Everyday we read of stories of unruly or fake online loan apps in Nigeria and their victims. Anyone looking to take a loan from an online lender will definitely want to be sure they are borrowing from a regulated provider.
While there are probably close to a thousand online loan providers in Nigeria, only over a hundred of them are approved to provide instant loans online.
If you are not sure if the loan app you intend to borrow from is legal or licensed to operate in Nigeria you may check through the list. NOTE we do not guarantee the accuracy of this list at any time as the Central Bank and other regulatory agencies may add or remove from the list of licensed/approved online lenders at any time. So always do your own due diligence as this article does not substitute financial and professional advice.
That said, let’s get to the list of currently approved online lenders who are licensed to provide online loans in Nigeria.
In Nigeria, there are several digital lending platforms that offer quick loans without the need for traditional paperwork or collateral. These platforms are regulated by the Central Bank of Nigeria(CBN) and the Federal Competition and Consumer Protection Commission(FCCPC). They help to promote transparency and fairness for consumers.
Most approved loan apps in Nigeria operate on the basis of alternative credit scoring, which takes into account factors such as mobile phone usage, transaction history, social behavior, and other non-traditional data points to assess a borrowers creditworthiness. This has made it possible for people with limited or no formal credit history to access loans.
List of Approved Loan Apps in Nigeria
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Carbon (formerly Paylater)
One of the most popular loan apps in Nigeria is Carbon. It grants loans without collateral and flexible repayment plans while offering other financial services such as savings and investment options.
– Loan amount: From ₦1,500 to ₦1,000,000
– Repayment period: 1 to 12 months
– Interest rate: From 4% to 30% per month
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FairMoney
FairMoney is known for providing instant loan offers, Personal or Business Loans, Little to No Documentation Required.
– Loan amount: ₦1,500 – ₦500,000
– Repayment period: 7 – 30 days
– Interest rate: Rates from 10% per month
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Branch
Branch is a fast loan app that uses advanced algorithms to determine your loan eligibility based on your smartphone data and usage. It provides instant loans with flexible repayment options.
– Loan amount: ₦1,000 to ₦200,000
– Repayment period: Up to 7 to 12 weeks
– Interest rate: 15% to 34% per year
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Really Quick Check
Now, QuickCheck grants personal loans that could take a few minutes to receive within a quick and simple application process. Apart from that, it has other offers for credit provision to small business enterprises.
– Loan amount: From ₦1,000 to ₦500,000
– Repayment period: 7 to 30 days
– Interest rate: 1.5% to 10% monthly
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Migo (formally Mines)
With Migo, immediate access to credit has been made available through this app. It works by evaluating users’ credibility for loans using their phone data, thus being a suitable option for those people who do not have normal credit scores.
– Loan amount: ₦5,000 to ₦500,000
– Repayment period: 7 to 30 days
– Interest rate: Varies according to the amount of the loan as well as the repayment period
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Aella Credit
Aella Credit grants flexible loans to both individuals and small businesses across Nigeria. Such applications are made easy and carry very competitive loan terms.
– Loan amount: ₦1,000 to ₦200,000
– Repayment period: 1 to 6 months
– Interest Rate: From 10% to 15% monthly
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Zedvance
Zedvance provides an instant collateral-free loan and a hassle-free application for loans. The app allows individuals to access short-term loans whether for personal reasons or for business purposes.
– Loan amount: ₦5,000 to ₦200,000
– Repayment period: 7-30 days
– Interest rates: 5% to 25% monthly
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Renmoney
Renmoney gives personal and business loans with flexible repayment methods. It is one of the most credible lending platform in Nigeria.
– Loan amount: ₦10,000 – ₦6,000,000
– Repayment period: 1 month to 12 months
– Interest rates: 5% to 20% monthly
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Lidya
Lidya is an business loan app aiming at small and medium enterprises. It is a system that gives a fast funding for a business owner who needs to expand.
– Loan amount: ₦10,000 – ₦5,000,000
– Time given for repayment: 6 months to 12 months
– Rates: Competitive
10. Palmcredit
Palmcredit is an instant loan app that offers loans with no hidden fees or paperwork. The process is straightforward, and loans are disbursed quickly.
-Loan amount: ₦1,000 to ₦100,000
-Repayment period: 7 to 30 days
-Interest rate: 15% to 20% monthly
Here is an extended list of approved loan apps in Nigeria:
- KiaKia
- XCredit
- Moolah
- EasyLoans
- SpeedyLoan
- SokoLoan
- Lendigo
- Breeze
- GetLoan
- PawaLoan
- CreditVille
- XclusiveCredit
- Fintec
- Mavro Loans
- CreditHub
- CashLink
- LoanHub
- FlexiLoans
- Loyalty Credit
- Okash
- LoanRunner
- Opay Loan
- Fincra
- LoanSquare
- Wema Pay
- ProCredit
- SpeedyCash
- Pockethub
- StingyLoan
- CredPal
- BigLoan
- TroveLoan
- KudaLoan
- ZohoLoan
- Jumo
- Creditec
- Xclusive Loan
- HomeCredit
- Xpress Credit
- Fundz
- PlentyLoans
- C24
- CashNow
- Zenith Credit
- FastLoan
- KwikLoan
- Bankly
- ShazamLoans
- EasyPesa
- KreditNow
- Flexipay
- CashBird
- CashPal
- CashAdvance
- Lendbox
- Lendloop
- Loanly
- FirstChoice Loans
- TopUp Credit
- FlashLoan
- NetCredit
- GloLoan
- QuickPay
- FundsLoan
- QuickCash NG
- Fast Funds
- MaxPay Loans
- PrimeLoans
- QuickNaira
- MobiLoan
- LendMe
- CashExpress
- CitiLoans
- World Credit
- FastAccess
- OneLoan
- Fasttrack Loans
- Credit360
- CapitalLoan
- FundsExpress
- Pochi Credit
- DollarLoan
- Sierra Credit
- ZipLoan
- ReflexLoans
- LendNow
- FastLoan247
- FlexiCredit
- OneClick Loans
- SmartCash Loan
Conclusion
The rise of loan apps in Nigeria has made it easier for individuals to access financial assistance in times of need. However, its important to be cautious and avoid predatory lenders. Always read the terms and conditions, and ensure the platform is approved by the Central Bank of Nigeria(CBN). By sticking to the trusted and regulated apps like the ones listed above, you can avoid scams and get the financial support you need with minimal hassle.
