Apps to borrow money instantly in Nigeria
Share this
Apps to borrow money instantly in Nigeria
People borrow money for various reasons, be it for urgent business needs, academic pursuits, or other undisclosed purposes. Opting for online loans is advisable due to the absence of collateral requirements and the avoidance of physical confrontations during the repayment period.
If you’re unsure about the ideal lending apps, I’m here to assist. The following apps are exclusively accessible to Nigerian citizens, meticulously curated with insights from user reviews. This comprehensive review includes the pros and cons of each app, information on loan limits, and their respective interest rates.
Importantly, all these apps have a clean record, free from any past or present reports of scams, ensuring their trustworthiness. Now, lets dig in to the apps we have to review today.
7 Apps to borrow money instantly in Nigeria
Palmcredit
People might assume that this app and PalmPay are from the same company simply because they share the same prefix, but they aren’t. They actually belong to different companies. Palmcredit allows you to borrow from the range of NGN10,000 to NGN300,000 and repay within 91 to 365 days.
If you’re not at least 18, don’t consider borrowing from this app, as it only lends to individuals between 18 and 60 years old. The company is located at AIT Road, 17 Oguchi Okorie Street, off A. I. T. Rd, Lagos, Nigeria.
You can easily borrow by downloading the app, and there’s no need for collateral or paperwork. The Annual Percentage Rate (APR) varies from 24% to 56%. For example, a 6-month loan of NGN80,000 incurs a 4% monthly interest rate, resulting in a 48% APR. The repayment schedule involves paying NGN19,200 per month for 180 days, totaling NGN99,200.
Pros:
- No collateral or paperwork required
- Quick loan processing
- No hidden fees, rollover charges, or transaction fees
- With consistent use of the app and timely repayments, the credit score improves, leading to reduced interest rates and longer loan durations
- Palmcredit provides instant access to funds during times of urgent need
Cons:
- High interest rates
- Palmcredit is specifically tailored for Nigerian residents
- Age restriction
- Limitation in borrowing smaller amounts after borrowing a larger sum, which may restrict flexibility
- Payment reflection delays
Read Also: MyFlixer App Review
7 iPhone Apps To Read Books Free Online
7 Android Apps To Read Books Free Online
10 Free Game Apps For Android And iPhone
7 Free Movie Apps For Firestick
ALAT
ALAT is a product of Wema Bank and stands as Nigeria’s pioneering fully digital bank, offering users a convenient option for obtaining collateral-free loans. Users can apply for loans ranging from NGN 50,000 to 3 million within one hour, subject to specific eligibility criteria. The application process is streamlined, and borrowers can repay the loan at a 2% interest rate per month over a flexible period of 3 to 24 months.
ALAT prioritizes transparency, ensuring there are no hidden charges. Users have access to customer support through email, phone, and an online support portal for any assistance they may require.
Pros:
- Collateral-free loans
- Fully digital banking app
- User-friendly interface
Cons:
- Possible SMS and data charges
- Potential challenges for users less comfortable with technology
- Limited physical presence
- Some reported issues with the recent app update
QuickCheck
QuickCheck Loan App is a user-friendly platform that provides collateral-free loans to Nigerians without requiring guarantors. The app offers annual interest rates starting from 5% on the first loan, with subsequent monthly rates ranging from 2% to 30%. Borrowers can apply for loans ranging from ₦1,500 to ₦1,000,000, with flexible repayment terms spanning 91 days to 1 year. Usually, users undergo a credit scoring process to determine eligibility and then place an order for a loan.
Pros:
- Low interest rates
- Flexible repayment structure
- Transparent loan terms
- Emphasis on security and reliability, utilizing artificial intelligence for credit scoring and ensuring encrypted data for user privacy
- Timely repayments can improve users’ credit scores, granting access to higher loan amounts, longer tenures, and lower interest rates.
Cons:
- Exclusive availability for Android users
- Credit scoring may pose a challenge for individuals with lower credit scores, limiting their eligibility for loans
- Payment and verification delays
- Difficulty changing the bank account within the app.
OKash
The verification process may involve a phone call, and the final application result is communicated through the app and SMS. OKash offers users loans ranging from NGN 3,000 to NGN 500,000 with repayment periods of 91 to 365 days. To be eligible, you must be between the ages of 20 and 55. The physical branch is located in Lagos.
Pros:
- Flexibility in repayment terms with extended periods.
- Quick loan disbursement.
- Paying back on time can positively impact the interest rate.
- Low-interest rates.
- OKash emphasizes the security and privacy of user data.
Cons:
- Okash would call you on weekend days, like Sundays, and may even contact you between 10pm and 5am, when your loan is due or nearing its due date.
- When you don’t pay up on time, they add over N1500 each day, which is too huge!
- Inconsistencies in loan limits.
- Loan amount limitations.
- Restrictions on repayment modules.
- Age limit for eligibility.
Newcredit
To be eligible, you must reside in Nigeria, fill out basic information, and submit the loan application. Additionally, applicants must be aged between 18 to 60, providing necessary documents and proofs. The platform ensures a secure loan process and features an APR ranging from 24% to 56% per annum.
Pros:
- Fast and Easy Borrowing Process
- Flexible Repayment Options
- Simple Application Process
- Fast Disbursement and High Loan Limit
- No Mortgage Required
Cons:
- Difficulty in Lowering Loan Amount
- Short Loan Duration
- Relatively High Interest Rates
EaseMoni
EaseMoni, much like Okash, is reportedly owned by Blue Ridge Microfinance Bank Limited. It is typically displayed on Opay’s online banking app, identifiable by its icon (ensure your Opay app is updated to view this feature). The microfinance banking license from the Central Bank ensures robust security for user data.
EaseMoni offers loan products ranging from NGN 4,000 to NGN 1,000,000, with a repayment period spanning 91 to 365 days. Interest rates fluctuate between 5% and 10% monthly, resulting in an Annual Percentage Rate (APR) ranging from 60% to 120%.
Pros:
- Fast and Reliable Service
- Credit Limit Increase
- Revolving Loan Benefit
- Extended Loan Tenure
- Borrowers also receive timely repayment reminders, reducing the risk of forgetting to make payments.
- High Interest Rates
- Delay in Loan Limit Increase
- Limited Flexibility for Repayment
- Repeated Loan Offers
CreditWise
The CreditWise loan app provides loans ranging from ₦10,000 to ₦300,000, with flexible repayment periods spanning 91 to 365 days and annual interest rates ranging from 12% to 20%. To be eligible, users must be Nigerian residents aged 18-60 and provide valid documentation and proofs. To access a CreditWise loan, install the app, register an account, submit a loan application, and receive the approved loan directly into your bank account.
Pros:
- Ultra-Fast loan disbursement
- Varied repayment periods
- Simple application process
- Instant loan approval
- Flexible payment options
- Automatic generation of repayment plans
- Inability to cancel loans
- High interest rates
Conclusion:
These apps do not demand mortgage or collateral and offer a reasonable repayment period. Opting for online borrowing is safer than offline transactions, where one might face bullying and humiliation over owed money. Moreover, each of the mentioned apps prioritizes the security and privacy of your data, ensuring a trustworthy experience. Feel confident in using them without hesitation.
If you know of any apps similar to the ones mentioned above, please share them in the comment section. Your insights can be valuable to others seeking reliable borrowing options.