Taking loans gives you leverage to access things beyond your financial power. It helps reduce the effect of financial inadequacy, which in turn helps us get hold of certain necessities when our financial power falls short.
In Nigeria today, there are a plethora of platforms offering loans to Nigerians, with the most popular of them being banks. Although banks are the most established loan providers, many people place them below the chart, and this is due to the requirements and steps required before loans are awarded. This in turn makes them impractical in times where loans are required quickly. This is where Instant loan sharks come into play.
Instant loan sharks, provide people with quick loans to people with very minimal requirements involved. This makes it suitable for scenarios where you need cash to quickly solve a pressing need. Ideally, such needs aren’t very humongous, they are mostly medium to small sums of money.
To reach customers, instant loan sharks employ mobile phone apps, which in turn make their services almost always / easily accessible. In this article, we will explore a list of 5 instant loan apps you can patronize in times of need.
Best Instant Loan Apps in Nigeria
1. Carbon:
Carbon presents itself as a credit-led pan-African digital bank, allowing users to spend using its proprietary debit card, earn cash back on spending, take loans, and have access to a buy-and-pay later system.
With Carbon, users can access loans ranging from, an expected repayment period of ₦2,500 to ₦1,000,000 with an expected repayment of 61 days to 12 days. Carbon’s monthly interest ranges from 4.5% to 30%.
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Being an instant loan service, Carbon doesn’t require guarantors or collateral, and there are also no hidden fees. However, note that you will be charged for late repayment of 0.03333% per day late fee.
Download Carbon on Android | iOS
2. Fair Money:
Much like Carbon, Fair Money sets itself as a channel for people to acquire loans easily without plenty of paperwork and collateral. Fair Money offers loans ranging from N1500 to N3,000,000.
To obtain loans from Fair Money, applicants are required to provide a valid ID, an active payment card, and contact of next of kin. The loan is expected to be paid within a period of 61 days to 24 months
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Another exciting offering from Fair Money is that early repayments will attract discounts of up to %90.
Download Fairmoney on Android | iOS
3. Branch:
Still on the topic of the best instant loan apps in Nigeria, Branch is another highly recommended service provider, for enthusiasts requiring quick loans without having to go through plenty of steps.
Primarily, Branch is a digital bank that allows users to send and receive money, and own a digital and physical debit card they can use for payment for goods and services. There’s also a system on a branch that allows customers to earn on investments.
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If customers aren’t saving or paying for goods and services, they can get access to loans that help them acquire things currently beyond their current financial power.
Download Branch on Android | iOS
4. Reno Money:
Just don’t have enough to get something done? Well, Credpal is here for you. With Credpal, you can get loans from ₦5,000 to ₦500,000 with minimal requirements.
Loans taken on Credpal are expected to be paid within a period of 30 days to 180 days. with interest rates from 4% to 9%. Please note that Credpal awards loans to Nigerians, between the ages of 22 – 55 years.
Aside from offering loans, Credpal has a system that allows users to buy and pay later for items they desire. Credpal pays the merchant, while the user pays in installments to Credpal, for the specified period.
If you are not acquiring loans or patronizing the buy and pay later service on credal, you can utilize their investment scheme to earn extra cash for yourself.
Download Reno Money on Android | iOS
5. Aella:
Last but certainly not least on our list of instant loan apps in Nigeria. Aella is another highly recommended platform. It is a digital bank that offers loans, bulk payments, and investments.
With Aella you can also pay bills, make transfers, and do bank operations. Aella is available on Android and iOS.
Download Aella Money on Android | iOS
wrapping up: There you have it – a comprehensive list of best instant loan apps. If you have any other recommendations, feel free to drop them in the comment section below.