Getting a quick loan online or through mobile app these days only requires a few clicks on your phone and I have been testing different types of loan app in Nigeria to find out the best among them. Thanks to the introduction of BVN (Bank Verification Number) that made it possible for Nigerians to access quick loans without collateral.


With your BVN you can easily be identified, you can have different types of account from different banks but must only have one BVN and gathering your details through BVN made it possible for individuals and organizations to offer long and short term loans without any fear because they have all it takes to find out who you are and who you are related to.

Before the list of best loan app in Nigeria, I will like you to understand that a loan is not something you can go for without having any concrete plan on how to repay at the appropriate time. If your mind is telling you that you can cheat them and run away then better don't disgrace yourself because if they don't have enough info about you then they will never grant you any loan.

Best loan App in Nigeria

I have been using and patronizing most of the loan providers whenever I need quick cash because with them you will never be stranded for any reason and having different mobile loan app installed on my phone gives me the upper hand to decide which one to use for my quick loan needs, besides having different types of loan app helped me to know the best among them.

Criteria used to determine the best loan app

The obvious truth is that what looks to be the best to me might be worst to you but am using the following criteria to determine the best.

• Available loan offers
• Loan interest rate
• Flexibility and repayment
• General Rating and review

Available loan offers: The first thing I normally check after downloading any loan app is the loan offers available, I mean the amount I can be able to borrow from them. Almost all the companies that offer loan through the mobile app requires that you build up your trust with them before you can be able to borrow a reasonable amount of money from them. However, building your trust means the more you borrow and repay on time, the more the loan offers increases.

Loan interest rate: What I dislike most is those loan providers who are greedy that only for loans that will further complicate the situation and I have seen many of them. Any loan provider who charges more is certainly not for me

Flexibility and repayment: Another area you should consider before going for a loan is the flexibility and repayment method, is it the one you pay monthly. weekly or annually. You must be comfortable with the repayment method because the loan granted is meant to be repaid as agreed between the two parties involved.

General Rating and review: I have used most of the loan app that I am going to add on this list but I will still add some of them that I have not used which looks promising based on users rating and review.

List of the top Loan App in Nigeria

Below is the best mobile app that you can use to get a quick loan easily in Nigeria and I will start with the ones I am currently using on my phone.

1. Carbon (Paylater)

My number 1 best is Carbon and I have fallen in love with their services that I normally request for a loan even when I don't need it simply because they are the only loan provider that charges less than 12% per month and almost 0% interest rate for their 2 weeks loan offers. Other providers offer a 25% interest rate per month and 15% for 2 weeks loan but not Carbon.

The app was known as Paylater but later changed to Carbon and if you want to get the best out of Carbon you just need to be faithful to them by repaying your loan on time and you will enjoy more.

What you can do with Carbon

Carbon does not only offer you a quick loan but allows you to receive and send money from other Carbon users. You can as well be able to send money from the Carbon account to bank accounts conveniently and securely. It can as well be used to take care of airtime recharge and cable Tv subscriptions etc.

Download Carbon Here

2. Branch App

Branch is another great loan app that I like so much and uses it more often because they have the best repayment mode so far. You can request one month loan and divide it into 4 and pay per week or decide to pay in full at the end of the month. The branch app offers competitive interest rates between 15% to 20% for their monthly loans.

Branch was designed to accept loan request easily and able to offer a higher volume if you are faithful to them, meanwhile, most of the loan app will only allow between N2,000 - N5,000 for the first time to be sure who they are dealing with before increasing the loan offer.

Download Branch from Here

3. Kwikmoney

Kwikmoney is among the first loan providers in Nigeria after the introduction of BVN but they have not created an app for their services but has a user-friendly platform where Nigerians can easily request an instant loan. Interestingly, Kwikmoney loans can be accessed via shortcode *561# even without an internet connection.

However, What I hate about Kwikmoney is their outrageous 25% interest rate for their monthly loan but when it comes to easy access to loans then feel free to give them a trial. You can start from here
   
4. QuickCheck


QuickCheck is one of the popular loan apps in Nigeria that can easily be used to access an instant loan with ease, though I have installed it on my phone but have not used it for now but based on users rating and reviews, they are good and should be given a trial to see how their services works.

5. Merch Loan

This app looks promising and has already been downloaded by hundreds and thousands of Nigerians, presently the app is having 4.5/5% rating from 200+ users which clearly shows that loan providers are doing a great job in terms of loan offers. As they say, seeing is believing so you can download it from here and see how it works.

Check out other related posts

* How to secure Back to school loans in Nigeria
* General terms on how to get quick loan online in Nigeria
* How to Get loans easily using an android App called PayLater
   
6. FairMoney loan app

This list will not be complete without adding FairMoney which is among the most popular loan app used by thousands of Nigerians. The app has a good rating from Google play store from more than 15k users. I have tried it myself but the problem is that they don't easily accept a loan request from their users but who knows you might be lucky and your request will be accepted. You can download the app here

7. Palmcredit

Palmcredit is an easy to use mobile loan app that can help you get an instant loan within a minute, I have installed the app but have not been able to secure a loan though I have not tried hard. You can download and check it out here

8. Sokoloan

Sokoloan is a mobile app designed to offer quick loans to Nigerians, the app is owned and controlled by SOKO LENDING COMPANY LIMITED. Based on the rating I can say that the app is worth trying if you have any need to get a loan. You can download it from here

Feel free to suggest other trusted loan app in Nigeria based on your own experience.