. I have fear that Newcredit is not registered with the CBN.

10. Ease Cash

Ease Cash prides itself as a secure, reliable, and online loan app in Nigeria. With over 1 million downloads, the app gives out instant loans ranging from N1,000 to N100,000 with a tenure of 14 days, 30days, 91 to 180 days.

Apart from the 14% Annual Percentage rate on its loans. Ease Cash said it charges a one-time processing fee(per transaction) at a minimum of 5% and a maximum of 20%.

Ease Cash maybe efficient and fast in the disbursement of loan but they are not registered by the CBN.


Before you borrow you may need to know that operators of loan apps have been known to recover their monies through harassment, 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.

Just know that 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.

Finally, the above are the top 10 online loan apps in Nigeria, needs money in a hurry and you don’t want to get it from family or friends, you may need to try them.


Read also the cheapest ways to Take money abroad

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