Interest Rates of Some Mobile Loan Apps in Nigeria

Have you being searching for the various genuine loan apps in Nigeria, and the rates of interest they charged? If ‘yes’ then you will definitely get the answer to the above question on this post, as you explore through.

Best Mobile Apps To Get Quick Loan In NigeriaEver since the emergence of online applications that offers loan to those in need, there is a great improvement recorded so far.

With just a mobile phone and working network, anyone can easily apply to get a loan from the comfort of their houses.

That is to say, aside the normal banking system that offers loan, the innovation of mobile application has made many registered financial bodies, be able to develop a mobile app that can be used to access loans.

Due to some special features like low interest rate, fast disbursal, minimal documentation, and customized repayment options, online loan apps are now gaining traction.

Back then, people find it difficult to access quick loans, which becomes a dreadful challenge among business owners who must have experienced trials in their businesses.

Aside this fact, if one really want to secure a loan from banks, such person had to visit any of the branches of the particular bank, render required informations, then provide collateral before such a person can secure the loan. The process is not only tedious, but difficult to mostly access by many people in need of loans.

For the fact that the process one need to pass through in getting a bank loan is tedious, the introduction of loan apps in Nigeria becomes the top option for most persons. One good part of these loan apps is that, an applicant can easily monitor the progress of his/her application.

Majority of the loan apps in Nigeria offers an easy, quick, and certainly an electronic means to get funds. Another thing to note is that some of these loan apps gives out loans for s short period of time, with a vary (different) interest rate.

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Different Loan Apps and Their Interest Rate

Below are different loan apps and their interest rates;

1. CARBON

This is a digital loan platform that offers several financial services such as funds transfer, savings, payment of bills, investments, business loans, and personal loans. This application is available in only Nigeria and Kenya as at present.

To get a loan with Carbon app doesn’t take more than 5 minutes. The interest rate of loans gotten from Carbon ranges from two percent (2%) to thirty percent (30%), depending on the amount borrowed, and the repayment duration.

2. BRANCH

This is another loan app in Nigeria that offers quick loans to applicants. With the aid of the user’s smartphone data, the app can easily detect the eligibility and thereby personalized the users loan offer.

Their interest rate ranges from fifteen percent (15%) to thirty-four percent (34%). The minimum loan they give out is one thousand naira (N1,000), while the maximum is two hundred thousand naira (N200,000), which can be gotten within 24 hours, and to be repaid within 4 weeks to 40 weeks.

3. FAIR MONEY

Fair money loan app is one that doesn’t require collateral, and documentation before giving out loans. They are so fast, that they process any loan within 5 minutes.

Their loan amount is between one thousand five hundred naira (N1,500) to five hundred thousand naira (N500,000), to be repaid within sixty-one (61) days to one hundred and eighty (180) days.

The interest rate of Fair Money ranges from ten percent (10%) to thirty percent (30%).

4. AELLA CREDIT

This loan app gives short-term personal loans which ranges from two thousand naira (N2,000) to one million naira (N1,000,000), which should be paid back within 1 to 3 months at most.
They normally collect within six percent (6%) to twenty percent (20%) interest rate.

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5. PALM CREDIT

This is another unique loan app in Nigeria. For first time applicants, they give only small amount of loans of which such applicant can start benefiting higher offer after paying back.

They give a minimum of two thousand naira (N2,000) and a maximum of one hundred thousand naira (N100,000), which is expected to be repaid within 91days to 180 days.
Their monthly interest rate is either 4% or 4.7%, while a longer duration interest rate falls within fourteen percent (14%) to twenty-four percent (24%).

6. RENMONEY

This online loan app offers both personal and micro business loans which falls within fifty thousand naira (N50,000) to six million naira (N6,000,000) without demanding for collateral.
Their repayment terms is flexible undermining the large loan amount they offer.

The monthly interest rate of Renmoney range from 2.76% to 9.33%, and expected to be paid back within a duration of three (3) months to twenty-four (24) months.

7. MIGO

This is an application that assist other companies extend credit to small businesses and consumers via their own personal app. Anyone wishes to gain access to the Migo loan service can do that by visiting their official website.

Aside using a smartphone or system to access Migo loan service, there is a USSD code that can be used. They can give out loan from five hundred naira (N500) to five hundred thousand naira (N500,000) with an interest rate of five percent (5%) to twenty-five percent (25%). It’s repayment duration is from 14 days to 30 days.

8. XCREDIT

With XCredit, Nigerians can access a loan anywhere, and anytime. Their offer ranges from five thousand naira (N5,000) to five hundred thousand naira (N500,000) with a constant twelve percent(12%) interest rate. Any loan collected has to be paid back within 91 days to at most 180 days.

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9. LIDYA

This is a financial service online platform that offers loan based on the financial history of your main bank account (cash flow). One good thing about LIDYA Loan app is that they don’t request for collateral, and can give out loans amounting to one hundred and fifty thousand (N150,000) and above.

The monthly interest rate attached to any given amount is 3.5%, on monthly basis.

10. KIAKIA

This is a loan app that gives out personal and business loans to applicants. They also have other options like the peer-to-peer option, where a user can either request a loan from his/her peer or give out a loan.

Amount that can be gotten from this loan app ranges from ten thousand naira (N10,000) to two hundred thousand naira (N200,000) with an interest rate of 5.6% to 24%, depending on the amount collected.

Consequences For Not Paying Back a Loan

Most of these loan apps operators has a way of collecting their monies back from defaulters, who either internationally or due to not meeting up, fails to pay back a loan collected.

Sometimes they call the contacts a borrower inputted during registration, such as family members, friends, employer, or even co-workers. In most cases, the borrower will end up paying higher interest rate compare to the regular banks.

Note: It’s not advisable to make an attempt of collecting loan from these loan apps with the intention of not paying back within the agreed duration, as the outcome can make the app operators breach into your privacy through legal sources which are unknown to you.

Should in case case you have questions regarding to any of the above mentioned loan apps, you can ask by using the comment box below.

Also share this post with friends and relatives, who might need this update in one way or the other.

Updated: March 30, 2021 — 2:24 pm

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