Full details on Loan apps in Nigeria for quick and low interest rates loan.
Individuals and small businesses in Nigeria can obtain a loan quickly and easily through one of the many loan apps that are currently available in the country.
Typically, these loan applications require users to submit an online application and basic personal and financial information. Typically, approval decisions are made within a few hours, and funds are deposited into the user’s bank account within a few hours to a few days.
It is essential to remember that loan applications in Nigeria, like all loan providers, charge interest. Before applying for a loan, you should thoroughly review the terms and conditions, interest rates, and repayment schedules to ensure you fully comprehend the associated costs.
The following are some of the most popular loan applications:
Aella Credit: This app provides loans ranging from NGN 10,000 to NGN 500,000 with a repayment period of up to 6 months.
Paylater: This app provides loans ranging from NGN 5,000 to NGN 1,000,000 with flexible repayment periods.
Interest rate: Paylater charges an interest rate of 2% per week, which translates to an annual percentage rate (APR) of 104%.
Eligibility: Paylater requires applicants to be at least 22 years old, have a stable source of income, and have a valid Nigerian bank account.
Application process: The application process is completed online and typically takes less than 5 minutes. After submitting the application, Paylater performs a credit check and makes a decision within a few hours.
Repayment: Repayments are made automatically from the borrower’s bank account on the due date.
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Quickcheck: This app is said to use artificial intelligence technology to offer quick loans to its users.
Loan amount: ranges from NGN 5,000 to NGN 500,000
Repayment period: flexible, ranging from 7 to 30 days.
Interest rate: Quickcheck charges an interest rate of 1% per day, which translates to an annual percentage rate (APR) of 365%.
Eligibility: Quickcheck requires applicants to have a valid Nigerian bank account, a valid government-issued ID, and a stable source of income.
Application process: The application process is completed online and typically takes less than 5 minutes. After submitting the application, Quickcheck performs a credit check and makes a decision within a few hours.
Repayment: Repayments are made automatically from the borrower’s bank account on the due date.
Branch: This app offers loans from NGN 1,000 to NGN 250,000 with a repayment period of up to 30 days.
Loan amount: NGN 1,000 to NGN 250,000
Repayment period: up to 30 days
Interest rate: Branch charges an interest rate of 15% per month, which translates to an annual percentage rate (APR) of 180%.
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Eligibility: The branch requires applicants to have a valid Nigerian bank account, a valid government-issued ID, and a stable source of income.
Application process: The application process is completed online and typically takes less than 5 minutes. After submitting the application, Branch performs a credit check and makes a decision within a few hours.
Repayment: Repayments are made automatically from the borrower’s bank account on the due date.
Fairmoney: This app provides loans ranging from NGN 10,000 to NGN 500,000 with flexible repayment periods.
Loan amount: NGN 10,000 to NGN 500,000
Repayment period: flexible, ranging from 15 to 90 days.
Interest rate: Fairmoney charges an interest rate of 3% per week, which translates to an annual percentage rate (APR) of 156%.
Eligibility: Fairmoney requires applicants to have a valid Nigerian bank account, a valid government-issued ID, and a stable source of income.
Loan apps in Nigeria with low interest rate.
Application process: The application process is completed online and typically takes less than 5 minutes. After submitting the application, FairMoney performs a credit check and makes a decision within a few hours.
Repayment: Repayments are made automatically from the borrower’s bank account on the due date.
Carbon: This app provides loans ranging from NGN 5,000 to NGN 1,000,000 with flexible repayment periods.
Loan amount: NGN 5,000 to NGN 1,000,000
Repayment period: flexible, ranging from 15 to 90 days.
Interest rate: Carbon charges an interest rate of 2.5% per week, which translates to an annual percentage rate (APR) of 130%.
Eligibility: Carbon requires applicants to have a valid Nigerian bank account, a valid government-issued ID, and a stable source of income.
KiaKia: This app provides loans ranging from NGN 10,000 to NGN 3,000,000 with a repayment period of up to 6 months.
Loan amount: NGN 10,000 to NGN 3,000,000
Repayment period: up to 6 months
Interest rate: Kia Kia charges an interest rate of 4% to 28% per month, which translates to an annual percentage rate (APR) of 48% to 336%.
Eligibility: KiaKia requires applicants to have a valid Nigerian bank account, a valid government-issued ID, and a stable source of income.
Application process: The application process is completed online and typically takes less than 5 minutes. After submitting the application, KiaKia performs a credit check and makes a decision within a few hours.
Repayment: Repayments are made automatically from the borrower’s bank account on the due date.
Migo loan app:
Loan amount: Migo offers loans ranging from NGN 5,000 to NGN 500,000.
Repayment period: Migo loans have a repayment period of up to 6 months.
Interest rate: Migo charges an interest rate of 4% to 28% per month, which translates to an annual percentage rate (APR) of 48% to 336%.
Eligibility: Migo requires applicants to have a valid Nigerian bank account, a valid government-issued ID, and a stable source of income
Application process: The online application process typically takes less than 5 minutes to complete. Migo performs a credit check and makes a decision within a few hours of receiving an application.
Repayment: Repayments are made automatically from the borrower’s bank account on the due date
It is important to note that the provided information on best Loan apps in Nigeria with low interest rate is subject to change and may not be current. Please visit the loan application’s website for the most accurate and up-to-date information. In addition, it is always a good idea to review the loan’s terms and conditions, interest rates, and repayment schedules before applying for a loan to ensure that you fully comprehend the associated costs.
