Nigeria is among one of the developing countries in the world, with over 200million citizens, some of them experience low cash and might look for ways to lend money quickly however, instead of lending from banks, various apps now allows you to take loans at low interest rate and sometimes, doesn’t even require your Bank Verification Number (BVN) for your loan to be approved.
They’re various apps that claims to lend money to people at low interest rates but these are not true, they lend you cash and then take high interest rate when payment is due. In this article, we will list the best apps to borrow loan in Nigeria, apps to borrow loan without bvn and a few tips on how to pay back your loan.
Best Apps to Borrow Loan In Nigeria
FairMoney App
Fairmoney is said to be the best quick loan app in Nigeria, they approve loans at high speed and have an active customer support to chat with. Their interest rate on loans is very low so if you’re thinking of apps to borrow loan in Nigeria, fairmoney app is definitely the best.
To register on fairmoney app you need:
- Bank Verification Number (BVN)
- Selfie
- Date of birth
- Phone number
- Card details
After you apply, the team will check your credit score and approve your account, then you’ll be able to take your first loan, the faster you pay back your loan, the lower the interest rate you’ll be charged. This app is available for download on Google play store.
Branch App
Branch is a banking app where you can save and get interests, you can also make money on branch app using their referral program. Branch app offers loans too, after your account is approved, you’ll be able to borrow N1,000 only, then your credit limit increases whenever you pay back your loan before due date. This app is one of the best apps to borrow loan in Nigeria, they give you up to 2months to pay back your loan and even when your loan is due, they’ll never disturb you with calls or chats. To borrow loan from branch app you will need:
- Date of birth
- Bank Verification Number (BVN)
- Phone number
- Selfie
That’s it. Always make sure you pay back your loan before due date to keep a high credit score profile. Branch app is also available for download on playstore.
Okcash
Okcash is an app that offers loan at low interest rates, this app has a collaboration with Opay, that’s why you can access your okash dashboard from the opay app and can also download the okcash app if you don’t wish to use the one of opay. Okash offers N4,000 when you first borrow loan, and you can set a repayment date either to 90days or a week, the faster you pay back the better.
To register on okash you’ll need:
- Date of birth
- Bank Verification Number (BVN)
- Phone number
- Debit card details
Once you are able to provide all the above listed requirements, your loan application will be approved just make sure you answer the questions such as your date of birth and name with honesty.
Note!!! If you fail to pay back your loan, okash will automatically deduct your loan with interest from your bank account without notice.
Easemoni
Easemoni is among the best apps to borrow loan in Nigeria, this app has gotten many reviews on play store and I’ve also taken a loan from them last year, the offer loans to lenders at low interest rate and even gives you few days to pay back after your due date before incurring interests. This app is available for download on Google play store, here are requirements needed to take a loan from easemoni:
- Date of birth
- Selfie
- Bank Verification Number (BVN)
- Phone number
- Government issued ID
If you have all the listed requirements, then getting a loan from easemoni is sure, please Note that easemoni might give you access to lend a low amount for a start no matter how accurate the information you provided was, so keep paying back on time to increase your credit limit.
Palmcredit
If you don’t know palmcredit then you’re missing a lot, although this app hardly approves a loan, they give new lenders ability to take high amount of loan without providing in-depth information about themselves, this app is not known by many but can be downloaded from Google play store, here are the requirements palmcredit requires to approve a loan.
- Date of birth
- Phone number
- Your loved ones phone number
- Bank Verification Number (BVN)
- Selfie
And that’s all, do pay back your loan on time to avoid bad credit and debt, if you have any issues while using the app, the have an active customer support you can always contact for help.
Best Apps To Borrow Money In Nigeria Without BVN
All apps listed above only approve lenders who are able to provide their Bank Verification Number (BVN) however, some people think apps that approves loan applications without BVN don’t exist, well they’re out there and a list of this apps is provided below.
Palmpay
Palmpay is one of the best apps to borrow loan without bvn in Nigeria, these app is used to perform transactions such as, pay Electricity bills, water, send money to family and loved ones, TV subscription, Airtime, Data and more.
Last year (2022) palmpay introduced a new offer to it’s customers, it now provides them with loan at low interest rates, on palmpay, you can choose to take okcard loan or felxi loan, now you might be thinking what’s the difference right? Well keep reading.
Okcard: this palmpay loan plan offer as much as N10,000 to lenders, and you just pay back within period of 30days, once your loan is approved, you can withdraw directly to your bank and pay back before due date.
Flexi loan: loan taken from this plan can only be used to take transactions on the app, minimum loan approved for new lenders on this plan is N2,500 but if you keep a good credit score, your flexi loan credit limit might be increased to a higher amount.
Requirements to take loan on palmpay are:
- National Identity Number (NIN)
- Phone number
- Full name
- Phone numbers of loved ones.
That’s all it needs for you to take a loan on palmpay, do make sure you always pay back on time, palmpay app is available for download on Google play store.
Carbon (Paylater) Loan App
Carbon loan app is very popular among Nigerians when it comes to quick loan apps in Nigeria, these app offers loan to lenders without bvn verification, however, other means of verification are requested to make sure lenders pay back their loans, you can borrow as much as N2,000 if you’re lending for the first time, then your credit limit will be increased as long as keep paying back before due date, here are requirements needed to borrow money on carbon loan app:
- National Identity Number (NIN)
- Phone Number
- Selfie
- Phone number of relatives
- Card details
Thats all you need to apply for loan on carbon app, this app can be downloaded on Google play store and you should have any issues while using the app, don’t hesitate to contact the customer support for help.
Aella Credit Loan App
Allella credit app is not popular but also offer loans to lenders at low interest rate depending on when you decide to pay back your loan, you don’t need a bvn to take a loan on this app but you’ll need to enter every info about your bank including your debit card details. Allella app offers N3,000 for approved lenders and can get a higher credit limit of you provide your BVN.
Below are the required informations neededby Aella app before your loan application can be considered:
- Card details
- National Identification number (NIN)
- Phone number
- Selfie
- Full name
- Date of birth
- Phone number
- Location/hometown
Once you’re able to provide this requested info, your loan application will be reviewed and approved by the team of you’re qualified for a loan. Aella app is available for download on Google play store.
Conclusion
Loan apps are life savers for people who needs quick cash, several apps to borrow loan in Nigeria have been listed for you to choose from, we have also listed apps to borrow loan without bvn on the article, you should always make sure you pay back your loan as at when due so as to keep a good credit score and get higher credit limit. That’s all for now, if you have any further questions containing this article, drop them in comments section or check the FAQ below.
FAQ
Which app is best to borrow money in Nigeria on IOS?
Palmpay app, is best recommend for IOS, it’s compatible and you can get a quick loan as long as you have the requirements listed in the article.
Which loan app gives N50,000 instantly?
There is no loan app that can offer you a loan up to N50,000 instantly, it’s better you visit the bank and take the loan from them however, if you have been lending money from any of this apps before and maintained a good credit score, a loan of N50,000 can be approved.
What is the easiest app to borrow money in Nigeria?
Palmpay, easemoni and fairmoney app are the easiest apps to borrow money in Nigeria so far, they all offer quick loans and have an active customer support service to guide you if by any chance you face any issues while using their app.