Top Five Best Loan Apps in Nigeria 2022 with low-interest rate
In this article, we’ll go through some of the top lending apps in Nigeria. These are tested and trusted apps that can help you start a new business or expand an existing one.
Nigerians have been debating on social media about which loan app is better for individuals who need to borrow money on a regular basis to fund their objectives. However, while there are several online lending applications that claim to offer low-interest loans, some of them can’t be trusted because of how they TREAT consumers who have defaulted.
Since the Nigerian government raided some of these loan apps, some of them have tightened up their business models, making it even more difficult for first-time borrowers.
What Are Online Loan Apps and How Do They Work?
ONLINE Loan apps are a form of small financial service provider that offers loans ranging from N10,000 to N30,000, depending on the credit score of the borrower.
These applications are the ones with the shortest borrowing durations. So there must be a reason for you to borrow from them. Another factor to consider is that anyone who fails to repay a loan on time may face severe consequences from these lending apps.
Due to their short-term repayment tenor, it is critical to know the best of the best before taking out a loan.
Why should you use these loan apps?
There could be a variety of reasons why someone would want to get a loan, and because some Nigerian banks require financial paperwork before granting a loan, online lending applications only ask for your BVN and some personal information before granting you one.
They make it simple for people to borrow money. But you must exercise extreme caution when patronizing them.
Requirements for obtaining a loan
Before these loan apps may approve your loan request, you must meet the following requirements.
- BVN: Before they can give you a loan, you must have a valid Bank Verification Number (BVN). The fact, practically every one of them requires a valid BVN before you can apply for a loan.
- Phone Number: If the phone number does not belong to the borrower, their loan application will be turned down.
- Credit Card: Not all online lending apps will ask for your credit card information before approving your application. Some apps, however, do request it in order to prevent a debt default.
- App Access: You must grant the app access to your contact information and text messages. Before you can receive a loan, you must first install the app and give it permission to access your phone.
- Basic Information: Before your loan can be approved, you must fill in all of your basic information correctly. If you provide false information about yourself, the loan request will be rejected.
These are the criteria for obtaining a loan from them. It could be more than the examples given above. They remained, nevertheless, the most crucial.
How to get a loan from an online loan app
To apply for a loan, you must first determine which app to use and then download it from the Google Play Store.
To request your first loan, complete the steps below after downloading the app.
Note: Depending on your credit ratings and the information you provided, several of these loan applications offer new users loans ranging from N10,000 to N30,000.
Step 1. Create an account
Once you’re done installing the app, create an account to start borrowing.
Use a valid phone number to create an account and a password/pin you can easily remember.
Step 2. Grant app permission
Upon successful registration, you will be asked to grant permission to use your phone, which you must do in order for it to determine your loan limit.
Step 3. Add your information
Next, go to the loan option and fill out all of your personal information, including your date of birth, next of kin, BVN, and any other information requested.
After you’ve entered all of your information correctly, you may send it in for a review so that they can determine the best loan offer for you.
Step 4. Choose your loan
The app will verify the information you’ve entered and present you with a list of available loan offers from which to choose.
Best online loan apps in Nigeria 2022/2023
Registration and getting a loan are simple as long as you have added the right information. Let’s check out some of the best loan apps you can use to grow your business.
1. Umba
Umba is without a doubt Nigeria’s best loan app. On all loan proposals, their interest rate is between 10% and 15%. They have the best and most user-friendly interface.
Their app is linked to the world’s top email marketing platform.
Customer service is excellent, and the interest rate is reasonable. The good news is that as a first-time borrower, you can borrow up to N30,000.
It is ranked first on our list because it offers the most comprehensive services to help you expand your business.
2. FairMoney
FairMoney is a microfinance bank that is extremely transparent and reliable when it comes to securing a loan for a pressing necessity.
You can also receive a large loan for the first time. Their interest rates are higher than those of Umba. However, they are one of Nigeria’s greatest lending apps and come highly recommended.
3. Okash
Okash, like FairMoney and Umba, has an extended repayment period. For first-time borrowers, though, their loan offer starts at N7K-10K
You’ll have a longer time to repay the loan, but you should never default because it will harm your credit score with them.
They offer a 15-20% interest rate, which makes it a little expensive for individuals who don’t own a business unless they are in severe need.
4. Branch
Branch is one of Nigeria’s first online loan apps, and they continue to provide loans to Nigerians to help them finance their businesses.
In fact, in terms of clients, popularity, and convenience of use, the app is one of the fastest-growing loan applications.
As one of the oldest, the company has consistently disclosed its operational procedures to the public in order to demonstrate fairness, transparency, and accountability.
5. Carbon
Carbon, formerly known as Paylatter, was one of the first online lending apps. If my memory serves me well, it has been in operation since 2013.
The app has a 15-20% interest rate.
Most new consumers, like Okash, will have to settle for a small loan. This will allow them to put the consumers’ honesty to the test.
Carbon is simple to work with. To get your loan, first, go to the Play Store and download the app, then follow the instructions outlined above.
These are the greatest online loan apps that can provide you with the funds you need to meet your financial obligations.
Keep in mind that these loan applications were chosen based on client reviews, the convenience of use, loan duration, interest rates, and customer service.
