In the past few years there has been a proliferation of loan apps in Nigeria so it is normal to want to know which are the best loan apps for short term loans.

If you are looking for short term loans (not more than 3months – 6 months repayment) then this could be useful for you.

We have looked at all the various loan apps available in the personal loan space. We compared their public reviews, feedback from individuals who have used them and other online indices to arrive at this list.

Note this is not financial advice nor recommendation from Nairabrains. You are required to do your own diligence and NB will not be held liable for any action taken based on this list.

Now we have the disclaimer out of the way let’s proceed with the list of best loan apps for short term loans in Nigeria in 2023.

Carbon Loan

Formerly known as Paylater, Carbon is one of the most popular loan apps in Nigeria. It offers short-term loans of up to ₦1 million ($2,500) with interest rates ranging from 5% to 15%. The loan repayment period is between 30 days to 6 months.

The Carbon loan app is available on both the playstore and the apple store.

Branch

Branch offers short-term loans of up to ₦200,000 ($500) with interest rates ranging from 14% to 28%. The loan repayment period is between 4 weeks to 15 months. The app also offers a referral program that allows users to earn extra cash.

FairMoney

FairMoney offers short-term loans of up to ₦500,000 ($1,250) with interest rates ranging from 10% to 30%. The loan repayment period is between 1 month to 6 months. The app also offers bill payments and airtime recharge services.

Palmcredit

Palmcredit offers short-term loans of up to ₦100,000 ($250) with interest rates ranging from 14% to 24%. The loan repayment period is between 14 days to 6 months. The app also offers a credit score service that helps users improve their credit rating.

Renmoney

Renmoney offers short-term loans of up to ₦4 million ($10,000) with interest rates ranging from 4% to 4.5%. The loan repayment period is between 3 months to 24 months. The app also offers savings and investment products.

It is important to note that before using any loan app, borrowers should carefully read the terms and conditions of the loan, and ensure that they can afford to repay the loan on time. Borrowers should also be aware of any fees or charges associated with the loan they intend to take.

Check our other articles on personal loans, business loans, loans without collateral etc