Top 5 Loan Apps In Nigeria – All You Need To Know About The Them

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Top 5 Loan Apps In Nigeria - All You Need To Know About The Them

Top 5 Loan Apps In Nigeria.

You don’t need to fret if you are in urgent need of money and are thinking about getting a quick personal loan, because there are a good number of credible financial institutions in Nigeria that serve this purpose. In recent years, loan applications have grown in importance as a source of financial support. These apps are used by a lot of people in Nigeria to rapidly and conveniently acquire loans without going through conventional banks or other financial institutions. 

If a person merely needs a little loan for a short time, the application process for quick loans in Nigerian commercial banks can be rigorous and difficult. With loan applications, customers can apply for loans from their smartphones and receive funds in less than 12hrs

The rise of digital loans

You don’t need to fret if you are in urgent need of money and are thinking about getting a quick personal loan because there are a few financial institutions in Nigeria that serve this purpose. In Nigeria, especially in recent years, loan applications have grown in importance as a source of financial support. These apps are used by a lot of people in Nigeria to rapidly and conveniently acquire loans without going through conventional banks or other financial institutions. 

If a person merely needs a little loan for a short time, the application process for quick loans in Nigerian banks is drawn out and difficult. Online lending firms are making it simple for businesses and individuals to acquire rapid loans when needed thanks to Nigeria’s Fintech revolution.

Difference between traditional loans and digital loans

Physical application:

Going to the bank to apply for a loan can be a rigorous process, as applicants have to go through long queues at the bank. Another factor that puts people off when it comes to bank loans is the need for collateral, having to stake your most valuable assets and possessions in order to acquire a loan that is worth way less is a thing people are not willing to risk.

Digital application:

A digital lending platform allows consumers to originate loan applications from anywhere, cutting away geographic restrictions. Applicants only need to submit identity documents onto their mobile app after filling out their personal information and choosing the loan products they want. 

In recent years, digital technology has revolutionized the loan sector. A lot of organizations are moving toward digital transformation and implementing cutting-edge technologies. The Covid-19 outbreak has caused a change in the banking industry, quickening tendencies in online banking.

In today’s post, we will be highlighting 5 of the best loan apps in Nigeria, they include:

1. Carbon:

Caborn is one of the most prominent digital loan providers in Nigeria, it’s popular amongst the digital loan community as they have been making loans available to Nigerians who are in need of emergency cash. The origin of Carbon can be traced back to Onecredit, an organization that came on the scene sometime in June 2012, and at the time was the first ever consumer lending firm in Nigeria.

A few years later, March 2016 to be precise, Onecredit rebranded into Paylater, and was geared towards making digital loans available to Nigerians. They became pioneers in the online lending space and added other mouthwatering services including utility payments and investments to their menu.

After 3 years Paylater evolved to become Carbon and has remained the leading digital bank that provides a savings account, digital loans, utility payments, fund transfers and more to the general public.

Carbon makes quick loans available to anyone who is in need of cash within minutes, provided they can meet up with the requirements.

How to apply for a Carbon loan in Nigeria:

1. Download the carbon app from playstore or Apple store.

2. Create an account if you don’t have one, or log in if you are already an existing user

3. Go to the dashboard, tap the request for loan. follow the prompt and enter all the required details.

4. Submit your application

If your loan application is successful, the last step is to provide payment details. After that’s done, your loan will be disbursed into your wallet.

2. Fairmoney: 

Fairmoney was established back in 2017 to service the needs of people who require emergency funds in Nigeria. After providing credit solutions for about four years. Fairmoney scaled up from been a loan company to become a grounded digital bank

You Can Access Fair Money Loans With These Simple Steps:

1. Download Fairmoney on your mobile device

2. Create an account with the number linked to you Bank Verification Number

3. Answer security questions to verify your identity.

Acquiring a loan through Fairmoney is a stress free process that anyone can carry out, and if you can provide the requirements for the loan, it will be disbursed into your account in minutes.

3. Branch

Branch is one of the pioneer digital loan companies in Nigeria, despite the fact that Branch is popular in Nigeria, it’s operations extend to other countries including Kenya, United States, Tanzania & England.

Branch initially came to limelight in 2015 but wasn’t available in Nigeria till sometime in 2017, and ever since has been making waves in the Nigeria fintech industry as it has become a household name and the go-to solution for people seeking quick loans. Branch gives room for users to grow their credit over time by paying their loans in time, and offers loans from N1000 – N200,000.

How to get a loan from Branch

1. Download branch app from on play store

2. Sign up for branch by creating an account

3. Verify how much you can apply for and make your application

4. Get your account funded within 12hrs

4. Palmcredit

Palm credit was founded in 2019 and since then has slowly been in competition with other pioneer digital loan apps in the country. Palm credit offers users credit cards that helps them get easily regardless of their location. With a palm credit application, you can access loans of N100,000 within 24hrs.

You Can Access Palm Credit Loans With These Simple Steps:

1. Download the palmcredit application on your device.

2. Create an account by signing up

3. Impute your information

4. apply for an amount within the range you’re eligible for

5. Receive your loan.

5. Aella credit:

Aella Credit has been in existence under the raider since 2015 and has since then taken their spot as one of the best and most prominent digital lenders in Nigeria and Africa at large. The Nigerian owned fintech brand also offers instant loans to users who are in urgent need of cash. Aella credit didn’t stop at personal loans, they also have a category where organizations can create accounts to make loans available for their staff.

How to get a loan from Aella Credit:

1. Download the mobile application on your device.

2. Sign up and complete account set up

3. Check how much you’re eligible to borrow

4. Complete your loan application

5. Get your loan disbursed into your account

Conclusion:

If you are ever in need of an urgent loan for emergency, accommodation or whatever the reason may be, you can try out any of these digital lenders listed above. However it is important to know that your credit history plays a huge role in determining if your loan application will be granted or declined. Hence it is advisable to pay off any existing debts you have and also repay your loans before or when due to avoid penalties.