Currently, over 200 loan apps are approved by the Federal Competition and Consumer Protection Commission (FCCPC) to provide quick and easy loans to Nigerians, helping to ease financial burdens.
Here are five of the best-rated loan apps in Nigeria
This is a digital finance app that helps you with instant loans without physical documentation.
It is a very highly rated loan app with over 10 million downloads and a lot of positive customer reviews.
You can receive a personal loan between ₦2,000 and ₦500,000 within 24 hours. Monthly interest rates on the app range from 3% to 23%, with repayment terms between 62 and 365 days.
However, the loan amount and interest rate you qualify for will depend on your risk profile.
This loan app also helps you save and transfer money on the branch wallet, which is a virtual storage account on the app, and it helps you perform different financial transactions.
Branch has a user rating of 4.5 stars.
2. Quick Check
Quick Check is a machine learning app that uses AI to predict borrower behaviour and quickly examine loan applications.
With over one million downloads, it offers loans ranging from ₦1,500 to ₦500,000 with 5% interest rates on the first month and a repayment period of 91 to 365 days.
It has a user rating of 4.5 stars.
3. OKash
Okash, managed by Blue Ridge Microfinance Bank Limited, has a record download of over 5 million in Nigeria.
The app offers loans ranging from ₦3,000 to ₦500,000, with fast documentation processes and repayment plans between 91 and 365 days.
Okash's interest rates are calculated daily.
Okash has a user rating of 4.3 stars.
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4. Palm Credit
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This is another loan app that offers loan services within minutes. All you have to do is register and get approval, and your loan will be disbursed into your bank account.
Palmcredit's Annual Percentage Rate (APR) ranges from 24% to 56%, meaning the total interest and fees applied to a loan over one year will fall within this range, depending on factors like your credit profile and loan terms.
Palm Credit has a user rating of 4.2.
5. Carbon
This is a microfinance bank formerly known as One Credit and Pay Later. They are licensed by the Central Bank of Nigeria and provide loans, savings, and investment options.
Their bank app is a top-rated loan app with over 5 million downloads, with loans ranging from ₦2,500 to ₦500,000.
They allow you to take loans without guarantors or collateral. Their interest rate ranges from 4.5% to 30% depending on the money borrowed and the repayment period.
Carbon has a user rating of 4.1 stars.
These loan apps are licensed by the Central Bank of Nigeria, which means they are safe and secured for loans and they are loved by users.