With a personal loan, you obtain a cash advance from a bank or other financial institution and pay it back over the specified time in fixed instalments. However, before these businesses can offer you loans, they often set a minimum income criterion.
Many financial loan platforms in Nigeria today provide services to individuals and companies at all levels. However, not all offer their clients dependable and satisfying services. Instant payment, low annual interest rates, and enough repayment terms are all features of the best lending services.
Most importantly, loan requests are instantly approved and they are safe.
Here are a few of the top instant loan apps in Nigeria that offer financial credit services to individuals, established companies, and small- to medium-sized businesses (SMEs).
Following are the seven best loan apps in Nigeria 2022 with low-interest rates:
1) Nigeria – Fairmoney
A computerized online moneylender called FairMoney offers borrowers single-payment loans, instalment loans, and payroll loans. Loan sizes range from 1,500 to 1,000,000 with 61- to 18-month repayment terms and monthly interest rates between 2.5% and 30%.
Another reputable loan platform in Nigeria is The Branch Loan. Customers are required to repay loans between 4 to 40 weeks using this platform, and consumers can acquire loans totaling 200,000 from a minimum of 1000 within 24 hours.
You don’t need any significant assets or collateral to be eligible for this loan. To check if you qualify, you must enter your information on the Branch Mobile App.
From 62 days to a year is the tenure. The range of monthly interest rates is 1.7% to 22%, depending on the risk profile of the consumer.
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Okash is Opay’s automated lending business that aims to improve loan access for those in Nigeria who are underserved by or excluded from the financial system. Decisions on loans are made in 15 seconds, and applicants who are approved receive their monies in 5 minutes, 24/7.
Anyone in need of a loan can get it from Carbon, formerly known as PayLater, in only a few minutes. Users who require loans immediately and easily can request and obtain them.
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Like the majority of other lending companies in Nigeria, Carbon determines a customer’s loan credit using their Bank Verification Number (BVN). Users may borrow up to $20 million at interest rates that range from 5 to 15%, depending on the length of the loan and the amount borrowed.
Users of Carbon can obtain loans in the range between $1,500 and $1 million (Nigeria)
You can obtain a loan without providing any security with Palmcredit, a loan app run by Newedge Finance Limited in Nigeria. The business offers its customers quick, immediate loans without the need for documentation or collateral by leveraging the connections it has with banks, telcos, and other financial institutions.
Their interest rate ranges from 14% to 24%, with an equivalent monthly interest rate of 4%–4.7%, and an annual percentage rate (APR) of 48%–56% for loans from Palmcredit. The length of the loan ranges from 14 to 180 days.
6) FAST MONEY
This immediate loan platform was developed to offer people loans right away. Loan benefits include low interest rates, long repayment terms, and loans up to NGN 300,000 without a mortgage.
The interest rate charged by FAST MONEY is 4.4% per month for a loan of NGN 1,000 taken out for a period of six months. They would charge you GNN 263 for the interest of the six-month repayment period at a 26.4% interest rate. Repayment in full will cost NGN 1,263.
Nigerians can obtain loans through QuickCheck, a well-known lending marketplace, without putting up any security. The smartphone app, which consumers can download, install, and apply for a loan through, is used to disburse QuickCheck loans.
On the first loan, QuickCheck loans have interest rates as low as 5% per month. Loan durations range from 91 days to a year, with amounts ranging from 1,500 to 500k. With an equivalent monthly interest rate of 1 to 21%, interest rates range from 2% to 30%. (APRs between 30% and 260%.