Bank · July 28, 2020 0

Best Loan Apps To Get Quick Loans With no Collateral In Nigeria Right Now

Hello!. I’m coming up short on money, I despise everything have two or three bills to tidy up before the year runs out, would you be able to assist me with recommending the absolute best advance applications in Nigeria, that can empower me to get speedy advances without insurance?


Presently getting cash isn’t something new, and “credit” shouldn’t seem as though advanced science to anybody, aside from perhaps you’ve been living under a stone.

Yet, during past occasions, and before the world at long last chose to hand everything over to the web and computerized reasoning, you and I realize that it is so hard to get credits from our purported business banks, particularly while living on this side of the world (Nigeria).

You would need to submit bunches of papers and most particularly, must have a guarantee. Security is anything, general resources, for example, a structure, vehicle, land, and so on, that is comparable, or worth more than the advance you’re gathering, with the goal that when you choose to take the cash for evaporating, they’ll have something to clutch. LOL…

In any case, as of late, and like I stated, since the web has chosen to assume control over our everyday lives and exercises, getting or making sure about credits these days, is similarly as simple as sliding into a young lady’s DM that you met via web-based networking media.

Furthermore, think about what, this procedure doesn’t require you heading off to a bank, all you need is only your cell phone, stable web, and only two minutes of your time.

So this is what we’re going to do today. Today we’ll be indicating you out of the various applications that you can really get advances from in Nigeria, we’ll be demonstrating you the fifteen (15) best and trusty ones, that you can get a fast advance from today, without presenting any security, or desk work.

Out of these fifteen, we’ve really attempted the initial five, while the rest are from proposals we got from genuine individuals who have really attempted them.

So in case, you’re not very occupied and right away, here are the 10+ best advance applications that you can really use to make sure about credits without insurance in Nigeria.

5 Best Loan Apps In Nigeria That Enables You Get Quick Loans Without Collateral In Just 2mins

  • Carbon (formerly PayLater).
  • FairMoney.
  • Branch.
  • XCredit.
  • 9Credit.

1. Carbon (Paylater)
  • Loan range: 1,500 – 1,000,000 Naira.
  • Repayment period: 2 weeks to 3 months (depending on the amount of loan taken).
  • Interest rate: 1 – 21%
  • Requirements: Your basic bio details, education, work, bank details (inc. BVN).
  • App rating: 4.3 out of 5 on Google Playstore (1M+ downloads).

I don’t want to exaggerate words here, but PayLater, or Carbon rather, is actually the best loan app that you can get your hands on right now in Nigeria.

All you need do is download the app from Google Play Store, which you can do right now when you click the link below.

After you’ve done that, you need to fill in your Bio data in a form that will be presented to you, after you’ve filled and submitted all the necessary details, including your bank details as well, they’ll have to calculate a loan amount for you, and a loan decision will be sent to you, sometimes this might take longer than usual, but just be patient.

After your loan decision has been sent to you, you can go ahead and apply for your first loan.

PLEASE NOTE: That the faster you are in repaying your loans, the higher the amount of subsequent loans that you can get from them. So do well to repay your loans in the quickest time possible.

And if you think you’re smart enough, and you took their money for vanishing and refuse to pay, your bank account will be reported to the numerous Credit Bureaus in Nigeria, and what this means is that, you won’t be able to get loans from other lenders and this might even spell bad for you when you’re trying to get a job in future.

Aside from getting just loans, the PayLater app also has a handful of other live saving features such as buying airtime on the go, paying for TV subscriptions, electricity bills, send and receive money, etc.

They also have a feature called “Payvest” that allows you save your money for a certain period of time, and at the end of the day, it brings forth interest, Talmbout Piggy Bank.

2. FairMoney
  • Loan range: 1,500 – 500,000 Naira.
  • Repayment period: 2 weeks to 3 months (depending on the amount of loan taken).
  • Interest rate: 10 – 28%
  • Requirements: Your basic bio details, education, work, bank details (inc. BVN).
  • App rating: 4 out of 5 on Google Playstore (1M+ downloads).

The reason why i can beat my chest and recommend FairMoney to anyone, is due to the fact that securing a loan with them is not only fast, but their interest rate is among the lowest that you can get anywhere right now.

In addition to that, i actually liked their app interface as it is extremely easy to navigate, and guess what, the moment you’re paying off your outstanding loan, the same moment that you’re eligible to get a new loan, except maybe you defaulted by paying late.

And you also get a discount of 500 Naira on your next loan, when you invite your friends to join the app. 

And as it is with the Carbon app that we just spoke about a few moments ago, aside from securing loans, you can also perform other activities such as bill payments and airtime purchases.

3. Best Loan Apps In Nigeria – Branch
  • Loan Range: 1,000 – 200,000 Naira
  • Repayment Period: 1 – 15 Months
  • Interest rate: 14 – 28%
  • Requirements: Bio data, education, work & bank details.
  • App rating: 4.3 out of 5 on Google Playstore (10M+ downloads)

If there is one app here that i can say, that matches the authencity of Carbon (PayLater) loan app, then it will definitely be the Branch app.

The main reason why I like the Branch loan app is simply for their longer periods which they give in repaying your loan.

While other brokers are giving a maximum of 1 – 2 weeks for the first loan on their platform, Branch actually gives you a full 1 Month before you start thinking of repaying your first loan.

Although I had issues while trying to repay my first loan on the app, it has been resolved now, and everywhere stew. 

And please take note that their interest rate might be quite on the high side, especially if you taking much larger loans, say from 15,000 Naira upwards.

4. XCredit
  • Loan Range: 2,000 – 500,000 Naira.
  • Repayment Period: 10 Days – 5 Months.
  • Interest rate: N/A.
  • Requirements: Bio data, education, work & bank details.
  • App rating: 4.2 out of 5 on Google Playstore (500k+ downloads).

XCredit might not sound so popular to a lot of people, but it is actually among the best loan apps in Nigeria, and one that i have actually given a try, so i have a first hand experience of it.

The only issue is that their app interface might not really be as friendly and professional-looking as the first three, but it actually works. Download the credit Loan app here.

And please take note that unlike other online apps in Nigeria that I’ve gotten my hands on and tested myself, the credit app keeps adding a 1% late repayment fee, for every single day that you’re late on repaying your loan.

And in addition to that, get ready to be bothered with numerous phone calls and sometimes threatening text messages, if you don’t pay up your loan on time.

I’m not trying to paint them black here, this is just my first-hand experience that I’ve had with them. I ended up paying 17,775 Naira, for a loan of 9000 Naira.

5. 9Credit
  • Loan Range: 1,000 – 100,000 Naira.
  • Repayment period: 7 Days – 120 Days.
  • Interest: N/A.
  • Requirements: Bio data, education, work & bank details.
  • App rating: 4.1 out of 5 on Google Playstore (500k+ downloads).

Same as XCredit, 9Credit might not sound so known to a lot of people out there, but it actually works. The app interface might not look all that welcoming, friendly and professional, and even at that, the amount of time given to you to repay your first three loans are way shorter, when compared to other lenders.

But just in case you’re totally out of options and all roads were blocked, you might decide to give them a try, and the first thing you need to do while doing so is to download the 9Credit app first. Right?

So like i said, the first five apps on this list are the ones which we’ve actually tried ourselves, and the last ten are..

Well, let’s just say that we’ll leave those for you to try them out yourselves. But just so you know.

i. The PalmCredit app should definitely be among the best loan apps in Nigeria, even coming immediately after the PayLater (Carbon) app, but for one reason or the other, these people refused to give me a loan, even up till this moment.

But from what I’ve seen so far, and from reading reviews of other people about the app, I think they’re legit, but that’s if only you meet up with their eligibility criteria.

ii. While for SokoLoan, same story as PalmCredit, these guys refused to give me a loan, even after I’ve submitted all necessary details.

Personally i don’t really know much about QuickCheck, but as for OKash.. Well getting a fast loan on Okash might seem a little harder, especially for people like me who don’t have any valid means of identification, because you’re gonna be required to take a photo of either your National ID card, a driver’s license, or your national voter’s card.

So if you know that you don’t currently have any of those, it is best you avoid Okash, because you’re definitely not getting a loan from them.

But just in case you want to try any of these three apps, you can download them from the links below.

And please take note that the rest apps have been listed in order of their authenticity, which are based on reviews gotten from real people who have actually tried anyone of them.

And lastly, before securing loans from any of the loan apps listed above (except from the ones we personally talked about), please take your time to go through their terms and conditions, because some of these loan apps have what we call “hidden service charge”.

Here’s an example, for a loan request of 10,000 Naira, you might end up getting 8,000 to 7,000 Naira being credited to your bank account, and the deducted amount will be called service charge.

To make matters worse is that, you’ll still have to repay the loan amount in full, together with the interest on it, and if the devil remembers you, it happens that those guys also charge a certain percentage or amount for late repayments, you might end up paying close to 20,000 Naira or even more for a loan of 10,000 Naira.

So like i said earlier, do make sure to go through their terms and conditions if they have any, before deciding if you want to secure a loan from them, or not.

Alright guys, so that’s everything we have to say today, concerning some of the best loan apps in Nigeria, that enables you to get quick loans without collateral.

Don’t forget to give us a thumbs up by sharing this article if you enjoyed reading it, and as always, I’ll see you all tomorrow,

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