Best Loan App in Nigeria

best loan app in nigeria

Best Loan Apps in Nigeria

Which app is the best loan app in Nigeria?

You have heard of instant online loan in Nigeria or perhaps you haven’t. Its now very possible to get loan in minutes in Nigeria. Although, their interest rates are high compared to traditional banking loans. However, they are comparatively easy to get.

Below, we curated loan apps we have tested and feel performs better than their counterparts.


Apply for MTN Y’ellopreneur programme (N2Million)


Fairmoney Loan App

FairMoney is an automated online moneylender that provides single payment loans, installment loans and payroll loans for borrowers. The amount borrowed is then deducted from your account.

Their minimum loan amount is N10,000 and the upper limit for a new customer is N40,000 with no collateral or guarantor required. Interest rates are determined by a number of factors, including your repayment history and the cost of lending. Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. Loans are delivered via an Android mobile app, with lending decisions provided almost instantly.

Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.

Products

  • Payday loans – FairMoney payday loan is designed to provide monthly overdraft to staff of companies, ministries, Parastatals and other establishments.
  • Education – Any salary earner, self-employed or professional Public and Private companies, Students, Government sector employees including Public Sector is eligible for a personal loan.
  • Business – The loans help business to cover cash flow payments when due.

Pros

  • Fast loan approval process within minutes
  • Convenient repayment plan
  • No collateral
  • No guarantor

Cons

  • Low Maximum loan amount (₦40,000)

Eligibility Criteria

  • Valid bank details
  • BVN number
  • Android Phone
  • Complete application

Fairmoney Website

https://fairmoney.ng

Again, Fairmoney loan login can be done from their app which can be downloaded from their website.

Have a complaint? Fairmoney Customer Care

  1. Address. 28 Pade Odanye close, off Adeniyi Jones, Ikeja, Lagos, Nigeria (No money in the office, everything is digital)
  2. Email. Customer service: [email protected].
  3. Phone. 01 7001276 / 01 8885577.

Fairmoney WhatsApp Number

You can reach them through the contact details above.

Fairmoney Account Number

We have made is even easier to repay your FairMoney loan. Simply select ‘Bank Transfer’ as your preferred payment method to see the unique Providus Bank account number assigned to your account ONLY. You can make payment into this account via transfer or at any bank.

Frequently Asked Questions

How much can I borrow from FairMoney for a start?

FairMoney is an automated online moneylender that provides single payment loans, installment loans and payroll loans for borrowers. The amount borrowed is then deducted from your account. Their minimum loan amount is N10,000 and the upper limit for a new customer is N40,000 with no collateral or guarantor required.

How do I borrow money from FairMoney app?

  1. Download the app. To get a loan, you mustdownload the app.
  2. Sign up. Once you have downloaded the app, the next step is to tap on it and sign up.
  3. Answer a few question to get a loan offer. At this point, you will have to answer few question.
  4. Accept loan offer.
  5. Receive loan.

Does FairMoney require BVN?

Please note your BVN, ATM card details is an essential requirement during your loan application on the FairMoney app. Without this, your loan cannot be processed.

Is my BVN safe with FairMoney?

They request for your BVN to verify your identity and make sure you didn’t default from other companies. FairMoney is a Nigerian-French company with European data security standards. According to them, they will never share your BVN information with third parties.

Is FairMoney registered with CBN?

FairMoney, the rapid lending app, has expanded its portfolio to include investment products after being registered and regulated by the Central Bank of Nigeria (CBN) as FairMoney MicroFinance Bank (FairMoney)

How do I open a FairMoney account?

  1. Download the Android application from Google Play Store.
  2. Sign up or log in with your phone number or Facebook profile.
  3. Create a profile of you’re a new user or apply for a loan as an old user.
  4. Get credited with money in your bank account within a matter of minutes.

Does Apple Store have FairMoney?

At the moment, there is no Fairmoney app in iPhone. It is only available for Android users and can be downloaded on the Google play store by easily by inputting ‘FairMoney loan app’ in the search icon. However, you can reach them through their website at www.fairmoney.ng for any further questions and inquiries.

How much is FairMoney loan interest rate?

About 10%-30% monthly

You can access a FairMoney Loan in the range of ₦1,500 to ₦500,000 with durations for loans up to 60 days and above. The monthly interest is also about 10%-30% monthly. The process does not incur any additional fees or hidden costs when processing your loan.

What is the code for FairMoney?

Fairmoney loan code is : *322*2#

Is this the best loan app in Nigeria? Choose based on your preference.

Lcredit loan App

Lcredit.ng is a Fintech app that offers Nigerians quick loans of between N5,000 to 50,000 naira without requiring any collateral. The app using artificial intelligence, collects and analizes your data including credit score, SMS alerts, contacts and other banking details to disburse your cash loan in less than just 10 minutes.

This Lcredit loan app review was written based on personal experience of using the app to answer our readers questions regarding this money lender.

Lcredit Website

https://lcredit.tech

Pros

  • Offers higher loan amounts up to 500k depending on your credit score.
  • Has been around for a while and therefore has a reputation. It also has a website and reachable customer service.
  • Charges maximum of 10% interest rate monthly.
  • completely online with no collateral required.
  • Easy and smooth registration process.

Cons

  • It is a loan shark that threatens customers when they default on loan repayment.
  • has short repayment tenure starting from 7 days and high interest rate.
  • takes time to clear dashboard even after repayment

Lcredit fancies itself as a ‘quality financial service platform’ for Nigerians to get loans, anywhere, anytime in any emergency, whether it is day or night, you can get the loan within minutes. And the app is very popular too with over 1 million downloads so far on Google Play Store.

Strictly speaking, Lcredit offers lower interest rates on its instant loans compared to conventional banks and the app does not require collateral for loan disbursement, which makes it even more appealing over borrowing from commercial banks.

Please do not take a Lcredit loan to fund your lifestyle or service long-term debts. Short-term loans are helpful in emergencies but can quite expensive when compared to long-term loans and should be used with care.

Frequently Asked Questions

Who is the owner of LCredit loan app?

AKINWANDE ADEMOSU– MD/CEO – Credit Direct Limited.

What happens if LCredit loan is not paid?

If you are very late on your payments, we may report to the National Credit Reference Bureau (CRB). Being listed with the CRB will block you from getting access to loans from other lenders and may also affect your ability to get a job with certain employers.

How genuine is LCredit?

Lcredit interest rates ranges from 0.1% up to 1% for a period ranging from 91days to 180 days. Their interest rate is better than many online loan app and they also offer a long period of Repayment. In conclusion, Lcredit is real and legit. You can give it a try whenever you run out of cash and needs instant money.

Lcredit loan code

Commercial Banks USSD Code.

Guarantee Trust Bank – *737#

Fidelity Bank – *770#

First Bank – *894#

Wema Bank – *945#

Lcredit Whatsapp Number

All can use it at any time to contact this agency. The Lcredit Customer Care Number is available at +234 1 631 0555.

Lcredit Interest Rate

LCredit Loan Interest Rate

Annual interest rates from 36.5% to 300%. The interest rate is calculated on a daily basis. Example: If you choose 91-day loan, payment terms have an origination fee of 39% and an interest of 2.7%.

Their interest rate is better than many online loan app and they also offer a long period of Repayment. In conclusion, Lcredit is real and legit.

Is this the best loan app in Nigeria? Choose based on your preference.

Renmoney Loan App

RenMoney offers customers unsecured cash loans of up to NGN2.5 million for up to 9 months to salary earners or self-employed as long as they can provide a verifiable source of income.

The penalty is a daily default charge of N300 including public holidays and weekends. We may also be forced to alert employers and next of kin when we are unable to reach you about your loan. Continuous defaulting will have adverse effect on credit rating with the Credit bureau agencies which will prevent you from accessing loans from other financial institutions.

Eligibility Criteria

Be between ages 22 – 59 years.

Have a steady source of income that is verifiable.

Must be confirmed staff in present employment.

Have a functional current or savings bank account.

Identification – International Passport, Driver’s License, National ID Card.

Applicant must live and or work in Lagos State.

You must have a clean Credit Bureau Report.

You must not have a history of returned cheques in your account.

One recent passport photograph (within the last 6 months)

Salary bank statement for the last 6 months (must be stamped by the bank).

Utility Bill (PHCN, Water bill, LAWMA bill OR Rent Agreement)

Frequently Asked Questions

Renmoney Signup

You can get started here: https://my.renmoney.com/auth/register

Is Renmoney Loan Legit?

Renmoney is a Legit Loan app in Nigeria which gives you an instant online loan without any paperwork or collectaral. This particular loan app is one of the best Loan app in Nigeria which is very fast in loan disbursement.

How long does it take Renmoney to disburse loan?

Renmoney loan app disburses loan within 24hours

The Renmoney app is a loan app in Nigeria that fast-tracks loan applications and credit disbursements. It collects information seamlessly, verifies loan applications, and disburses money all within 24hours.

What is the interest rate of Ren money?

With Renmoney, you can apply for a loan of ₦6,000 – ₦6,000,000 without collateral and repay in 3 -24 months. Monthly interest rates range from 2.4% – 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged.

Is this the best loan app in Nigeria? Choose based on your preference.

See other opportunities

Paylater Loan App (Now called Carbon)

Paylater(Carbon) is an automated lending service focused on increasing access to credit financially under-served/excluded individuals around Africa.

Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. The loans are delivered via an Android mobile app, with lending decisions provided almost instantly. The usual amount for new borrowers is N10k

Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.

Pros

  • Fast loan approval process within minutes
  • No collateral
  • No guarantor

Cons

  • Low maximum loan

Eligibility Criteria

  • Valid bank details
  • BVN number
  • Android Phone
  • Complete application

Frequently Asked Questions

How do I borrow from Paylater?

Just follow the steps below to apply for a Paylater loan:

  1. Download the Paylater app here.
  2. Register your personal details.
  3. Choose your desired loan amount and duration.
  4. Submit your application. You will get a loan decision in seconds.
  5. If approved, your account is credited within 5 minutes.

How much can I borrow from Paylater for the first time?

You can borrow just N10,000 for the first time.

First-time users could only borrow up to N10,000 at an interest rate of 1% per day, and loan repayment period for all users lasted between 15 to 30 days. Recurring users were offered a 0.5% interest rate with maximum loan request amount at N30,000.

How much can you get?

You can get up to ₦1 million loan. But at your first try, it is usually very low. As you pay back, you get access to bigger amounts.

Carbon interest rate

The interest rate can be anywhere from 5% to 15% depending on the amount of money loaned and repayment period.

Loan term

The loan term ranges from 30 days to 12 months

Repayment of loan

To repay a loan is very easy. Login to the app and you can repay instantly. While accepting loan, you had been asked to provide a card which you can use to repay loan. All you have to do is fund the account which the card is linked to. Login to your account via the app and click on repay loan. It is easy and fast.

Carbon head office address

The head office is located at Plot 1224, Bishop Oluwole Street, Victoria Island, Lagos

Carbon customer care phone number and email

The customer care phone number is 01-460 9945 or 01-631 1215.

Customer care email is [email protected]

Is this the best loan app in Nigeria? Choose based on your preference.

Final Words and Advise

Before taking a quick cash loan or an online loan, make sure you rrad thier terms and conditions. Make sure you do your due diligence.

There are other online loan apps like Palmcredit loan, migo loan app, branch loan that promises loan in minutes in Nigeria.

Instant online loan in Nigeria is the new wave now. Everyone needs money. But, do your due diligence, so you don’t fall into the wring ones.

Got and questions? Ask!

See other opportunities

You May Also Like
DBNEcoInnovationChallenge
Read More

DBN EcoInnovation Challenge

DBN EcoInnovation Challenge Are you an entrepreneur with innovative ideas in any of the following sustainability areas? Join…