Loan apps have become a go-to for Nigerians during times of financial crisis. This is mostly due to its quick disbursement of cash without having to go through long processes.
Although some of these apps have a lot of shortcomings, they have served Nigerians greatly especially during times of unexpected crisis.
Therefore, this article will look into the top 10 loan apps in Nigeria with features that makes them unique.
Why do people use loan apps
We can agree that even the best of us often run short of cash and need an urgent fix.
Imagine a salary earner who has to wait at the end of every month for their paycheck. A sudden emergency would leave this person stranded and unsure of what to do. Consequently, a loan becomes the best form of action.
This is one of the main reasons why Nigerians continue to patronize these loan apps. Also, their quick disbursement of funds sometimes even done from the comfort of your home is a very big advantage.
From as little as 2,000 naira to as much as 5,000,000 naira, the goal remains the same: to address immediate emergencies.
Although some challenges surround their mode of operations, especially concerning debt recovery, loan apps or digital money lenders continue to play significant roles in the informal sector of the economy by providing quick and easy loans for Nigerians.
It is for this reason that the regulator, the Federal Competition and Consumer Protection Commission (FCCPC), has repeatedly stated it cannot ban loan apps, as many have been asking for.
How to figure out what loan app to go for
Although the FCCPC has approved over 200 loan apps, you can rate these apps by checking out their customer reviews.
Customers love giving positive reviews for apps that they find helpful and negative ones for apps that they don’t. Therefore, it’s important to run a thorough research on loan apps to understand which one you’ll be going for.
However, you don’t need to worry about that, as this article will explain the top 10 loan apps and their app store ratings.
Therefore, bearing in mind that some apps are also on the Apple Store, this ranking is based on Google Plays Store and briefly from Apple Store because most of the loan apps are not available on the Apple Store.
Here are the top 10 loan apps in Nigeria as of January 2024 based on their user ratings:
Top 10 loan apps in Nigeria
1. Branch Loan App
This is the leading loan app in Nigeria that has a presence in many other countries. Also, as one of the most downloaded apps with over 10 million downloads on the Play Store, the Branch app has the highest number of reviews among all the loan apps in Nigeria and has one of the highest ratings of 4.5 out of 5. Therefore, this app is rated by 1.3 million users and counting.
The app determines loan eligibility and personalized loan offers using applicants smartphone data.
Furthermore, their interest rates range from 17% – 40%. Users can get access to loans from N2,000 to N1,000,000 within 12 hours of application, depending on their repayment history, with a repayment period of 4 to 40 weeks
Here are some important stats that brings this loan app to top 10.
- Downloads: 10M+
- Rating: 4.5
- Loan Range: ₦2,000 – ₦1,000,000
- Repayment Period: 4-40 weeks
- Interest Rate: 17% – 40%
- Features: Quick loans, flexible repayment, no collateral
2. Easimoni Loan App
The EasiMoni loan app is operated by Blue Ridge Microfinance Bank, offering loans from N3,000 to N1 million.
The company’s interest rate is between 5% to 10% monthly, and loans are disbursed to customers based on their creditworthiness. Therefore, with over 5 million downloads on the Google Play Store, the app has been rated 4.5 by 222,145 users as of January this year.Important stats about this app
- Downloads: 5M+
- Rating: 4.5
- Loan Range: ₦3,000 to ₦1 million
- Repayment Period: Up to 40 weeks and more.
- Interest Rate: 4 to 10% monthly
- Features: No collateral, flexible repayment, credit score tracking
3. Opay (Okash Loan App)
OKash is a convenient quick online loan platform for Nigerian mobile users managed by Blue Ridge Microfinance Bank Limited. OKash fulfils 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.
The app offers loans ranging from N3,000 to N500,000, and the repayment plan ranges from 91 days to 365 days. With 198,000 users rating it, OKash has received over 5 million downloads.
Important stats about this app
- Downloads: 5M+
- Rating: 4.4
- Loan Range: Loans up to ₦500,000
- Repayment Period: Up to 365 days
- Interest Rate: 10% – 30% monthly
- Features: Instant loans, flexible repayment, referral program
4. Wecredit Loan App
WeCredit gives out medium-scale loans to Nigerians ranging from N10,000 to N200,000. The company claims that its Annual Percentage Rate (APR) is between 10% to 30%. However with over 1 million downloads on the Google Play Store, the company is among the top being used by Nigerians for quick loans.
Wecredit is rated 4.4 by 32,650 users as of January 2024.
Important stats about this app
- Downloads: 1M+
- Rating: 4.4
- Loan Range: ₦10,000 to ₦200,000
- Repayment Period: Varies
- Interest Rate: 10% – 30%
- Features: Competitive interest rates, streamlined application
5. Carbon Loan App
Carbon is a CBN-licensed digital bank that also provides a loan facility and investment opportunities, in addition to usual digital banking features such as debit cards.
Additionally, it is used for bill payments and mobile recharges. Over 1 million people have downloaded the app on Google play store. Also, as of January this year, 158,270 users had rated the app 4.3 based on their experience
Important stats about this app
- Downloads: 1M+
- Rating: 4.3
- Loan Range: Loans up to ₦5M
- Repayment Period: Varies
- Features: Digital banking, salary-based loans, business loans
6. FairMoney Loan App
FairMoney is a digital bank focused on lending. The company provides instant loans of up to one million naira, as well as a bank account and a debit card.
Also, according to the company, FairMoney processes over 10,000 loans every day, with one loan disbursed every eight seconds.
This is reflected in the fintech app on the Play Store as it is one of the loan apps that have crossed 10 million downloads. For the 587,808 users who had reviewed the app as of January 2024, a 4.2 out of 5 was considered appropriate for their experience
Important stats about this app
- Downloads: 10M+
- Rating: 4.2
- Loan Range: ₦1,000,000 (Individuals), ₦5,000,000 (SMEs)
- Repayment Period: Varies
- Features: Quick loans, no paperwork, flexible repayment
7. PalmCredit
Palmcredit is a loan app in Nigeria also owned by Newedge Finance Limited. Through the app, Nigerians are getting instant loans without collateral. It is not surprising that the app is currently one of the most downloaded loan apps in Nigeria with over 10 million download records on Google Play Store. As of January this year, a total of 173,017 users had rated the app 4.2, a fair mark out of 5.
Important stats about this app
- Downloads: 10M+
- Rating: 4.2
- Loan Range: ₦2,000 to ₦1,000,000
- Repayment Period: Varies
- Features: long-term loans, flexible repayment
8. Newcredit app
Newcredit is one of the loan apps operated by Newedge Finance Limited. The app promises instant, collateral-free loans ranging from N10,000 to N300,000 with repayment plans of 91 to 365 days.
Newcredit says it uses Artificial Intelligence (AI) to analyze prospective customers’ financial records, including the bank transaction SMS on their phones and their creditworthiness from other lenders.
Furthermore, this app is one of the most downloaded loan apps in Nigeria with over 5 million downloads on the Google Play Store as of January this year. The Newcredit app was rated 4.1 by 65,763 users.
Important stats about this app
- Downloads: 5m+
- Rating: 4.1
- Loan Range: ₦10,000 to ₦300,000
- Repayment Period: Up to 365 days
- Features: Collateral-free loans, flexible repayment
9. Renmoney loan app
Renmoney is a microfinance bank that prides itself as Nigeria’s most convenient lending company with innovations that deliver outstanding service experiences.
In addition, they grant both personal and micro-business loans ranging from N50,000 to N6 million. With over 1 million downloads on the Google Play Store, customers have rated the app 4.1 out of 5. By January this year, 22,687 users rated the company.
Important stats about this app
- Downloads: 1m+
- Rating: 4.1
- Loan Range: ₦50,000 to ₦6,000,000
- Repayment Period: 3-24 months
- Interest Rate: 2% – 10%
- Features: No collateral, flexible repayment, credit score tracking
10. Xcrosscash loan app
Xcrosscash is a loan app that lets the user activate their credit limit. It offers instant loans ranging between N10,000 and N50,000 with repayment plans from 91 days to 180 days.
The Xcrosscash app has been downloaded over 1 million times on the Google Play Store. Although it has one of the lowest loan ranges, it has one of the highest ratings from users
However, it is the lowest among the top 10. The app is rated 4.0 by 32,846 users as of January 2024. Important stats about this app
- Downloads: 1M+
- Rating: 4.0
- Loan Range: ₦10,000 to ₦50,000
- Repayment Period: 91 to 180 days
- Features: low loan range, quick loans, easy repayment.
Key Features to Consider before taking a loan
1. Interest Rates: Compare rates among lenders.
2. Repayment Terms: Choose flexible repayment options.
3. Loan Amounts: Consider maximum and minimum loan limits.
4. Security: Ensure data protection and encryption.
5. Customer Service: Look for responsive support.
6. User Reviews: Check ratings and feedback.
7. Regulatory Compliance: Verify CBN licensing.
Conclusion
Loan apps have shown to be of great help to Nigerians especially in times of emergency crisis. However, it’s always important to go through customer reviews and any other information as this can help you choose the best loan app that aligns with your goals and objectives.
This article provides in-depth knowledge about the 10 best loan apps in Nigeria.
