As consumers, we’ve been inundated with a never-ending stream of ads and marketing materials telling us the best way to make money is to go into debt and send our money directly to paying interest to a bank. They say that saving money for retirement is impossible if you don’t have a huge wad of cash. They tell us that moving from one job to another, or from one place to another, means it’s time for a new wardrobe.
But what if you could do all those things without spending money? What if, instead of accepting money from other people, you give them money, and end up getting paid back in more than just cash?
The following apps will help you use your phone in more ways than the companies that made it intended:
Best Apps For Quick Cash
Cash advances are worthwhile products if you need a short-term loan. For example, you can typically borrow upwards of $300, and you usually repay the balance with your next paycheck. Moreover, apps like Dave, Brigit, Earnin, and MoneyLion care more about your cash flow than your credit score, so if you have bad credit, it won’t derail your chances of qualifying.
In addition, while cash advances are similar to payday loans, the former often have 0% APRs. In contrast, payday loans have an average APR of 400%. Therefore, we recommend that you stay away from payday loans and only consider cash advance apps for small-dollar financing.
Also noteworthy, a personal loan is a better fit if you need more than $300. Through our marketplace, you’ll find lenders that offer $100 to $250,000, with APRs of 2.49% to 35.99%. Moreover, flexible terms range from one to 10 years, and applying won’t impact your credit score. As a result, please click on the “Shop Around” button below to learn more about the available options.
SHOP AROUND
The Best Loan Apps 2022
When you need emergency financing, it increases your chances of falling victim to predatory lenders. Moreover, payday loan providers take advantage of borrowers’ desperation and often trap them in a cycle of debt. However, avoiding the mistake is easier than you think. As a helpful tip, pay close attention to your loan terms and stay away from products that have 400% APRs. Likewise, the options below can hold you over until your next paycheck arrives without impairing your financial health.
ElitePersonalFinance only covers legitimate cash advance apps. We don’t list or review any payday loan apps!
Loan App: Amount: APR: Fees: Credit Check:
Dave Up to $250 0%
$1/mo.
$1.99 to $5.99 for same-day cash advances
No
SoLo Funds Up to $500 3% – 10%
$0/mo.
Late payment fee is 15% of the loan amount + $5
No
Brigit Up to $250 0%
$9.99/mo.
No
Earnin Up to $150/Day or $500/Period 0%
$0/mo.
Up to $3.99 per $100 for same-day cash advances (first is free)
No
MoneyLion Up to $250 0%
$0/mo.
$1.99 to $7.99 for immediate cash advances
No
Possible Up to $500 150% – 200%
$0/mo.
No
Grain Up to $1,000 Line of Credit 15% – 17.99%
$0/mo.
1% per withdrawal
Late payment fee is the lesser of 5% of the balance due or $5
No
Albert Up to $250 0%
$0/mo.
$6.99 per cash advance to an external bank account
No
Cleo Up to $100 0%
$5.99/mo.
$3.99 for same-day cash advances
No
Chime Up to $200 0%
$0/mo.
No
Dave
Loan Amount: Up to $250
APR: 0%
Terms: Repay manually or with your next paycheck
Fees:
$1 monthly membership fee
$1.99 to $5.99 for same-day cash advances
Credit Check: No
How to Qualify:
Have at least two qualifying direct deposits
Have cash leftover after paying your bills
Link External Bank Account: Yes
LEARN MORE
If you’re looking for apps that loan you money instantly, Dave should be on your radar. For example, the cash app lets you borrow up to $250 with no interest or credit check. However, please note that you need to have some money left after paying your bills each month. In addition, the membership fee is $1 per month. However, Dave is a safe and legit way to receive cash for free within three business days, and you also have the option to pay a fee for same-day funding. On top of that, the Dave app should be available in all states, and you have the option to link an external bank account.
But does Dave work with Capital One? Yes. Whether you bank with Capital One, Chase Bank, Wells Fargo, or many other financial institutions, you shouldn’t have any issues setting up an account with Dave. Also, an added bonus is that you can repay the advance manually, or have the money automatically deducted from your next paycheck.
Pros:
Dave is one of the best apps that gives loans up to $250.
Dave doesn’t charge interest or check your credit.
Standard three-day funding is free.
You can link an external bank account.
Cons:
You need to pay $1 per month in membership fees.
It costs $1.99 for instant cash advances of $5 or less to $5.99 for $100 to $250.
The impact of COVID-19:
While Dave’s policies didn’t change during the pandemic, the cash advance company still offered helpful tips to mitigate the financial difficulties. To learn more about potential hardship programs, you can call Dave at 1-844-857-3283, email support@dave.com, or use the chat function within Dave’s mobile app.
Solo Funds
Loan Amount: Up to $500
APR: Typically 3% to 10%
Terms: Up to 15 days
Fees: Late payment fee is 15% of the loan amount + $5
Credit Check: No
How to Qualify: Depends on the P2P lenders’ criteria
Link External Bank Account: Yes
LEARN MORE
High on our list of apps that loan you money instantly, Solo Funds offers $50 to $500, and there is no minimum credit score requirement. In addition, repayment terms of 15 days or less are available, and tips typically range from 3% to a 10% maximum. Thus, if you’re looking for apps that pay you real money without worrying about high APRs, Solo Funds is one of the best. For your reference, SoLo Funds is a peer-to-peer (P2P) lender that connects borrowers with investors. Moreover, the app should be available in all states, and applicants with low or no credit scores are welcome to apply.
However, please bear in mind that late payment fees will cost you 15% of the loan amount plus $5. In addition, you can’t roll over your loan if you default, and the repercussion is often losing access to the apps’ services.
Pros:
SoLo Funds’ cash app offers up to $500 with no credit check.
Tips are 3% to a 10% maximum, much less than payday loan APRs.
Same-day funding is often available.
You can link an external bank account.
You’re not charged a monthly membership fee.
Cons:
Late payment fees will cost you 15% of the loan amount plus $5.
Independent lenders determine approval on the platform.
The impact of COVID-19:
While SoLo Funds provides helpful tips on how to safeguard your finances during these troubling times, you need to contact the company directly to learn about its hardship programs. To do so, you can email help@solofunds.com or submit a ticket through SoLo Funds’ help center.
Brigit
Loan Amount: Up to $250
APR: 0%
Terms: Repay manually or with your next paycheck
Fees: $9.99 monthly membership fee
Credit Check: No
How to Qualify:
Have at least 60 days of checking account activity and maintain a balance above $0
Have a cash surplus every two weeks after receiving your paycheck
Have a Brigit Score that ranges from 40 to 100
Link External Bank Account: Yes
LEARN MORE
We found that Brigit is safe and legit when analyzing apps that give loans. The loan app will front you up to $250 until payday, and you can apply on the cash app without a job. Also, Brigit is one of the best apps that loan you money instantly because its standard and same-day funding options are free. However, you need to become a member to apply, and the membership fee is $9.99 per month. But like Dave, you can repay the advance manually or have the money automatically deducted from your next paycheck. In addition, the Brigit app should be available in all states, and while its proprietary “Brigit Score” determines whether you qualify, a reasonable score of 40 or more should be enough to gain approval.
However, please note that you need to have a checking account with a positive balance and at least 60 days of activity. Moreover, Brigit places a priority on having a cash surplus every two weeks after your paycheck arrives.
Pros:
Brigit’s loan app provides up to $250.
Brigit doesn’t charge interest or check your credit.
The funds are transferred in as little as 20 minutes without paying a fee.
You can link an external bank account.
Cons:
You need to pay $9.99 per month in membership fees.
Most qualifying applicants have a Bridgit score of 40 to 100.
The impact of COVID-19:
Brigit provided external resources for those struggling during the pandemic. However, to learn more about company-specific programs, you can email info@hellobrigit.com. But please note that the company recommends that you submit a request through Jess, its automated 24/7 chat function.
Earnin
Loan Amount: Up to $100 per day and $500 per pay period
APR: 0%
Terms: Repay manually via money order or with your next paycheck
Fees: Up to $3.99 per $100 for same-day cash advances (first is free)
Credit Check: No
How to Qualify: Have a checking account with frequent direct deposits
Link External Bank Account: Yes
LEARN MORE
Earnin provides safe and legit access to $100 per day or $500 per pay period. Moreover, there is no interest or credit check, and you can repay the advance manually via money order or have the funds deducted from your next paycheck. Furthermore, since there is no monthly membership fee, Earnin is one of the best apps that loan you money instantly. However, please note that free cash advances are deposited within three business days, or you can pay for instant funding. But your first instant deposit is free, and the app should be available in all states.
The only downside is that you need to provide consent for Earnin to analyze your work email, timesheets, wage stubs, and GPS locations to verify your income and workplace attendance. Thus, while you may or may not approve of the scrutiny, it could be mandatory to gain approval.
Pros:
Earnin’s loan app provides $100 to $500 in cash.
Earnin doesn’t charge interest or check your credit.
Your first same-day cash advance doesn’t incur a fee.
You can link an external bank account.
You’re not charged a monthly membership fee.
Cons:
Earnin requires several identity and location disclosures.
You’ll pay up to $3.99 per $100 for subsequent same-day cash advances.
The impact of COVID-19:
Providing pandemic assistance on a case-by-case basis, Earnin helped its customers navigate the uncertainties of COVID-19. To learn more about the options available, please email support@earnin.com.
MoneyLion
Loan Amount: Up to $250
APR: 0%
Terms: Repay with your next paycheck
Fees: $1.99 to $7.99 for immediate cash advances
Credit Check: No
How to Qualify:
Have a checking account that’s been open for at least two months
Make sure the account is active and has a positive balance
Link External Bank Account: Yes
LEARN MORE
MoneyLion Instacash provides up to $250 with no interest or credit check, and you don’t have to repay the funds until payday. However, since MoneyLion restricts new accounts to $25 or slightly higher when you sign up, think of it as a $50 loan instant app until you build a reliable relationship. Moreover, once you demonstrate your creditworthiness, you can borrow $50 and then up to $250. In addition, MoneyLion is a safe and legit way to receive your money for free within five business days, or you can pay a fee for instant funding. All in all, we found that MoneyLion is one of the best apps that loan you money instantly, and the app should be available in all states.
Also noteworthy, MoneyLion has a Credit-Builder account that provides financing to borrowers with bad credit. It costs $19.99 per month, and provides access to personal loans of up to $1,000, with APRs of 5.99% to 29.99%. Moreover, the company found that more than half of its customers uplifted their credit scores by 42 points or more within 60 days.
Pros:
MoneyLion’s loan app provides up to $250.
MoneyLion doesn’t charge interest or check your credit.
You can link an external bank account.
You’re not charged a monthly membership fee.
Cons:
You’ll pay $1.99 to $7.99 for instant cash advances.
You may only qualify for $25 right away.
The impact of COVID-19:
While MoneyLion doesn’t list any coronavirus-specific policies, help is available if you need it. To learn more, you can call MoneyLion at 1-888-704-6970, email customercare@moneylion.com, or use the company’s 24/7 chat function.
PossibleFinance
Loan Amount: Up to $500
APR: 150% – 200%
Terms: Eight weeks + 29-day grace period
Fees: None
Credit Check: No
How to Qualify:
Have a checking account that’s at least three months old
Have direct deposits of $750 per month
A balance surplus each month can increase your chances of qualifying
Link External Bank Account: Yes
LEARN MORE
While loan amounts vary by state and won’t exceed $250 in California, PossibleFinance typically provides up to $500 with no credit check. However, APRs range from 150% to 200%, and you repay the proceeds in eight weeks. For your reference, there is a 29-day grace period if you suffer a financial emergency, and payday loans have an average APR of 400% and require you to repay the money with your next paycheck. Thus, while PossibleFinance’s APRs are high, the lender’s products are cheaper than a payday loan. And because of that, PossibleFinance should be considered one of the best apps that loan you money instantly.
To qualify, you need to have a checking account history of at least three months and direct deposits of $750 per month or more. Also, it’s preferable to have a balance surplus each month. In addition, loans are only available in select states: “At the moment Possible is available in Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, and Washington.”
Pros:
PossibleFinance’s loan app provides up to $500.
There is no credit check.
There is a 29-day grace period for late payments.
You can link an external bank account.
You’re not charged a monthly membership fee.
Cons:
You will incur APRs of 150% to 200%.
Maximum loan amounts vary by state.
The impact of COVID-19:
Standing by its customers in their time of need, PossibleFinance created forbearance plans for borrowers struggling with financial difficulties. To learn more, PossibleFinance recommends that you use the “contact us” function within its app or submit a ticket through its help center.
Grain
Loan Amount: Up to $1,000
APR: 15% – 17.99%
Terms: Repay in full each month or incur interest
Fees:
1% per withdrawal
Late payment fee is the lesser of 5% of the balance due or $5
Credit Check: No
How to Qualify: Grain’s algorithm analyzes your linked checking account’s cash flow to determine eligibility
Link External Bank Account: Yes
LEARN MORE
Grain offers lines of credit of up to $1,000, with APRs that range from 15% to 17.99%, and the app should be available in all states. For context, the lower rate is given to borrowers that enroll in Auto-Pay, while the higher rate applies if you repay your loan manually. In addition, there is no credit check, but interest accumulates if you don’t pay off your balance each month. As a result, if you’re searching for apps that loan you money instantly, Grain fits the bill. Also, if you prefer to repay the proceeds monthly instead of with your next paycheck, Grain is a safe and legit option.
However, please note that Grain charges a 1% withdrawal fee, and late payment fees will cost you the lesser of 5% of the balance due or $5. But while the charges can add up, Grain’s products are still much cheaper than a payday loan. Furthermore, if you don’t qualify for an unsecured loan, you may have to settle for a secured line of credit. From Grain’s perspective, it all depends on the cash flow activity in your linked checking account.
Pros:
Grain’s loan app provides up to $1,000.
Your APR is 15% if you enroll in Auto-Pay.
You can link an external bank account.
You’re not charged a monthly membership fee.
Cons:
You incur a 1% fee each time you make a withdrawal.
Late payments cost you the lesser of 5% of the balance due, or $5.
The impact of COVID-19:
As a show of solidarity during the pandemic, Grain cut borrowers loan payments in half to help them stay above water. To learn about how the company can help you, please call Grain at 1-833-755-0809, email help@trygrain.com, or submit a ticket through Grain’s help center.
Albert
Loan Amount: Up to $250
APR: 0%
Terms: Repay manually or with your next paycheck
Fees: $6.99 per cash advance to an external bank account
Credit Check: No
How to Qualify:
Have a bank account with a positive balance that’s been open for at least two months
Have regular direct deposits from the same employer
Have an account surplus the day after your paycheck arrives
Link External Bank Account: Yes
LEARN MORE
As another of the best apps that pay you real money, Albert advances up to $250 with no interest or credit check. Moreover, free deposits occur within two to three business days, though there is a “small fee” for instant funding. In addition, if you bank with Albert, there are no administrative fees. However, if you deposit the cash in an external bank account, a $6.99 fee will apply. Regardless, Albert’s cash app can help hold you over until payday, and the app should be available in all states. Also beneficial, Albert doesn’t have monthly membership fees, so you don’t need a premium membership to access cash advances.
To qualify, you have to link a bank account with a positive balance that’s been open for two months or more. Moreover, regular direct deposits from the same employer are a must, and Albert also requires an account surplus the day after your paycheck arrives.
Pros:
Albert’s loan app provides up to $250.
Albert doesn’t charge interest or check your credit.
You can link an external bank account.
You’re not charged a monthly membership fee.
Cons:
It costs $6.99 to have your cash advance sent to an external bank account.
You may not qualify for the full amount right away.
The impact of COVID-19:
While Albert’s policies didn’t change during the pandemic, you can inquire about assistance programs by emailing the company at support@albert.com.
Cleo
Loan Amount: Up to $100
APR: 0%
Terms: Repay manually or with your next paycheck
Fees:
$5.99 monthly membership fee
$3.99 for same-day cash advances
Credit Check: No
How to Qualify: Cleo’s algorithm analyzes your spending habits, payroll, and how well you budget
Link External Bank Account: No
LEARN MORE
When analyzing apps that borrow money, Cleo is another winner, and the app should be available in all states. Moreover, while you may only obtain $20 to $70 until you build a reliable reputation, after that, you can receive up to $100 with no interest or credit check. However, please note that Cleo has a $5.99 monthly membership fee, and instant cash advances also cost $3.99. In addition, Cleo doesn’t list any options to link an external bank account, so you may have to set up more than one Cleo account.
Despite that, Cleo is one of the best apps that gives loans, and Cleo Plus members can earn back their monthly membership fee by taking advantage of exclusive cash-back shopping offers. For example, you can often earn more than $5.99 by using Cleo’s in-app cash-back coupons. In addition, you can repay the advance yourself, or have Cleo automatically deduct the proceeds from your next paycheck.
Pros:
Cleo’s loan app provides up to $100.
Cleo doesn’t charge interest or check your credit.
Standard four-day funding is free.
Cons:
You need to pay $5.99 per month in membership fees.
Instant cash advances cost $3.99.
You can’t link an external bank account.
The impact of COVID-19:
To help struggling borrowers during the pandemic, Cleo created a program where users could donate $5 or more to other members. Then, Cleo’s algorithm would disperse $250 from the pool to the members that needed the money the most. To lean more, please email Cleo at team@meetcleo.com.
Chime
Loan Amount: Up to $200
APR: 0%
Terms: Repay with your next paycheck
Fees: None
Credit Check: No
How to Qualify: Have a checking account with Chime
Link External Bank Account: No
LEARN MORE
If you already bank with Chime, its SpotMe program is a safe and legit way to obtain $200 in overdraft protection, and the app should be available in all states. Moreover, there are no fees, interest, or credit checks, and debit purchases and cash withdrawals are eligible. As such, avoiding the monthly membership fee can help save you a bundle.
It works like this: if your Chime checking account has a negative balance, an advance of up to $200 will cover the shortfall. Then, Chime pays itself back when you receive your next paycheck. However, please note that you can’t link an external bank account. But if you’re already a Chime member, it’s one of the best apps that loan you money instantly. Also, please consider that you can’t use the service to transfer money to friends, and you may have to build a relationship with Chime before you qualify for the full $200.
Pros:
Chime’s loan app provides up to $200 in overdraft protection.
Chime doesn’t charge interest or check your credit.
Debit purchases and cash withdrawals are eligible.
You’re not charged a monthly membership fee.
Cons:
You can’t link an external bank account.
You may not qualify for the full $200 right away.
The impact of COVID-19:
Chime’s policies didn’t change during the pandemic. However, customer service representatives are available if you need help. For assistance, you can call Chime at 1-844-244-6363, email support@chime.com, or use the chat function within Chime’s mobile app.
Is There a Difference Between Loan Apps and Payday Loans?
Yes. Shady lenders often disguise their products as cash advances. However, it’s a scam that’s easy to avoid. That’s why we only list safe and legit cash advance apps, and the majority of the companies on our list don’t charge interest. Conversely, payday loans have an average APR of 400%, and you’ll find this out when unscrupulous lenders reveal the loan’s expensive terms. Therefore, please avoid these companies as they often trap borrowers in a vicious cycle of debt. In contrast, if a cash advance app has a 0% APR and little or no fees, you know it’s a reputable lender.
In addition, since payday loans often require repayment in 15 days, and the amount you can borrow is typically only a few hundred dollars, it’s easy to confuse the product with a loan app. However, the significant difference is that most cash advances are interest-free, while payday loans have an average APR of 400%. Moreover, even if we factor in monthly membership fees, cash advance apps’ all-in APRs are roughly 6% to 60%. Thus, a two-week advance through a loan app is much more affordable than a payday loan.
Likewise, penalty fees are often much higher with payday loans than cash advances. As a result, the compounding effect of payday lenders’ practices often impairs borrowers’ financial health. And before they know it, a $300 payday loan incurs more than $300 in interest, fees, and charges. Thus, even if it’s an emergency, we recommend that you avoid payday loans, as there are much better alternatives available in the marketplace.
What Are Loan Apps and How Can They Help Me?
Cash advance apps front you money until your next paycheck arrives. So you should think of them as short-term funding products that help you overcome emergencies. To qualify, you need to have employment or self-employment income or receive recurring government benefits. That way, the lender knows that you can repay the proceeds. However, many of the companies on our list don’t charge any interest, so if you’re in a tight spot and need instant funding, cash advance apps can offer safe and legit bridge financing.
To that point, loan apps are best used to cover small expenses of a few hundred dollars or less. Therefore, if you have a utility bill that’s past due or need to fill an unexpected prescription, loan apps will advance you the money and let you repay the funds with your next paycheck. As a result, if you don’t have emergency savings, loan apps are often an interest-free way to overcome financial challenges.
How Much Can I Borrow?
Cash advance apps typically offer between $5 and $300, and you often repay the proceeds when your next paycheck arrives. Thus, they’re a great resource if you need a quick cash infusion to pay a bill or cover an unexpected expense. However, please note that larger expenses often require more flexible loans. For example, weather damage to your home or a new part for your car will likely cost more than $300. In addition, if you live paycheck to paycheck, the unexpected expense can severely impact your budget. Therefore, repaying the loan in 15 days may not fit your needs.
If this is the case, you may want to consider a personal loan. With typical APRs of 5.99% to 35.99% and standard terms of one to five years, personal loans allow you to spread your payments out over a timeframe that’s right for you. As a result, please consult our marketplace and shop around for more options. There, you can browse dozens of lenders, and submitting an application doesn’t require a commitment and won’t impact your credit score.
Is It Smart to Use Apps That Loan You Money Instantly?
It depends on your personal preferences. Please remember cash advance apps are great if you need short-term funds for an emergency and don’t want to incur interest. Moreover, since most loan apps don’t have minimum credit score requirements, recurring income is more important than a good credit score. As a result, while it’s rare to find loan companies that offer instant approval, your chances of obtaining a no-interest cash advance are pretty high.
In addition, loan products are like tools, and specific tools are used for specific jobs. For example, if you’ve been eyeing a pair of shoes and a flash sale emerges, a loan app will let you make the purchase and repay the funds later. Conversely, if you wait for your paycheck to arrive, the item might be sold out or the flash sale could be over. Therefore, loan apps are useful tools when small, but unexpected, expenses require immediate action. However, when you have the time to plan ahead, personal loans are often more appropriate products.
Do Loan Apps Have Fees?
Yes. Since most loan apps don’t charge interest, their fee structures often make up the difference.
Monthly membership fees:
To access their cash advance services, many loan apps require premium membership. If you scan the reviews above, you”ll notice that the lenders on our list have membership fees that range from $1 to $9.99 per month. And while premium members have access to other benefits like cash-back rewards, you should compare the membership fee to your expected usage to determine if the expense is worthwhile.
Same-day funding fees:
While funding of one to five business days is often free, loan apps often charge extra for instant deposits. As a point of reference, the lenders on our list charge $1.99 to $7.99 for immediate cash advances, and the fee should be considered when calculating your all-in APR.
External bank account fees:
While most loan apps don’t levy the fee, Albert charges $6.99 to send cash advances to an external bank account. However, cash advances deposited in an Albert bank account are free of charge, and there is no monthly membership fee. As a result, the same loan app can be perfect for one person and unattractive to another.
best loan app in nigeria 2021
We all have that one time in our lives that we would need money urgently maybe for some personal use or for some other things that come and needs some funds to pull through and getting a quick loan might be the fastest way.
Starting a business, funding an idea, and even getting money to handle urgent matters are not always easy. Sometimes we do want to find the quickest ways to get the fund needed and that when you need to get a loan. This article is about the best loan apps you can use in Nigeria.
These apps are one of the most trusted in the country when it comes to getting quick loans and not just the loans their services and a customer representative and even their platforms are trustworthy.
Thinking about borrowing money from a friend might really seem to be the best option sometimes but remember we all live in a time where everything is not that easy. That is when getting quick loans comes in.
Smartphones and websites are one of the most used things in this world if the internet, air, and electricity are included in the most used things in the whole wide world. This is why we can put our smartphones to good use.
Do you want to know about the best loan apps in Nigeria 2021/2022 that can save you or help you in urgent times of need to get quick loans? Read through this post from top to the end and after that, you can select one out of all of them.
Top 10 Best Loan Apps in Nigeria For Borrowing Money 2021 – 2022
- Carbon (PayLater)
best loan apps in Nigeria
No way we will tak about best instant or new loan apps in Nigeria that we will ignore Paylater Now known as Carbon. This is the first on the list of best instant loan apps in Nigeria to borrow quick money for either personal or business needs. Carbon is somehow the number one choice and most popular for most people to borrow money online.
The platform borrows money from anyone either you working or not, Student or monthly salary earner even if you are an entrepreneur carbon is there for you when needed and getting money is fast.
They make access to credit easy. No need for guarantors, No need for collateral for you to use carbon. It is so easy that you can apply for a loan 24/7 and receive funds into your account within minutes.
One thing about Carbon is that you have to start from a point and as you repay your loans on time the more chance you have to get higher loans from the platform and it is always stress-free.
The carbon (PayLater) is the best loan app in Nigeria on iPhone and Android as it even gives you the chance to manage your credits right from the app so all your dealing is with the app. And as a techie, I can tell you that the app is well designed and programmed.
Not only that you can get loans from Carbon (PayLater) app, you can also use the app to make payments like to recharge any network in Nigeria and also Pay bills for your services, and also transfer money.
You can get the carbon app from the play store or visit their official website to know more about Carbon (PayLater).
- PalmCredit
palmcredit loan app
The next one among all of the best loan apps in Nigeria is Palmcredit. With Palmcredit you can get a loan for as low as N2,000 and as high as N100,000 straight from the app.
On Palmcredit getting quick online loans is also very easy and quick. With just a few steps then you have everything in your control to get the loan you want.
Also, Plamcredit gives reward offers for referring people to Palmcredit.
Download the PalmCredit app from Google Play Store
- FairMoney
FairMoney is also a loan app that you can use to get quick loans online in Nigeria is the FairMoney Loan app. I choose this app as the second one among the best loan apps in Nigeria 2020 because of their good service.
With FairMoney you can apply for loans online for as much as N150,000 and you don’t need any paperwork, No collateral and it is 100% stress-free to use the FairMoney Loan App to get loans.
FairMoney also lets you spread your repayments in multiple installments for you to have more flexibility and also makes the app and services much easier for you. When you pay your credit on time it opens more chances for you to get more benefits.
You can use the app to get your bill payment done also and you get up to a 5% discount using the app to get airtime of any network in Nigeria.
Download FairMoney App From Google PlayStore
But, You should know that there will be some terms and conditions attached so make sure you check that before you apply for the loan but trust me the platform is great.
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- Branch
branch loan app
Branch loan platform is also one of the best loan apps in Nigeria and do you know the good thing about Branch? It doesn’t operate only in Nigeria but also, it operates in other countries like Kenya, Mexico, and India.
Branch makes it easy for you to access loans for the way you live anytime, anywhere. Sign up in seconds, apply for a loan, and receive your money straight to your account. It’s a fast, convenient, and reliable way to access credit when you need it.
Money borrowed from Branch can be used for anything you prefer to use it for and no one is going to ask you about that not even Branch Officials.
Download Branch Money Lending App
You can borrow loans as low as N1000 and as high as N200,000 from the Branch loan app and with little interest is what you will pay back on any money you borrow but this varies depending on the country you are in.
- QucikCheck
loans apps in nigeria for quick cash
With the QuickCheck app on your phone anytime any day you can get instant loans straight into your bank account. This is one of the best loan apps in Nigeria and this is because their mode of borrowing money is really a great one.
You get to access quick cash loans at single-digit interest rates, anywhere, anytime. This loan app for Nigerians helps Nigerians access instant online quick loans without collateral and it work seamlessly.
Using the app is as simple as other Loan apps we have talked about just that after signing up and you have applied for a loan the will run a credit scoring using an algorithm within a few seconds.
Some reasons why this app is special is because of 1. You can choose when to pay back 2. You can borrow money up to 200,000.
Download The QuickCheck App From Google Play Store
- Aella Credit
aella credit loan app
Another sure app you can get instant loans online in Nigeria from is the Aella Credit loan app. They have very good customer relations, and their helpdesk is always ready and fast to respond to your inquiries.
No hassles, no stress with the Aella credit app!! Just download the app from the Google play store and fill in all of the necessary information to use the app and get access to instant loans anywhere you are.
Make sure your details are correct and are in correlation with the information you put down because that might make it impossible to use the app if the details are not correct.
ALSO READ – Cheap phones with a long-lasting battery in Nigeria
- KwikMoney (MIGO)
loans apps in nigeria for lending money
Borrowing money on KwikMoney is really different How? You don’t need an app to get loans. The only thing you need is your Smartphone and Your SIM registered to your bank account.
You don’t need any documentation to get your loans out in few minutes. The earlier you repay your loan the higher your rate of money you can borrow the next time on the platform.
You can visit their official website (Kwikmoney.com) to process the loan within seconds using only your phone number and get the money straight into your bank account. You Have within 14Days to 30 Days to return the loan.
If you pay back the loan before the 14th day from the day you borrow the money you will not pay any interest. After the 14th day, there will be a 5% interest increase on the money you borrowed.
- SokoLoan
sokoloan app instant money
Another app that can not be forgotten or left out on the list of best loan apps in Nigeria is SokoLoan. Sokoloan is easy to use the app and a very convenient app to use anytime any day to get Short Term Loans in Nigeria.
They are a Microfinance Institution, Soko Lending Company Limited intends to increase opportunities for the poor to access financial services by providing financial services to low-income entrepreneurs, Students who continue to learn, and more.
The earlier you pay your borrowed cash the more you increase your loan limits. The Sokoloan money lending platform/app is always there for you to get quick loans in Nigeria.
You Can download the SokoLoan app from the Google play store
- KiaKia Loan
This is another sure platform to borrow money and quick loans in Nigeria is the KiaKia Platform. In Yoruba land (Nigeria) KiaKia actually means Fast Fast which means this money giving is fast at the process.
If you have a business and you need funds to build the business KiaKia Money is ready to give loans ni KiaKia
When you dial *822# on your mobile phone, you can get access to loans from Sterling bank, the official owners of Kiakia loans.
For other bank subscribers? Dial this USSD code for loans in Nigeria to access loans from other lending organizations.
All you need is to visit the Kiakia official website (kiakia.co/) anytime any day to make start your loan process. There is an assigned virtual personalized agent ready to attend to you anytime.
- CreditVille
The last money borrowing platform on the list of my best loan apps in Nigeria is CreditVille. CreditVille offers CASH LOANS (For Salary Earners & Business Owners) to meet urgent needs on any aspect needed.
It is so good at CreditVille that if you need a Vehicle loan to get your preferred choice of vehicle, you can get that done at CreditVille.
You can get loan offers between N100,000 to N4,000,000 at CreditVille for up to 18 months without collateral to be able to meet their financial needs.
CreditVille Limited’s Payday Loan in Nigeria is a quick loan for salary earners and with CreditVille you can also get Salary Loans and they are fast and stress-free.
To apply for loans at CreditVille just visit their official website and fill out the application form and you get your applied loan without any stress in a Quick Time.
So those my top 10 best loan apps in Nigeria for quick money lending for your personal use or for business purposes.
How To Get Loan Online in Nigeria
The swift and easy method to get an instant loan online in Nigeria is to get the needed loans via online loan apps/platforms. The mobile apps for online lending in Nigeria are the quickest way to get loans and within minutes your mobile account is credited. The following are a few benefits of getting online loans in Nigeria.
You Have Access 24/7
No collateral is needed
It is very fast
You receive money directly into your bank account.
These are the benefits of using any of the loan apps to get quick loans in Nigeria for either business or personal use.
Banks and Microfinance Banks in Nigeria will also Lend You Money and sometimes the money borrowed can get to you very fast and sometimes it takes time. But there is always stress involved.
My General Overview About The Apps for online loans in Nigeria 2020
Getting Quick loans in Nigeria might be some of the ways to get out of money issues and that is why I have dedicated myself to coming up with the top 10 best instant loan apps in Nigeria to get quick loans.
There are a lot of apps to get instant loans online in Nigeria but, I cannot mention all of the loan apps in Nigeria that is why I have decided to come up with those top 10 best loan apps and platforms to get quick loans.
But You should know that if you are going to borrow money, especially for business sake make sure you have planned everything well so as not to enter debt and if you are borrowing for personal use make sure you have ways of paying it back on time because of Intrest.
Meanwhile, you should know that there are going to be some terms and conditions attached to each loan apps/platform on which their services are based on. You should be sure if the terms and conditions favor you.
Also, you should know that all the money borrowing platforms have their own terms and conditions and also they have different policies and different interest rates.
Make sure you read and understand the terms of guiding each loan apps in Nigeria that you want to use.
QUICK RECAP: List of the Best & New Loan Apps for Nigerians 2022
Carbon (PayLater)
Branch
Palmcredit
FairMoney
Quick Check
Aella Credit
KwikMoney
SokoLoan
KiaKia Loan
CreditVille
Conclusion
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