4 Best loan apps in Nigeria in 2023
The best loan apps in Nigeria provide loans to Nigerians with ease. They are considered the best in Nigeria following the number of downloads and usage. These loan apps have helped many Nigerian loan money with less stress in minutes without requesting any documents.
Here are the best loan apps in Nigeria in 2023:
Branch is a platform that offers quick online loans in Nigeria. This app was founded in 2015 by Daniel Jung and Matthew Flannery. With operations across India, Nigeria, Kenya, and Tanzania, Branch has disbursed over $500 million to 4 million borrowers around the world in the last 5 years. As of the time of this review, the app has been downloaded over 10 million times with 860k reviews on Google Play Store, making it the most downloaded loan app in Nigeria in 2022.
The app determines loan eligibility and personalized loan offers using the users’ smartphone data. Their interest rates range from 15% – 34%. You can get access to loans from N1,000 to N200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back.
All you need to apply is your phone number or Facebook account, bank verification number (BVN), and bank account number. They will also request access to the data on your phone in order to build your credit score.
Palmcredit comes a distant second to Branch in terms of downloads, it is nonetheless one of the most patronized loan apps in Nigeria. 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.
You can borrow between N2,000 to N300,000 quick loan and if your documentations are complete and accurate, you can get your disbursement within a business day, the platform claims. The app has been downloaded over 5 million times with 175k reviews on Google Play Store as of the time of this report.
FairMoney says 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. Loan amounts range between N1,500 to N500,000 with repayment periods from 61 days to 180 days at monthly interest rates that range from 10% to 30%. The app is, no doubt, one of the most used by Nigerians as it has also been downloaded 10 million times with 508k reviews on Google Play Store, yet still counting.
Okash is a convenient quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited. OKash fulfills customers’ financial needs completely online 24/7. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account.
OKash (a subsidiary of OPay) is a reliable loan service provider that offers quick loans in Nigeria. Applying for a loan on the app is easy. You get it disbursed into your account within minutes.
The app offers loans ranging from N3,000 to N500,000 and repayment plan ranges from 91 days to 365 days.
The app is one of the most-downloaded loan apps on the Play Store as it had crossed 5 million downloads with 107k reviews on Google Play Store as of the time of this report.