Top 11 Quick Loan Apps In Nigeria for 2023(Unfold)

Quick loan apps in Nigeria are mobile applications that provide instant and convenient access to small loans for individuals and businesses. These apps have gained popularity due to their user-friendly interfaces, quick loan processing, and accessibility to many users, including those without banking experience, relationships, or credit histories.

The typical process of obtaining a quick loan through these apps involves you downloading the app, from the app store, creating an account, and also providing some basic personal information for verification. Many of these apps data analytics to assess an applicant’s repayment ability, Some often do not need collateral or traditional credit checks.

Once approved, users can access loans directly through the app, and the funds are usually disbursed to their mobile wallets or bank accounts instantly or within a short period. Repayment terms and interest rates vary among different apps, and users can repay the loans within the specified time frame, usually through the app also.

These quick loan apps in Nigeria have helped bridge the gap in accessing credit for many individuals, particularly in emergency situations or to meet short-term financial needs. So, it is essential for users to be cautious and responsible while using these services, ensuring that they understand the terms and conditions, interest rates, and repayment obligations before borrowing.

List of Top 11 Quick Loan Apps in Nigeria

1. Lydia Loan App

Lidya is a fintech company that provides quick loan apps in Nigeria with online lending services to small businesses in Nigeria and other markets. It provides small and medium-sized enterprises (SMEs) with access to loans to help them grow and expand their businesses.

Lidya offers a digital lending platform that assesses the creditworthiness of businesses based on their transactional, behavioral, and social data. By leveraging technology and data analytics, Lidya aims to provide quick and efficient loan processing to qualified businesses.

Lydia is a company that provides small and medium businesses with instant loans to fund and expand their businesses. Also, they provide these businesses with the appropriate tools to manage their businesses digitally. Another added advantage is that you do not need any collateral to borrow a loan. With this platform, borrowing a loan is secure, seamless, and stress-free.

Eligibility Criteria

  1. Businesses must be registered and operating in Nigeria or the country where Lidya operates.
  2. Businesses must have a history of consistent revenue or sales.
  3. Business owners or representatives may need to provide personal and business information for verification.
  4. Other specific requirements may vary depending on the loan product and terms.

How to apply for the Loan

  • An applicant has to create an Account. You can do that in less than 5 minutes.
  • Then select a loan type.
  • Within 24 hours of your application, you will receive the loan in your account.

How to contact Lydia Online Loan

  • Address: 2B Oko-Awo Street, Victoria Island, Lagos, Nigeria
  • Website: www.lidya.info
  • Email Address: info@lidya.co

You can know the interest rate and other information by contacting the above address.

2. FairMoney Loan App

FairMoney is a popular fintech company in Nigeria that provides online lending services through its mobile application. The app is designed to offer quick and convenient access to personal and business loans for eligible users.

Fair Money is one of the best loan apps for students because it has a very low-interest rate and is fast and reliable with an easy user interface. They also simplify your loan or bill payments which makes it among the quick Loan apps in Nigeria.

Loan Eligibility

  • Applicant must be a resident of Nigeria
  • Applicant should Have a valid means of identification (e.g., National ID, Driver’s License, or Voter’s Card)
  • Having a bank account
  • Meeting the company’s internal credit assessment criteria based on financial and behavioral data.

Loan Amounts

FairMoney offers different loan amounts depending on the borrower’s creditworthiness and the type of loan. The loan amounts may range from a few thousand naira to higher amounts, and they can be tailored to the individual needs of the borrower.

Interest Rates

The interest rates on FairMoney loans may vary based on several factors, including the loan amount, loan tenure, and the borrower’s credit risk profile. Interest rates can be fixed or flexible, depending on the specific loan product.

Loan Tenure

FairMoney typically offers short-term loans with varying repayment periods. Loan tenures may range from a few days to several months, depending on the loan type and amount.

Loan Application Process

The FairMoney loan application process is usually straightforward and can be completed entirely through the mobile app. Users need to provide the necessary information, submit required documents, and agree to the terms and conditions. The app’s algorithm assesses the user’s creditworthiness and determines loan eligibility and the loan amount.

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3.KwikMoney Loan App

KwikMoney is among the well-known online quick loan apps in Nigeria that can help you get a loan instantly through your mobile phone.

KwikMoney enables you to get better loans at competitively priced rates for those clients with less-than-perfect credit.

The KwikMoney app allowed users to access small loans quickly and conveniently, without the need for collateral or traditional credit checks. Users could apply for loans directly through the app, and once approved, the funds were disbursed to their mobile wallets or bank accounts.

You can get the App through (Google Play Store or Apple App Store) on your device.

To be Eligible

  • An Applicant must have the KwikMoney app on the smartphone 
  • must be 18 years old and above 
  • An applicant must be a Nigerian citizen 
  • An applicant must have a good credit history
  • Must have a bank account with verified BVN
  • Applicant must also have a valid means of identification.

4. PalmCredit

PalmCredit is also one of the popular online quick loan apps in Nigeria. It offered instant microloans to individuals through their mobile phones. 

The PalmCredit app allowed users to apply for loans within minutes directly from their smartphones. The loan amount and repayment terms were determined based on the user’s creditworthiness, which was assessed using various data points and algorithms. Upon approval, the loan amount was transferred to the borrower’s bank account or mobile wallet.

Eligibility

  • An applicant must have the Palmcredit app on your Android smartphone 
  • An applicant must be 18 years old and above 
  •  Must be a Nigerian citizen 
  •  Must have a good Credit History.
  • An applicant must have a valid means of Identification.

5. Aella Credit Loan App

Aella Credit was a financial technology company that provided loans and other financial services in Nigeria and the Philippines. It operated through a mobile app called “Aella Credit” and offered various loan products to individuals, including personal loans and payroll-based loans.

Eligibility criteria for the Aella Credit quick loan apps in Nigeria could vary depending on the specific loan product and the country you are operating from. do well to download the app because is one of the leading quick loan apps in Nigeria.

Eligibility 

  •  Applicants must be at least 18 years old to apply for a loan.
  •  Applicants should be residents of Nigeria or the Philippines, depending on the country where the app is available.
  •  For certain loan products, applicants may need to have a stable source of income, such as regular employment or a business.
  • Aella Credit may assess the creditworthiness of applicants through various data points and algorithms to determine their repayment ability.
  • Applicants might need to provide valid identification documents for verification purposes.

6. QuickCheck loan App

QuickCheck is one of the popular online quick loan apps in Nigeria.

QuickCheck provided instant loans to individuals through their mobile app, offering quick and convenient access to credit with Interest rates ranging from 14% to 28%. Eligibility criteria for the QuickCheck loan app could vary, You can be paid with the QuickCheck loan app at any time of the day provided that you meet their requirement.

Eligibility Requirements

  • An applicant must have the Quickcheck app on your Android smartphone 
  • applicant must be 18 years old and above 
  • An applicant must be a Nigerian citizen 
  • You must have a bank account with a valid Bank Verification Number  
  • You must have a good Credit History
  • An applicant must have a valid means of identification(NIN, Drivers License).

7. ALAT Online Loan App

Alat being one of the quick loan apps in Nigeria owned and managed by Wema Bank, you can apply for a loan without paperwork, no visitation to any physical location, and the response time between acceptance of offer and loan disbursement is in minutes. You can borrow as much as N4,000,000 (Four million naira) without any collateral. it is also one of the best loan apps in Nigeria and you can get instant loans for personal or business. If you have a Wema Bank account, signing up on ALAT is easy, and follow the options provided.

Do you know you can save money with discounts on ALAT and get a Reward for your everyday needs?

You can get the app through Google Play Store or Apple App Store.

Eligibility Requirement

  • Applicants must be at least 18 years old to apply for a loan.
  •  Applicants should be residents of the country where the app is available. (Nigeria)
  • You must have a bank account with a valid Bank Verification Number  
  • You must have a good Credit History
  • Applicants might need to provide valid identification documents for verification purposes.

8. PayLater (Carborn)

Pay Later now called Carbon is one of the popular quick loan apps in Nigeria with over 3 million users, that provides short-term loans to help cover unexpected expenses or urgent cash needs. It makes access to loans simple and easy. 

Paylater, which has since been rebranded to “Carbon, provided instant loans to individuals through their mobile app. It aimed to offer quick and accessible credit to users without the need for collateral or traditional credit checks. These quick loan apps in Nigeria provided various loan products, including personal loans and business loans, depending on the user’s eligibility. You can also save money on the Carbon Loan app and get a credit card.

Apply 24/7 and receive funds in your Carbon account instantly.

Eligibility Criteria

  • An applicant must have the carbon quick loan app on your smartphone 
  • You must open an account with a bank approved by the platform with a bank Verification Number (BVN) 
  • Applicant must be 18 years old and above 
  • You must be a Nigerian citizen 
  • Applicant must have a good Credit History.
  • Applicants must provide valid identification documents for verification purposes.

 

9. Umba Loan App

Umba is also one of the online quick loan apps in Nigeria known to provide financial services, including loans, to customers in Africa, with a primary focus on Kenya and Nigeria. It has maximum work efficiency every day.

The Umba app allows users to create virtual bank accounts and access various financial products, such as savings accounts, loans, and other banking services. Customers could apply for loans directly through the app, and once approved, the funds will be credited to their bank accounts. The Umba loan app can be accessed at all hours just get the app through Google Play Store or Apple App Store on your device.

Eligibility Requirements

  • An applicant must have the Umba instant loan app on the smartphone 
  • Must be 18 years old and above 
  • You must be a Nigerian citizen or the country where the app is operating 
  • Applicant must open an account with the bank accepted by Umba with a Bank Verification Number (BVN) 
  • The applicant must have a good Credit History 
  • The applicant must have a valid means of identification.

10. Sokoloan App

Soko is also among the quick loan apps in Nigeria without collateral, it gives fast and quick loans, and Soko makes getting a personal loan simple by using the data on your phone including your SMS history to verify your identity and create a credit score. The Soko quick loan app encrypts the data you choose to share with them to protect your privacy. It takes your privacy very seriously and promises to never share your information with third parties. Sokoloan, makes your dreams come true. There is no paperwork, mortgage, or office assessment required. It allows you to use your money for personal or business purposes. you can visit them via this information 

website: www.sokoloan.com

 Address´╝Ü Plot 9, Acme Rd, Agidingbi, Ikeja, Nigeria.

Eligibility Requirments

  • An applicant must have the Sokolaon instant loan app on the smartphone 
  • An applicant must be 25-50 years old, 
  • You need to have a fixed job.
  • Applicant must have a good Credit History.
  • Applicants must provide valid identification documents for verification purposes.

11. CreditVille Loan App

It is one of the quick loan apps in Nigerian that helps to get instant personal loans or business loans.

Creditville is a proprietary fintech group with various services (loans, lease, finance, investment, asset management, banking, foreign exchange, and real estate.

It offers business owners and small-scale corporate entities the opportunity to access credit facilities at affordable interest rates and also to co-operative women at a reduced interest rate.

Get more information from http://creditvillegroup.com.

Conclusion: Online quick loan apps in Nigeria can vary significantly in terms of eligibility criteria, loan products, interest rates, and repayment terms. Therefore always exercise patience and do thorough research before using any financial service app online. Also make sure you understand the terms and conditions, fees, and repayment method before applying for a loan. 

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