Best loan apps in Nigeria

Best Loan Apps To Get Quick Loans Without Collateral In Nigeria Right Now (2020)

Hey!. I’m running out of cash, and i still have a couple of bills to clear off before the month runs out, can you help suggest some of the best loan apps in Nigeria that can grant me get quick personal cash loans without asking for collateral?

Well, here you go..

Best loan apps in Nigeria

Now borrowing money isn’t something new, and the word “loan” shouldn’t sound like rocket science to anyone, except you’ve been living under a rock for some time now.

But during past times before the world decided to hand everything over to the internet and you know, artificial intelligence, you and i know how difficult it is to get loans from our so called commercial banks, especially while living on this side of the world (Nigeria).

You’ll have to submit lots of papers (documents) and most especially, must have a collateral. A collateral is anything, mostly assets, such as a building, automobile, land, etc, that is equivalent, or worth more than the loan you’re collecting, so that when you decide to take the money for vanishing, they’ll have something to hold on to. LOL…

And getting same loan from friends or even a relative, most times is usually a bad idea, because these things usually don’t end well. You might risk getting yourself being turned into the topic of the town of how you collected money from them and refused to pay back.

But in recent times, and like i said, since the internet has decided to take over our daily lives and activities, getting or securing loans nowadays, is just as easy as sliding into a girl’s DM that you met on social media.

And guess what, this process doesn’t require you going to a bank, it doesn’t even require you telling or complaining to anyone that you’re in need of some money, as all you’ll need is just your smartphone, a stable internet connection, and just two minutes of your time.

And in addition to that, you can even get loans as low as a thousand naira to foot just a couple of domestic bills, and as high as a hundred thousand naira and above, to maybe pay your tuition fees, house rents, invest in a business, etc.

So here’s what we’re gonna do today. Now out of the numerous apps scattered all over the place that you can actually use to get quick personal cash loans right here in Nigeria, today we’ll be showing you the thirteen(13) best and trusty ones that i can actually testify to.

Now when i say the thirteen best and trusted ones, i mean the ones that;

  • You can trust that whatever information, including your bank details that you’re submitting to them, is in safe hands.
  • Will grant you quick personal cash loans in less than 5mins, for as long as you meet up with their eligibility criteria.
  • Wouldn’t give you much troubles by calling and sending message to all your contacts that you are a thief and a fraudster, when you fail to repay your loan on time.

Out of this thirteen, we’ve actually tried the first six by ourselves, so we have a first-hand experience of them, and can actually testify that everything that is written on this article is based on our real life experience with them.

While for the other seven, though we haven’t tried them ourselves, But we can assure you that they can be trusted, based on recommendations that we got from real people who have actually made use of them.

So if you’re not too busy and without further ado, here are the 10(+) best loan apps that you can actually use to secure quick personal cash loans without collateral, or submitting any paperwork, right here in Nigeria.. #Cheers…

Best loan apps in Nigeria

10+ Best Loan Apps In Nigeria That Enables You Get Quick Loans Without Collateral In Just 2mins

  1. Carbon (formerly PayLater).
  2. FairMoney.
  3. Branch.
  4. Okash.
  5. XCredit.
  6. 9Credit.
  7. Palm Credit.
  8. Aella app (formerly Aella Credit).
  9. QuickCheck.
  10. Sokoloan.
  11. 9ja Cash.
  12. LCredit.
  13. LendMe.

1. Carbon(PayLater)

  • Loan range: 1,500 – 1,000,000 Naira.
  • Repayment period: 2 weeks to 3 months (depending on the amount of loan taken).
  • Interest rate: 1 – 21%
  • Requirements: Bio data, education, work, bank details (inc. BVN).
  • App rating: 4.2 out of 5 on Google Playstore (1M+ downloads).
  • Download Link.

I don’t want to exaggerate words here, but PayLater, or Carbon rather, is actually the best loan app that you can get your hands on right now in Nigeria.

All you need do is download the app from Google Play Store, which you can do right now when you click the link below, Download PayLater app here..

After you’ve done that, you need to fill in your Bio data in a form that will be presented to you, after you’ve filled and submitted all the necessary details, including your bank details as well, a loan amount will be calculated for you based on the information you provided, and after that, a loan decision will be sent to you, all these happen in less than 10min.

After your loan decision has been sent to you, you can go ahead and apply for your first loan.

PLEASE NOTE: That the faster you are in repaying your loans, the higher the amount of subsequent loans that you can get from them. So do well to repay your loans in the quickest time possible.

And if you think you’re smart enough, and you took their money for vanishing and refuse to pay, your bank account will be reported to the numerous Credit Bureaus in Nigeria, and what this means is that, you won’t be able to get loans from other lenders and this might even spell bad for you when you’re trying to get a job in a big organisation, or even when trying to leave the country.

Aside from getting just loans, the PayLater app also has a handful of other live saving features such as buying airtime on the go, paying for TV subscriptions, electricity bills, sending and receiving money, etc.

They also have a feature called “Payvest” that allows you save your money for a certain period of time, and at the end of the day, it brings forth interest, Talmbout Piggy Bank.

2. FairMoney

  • Loan range: 1,500 – 500,000 Naira.
  • Repayment period: 2 weeks to 3 months (depending on the amount of loan taken).
  • Interest rate: 10 – 28%
  • Requirements: Bio data, education, work, bank details (inc. BVN).
  • App rating: 4.5 out of 5 on Google Playstore (1M+ downloads).
  • Download Link.

The reason why i can beat my chest and recommend FairMoney to anyone, is due to the fact that securing a loan with them is not only fast, but their interest rate is among the lowest that you can get anywhere right now.

In addition to that, i actually liked their app interface as it is extremely easy to navigate, and guess what, the moment you’re paying off your outstanding loan, the same moment that you’re eligible to get a new loan, except maybe you defaulted by paying late.

And you also get a discount of 500 Naira on your next loan, when you invite your friends to join the app. Download FairMoney app here..

And as it was with the Carbon(PayLater) app, aside from securing loans, you can also perform other activities such as bill payments and airtime purchases.

3. Best Loan Apps In Nigeria – Branch

  • Loan Range: 1,000 – 200,000 Naira
  • Repayment Period: 1 – 15 Months
  • Interest rate: 14 – 28%
  • Requirements: Bio data, education, work, bank details (Inc. BVN).
  • App rating: 4.2 out of 5 on Google Playstore (10M+ downloads).
  • Download Link.

If there is one app here that i can say, that matches the authenticity of Carbon(PayLater) loan app, then it will definitely be the Branch app.

The main reason why i like the Branch loan app is simply for the longer periods which they give in repaying your loan.

While other brokers are giving a maximum of 1 – 2 weeks for the first loan on their platform, Branch actually gives you a complete one month before you start thinking of repaying your first loan.

Although i had issues while trying to repay my first loan on the app, but it has been resolved now, and everywhere stew. Download Branch loan app here..

And please take note that their interest rate might be quite on the high side, especially if you’re taking larger loans, say from 15,000 Naira upwards.

4. OKash

  • Loan Range: 3,000 – 50,000 Naira
  • Repayment Period: 15 – 91 Days
  • Interest rate: N/A
  • Requirements: Bio data, education, work, bank details (no BVN needed).
  • App rating: 4.4 out of 5 on Google Playstore (1M+ downloads).
  • Download Link.

Okash is still a pretty new player in the quick cash loan business, but that doesn’t make them any less trustworthy or unreliable.

They came into the game during the month of November in 2019, and since then, they’ve slowly managed to win my trust for them, and i bet that, that is how it is for other people as well.

A couple of things i like about them is; first, they don’t require your BVN when setting up an account with them, cause you know, most people are usually scared of giving out their BVN numbers even to trusted agencies, not to talk of one loan app that you downloaded from Google Playstore.

Secondly, unlike other loan apps out there that offers you very little amount of money on your very first loan request, Okash starts with a minimum of 3,000 NGN, and that amount can even go as high as 6,000 – 8,000 NGN depending on the information they were able to gather from the details you submitted to them.

To download the Okash app, simply click on the link. Download Okash best loan app.

5. XCredit

  • Loan Range: 2,000 – 500,000 Naira.
  • Repayment Period: 10 Days – 5 Months.
  • Interest rate: N/A.
  • Requirements: Bio data, education, work, bank details (no BVN needed).
  • App rating: 4.2 out of 5 on Google Playstore (500k+ downloads).
  • Download Link.

XCredit might not sound so popular to a lot of people, but it is actually among the best loan apps in Nigeria, and one that i have actually given a try, so i have a first hand experience of it.

The only issue is that, their app interface might not really be as friendly and professional looking as the other ones which we spoke about, but it actually works, and that is the most important thing. Download XCredit Loan app here..

And please take note that unlike other online apps in Nigeria that I’ve gotten my hands on and tested myself, the XCredit app keeps adding a 1% late repayment fee, for every single day that you’re late on repaying your loan.

And in addition to that, get ready to be bothered with numerous phone calls and sometimes threatening text messages, if you don’t pay up your loan on time.

I’m not trying to paint them black here, but this was actually my impressions with them. I ended up paying 17,775 Naira, for a loan of 9000 Naira.

So if you know that for some reasons best known to you, you might not really meet up with the stipulated date of repaying your loan, then you shouldn’t bother borrowing money from XCredit.

6. Best Loan Apps In Nigeria – 9Credit

  • Loan Range: 1,000 – 100,000 Naira.
  • Repayment period: 7 Days – 120 Days.
  • Interest: N/A.
  • Requirements: Bio data, education, work & bank details (no BVN needed).
  • App rating: 4.2 out of 5 on Google Playstore (500k+ downloads).
  • Download Link.

Same as XCredit, 9Credit might not sound so known to a lot of people out there, but it actually works.

The app interface might not look all that welcoming, friendly and professional, and even at that, the amount of time given to you to repay your loans are way shorter, when compared to other lenders. Imagine giving someone just 7 days to repay back a loan of 15,000 NGN, i mean that’s not fair to be honest.

But just in case you’re totally out of options and all roads were blocked, you might decide to just give them a try, and the first thing you need to do while doing so, is to download the 9Credit app first..Right?

So like i said earlier, the first six apps on this list are the ones which we’ve actually tried ourselves and have a first-hand first impressions experience about them, while the remaining ones are recommendations which we got from real people who have actually used the apps.

So here you go..

i. PalmCredit

The PalmCredit app should definitely be among the best loan apps in Nigeria, even coming immediately after the Carbon(PayLater) app, but for one reason or the other, these people refused to give me a loan, even up till this moment.

But from what I’ve seen so far, and from reading reviews of other people about the app, i think they’re legit, but that’s if only you meet up with their eligibility criteria.

And oh, by the way, you can download the app here, if you want to give it a try.

ii. Aella App (formerly Aella Credit)

The Aella app is another trustyworthy loan agency that refused to give me a loan for some reasons best known to them.

But one reason why i stan these guys so much is for the fact that, unlike other loan agencies out there that charges you some non-refundable amount of money, somewhere between 50 – 150 NGN in order to link your debit card to the app, even before making a loan decision for you.

The Aella app first of all let’s you know if you’re eligible for a loan or not, before asking for your debit card details. For those who wants to try their luck with the Aella app, you can download it from the link given. Download Aella app from here.

iii. QuickCheck

QuickCheck once again, refused to grant me a loan. But one thing i like about them is the fact that, you don’t have to fill in your data yourself. All you have to do is signup with the app with your facebook account, and they’ll generate every information they need from you automatically.

Personally, i don’t know how they managed to pull this stunt, but for as long as they aren’t getting this data without my permission, and they’re not using them for anything other than using them to calculate and make a loan decision for me, then I’m good. And i think it is something that other loan agencies should adopt.

You can download the QuickCheck app from the given link in case you want to try your luck with them.

The remaining three apps include the Sokoloan app, LCredit and LendMe. The reason why i wouldn’t be talking about these ones specifically is for the fact that;

  • I haven’t used them personally.
  • I haven’t come across anyone who made use of them.

But from the reviews which i saw and read on Google Playstore, i think that they’d be some pretty good loan apps, and maybe trustworthy as well.

But like i said, the first six are the ones which we’ve actually tested our hands on, the second three are based on recommendations from real people who have actually used them, and the last four are based on people’s reviews from the apps listings on Google Playstore.

Download SokoLoan app.
Download 9jaCash loan app.
Download LCredit app.
Download LendMe app.

And lastly, before securing loans from any of the loan apps listed above (except from the ones we personally talked about), please take your time to go through their terms and conditions, because some of these loan apps have what we call “hidden service charge”.

Here’s an example, for a loan request of 10,000 Naira, you might end up getting 8,000 to 7,000 Naira being credited to your bank account, and the deducted amount will be called service charge.

To make matters worse is that, you’ll still have to repay the loan amount in full, together with the interest on it, and if the devil remembers you, it happens that those guys also charge a certain percentage or amount for late repayments, you might end up paying close to 20,000 Naira or even more for a loan of 10,000 Naira.

So like i said earlier, do make sure to go through their terms and conditions if they have any, before deciding if you want to secure a loan from them, or not.

Don’t forget to give this post a thumbs up by sharing it if you enjoyed reading it, and as always, I’ll see you all tomorrow, #Peace Out.

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