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 year runs out, can you help me suggest some of the best loan apps in Nigeria, that can enable me get quick loans without collateral?


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 maybe you’ve been living under a rock.

But during past times, and before the world finally decided to hand everything over to the internet and 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 would have to submit lots of papers 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…

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, all you need is just your smartphone, stable internet, and just two minutes of your time.

So here’s what we’re gonna be doing today. Today we’ll be showing you out of the numerous apps that you can actually get loans from in Nigeria, we’ll be showing you the fifteen (15) best and trusty ones, that you can get a quick loan from today, without submitting any collateral, or paperwork.

Out of this fifteen, we’ve actually tried the first five, while the rest are from recommendations we got from real people who have actually tried 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 loans without collateral in Nigeria.. #Cheers…

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

  • Carbon (formerly PayLater).
  • FairMoney.
  • Branch.
  • XCredit.
  • 9Credit.
  • Palm Credit.
  • Sokoloan.
  • QuickCheck.
  • Okash.
  • 9ja Cash.
  • Aella app (formerly Aella Credit).
  • LCredit.
  • Eazzy Loans.
  • 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: Your basic bio details, education, work, bank details (inc. BVN).
  • App rating: 4.3 out of 5 on Google Playstore (1M+ downloads).

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, they’ll have to calculate a loan amount for you, and a loan decision will be sent to you, sometimes this might take longer than usual, but just be patient.

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 future.

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, send and receive 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: Your basic bio details, education, work, bank details (inc. BVN).
  • App rating: 4 out of 5 on Google Playstore (1M+ downloads).

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 is with the Carbon app that we just spoke about a few moments ago, 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.
  • App rating: 4.3 out of 5 on Google Playstore (10M+ downloads)

If there is one app here that i can say, that matches the authencity 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 their 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 full 1 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 taking much larger loans, say from 15,000 Naira upwards.

4. 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.
  • App rating: 4.2 out of 5 on Google Playstore (500k+ downloads).

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 first three, but it actually works. 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, this is just my first-hand experience that I’ve had with them. I ended up paying 17,775 Naira, for a loan of 9000 Naira.

5. 9Credit

  • Loan Range: 1,000 – 100,000 Naira.
  • Repayment period: 7 Days – 120 Days.
  • Interest: N/A.
  • Requirements: Bio data, education, work & bank details.
  • App rating: 4.1 out of 5 on Google Playstore (500k+ downloads).

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 first three loans are way shorter, when compared to other lenders.

But just in case you’re totally out of options and all roads were blocked, you might decide to 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, the first five apps on this list are the ones which we’ve actually tried ourselves, and the last ten are..

Well, let’s just say that we’ll leave those for you to try them out yourselves. But just so you know.

i. The PalmCredit app should definitely be among the best loan apps in Nigeria, even coming immediately after the PayLater (Carbon) 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. While for SokoLoan, same story as PalmCredit, these guys refused to give me a loan, even after I’ve submitted all necessary details.

Personally i don’t really know much about QuickCheck, but as for OKash.. Well getting a fast loan on Okash might seem a little harder, especially for people like me who don’t have any valid means of identification, because you’re gonna be required to take a photo of either your National ID card, a driver’s license, or your national voter’s card.

So if you know that you don’t currently have any of those, it is best you avoid Okash, because you’re definitely not getting a loan from them.

But just in case you want to try any of these three apps, you can download them from the links below.

Download SokoLoan app.
Download QuickCheck app.
Download Okash app.

And please take note that the rest apps have been listed in order of their authenticity, which are based on reviews gotten from real people who have actually tried anyone of them.

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.

Alright guys, so that’s everything we have to say today, concerning some of the best loan apps in Nigeria, that enables you to get quick loans without collateral.

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


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