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Legitimate Loan Apps In Nigeria

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By Diala Francis

Lots of legal and illegal loan apps are seen online these days. Some financial institutions and entrepreneurs have been launching apps that render loans and other Financial Services.

There are tons of them licensed by the Central Bank of Nigeria (CBN) to provide loan services, despite the allegations of breach of the country’s National Data Protection Regulation (NDPR).


If you however need a quick loan without collateral, below are set of Loan Apps that can offer you loans ASAP


1) Carbon Loan App

Carbon loan App

The carbon loan app was Previously known as PayLater, this platform gives access to loans within a short time. It makes available 

short-term loans that help you cover immediate expenses and emergencies. 


You can get a loan here without many protocols like documentation  or collateral 

You can request and receive a loan effortlessly without any documentation. You only need your Bank Verification Number BVN to access and get a loan. With this loan app, you can receive up to 20 Million with interest rates from 5% to 15%.


2) New credit Loan App

Newcredit loan

The new credit loan App is another instant loan app in Nigeria that has over 1 million downloads. The personal loan app gives Nigerian collateral-free loans of up to N250,000 naira on demand. 


The app utilizes Artificial Intelligence (AI) to analyze customers' financial records, including the bank transaction SMS on their phones and their creditworthiness from other lenders. For the obvious reason, this loan is currently not functional in Nigeria, it will be restored soon.


3) ALAT Loan App

Alat loan

This is another reliable loan App in Nigeria. It is very simple and easy to use. It gives instant loans without requiring any form of documents or collateral.


You are only required to fill in your authentic personal information and wait for loan approval.ALAT is quick, safe, and reliable. This loan App is only available in iPhone play store


.3) Branch Loan App

Branch loan

Branch is Unique, digitized, and top-notch. it's another reliable loan app that gives from N1000 - N200,000 worth of loans within 24 hours.


Loan Amounts: ₦1,000 to ₦200,000 APRs: 32% to 250% Representative Example Borrow ₦45,000 at APR of 250% (per annum) with tenure of 62 days Interest = ₦ 45000* 250%/ 365 *62 = ₦ 9400 Total amount disbursed will be ₦ 45000 Total amount to repay will be ₦ 54400 (₦ 45000 + ₦ 9400) Two monthly payments of ₦ 27200

4) PalmCredit Loan App

Palm credit loan

This loan app is another platform that offers users a better experience. Loans application from Palm Credit is easy, fast, and reliable. It enables users to have access to quick loans worth up to N2000- N100,000. Those that required quick loans are at liberty to apply for a quick loan via the palmcredit app


5) EasyCredit Loan App

Easycredit loan

This is another loan App lots of Nigerians are benefiting from. The service is secured, fast, and reliable, and offers a moderate interest rate. Easycredit offers loans from N3,000 to N100,000 depending on the amount customers want. Its interest ranges from 0.1% – 1%, the one-time processing fee ranges from N1,256 to N6,000 and the Maximum Annual Percentage Rate (APR) is 40%. This loan application is easy and faster for borrowers to apply. For the obvious reason, this loan is currently not functional in Nigeria, it will be restored soon.


6) QuickCheck Loan App 

Quickcheck loan

This is another unique loan app that offers financial services without collateral.QuickCheck has over one million downloads from customers and noncustomers. The loan app uses a machine algorithm to predict borrowers’ behavior and instantly evaluate loan applications for borrowers. The steps for applying for this loan are easy and quick. Their financial service is faster and with affordable interest rates 


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