Before now, securing a loan in Nigeria was for personal or business purposes, but today it has evolved into a more seamless and easy process, and am going to show you the 4 best loan apps in Nigeria.

Once you get a smartphone that is connected to the internet; you can make a loan request with an app and receive it instantly.

There are some of the loan comapanies that will allow you to use a feature phone and dial a particular USSD code in order to get a loan.

However, the only thing requirements for receiving a loan is a bank account and a Visa or MasterCard.

Currebtly, like every other emerging market, Nigeria is experiencing a surge in money lending companies.

But you must take care when trying to get a loan from these companies; because not all of them are reliable and secured.

The best loan companies must be able to provide it’s customers with an instant disbursement, have low interest rate, give at least 14 days repayment time frame; as well as a good customer relationship.

Below are the best loan apps in Nigeria. I have tried their services before I decide to share it with you.

And I hope you will trust me enough to choose them as your loan app for 2022.

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1. Palm Credit.

Palmcredit loan app allows it’s customers to borrow money instantly online.

They have a flexible repayment plan that ranges from 7 to 14 days for a start, and

They have a flexible repayment plan that ranges from 7 to 14 days for a start, and 91 to 365days as you advance as a result of your repayment.

Their interest rate is not too high.

Loan amount on palmcreditc falls between the ranges of ₦5,000 to ₦300,000.

Palmcredit’s interest rate is between 4% to 24%.

Rollover or transaction charges are not applicable on; and if you can repay their loan on time, you will receive a reward with high credit score and reduced interest rate. 

You can FOLLOW THIS LINK to download the palmcredit app and get your loan instantly.

Read also: How To Start A POS Business In Nigeria In 2022 And Beyond.

2. Fair Money.

FairMoney is a very fast, reliable and free Android loan app available in Nigeria and India. 

The loan amounts on this app falls between ₦1,500 to ₦500,000.

Repayment periods is around 61 days to 1 year, and they have a monthly interest rates between 2.5% and 30%. 

It is claimed on Google play that over 3 million customers rely on them for loans.

You can FOLLOW THIS LINK to download the Fair Money app and get your loan instantly.

3. Branch.

Branch was launched in 2017, and it is one of the app that makes getting loans online very simple and easy.

This app uses the user’s phone data and SMS history to verify their identity and create a credit score. 

It is available in 4 countries: Nigeria, Kenya, Tanzania and India; but its loan amount and interest rate in each of these countries are quite different. 

In Nigeria, the loan amounts ranges from ₦1,000 to ₦200,000 with monthly interest of 1.6% and 23%, depending on the loan amount and repayment history.

Users on Branch have the option to choose repayment terms for up to 336 days, and a minimum of 60 days.

You can FOLLOW THIS LINK to download the Fair Money app and get your loan instantly.

Read also: How To Raise Money To Start Up A Small Business In Nigeria In 2022.

4. Okash.

Okash is another fast and reliable Android loan app available in Nigeria. 

The loan amounts on this app falls between ₦8,000 to ₦500,000.

Repayment periods is around 30 days to 1 year, and they have a monthly interest rates between 9.1%.

It is claimed on Google play that over 8 million customers rely on them for loans.

You can FOLLOW THIS LINK to download the Fair Money app and get your loan instantly.

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Last modified: November 4, 2021

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