With the increase in internet penetration and use of mobile devices in Nigeria, more entrepreneurs in Fintech industry and banks have explored ways to reach a wider audience by leveraging on mobile apps.
As promised in our last post where we listed top online lending platforms in Nigeria, we have come up with a list of platforms where you can get a loan without collateral online using mobile apps.
In this post we will review 7 best loan apps in Nigeria in 2019, stating their features which will guide you and give you options on which one to choose from when you are in dare need of a quick loan without collateral.
Best Loan Apps in Nigeria (2019)
Quickcheck Loan App
Whether it is medical bills, school fees, payday advance or unexpected cash problems, QuickCheck has got your back when it comes to getting quick loans in Nigeria.
With Quickcheck app you can borrow up to 30,000 naira anytime, anywhere, with no hidden charges and pay interest at 1% daily for the number of days you will be holding the loan (30 days maximum)
(Please note that there are other quickcheck loans apps which are not for Nigerians so what out for this logo)
The app also allows you to purchase airtime seamlessly for yourself and your loved ones .
Find out more at www.quickcheck.ng
Carbon Loan App
The latest carbon loan app formerly called Paylater app offers more than just loans. It also gives you the privilege of investing money which yields an interest of up to 15.5% annually by investing in treasury bills and other money market instruments, send cash to friends and family, recharge airtime on your mobile phone and pay for utility bills such as GoTV, DSTV, LCC, or Bet9ja right in the app.
You can also set up transactions to occur at a future date.
Carbon is fast, secure, reliable and works 24/7 and is currently available in Nigeria and Ghana.
In all, you can get quick loans of up to ₦1million within 5 minutes without documents or collateral on Carbon loan app and repay over a period of 15 days to 6 months.
Aella Credit Loan App
Aella Credit first launched the loan platform for employees of companies in their network to access cash at the most competitive rates anywhere, but have updated the app to include individuals who may seek quick loans for meet their emergency needs
Branch Loans App
The Branch app lets you apply for credit on the go, and it works 24/7 without collateral.
You can complete our application in seconds and receive your loan straight to your account. It’s fast, convenient and reliable.
Presently branch loan app is available in Kenya, Tanzania, and Nigeria.
In Nigeria, the initial amount of loan allowed to be borrowed is 6,000 Naira with an interest of 1,200 Naira in 30 days
The payment option could also spread out to 4 weekly payments (1,800 Naira per week).
Visit their website: branch.com.ng
FairMoney Loan App
FairMoney Is one of the latest quick Loan App In Nigeria.
Fairmoney loan app provides quick cash for Personal finance, Health emergency, Car repairs, Rent payment and for Buying consumer durable goods.
The instant loans like other quick loan apps are not backed by collateral, but instead by your creditworthiness.
Request for a Quick Loan to get an instant decision and funds transferred to your bank account in 5 Minutes.
FairMoney also provides education loan with the aim of enabling students to reach their goals in life.
A business loan is also available for small business owners who plan to start up a business or to develop an existing business.
Explore their small business online loan options to finance your business needs, the fund is transferred to your bank account in 5 Minutes.
Download Fairmoney App: fairmoney.com.ng
ALAT Loan App by Wema Bank
On ALAT, though it is designed to function as a digital bank, you can now apply for a loan without paperwork, no visitation to any physical location and response time between acceptance of offer and loan disbursement is in minutes.
You can borrow as much as N200,000 (Two hundred thousand naira) without any collateral.
As a digital bank, you can open an account, Schedule transfers, save and pay bills automatically, get your bank card delivered to you anywhere in Nigeria and get up to 10% interest on your savings.
If you’re tired of regular old banks and you want to take control of your money, ALAT is for you.
Visit https://alat.ng/ for more information
Palmcredit Loan App
It is one of the latest apps in Nigeria that provides fast loan without collateral.
With PalmCredit getting a mobile loan is simple.
You can apply for your credit limit in minutes, then take as many instant loans as you need without further approval steps. It’s a credit revolution!
As soon as you repay, your credit score is updated. Repay on time and watch your limit grow to N100,000.
Palmcredit makes it easy for people to access a loan, anytime, anywhere.
Currently Palmcredit is owned by Transsnet Financial and operates in Nigeria and plans to expand to other countries in Africa.
In the first phase of the product, users can apply for a short-tenor cash loan of 7 days/14 days using their own credit limit, which can be used for cash withdrawal or recharge.
Click here to download palmcredit loan app.
With the above review, you can make a choice of which is the best loan app you will patronize.
Have you used any of these apps,
kindly share your thoughts in the comment box.