15 best Online loan apps in 2020 Updated
Here comes a full list of the 15 best online loan apps in Nigeria 2020. After reading this article, you will be able to find the most suitable one for yourself.
It’s not something new but something which is getting common these days. What exactly? It’s borrowing money online.
At times, you do run out of funds and urgently need a particular amount of money for something important. You might want to invest in a profitable business but the amount left with you isn’t enough.
Meanwhile, your friends or close neighbors might not be able to help you. Or maybe you one kind of person like me who feels inconvenient to be asking people for cash.
In a nutshell, every alternative to get the quick cash you need isn’t working out but you desperately need it. As in, URGENTLY!!!
As a result of that, you decided to take a loan by using online lending apps for a quick and easy solution. But another problem is, you ain’t sure which exact lending app can solve your issue adequately.
No worries. I’ve got GOOD NEWS for you. After making intensive and extensive research, I’m finally able to come up with the 15 best online loan apps for you in 2020.
Maybe you’ve tried several, a few or a loan app but wasn’t satisfied with them, or you haven’t even tried any before but want to know the best ones, welcome to the page that will serve you right.
I’m glad to let you know that this article was written all because of you especially if you came in through keyword searches like:
- Best loan apps in Nigeria in 2020.
- Best lending apps in 2020.
- How to borrow funds online quickly and easily in 2020.
- Online loan apps for Android 2020.
- Loan apps review 2020.
- Which app can I borrow money from?
- Which app is the best to take a loan?
- How can I get a quick loan online?
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And lots more…
After reading this article, you will be able to get a perfect answer to whatsoever your questions are based on online loan apps.
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15 Best Online Loan Apps In Nigeria 2020: FREE & QUICK
- Carbon (Paylater)
- 9ja Cash
- Get Cash
- Haloo Credit
- Express Loans
No doubt, the first on the list of the best loan apps in Nigeria 2020 is Branch. The app has been rendering a pretty well service since 2015 which it was launched. Currently, the app has the highest positive reviews among other Nigerian loan apps on Google play store.
Moreover, the Branch loan app works in four different countries namely: Kenya, Mexico, India, and Nigeria.
Their lending service is fast, easy and quick. They allow users to make to request a quick loan and get the fund directly to the bank account immediately.
They do not require paperwork, collateral or office visits before lending you. Also, the amount which branch loan app Nigerian users can request starts from N1,000 to as much as N200,000 or more.
Getting Started With Branch Loan App takes only a few steps:
- Download the App
- Sign Up for free
- Request Loan from the app homepage into your bank
Carbon Loan App is another great alternative for taking online loans. Initially, the app’s name was Paylater but was later changed to its present name. Meanwhile, some people still refer to it as Paylater.
Carbon App is also one of the best loan apps in Nigeria today. The app which was offered by One Finance & Investment Ltd has gained a lot of progress with a total download of 1,000,000 plus on google play store currently.
Their service is also free, quick and easy. Apart from lending, they also included other features for users like Investment, Airtime Purchases, Funds Transfers, Bill Payments, and Bloom
On Carbon App, You can borrow as much as N1,000,000 but it depends on how big the transactions you make with your bank account are.
Here comes another impressive loan app in Nigeria and beyond. PalmCredit app also renders a quick loan process. The allowed loan amount is from the range of N2,000 to N1,000,000.
The maximum period which you can borrow and return funds from PalmCredit is 180 days (6 Months). Although, you might not be charged for paying late. But that would affect your next loan request.
Loans Interest Rate: 14% to 24%, Equivalent Monthly interest 4%~4.7%, the Annual Percentage Rate (APR) on a PalmCredit loan is 48%~56%
For instance, If you choose a 6-month loan and borrow NGN100,000, PalmCredit charges an interest rate of 4.7% per month. Borrow NGN Interest Rate: 24% and The APR is 56%. 180 days Repayments of NGN 24,000. The total amount of payment is NGN124,000.
Meanwhile, you can also earn up to N80,000 on PalmCredit without investing. This can be done by referring other people to use the app and get a commission.
To take a loan on PalmCredit, you just have to simply head to your Google play store and download the app. Click the image below to download quickly.
Are you in need of a particular amount of money urgently, meanwhile, there isn’t a dim on You? QuickCheck is a very good app to sought that.
The app also works quickly and freely without any issues. The app is also approaching the top position among the best loan apps list in Nigeria slowly.
The QuickCheck app was launched four years ago by GetLoans PLC and currently has a total download of 500,000 on Google play store as of 2020. Their service is impressing and this has caused them a lot of positive reviews.
However, getting lent by the QuickCheck app is so Easy and Quick just like the name the app bears. But they would have to check the legibility of your bank account before approving your loan request. The app’s loan has interest rates starting from as low as 5% monthly on the first loan.
Loans range from ₦1,500 to ₦500k with terms from 4 weeks – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%.
For Example: Borrow NGN100,000 over 6 months, the Interest rate will be thirteen percent (13%) per month (fixed). Three repayments of NGN 25,000. Total amount payable: NGN150,000.
Meanwhile, if the range of time you promised to return the money is lower than 6 months, the percent you will be asked to pay will also be lower than the one used in that illustration.
FairMoney app is another wonderful app that deserves a thumb-ups among the best Nigerian lending apps. The app has also hit a total number of 1,000,000 plus installs on google play store since the 10th of October, 2017 which it was launched.
Apart from borrowing funds, you can also perform other activities on FairMoney like buying Airtime and Paying Bills.
FairMoney offers loans from N1,500 to N500,000 for a period of one to three months. The better your lending history and positive behavior, the more you can access and the longer the period!
Having an impressive experience and less issue with your loaning process is guaranteed on the FairMoney app. The app will give you a loan without a hard-to-get requirement.
No document, no collateral, no hidden fees or charges for paying late. All you need is your android mobile phone, BVN, and valid account details.
One more thing I love about this app is its speed of delivery. If you’re fortunately legible to borrow on the app, you will surely get deposited in your bank account in less than 5 minutes.
To start using FairMoney is as easy as installing the app on your android phone from Google play store and sign up right away. Tap the image below for fast navigation.
Sokoloan is also one of the best Online loan apps with amazing features. The app allows you to increase your loan limits and approval chances by repaying your debt on time. Moreover, the app offers a satisfying service with its users. Its fees and repayment policies ain’t too hard to abide.
Furthermore, The Sokoloan app Loans range is from ₦5,000 to ₦100,000 with terms from 91 to 180 days. Its Interest and service fee ranges from 4.5% to 34% with an equivalent monthly interest of 3% to 29% and APR of 29% to 365%.
For example, let’s say you took a loan of
N1,000 to be returned in 6 months. Sokoloan will charge an interest rate of 4.4% per month. Multiplied by 6 months will be 26.4% which is N263. This means the total amount of repayment will be N1,263.
Furthermore, this Sokoloan app has one particular feature that earned my love so much.
Guess what? You can borrow up to N50,000 on the sokoloan app without repayment. This can be done by referring other people to install and use the app. As a reward for that, your repayment amount will be deducted on each successful referral.
Aella loan app is very helpful and reliable with a quick response to users’ requests. If you meet up to the app’s requirements, Your requested loan will be credited to your bank account in 5 or fewer minutes.
The app was offered by a finance company, Aella Credit in 2016 and has already hit a total download of 500,000 as a result of its impressive service. The company is quite straightforward, the interest rate is very friendly and the duration of repayment is comfortable as well.
How to request a loan on the Aella app isn’t a complicated process at all. Just simply download the app from Google play store, sign up for free and make your request right away.
The Okash loan app is another great one that has better features and services which made the app stand out among a lot of loan apps in a few moments. The app launched last year November which is not even up to a half year by Blue Ridge Microfinance Bank Limited and currently has a total download of 500,000 plus on google play store.
Moreover, Okash offers you a non-stressful term and policies. They require no collateral, paper, deposit, guarantees or more to lend you. They only require you for only three simple credentials: Nigerian Resident, age must be between 20- 55 and have a steady source of income.
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Furthermore, Okash loan payment terms are also easy to comply with. They offer loans starting from N3,000 and above with a repayment term between 91 to 360 days.
Their interest rate on daily basis is calculated from a range of 0.1 percent (0.1%) to 1 percent (15%) while the annual is calculated from the range of 36.5 percent (36.5%) to 360 percent (360%). They also include a processing fee which is from the range of N1,229 to N6,000 depending on the amount you requested for.
To illustrate, Lets’s say you requested a 91 days loan of N3,000 which is the minimum amount the app does lend. Your processing fee will be N1,229 while the interest fee will be N273. This means you’ll be returning the sum of N4,502.
9. 9ja Cash
9ja Cash is also one of the loan apps gaining massive attention in Nigeria 2020 currently. Although, the app is very new but emerged the competition with a well-scheduled plan which helped it in making its way among the 15 best loan apps currently in Nigeria. The app was launched on the 17th of January, this year (2020) by 9JaCash Limited and already has a total download of 100,000 plus.
Borrowing on 9Ja Cash is also an easy-pissy process with a quick response from the app’s company. This app’s loan repayment is between 91 to 180 days. The minimum amount they do lends users is N5,000 with an interest rate ranges from 1% to 34% with an equivalent monthly interest of 3% – 29% and APR of 29% – 365%.
To illustrate, If you borrow an amount of N1,000 to be paid in 6 months, the monthly interest rate would be 4.4% which is 26.4% in 6 months. This means your altogether interest amount is N264. So your repayment would be a total amount of N1,264.
10. Get Cash
This app provides some interesting and made-easy packages different from most loan app in Nigeria. Likewise the Okash app, this Get Cash app also requires a steady source of income and up to the age of 25 before applying for a loan on the.
However, the Get Cash loan app is also new but comes with amazing features like quick and reliable service. The app doesn’t require any collateral or hidden fees before being responded to. The app was just launched last year (2019) November and currently has a total download of 100,000 plus.
Furthermore, Get Cash app loan rates and fees aren’t hard-to-abide terms too which seems to be among the lowest of all loan apps. You can take a loan of N5,000 or lower. Likewise, the 9Ja Cash app, this app’s repayment duration is between 91 to 180 days with an interest rate that ranges between 5% to 27% and APR is from 26% to 334%.
If you take a loan of N3,000 and preferred it to be paid in 180days, your interest rate will be 3.5% monthly which is 21% for the whole period. This means your interest amount is N630, so you are paying N3,630 in return.
Lcredit is also one of the newest but great loan apps currently in 2020. The app includes some professional terms which make it seem different from other new apps.
The app was launched on the 27th of November, 2019 and has hit 100,000 plus downloads on Google play store alongside lots of positive reviews.
Lcredit loan requirements include; Age above 18 and below 60, Nigeria Citizenship, and Nigerian ID holder.
The app’s loan amount ranges from N5,000 to N50,000. But you can be qualified for a bigger amount depending on your bank account’s status.
Another part that makes the Lcredit app different is the loan payment terms. The interest rate fee on your loan will be deducted before getting lent. The app’s APR is between 29% to 219%.
If you choose a 91 days loan and borrow ₦5000, you will be charged ₦242 as interest and ₦420 as admin fee of 91 days repayment period. Therefore, the amount you will receive is ₦4338.
Xcredit loan app is another new app approaching the top place gradually. They charge NO FEE to lend you. You must be up to 18 or older to get a loan on this app. The repayment duration term is between 91 to 180 days.
The interest rates fee on the Xcredit app is so friendly and quite easy to comply with. If you borrow an amount of N5,000 for a budget of 90 days, the interest rates on that would be 12% which is N600. So you will make a repayment of N5,600.
To start using Xcredit app, head-over to the google play store app on your android phone, search for the term: “Xcredit“, install the app and sign up for free.
13. Haloo credit
Haloo Credit app is no doubt an awesome one. I tried the app recently and I was amazed. The service was very fast and reliable. Although this app is also new but came with encouraging features.
Haloo Credit app loan amount ranges between N1,500 and N100,000 or more depending on your legibility. You can take a loan on the app freely and easily but to be paid between 91 to 180 days depending on your budget. The annual percentage rate charged on the app is 46%.
If you lend N100,000 for a 180 days budget (6 months), the interest rate for that would be 26% which is N24,000. Therefore, your repayment amount would be N124,000.
14. Express loans
This loan has some special and different features I honestly can’t wait to enclose it to you. The express loans app is also a new one but acting like a master of business with attractive terms.
This app allows you to extend your repayment day by 7 days with a feature called “loan extensions”. You can also borrow funds even when you are yet to repay one with a feature referred to as “Flexible Additional Amount”. You can increase your loan limits by paying your debts on time.
Another amusing fact about the Express Loans app is their minimum loan amount which is N250. Moreover, the app’s rates and fees policies are also fair enough. The rates interest on monthly charges are between 2% to 15% while the Annual Percentage Rate ranges between 20% to 99%.
In a simple illustration: If you take a loan of N50,000 for repayment duration of 3 months, the interest rate for that would be 7.5% which is N3,750. Therefore, you are to make a repayment of N53,750.
MoneyPal is also an easy-to-use app in borrowing online. The app was launched on the 13th of November 2019 by Zedvance Limited. The app which is not even up to 4 months old yet is already gaining people’s attention rapidly.
Although the loan limit on this app is a kind of unpleasing as many people had complained. But the establishment already promised to attend to that.
MoneyPal Annual Percentage rate ranges between 34.8% – 365%. If you make a successful loan of N100,000 for a repayment period of 6 months, the interest rate will be 2.9% per month at an APR of 34.8%. A processing fee of NGN1,900 (that is 1.9% of the amount requested) will apply as well as six-monthly repayments of NGN 19,566.67. This gives a total repayment of NGN 119,300.02.
So that’s it! The 15 Best Online Loan Apps In Nigeria 2020. Most of these apps have similar features like interest rates, repayment duration term while some ain’t.
But without any doubt, you should be able to choose which one of them can serve you better which is the mission of this article.
For the last time, here is the list of the 15 Best Online Loan Apps In Nigeria 2020:
- Carbon (Paylater)
- 9ja Cash
- Get Cash
- Haloo Credit
- Express Loans
I hope this article was useful to you. Was I able to provide what brought you to this page? Do you have any questions or ideas concerning the topic?
Whatever it is, please don’t hesitate to pour out your mind by politely using the comment box.
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