Top 10 Loan Apps In Nigeria And Their Interest Rates As Of December 2024

The digital lending market in Nigeria continues to attract new players driven by the large pool of underbanked Nigerians seeking quick and collateral-free loans.

Aside from the hundreds of unregistered loan apps still operating illegally in the country, the number of digital lenders who had registered with the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria increased to 320 as of September this year.

Meanwhile, despite the increase in the number of registered loan app companies, Nigerians have not stopped patronizing the unregistered lenders otherwise known as loan sharks amid their sharp practices and their unethical means of loan recovery, which often involve blackmailing or publicly harassing their borrowers.

While many are unable to distinguish between the approved and the unapproved loan apps, the key considerations for credit-seeking Nigerians are promptness in loan disbursement, the flexibility of repayment, and interest rates.

Nairametrics took a look at 10 of the most downloaded loan apps in Nigeria per Google Play Store data and the interest rates they offer, here is what we found:

10. Ease Cash
Ease Cash prides itself as a secure, reliable, and online loan app in Nigeria. With over 1 million downloads, the app is one of the top registered loan apps providing instant loans to Nigerians.

Its loans range from N1,000 to N200,000 with a tenure of 91 to 180 days.
Aside from the 14% Annual Percentage Rate (APR) on its loans, Ease Cash said it charges a one-time processing fee (per transaction) at a minimum of 5% and a maximum of 20%.

9. Umba
Umba, like other top loan apps in Nigeria, has crossed 1 million downloads.

The lender prides itself as the leading digital bank in Africa. The app allows users to apply, draw down, and repay loans directly from their smartphone or desktop computer.

Umba loans have a maximum and minimum duration of 62 days, with credit amounts ranging from N2,000 to N30,000. The company’s interest rate is 10%.

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8. QuickCheck
QuickCheck is a quick loan app that uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications.

This app is among the top loan apps in Nigeria that have crossed 1 million downloads.

QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. Loans range from N1,500 to N500,000 with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%.

7. Aella Credit
Aella Credit provides Quick and easy access to loans in 5mins. With no paper documentation, you can grow your credit score and increase your credit limit by prompt repayments.

All you need is your basic information, BVN, and a smartphone (iOS or Android).

The app which has recorded over 1 million downloads offers loans ranging from N2,000 to N1.5 million with a tenor of 61 days to 365 days.
Its monthly interest rate ranges from 2% – 20% and APR from 22% – 264 %/annum.

6. Newcredit
Newcredit is another instant loan app in Nigeria that has crossed 5 million downloads. The personal loan app gives Nigerian collateral-free loans of up to N300,000.

The app uses Artificial Intelligence (AI) to analyze prospective customers’ financial records, including the bank transaction SMS on their phones and their creditworthiness from other lenders.

The app’s loan amount range from N10,000 to N300,000 with repayment from 91 days to 365 days. The company charges a monthly interest rate of 4%.

5. Carbon
Carbon is a digital financial service platform that provides a range of financial services, including personal loans, business loans, payments, funds transfers, credit scoring, savings, and investments.

The Carbon has been downloaded over 5 million times, making it one of the favourites of Nigerians seeking instant loans.

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Loan amounts range between N2,500 to N1 million with repayment periods from 61 days to 12 months at monthly interest rates that range from 4.5% to 30%.

For instance, a N1 million loan from Carbon borrowed for 12 months will attract a monthly interest rate of 4.5%. The total amount payable will be N1,540,000.

4. OKash
Okash is a convenient quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited.

On the app, which has been downloaded over 10 million times, the loan application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account.

The app offers loans ranging from N3,000 to N1,000,000 and repayment plan ranges from 91 days to 365 days.

The app’s interest rate ranges from 3% to 15%. However, Okash interest rate is calculated daily, which amounts to an Annual Percentage Rate (APR) of between 36.5% to 360%.

3. Palmcredit
On the Google Play Store, the Palmcredit app has been downloaded over 10 million times thus qualifying as one of the top loan apps in the country.

The lending platform says it can provide a quick loan of up to N300,000 in less than 3 minutes without any form of collateral.

You can borrow between N10,000 to N300,000 quick loan and if your documentation is complete and accurate, you can get your disbursement within a business day, the platform claims.

The Annual Percentage Rate (APR) on the platform ranges from 24% to 56%.
For example, if you choose a 6-month loan and borrow N100,000, Plamcredit charges an interest rate of 4% per month. The interest rates for the 6 months will be N24,000, hence, the total repayment will be N124,000.

2. FairMoney
FairMoney, which has been downloaded over 10 million times on the Google Play Store, claims it offers fast loans within 5 minutes with no documentation or collateral required.

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The loan amounts vary based on your smartphone data and repayment history.
Loan amounts range between N1,500 to N3 million with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30%.
For instance, if you borrow N100,000 over 3 months, you will be expected to repay N43,333 each month, which brings the total repayment to N130,000 at the end of the 3 months.

1. Branch
Branch is a platform that offers quick online loans in Nigeria. Today, the app is one of the most downloaded apps in the lending category on Google Play Store with over 10 million downloads.

The app determines loan eligibility and personalized loan offers using the users’ smartphone data. The app’s monthly interest rates range from 17% – to 40% depending on the risk profile of the customer.

You can get access to personal loans from N2,000 to N1,000,000 within 12 hours, depending on your repayment history.

Note: The interest rates quoted for each of the apps are as stated by the respective companies on their app information as of December 16, 2024.

This may change over time as some of the companies have adjusted their rates in the past to reflect current economic realities.

Source: Nairametrics

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