The Top Loan Apps in Nigeria and how to get a loan

In this article, we will discuss some Top Loan Apps in Nigeria and how to get a loan. Be rest assured that every information we offer here is accurate to the best of our knowledge. However, we advise you consult your financial advisor before taking any action.

1. FairMoney

FairMoney is one of the best microfinance institution in nigeria that offers loans and other financial services to its customers. Below we will discuss some things you’d find interesting about the microfinance App.

With the FairMoney app, you can:
– Get an account number and use it to receive money from anyone in Nigeria
– Add money to your account
– Send money to any bank account for FREE
– Apply for a loan without collateral and receive it instantly
– Pay your online bills,
– Enjoy discounted airtime and bill payments
– Earn daily interest with FairSave with Free withdrawals
– Earn interest rates as high as 26% with FairLock (fixed-term deposits)

This is only just scratching the surface of what we are building for you. Be it easy loans in Nigeria or quick bill payments or hassle free bank transfers, our app provides it all. With our high interest savings account & fixed deposit plans, our customers can enjoy multiple benefits.

Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly low interest rates that range from 2.5% to 30% (APRs from 30% to 260%).

Learn More: IS 617 A GOOD CREDIT SCORE in 2024?

💸 Loan characteristics

Online Loan amount from ₦1,500 to ₦1,000,000
– No collateral required
– 100% digital application & fast loan disbursements
– Repayment periods from 61 days to 18 months
– APR from 30% to 260% per annum
– Interest discounts of up to 90% for early repayments
– No hidden fees

💸 An example of a FairMoney loan
Borrow ₦100,000 over 3 months
Interest (total cost of the loan): ₦30,000 (30% rate).

Three monthly repayments: ₦43,333
Total amount payable: ₦130,000
Representative: 120% APR

So, sign-up to be the first to know when we launch new features tailored to meet your needs.
To sign-up, download the FairMoney app now.

2. Naira Loan- Personal Loan App in Nigeria 

Naira Loan is a personal loan platform, It focus on providing High Quality Lending Service, responding to user needs quickly, improving the reliability of loans.
As your credit score grows, the loan amount increases for every loan.
You can apply a loan completely online according to your financial needs every time, every where.

Why choose Naira Loan?
There is no any collateral.
Up to NGN 500,000.
Safe, reliable and flexible.
We are open 24 hours online.

About Naira Loan’s product:
The Loan Amount：₦1,500 – ₦500,000
Loan Period：91days（Minimum, including delay time）- 360days（Maximum, including delay time）
Maximum loan limit：₦500,000
Maximum annual interest rate：18.25%
Service charge：No other Charges.

For Example:
If you obtain a credit of ₦10,000 for 91 days, the total interest payable is: ₦10,0000.05%91=₦455; Monthly interest payable is: ₦10,0000.05%30=₦150; The total amount due is: ₦10,000+₦455=₦10455
How to apply？
1. Install the Naira Loan app from the Google Play Store.
2. Login with Nigeria mobile number.
3. Fill out your basic information.
4. Choose a product and submit the application.

Eligibility:
1. Nigeria Resident.
2. 20-55 years old.
3. Source of a monthly income.