Many people picture long queues, endless hours of waiting, and wasting time worrying about physically applying for loans at the bank.
Advances in technology have helped minimize this long process by making it easier for individuals to apply for loans via mobile apps in minutes.
Nigeria’s Loan Apps
Fast loan apps are one breakthrough in this modern banking service that makes a difference in the credit banking market. These online applications are there to provide people with fast loans in order to take care of immediate or business needs. We are reviewing the best applications offering loans in Nigeria today in this write-up.
Palmcredit is a common loan application that provides loans to app users. Instead of redirecting to partner websites, one distinguishing aspect of the app to other loan applications is that all operations are carried out with the app.
Individuals over 18 are entitled to use this service and the sum of the loan starts from N2,000 to N100,000.
The fundamental features of the Palmcredit loan app are below:
The loan cap ranges from 91 days to 180 days between N2000 and N100,000Time frame and loan period lapse
Loan interest is between 14 percent and 24 percent while the annual loan interest is between 48 percent to 56 percent.
Another best option for the country’s quick loan app is Kwikmoney (or Migo as alternatively referred to). This loan app platform is very quick as it enables users to apply via their website for loans. On their website, all processes are completed and there is no further need to download any software.
KwikMoney’s service is very simple as they have a more straightforward way to get a loan; as easy as dialing a code the same way you borrow credit via your sim.
You can request a loan on the MTN, GLO, and Etisalat networks by dialing *564# for the USSD code and by dialing *554*561# for Airtel.
Below are the KwikMoney loan software features, and you’d want to go for it with these specifications;
KwikMoney provides loans starting at N500 to N500000000 (the maximum limit increase as you continue lending and repaying your loans)
The interest rate on the loans sought varies from 5 to 25 percent.
Another top loan app for acquiring medium loans is Paylater. With only a few clicks, by offering loans for individuals and small business firms, you can manage your finances with a few clicks. The PayLater loan app’s added benefit feature is that it enables users to make payments for recharge cards, NEPA bills, and other cash services. There are also other distinctive app features that are outlined below.
This lending platform offers instant loans without collateral.
Allows you to receive a discount for several transactions by using your wallet Carbon wallet, debit card, quickteller, and direct transfer are the means by which loan payment is made.
PayLalso offers a 1.75 percent interest rate. Depending on the caseater, 30 percent offers a loan of up to N1 million.
This app for loans
Okash App Interface is a subsidiary of Opay, Opera’s mobile payment network. As one of the best apps for quick loans, the app is highly rated. The application was previously included in the Opay app, but for convenience, it has now been relocated to become a separate app of its own.
As all you need to do is to download the app from GooglePlay and apply for a loan with your Okash app, this system is quick. Open the app after downloading, sign up with your phone number, fill in your personal details, and finish the registration process. Only log in, apply for the loan, and see how easy it is to use the Okash loan for mobile apps.
Here are the functions you should know that are included in the Okash loan app;
The Okash loan system offers overall loans for starters of up to N50,000
This loan app provides a 36.5 percent to 360 percent annual interest rate.
Using your credit card, Okash provides a pay-back schedule of 91 days to 365 days for Okash loans.
FairMoney is another excellent collection of loan applications. For consumers who are interested in taking small loans for short terms, the app provides options. Although big loans are not sponsored by this scheme, it is good for small income earners to have a start. An easy, secure, and free mobile app is offered by Fairmoney. In the outline below, explore other intriguing software features.
Fair Money provides instant loans from N1,500 to N500,000,000 or more.
Loans have a period of 180 days.
They have a flexible loan repayment by installment
FairMoney also provides an interest rate ranging from 10% to 30%.