In Nigeria, the availability of small-scale loans through mobile apps has been a game-changer. However, for those seeking amounts above 100k, the options were limited. In this article, we’ll explore the best loan apps that cater to this need.
Carbon (formerly Paylater):
- Carbon offers rapid loan services accessible via mobile phones.
- Two major packages are available: one for salary earners and another for everyone else.
- Additionally, the app allows bill payments and recharges.
How to Get a Carbon Loan:
- Register and provide necessary details.
- Upload a photo directly from the app.
- Click “Request a Loan.”
- Wait for loan approval (usually a few minutes).
- Accept the offer and provide card details.
- Loan duration ranges from 30 days to 12 months.
Branch:
- Branch offers collateral-free loans ranging from N1,000 to N200,000.
- Simple registration process with fast approval.
How to Get a Loan From Branch:
- Download the Branch Loan app (currently available on Google Play Store).
- Create an account and fill out the form with accurate details.
- Apply for the loan.
- Receive funds in your bank account within 24 hours.
Aella Credit:
- Aella Credit eases access to quick cash, focusing on employees with stable income.
- It utilizes an algorithm to assess creditworthiness.
How to Access Aella Credit:
- Download the Aella Credit app from your preferred store.
- Create an account and update your profile.
- Check your eligibility and loan approval status.
- Apply for the loan based on your approved amount.
- Borrow only what you need.
KiaKia:
- Offers loans up to N200,000 with varying interest rates.
- Term ranges from 7 to 30 days.
How to Apply for KiaKia Loan:
- Visit the website and create an account with accurate details.
- Start an application chat on the site.
- Upload a valid means of identification.
- Enter desired loan amount and duration.
- Upload screenshots of your last 3 salary or business income alerts.
- Accept loan terms and authenticate your bank account.
XCredit:
- Offers loans ranging from N2,000 to N500,000 without collateral.
- Requires bank account details.
How to Apply For A Loan:
- Create an account.
- Apply for a loan.
- Receive your loan in your bank account.
- Build your loan limit with each repayment.
PalmPay:
- Provides loans of more than 100k via its app.
- Interest rates range from 15% to 30%, based on credit score and loan amount.
9ja Cash:
- Allows loans up to N300,000 for a tenor of 180 days.
- Interest rates range from 1% to 34%.
Conclusion:
Loan apps are revolutionizing access to credit in Nigeria. To make an informed decision, consider using a loan comparison platform to weigh the pros and cons of different offers. Remember, borrowing responsibly is crucial.