‹ Back

Loan Apps: Reviewed 7 Best Loan Apps In Nigeria In 2023

 

By Nerly Shammah Aug 23, 2023

 

Getting a loan in Nigeria is now incredibly simple, below are the 7 best loan apps to secure non-collateralized loans in 2023 - reviewed. 

 

 

Loan apps are rapidly growing within the finance industry in Nigeria, this is giving room to individuals spread across the nation in need of quick loans to pay debts, acquire properties, start a business or renew rents or subscriptions. 

 

Whatever the case may be that urgently requires money, loan apps have created an avenue for citizens of Nigeria to acquire hassle-free loans without the need for much paperwork as required by most standard banks within the nation. 

 

There are currently about 154 loan apps in Nigeria, all looking to build contracts with individuals around the nation for loans with affordable interest rates. Below are 7 hand-picked best loan apps in Nigeria in the current year - 2023. 

 

1. Branch Loan App

 

With over +10 million downloads, over 1 million reviews and a 4.5 🌟 🌟 🌟 rating, Branch is an industry-leading choice for the acquisition of personal loans in Nigeria. 

 

The company is the only online banking app in Nigeria that lets you transfer money, gives you 2% cash back for every bill you pay, earns you up to 15% returns on investments, and provides a platform for borrowing money seamlessly.

 

You can borrow as little as ₦1,000 to as much as ₦500,000 using Branch without a hassle. Branch offers a flexible repayment tenure of 62 days to 1 year. 

 

The current reported monthly interest rates for loans acquired using Branch is from 3% to 23% depending on the risk profile of the customer.

 

2. Fairmoney Loan App

 

Fairmoney is a popular loan app in Nigeria due to its outstanding services including finance management, savings products, loans, bill payment, Internet subscriptions with numerous perks and more. 

 

Fairmoney boasts of over 10,000 loans issued daily with an average loan time of 5 minutes. Downloaded +10 million times with a over 581k reviews and 4.3 🌟 🌟 🌟 ratings, Fairmoney is functional and largely leveraged. 

 

You can borrow as little as ₦1,500 and as high as ₦3,000,000 with Fairmoney with monthly low-interest rates that range from 2.5% to 30%. Fairmoney Loan repayments can be made from 61 days to 18 months. 

 

3. Palmcredit Loan App

 

If you're looking for a safe and reliable online loan app in Nigeria to get instant cash, Palmcredit is the choice of many Nigerians judging from over +5 million app downloads. 

 

From over 161k reviews, Palmcredit has a 4.2🌟🌟🌟 rating. Palmcredit is a simple loan app to get instant cash from as little as ₦10,000 to as much as ₦300,000 with a 24% to 56% annual interest rate. 

 

4. Newcredit Loan App

 

Similar to Palmcredit, Newcredit offers a loan amount from ₦10,000 to as much as ₦300,000 with a 24% to 56% annual interest rate. 

 

You must be 18-60 years old to acquire a loan with Newcredit and you can get a loan in just 4 simple steps. Newcredit app reportedly makes it easy and convenient for everyone to get loans anytime with no stress.

 

The personal loan app has been downloaded over +5 million times with over 57k reviews a 4.1 🌟🌟🌟ratings. 

 

5. OKash Loan App

 

OKash is reportedly a Convenient Personal Loan Platform for Nigerian mobile users. 

 

The platform is presented by Blue Ridge Microfinance Bank Limited, duly licensed by the Central Bank of Nigeria(CBN) as per its playstore details.

 

OKash is one of the personal loan apps in Nigeria that fulfil customers’ financial needs 7*24 completely online. The application process reportedly takes just a few steps with minimal documentation and the approved loan amount is transferred directly to the applicant’s bank account. 

 

You can borrow as little as ₦3,000 to as much as ₦500,000 with an annual interest rate of 36.5% to 360%. The daily interest is from 0.1% to 1% of the borrowed sum. 

 

OKash Loan App has a 4.2 🌟🌟🌟 rating from over 164k reviews from more than +5 million app downloads. 

 

6. Renmoney Loan App

 

If ease and convenience are your utmost desire when choosing a loan platform, then you may fancy Renmoney Loan App as it provides fast and reliable loan services to help you handle unexpected expenses and financial emergencies.

 

Renmoney offers flexible loan options to suit individual needs with online application and approval coupled with repayment terms that fit your budget and instant disbursement. 

 

You can borrow as little as ₦5,000 to as much as ₦1,000,000 on Renmoney with repayment periods from 91 days to 12 months at monthly interest rates that range from 2.12% to 2.65%. 

 

No paperwork, no collateral, when you repay on time, you get lower interest rates. The Renmoney app has a 4.1 🌟🌟🌟 rating from over 16k reviews and +1 million downloads. 

 

7. Quickcheck Loan App

 

About to go broke? Not when Quickcheck is here to hinder that, access loans from as little as  ₦1,500 to as much as ₦500, 000 with repayment terms from 91 days - 1 year. 

 

Quickcheck Interest ranges from 2% to 30%, with an equivalent monthly interest rate of 1 - 21%. Quickcheck reportedly uses artificial intelligence(AI) to run credit scoring, making loan decisions instant! 

 

Over 179k people have reviewed Quickcheck and it has a 4.4 🌟🌟🌟 rating with a staggering +1 million downloads. 

 

When it comes to personal loan apps, it is essential to go for the best of the best to avoid harassment, theft and poor services. These are a few of the common complaints customers have when it comes to personal loan apps in Nigeria which is why we took the time to handpick the best whilst paying attention to user reviews, app usage, service terms and licenses. 

 

The above are the 7 best industry-leading loan apps in Nigeria and they all have a track record to prove their reliability and achievement in business growth and customer satisfaction.