Prior to now, getting a loan in Nigeria was strictly for individuals or business purposes, however, today it has developed into a more consistent and simple cycle, hence I am going to show you the best loan apps in Nigeria in 2022.

When you get a smartphone that you connect to the internet; you can make a loan solicitation with an app and receive it quickly.

However, there are few requirements you must meet before you are able to get the loan and they are:

  1. Savings or current bank account.
  2. Visa or MasterCard.

Currently, similar to each and every other developing business sector, Nigeria is encountering a flood in cash loaning organizations.

In any case, you should take care when attempting to get a loan from these organizations; on the grounds that not every one of them are secured and reliable.

Below are the feautures you should look for in a loan company before you settle to do business with them.

  • Instant cash disbursement.
  • Low interest rate.
  • At least 14 days repayment time frame.
  • A good customer relationship.

The following are the best loan apps in Nigeria in 2022.

I have personally collected loan from them and ascertain their services before I make a move of reccommending them to you.

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 the range of ₦8,000 to ₦500,000.

It’s Repayment period is around 30 days to 1 year, with a monthly interest rates between 9.1%.

There is a claim on Google play that over 8 million are using Okash 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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