We have all been in a temporary bind, a tight spot at which point we needed a quick financial reprieve just until things balance out. At such times we either borrow from friends and family and if that doesn’t work, put our immediate needs on the back burner or let go of them indefinitely.
However, what do we do if it is a need that just cannot be postponed for a later date, say a medical emergency. What then can we do to salvage the situation?
Quick personal loans. These are small to medium loans that are made readily available by fintech companies without the hassles of collaterals and security, or visiting a bank.
Do you want to borrow money for emergencies at any time you find yourself in a bind? Here are The Top 11 Digital and Fast Loan Apps In Nigeria as well as their maximum amount and interest rates.
11. SokoLoan
This is one of the top lending platforms in Nigeria, it assists low-income employees and families as well as business owners to acquire loans without collateral. You should get approval in under five minutes and your loan within 24 hours.
Sokoloan can give up to ₦30,000. You can get your loan right into your bank account and you can choose to repay within 2 to 6 months. Loans range from ₦5,000 to ₦100,000 with terms from 91 – 180 days.
Interest and service fee ranges from 4.5% – 34% with an equivalent monthly interest of 3% – 29% and APR (Annual Percentage Rate) of 29% – 365%.
10. Fairmoney:
This platform doubles as both a loan application platform and a microfinance bank. You can generate an account number to receive money in as well as send money to other banks. The app is easy to use by just following the prompted steps. The loans can be paid directly to your account.
Loan amounts range between ₦1,500 to ₦500,000 with repayment periods from 61 days to 1 year at monthly interest rates that range from 2.5% to 30% APR from 30% to 260%.
On this app owned by Opay, you can borrow a short-term loan. From ₦ 3,000 to ₦ 500,000. With a minimum of 0.1% up to 1%. The interest rate is calculated on a daily basis.
APR from 36.5% to 360%. There is also an Origination Fee: Range from ₦ 1,229 – ₦ 6,000 for a one-time charge.
8. Alat Loan :
This is an app powered by WEMA bank, customers can access short-term loans. Salary earners can receive a minimum of ₦50,000 and up to ₦4,000,000 within hours and will have between 3 to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis.
7. Carbon:
This is another loan/banking app. They deliver other banking services aside from lending money. You can carry out numerous banking activities, invest money to earn sizeable ROI (Return on Investment) and get instant short-term loans for your urgent needs.
It offers loans ranging from ₦1,500 to ₦1m. You can make repayments over a maximum of 64 weeks.
Accruable Interests range from 1.75% – 30%, depending on the borrowed amount. APR from 23% – 60.8%. And best of all no late fees or processing costs!!!the term of the loan also dependent on borrowed amount ranges from 1 to 6 months
6. Kiakia :
KiaKia is a double-edged platform. Users can borrow money from the app as well as lend money to other users on the platform. The platform serves as an intermediary and a security check if you are lending out your own money. Money lent out on the platform can generate an ROI of 14% to 40% for you.
It funds secured personal and business loans between ₦10,000 and ₦100,000,000. Tenures range from 30 days to 24months. For Personal loans the is 15% per month. The Minimum term is 30 days and maximum term is 90 days. The maximum APR is 180%.
5. Palmcredit:
This is another app from which you can borrow money. It provides fast loan disbursement within minutes.
Their limit ranges from ₦5,000 to ₦ 300,000. Flexible repayment between 91days to 365days. No origination fees, rollover charge, or transaction fee.
Interest Rate: 4% to 24%, Equivalent Monthly interest 4%~4.7%, the APR on a Palmcredit loan is 24% to 56%.
4. Branch:
This is another app that isn’t strictly for lending, one of the most organized and best apps you can use. They offer personal loans for different types of emergencies. Branch offers more than instant loans. It lets you make unlimited FREE transfers, invest to earn 20% returns, and more, with over 20 million downloads! It is simple to use and easy to understand.
This app does not charge any additional fees like processing fee, transaction fee or origination fee.
Loan Amounts: ₦2,000 to ₦500,000 Repayment periods from 62 days to 1-year. Monthly interest rates range from 1.7% to 22%. APR from 20% to 265%.
3. Renmoney :
This app is owned by the Microfinance Bank of the same name. You can access quick loans on the Renmoney app in very few steps.
The loans however are targeted at employed or self-employed people as well as business owners. You can borrow from ₦6,000 to ₦6,000,000 and repay in 3 to 24 months.
The Renmoney app gives instant access to quick loans, savings, and investments with competitive interest rates.
2. Lcredit :
You can borrow money online with the LCredit Loan app. Instant loan with a flexible repayment plan and low-interest rate.
They give loans from ₦5,000 to ₦50,000. Interest and service rate: With a minimum of 0.1% up to 1%. The loan period ranges from 91 to 180 days. APR from 36.5% to 300%. The app calculates your interest on a daily basis.
1. Quick Check :
With no collateral or guarantors needed. With your smartphone and the app, you can access quick cash credited straight into your personal bank account.
With the Quick Check app you can access fast loans at single-digit interest rates 24/7. The app is available to serve customers with Android phones only.
The loans have interest rates from 5% pm your first loan. Loans range from ₦1,500 to ₦500k with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. APR is fixed at 13%.
