Best Apps For Loans

Want to know how credit scores work? Check out Credit Karma. Want to learn the ins and outs of the mortgage process? There’s a wealth of information on The Mortgage Reports. Where do you look for the best auto insurance providers? AutoInsurance.com has you covered. What about getting inspiration for home remodeling? Kwimboo has top DIY blogs. Getting a loan could be challenging but with the right information in hand, you’re more likely to achieve your goals! This blog is focused on best apps for loans and will review every available app for making a choice about requesting main loans or even creating a small business loan!

Best Apps For Loans

1. ALAT
   Nigeria’s first-ever fully digital bank is the first on this list of best loan apps in Nigeria. This is a simple, and entirely digital platform that grants quick and instant loans without any form of paperwork. ALAT does not require a visit to a physical location and response time between loan acceptance and loan disbursement is in minutes.

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All you have to do is

Download the app from Play Store or App store,
Sign up and
Click on the loan option from the menu.
After you have completed all necessary documentation, an evaluation of your risk store will be conducted and a range of loan offers will be presented to you along with the applicable duration and interest rate.
Once you click on your preferred loan offer and accept it, your account will be credited. With this platform, you can borrow as much as 2 Million Naira without collateral.
ALAT loan also offers a range of services such as the Device-lending offer and the Goal-based loan which allows you to receive a loan towards a specific goal or towards getting your preferred device or gadget. The interest rate is also designed entirely to help the user. Salary earners can receive about 50,000 and even up to 4 million within hours and will have between 3 months to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis.

2. Carbon
   Previously known as PayLater, this simple lending platform gives access to loans within minutes. It provides short-term loans that help you cover immediate expenses and emergencies. You can request and receive a loan effortlessly without any documentation. All that is required is your bank verification number (BVN) to ascertain loan credit. With this app, you can receive up to 20 Million with interest rates from 5% to 15%.
3. Branch
   Branch is another reliable loan app that allows you to receive up to N200,000 worth within 24 hours with a minimal amount of N1000. Repayment is within 4 to 40 weeks and loan attracts varying interest rates depending on the amount of the loan and the user’s repayment history. No collateral or documentation is needed to access a loan with this platform – all you need is your phone number and bank verification number and you are good to go.
4. PalmCredit
   Borrowing from the PalmCredit app is easy and can be done in some quick minutes. It has a straightforward service that allows users of the app to have access to instant loans worth N2000 to N100,000 hassle. Individuals who will qualify for the loans must however be 18 years old and above. The app also offers rewards to users who refer others to the loan service.
5. AellaCredit
   AellaCredit focuses on employee lending and allows its users to receive quick loans with a monthly interest rate of 6% to 20% and requires loan repayment within 3 months. AellaCRedit also provides other financial services like investments, bill payments and affordable insurance services.

Best loan apps in nigeria

1. Paylater
   Paylater is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.

With Paylater, you can access up to 500,000 Naira loan with no collateral. Once your application is approved, funds are typically received within 1 – 3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.

Download the Paylater App to get quick and flexible loans at affordable rates.

paylater nigeria website

Also Read: 7 Top Business Grants & Loans Available for Small Businesses in Nigeria.

2. Palmcredit
   PalmCredit is a virtual credit card that makes it easy for you to access a loan anytime and anywhere. Palmcredit offers loans of up to ₦100,000 within minutes on your mobile phone.

With PalmCredit getting a mobile loan is simple. Apply for your credit limit in minutes, then take as many instant loans as you need without further approval steps. It’s a credit revolution!
As soon as you repay, your credit score is updated. Repay on time and watch your limit grow to N100,000.

Download the Palmcredit App to get instant and flexible loans at affordable rates.

palmcredit app nigeria

3. Branch
   Branch is a simple yet powerful mobile loan app in Nigeria and Kenya. Getting quick and instant loans on Branch App is so fast and easy. It will help you sort out your financial issues in real time.

Branch offers loans from ₦1,500 to ₦150,000. Loan terms range from 4 – 64 weeks. Interest ranges from 14% – 28% with an equivalent monthly interest of 1% – 21%, depending on selected loan option.

Download Branch App for access to quick and instant loans.

branch app nigeria

Also Read: 10 Small Businesses That Make The Most Millions In Nigeria.

4. QuickCheck
   QuickCheck is a modern lending platform for individuals and small businesses. QuickCheck uses mobile technology to enable individuals and small businesses to gain access to financial credit.

According to the platform, users can access quick and hassle-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.

You can get the QuickCheck App on Google Playstore.

quickcheck nigeria website

5. Aella Credit
   Aella Credit is building platforms that make it easier for individuals in Africa to gain access to financing. Mainly focused on employee lending and empowerment, the company was affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.

Aella Credit uses a proprietary credit scoring algorithm to determine the creditworthiness of its users. The algorithm, which was built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility for a loan by considering social and demographic factors as well as their debt to income ratio.

Conclusion

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