5 Loan Apps in Nigeria You Should Know
What do you know about loan apps? The major challenge for most SMEs in Nigeria is access to funds. The entire process of obtaining bank loans can also be tedious, especially if you don’t have the necessary loan requirements. It could take months unending, and this can be frustrating for many business owners.
Are you a business owner looking for funds to start or expand your business? Have you heard of loan apps? With the rise in Fintech, SMEs in Nigeria can now easily access loans for their business in a shorter time. You can now escape the long technicalities that come with bank and cooperatives with the touch of a button.
Some of these loan apps offer loans within a time frame of just 24hrs! You can conveniently access loans as an SME in Nigeria by simply signing up to these apps. In this article, we will look at five loan apps in Nigeria that you should know about!
This lending platform was established in 2016. It is an app that provides short term loans to individuals and SMEs in Nigeria. Pay later is fast and user-friendly offering you total control of your finances with just a few clicks.
With Paylater, you can access loans as high as N500,000 with no collateral. Once your application is approved, funds will be received within 1-3 business days. The interest rates fall between 4%-10%. For loans that fall between N50,000 naira and upwards, the following documents are required:
- voter card,
- drivers license,
- tax ID, staff ID,
- national identity card,
- international passport,
- employment letter
- your picture.
Palm Credit is a virtual credit card that allows you to access loans anytime and anywhere! It is owned by Newedge Finance Limited. You can access loans in minutes with no collateral required. Palm credit is also attractive because of it’s low-interest rate. You can access loans as high as N100,000. As you repay your loans, your credit score is increased. All you need to do is download the Palm Credit app on Google play store and get loans at very flexible rates!
This is another lending platform created to offer loans to individuals and small businesses. With QuickCheck you can access loans of up to N30,000 with an interest rate of 1% per day collaterals, no stress for a duration of 15 or 30 days. All you need to do is download the app and fill in the form. First-time borrowers can get up to N10,000 to be repaid within 30 days. The earlier the loans are repaid, the higher your credit score. This service is available only in Lagos, Nigeria.
This is another loan app that offers loans without collateral. All you need is your phone number or your Facebook account, bank account number and bank verification number. Branch uses your SMS, account details and activeness to determine your access to loans. Branch offers loans that range from N1,000 to N200,000 at an interest rate of 14%-28%. Branch also offers a loan term between 4 weeks and 15 months. Loans can be repaid through your debit card or GT bank branch. Branch loan services are only available in Lagos, Nigeria.
Renmoney, formerly known as RenCredits is another lending platform that offers loan services as well as other services like investment services. With Renmoney you can save up your money with additional interests added. It offers loans as high as 4 million with an interest rate of 35.76% at a loan term of 12 months maximum. To get a loan from Renmoney, you must fall between the age of 25-59 years, have a bank account and a verifiable source of income, and must live in locations where they are operational, and that is Lagos.
Through these apps, you can access cash as quickly as possible. It is important to take note of the terms and conditions of any of these loan apps before making an application. As a business owner, you must be sure you can repay your loans at the given time.
Do you have questions or suggestions on SMEs in Nigeria? Kindly drop them in the comments section below!