Best Loan Apps in Nigeria with low Interest Rate – Get Access

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A “Loan App” is a mobile application or tool designed to lend individuals, organization, or entity to an individual consumer on a nonrecurring basis without visiting a Bank. Best Loan App in Nigeria with low Interest Rate – Apply Here

Best Loan App in Nigeria with low Interest Rate

Paylater: The Paylater Mobile App is a financial technology application provided by OneFi. Paylater is not a banking business, but it is registered with the Central Bank of Nigeria, CBN, therefore, it is regulated by the Bank. This means you can trust Paylater for your short term money fund.

READ- Here is a list of top mobile apps for online busines and personal loans in Nigeria.

The Paylater app lends short term loans in which the repayment term is between a month to a year. The app has no minimum amount of cash an individual can borrow. However, an early payment of your loan will increase your credit score and may give you the opportunity to get more loans at a minimum interest rate. The interest rate of the Paylater app is 4-10%.

Failure to repay loans immediately will reduce the credit score which may affect the individuals even outside the Paylater app.

The Paylater app not just for collecting loans, but individuals can also use the app for different purposes like buying airtime, making transfers, and paying bills. The individual will need a debit/ ATM card to perform the transactions.

When signing up with the Paylater app you will be required to fill in your name, date of birth, sex, email, phone number, password and transaction pin. An OTP code will be sent to your phone number. Individual should ensure that the details owned should be correspondent with the details on the name of the bank account and BVN.

Additional information will be required to fill in before you start. The type of residence, employment status, monthly income and employer/ business name. These are to know the individual, KYC and basis. Individuals will be asked to submit their BVN, bank name and account number.

Paylater Loan Application Method:

click here to apply for the Paylater loan

Palmcredit: The Palmcredit app is a loan app in Nigeria owned by Newedge Finance Limited where you can obtain loans without collateral. Loans can be accessed easily through the Palmcredit app without providing any collateral.

The Palmcredit has a low interest rajte imposed on the loans. To apply for a loan you can download the Plamcredit app in the Google play store. The company’s aim is to make it easier for individuals to access short term loans with smartphones.

To apply for the Palmcredit app, qualifications will be required from individuals such as name, phone number, account number and a BVN. The individuals must be up to 18 years of age and must be below 60 years age.

The interest rate of the Palmcredit app is between the range of 14% to 24%. Its equivalent monthly interest is 4%- 4.7%, while the annual percentage rate (APR) is 48%-56%. The loan deadline is between 14 days to 180 days.

The Loan request goes to the Palmcredit Credit Appraisal bots for a revew. The review process will take between the minutes of 15-20 minutes. Once the request is approved, the individual will receive a credit alert, without paper work or collaterals.

To repay your loan to the Palmcredit app, request for their account number via email, call or message. The account number should be obtained by the individual before they make payment is made. After the payments are made, it is advisable to login to your account and verify your payment.

How to Apply for Palmcredit Loan

click here to apply for the Palmcredit loan

Branch: The Branch mobile app is a simple and easy loan mobile application to use in Nigeria. The app helps individuals solve their financial issues quickly by requesting for loans from the app.

Branch offers loans from ₦1,500 to ₦150,000. Loan terms range from 4 – 64 weeks. Interest ranges from 14% – 28% with an equivalent monthly interest of 1% – 21%, depending on selected loan option.

The Branch app offers loans to any working individual who requests for the loans from the app, as long as the individuals will pay back on time. The Branch app offers loans from 1,500 to 150,000 naira. The loan terms range from 14% to 28%, with a m9onthly interest of 1% to 21%, depending on the repayment history.

To apply for the loan app and get a loan, the individual must have a branch account, a functional smartphone or android, a Bank account, a phone number, and BVN. There must be a stable internet connection when applying or requesting for the loan.

To repay loans, individuals should go to their account and tap ‘my loan’, click on the tap to pay, input the amount of money you intend to pay back, select your method of payment and tap on pay.

How to Apply for Branch Loan

click here to apply for the Branch loans

QuickCheck: The QuickCheck is a modern lending platform for individuals and small businesses to allow them to gain access to financial credit. Loans can be accessed quickly and easily through the app.

To apply for a loan, individuals must have a Bank account details, BVN, a good credit score, an ATM or debit card, name, address, a mobile phone. Individuals to apply must be 18 years and below 60 years of age.

The QuickCheck can lend up to 1,500 to 500,000 naira and the loan range is from 2% to 30% per year. The QuickCheck will only allow you to borrow a small loan as a started and loan amounts will increase gradually with time.

To repay loan obtained from the QuickCheck app, the individual can use their debit card, USSD code, or transfer, through the “repay loan” option in the app.

How to Apply for QuickCheck Loan

click here to apply to the QuickCheck loan

Aella Credit: The Aella Credit is a loan app that is making the lives of individuals easy to gain access financial needs. It is owned by Akin Jones and Wale Akanbi. The Aella Credit is focused on employee lending and empowerment. It was affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.

To collect a loan from Aella Credit, the individual must possess a Bank account, BVN, a debit card or ATM. The individuals will be asked to submit their names, address and other personal information.

The Aella Credit can only allow the individual to borrow is between 1,500 to 1,000,000 naira and the loan rate is from 4% to 30%, depending on the borrower’s profile.

To repay the loan on the Aella credit app, kindly login to your account and click on the loan button and find the “repay loan” option to repay the loan, choose your means of payment and process the payment.

How to Apply for Aella Credit loan

Apply here to apply to the Aella Credit loan