List of New Loan Apps in Nigeria

New Loan Apps in Nigeria
New Loan Apps in Nigeria

Welcome to Trending Now! Are you looking for new loan apps in Nigeria? Check out our comprehensive list of the latest loan apps available in Nigeria, including their features, requirements, and other essential things you need to know about them. Find the perfect loan app for your needs and apply today!

New Loan Apps in Nigeria

In recent years, there has been a significant increase in the number of financial loan applications (loan apps) in Nigeria. According to PUNCH, a minimum of 173 loan apps have been approved to operate in Nigeria by the Federal Competition and Consumer Protection Commission.

These loan apps offer quick and easy access to loans without needing paperwork, collateral or other documentation, like traditional banks.

The rise of loan apps in Nigeria can be attributed to the country’s growing tech sector and the rapidly increasing number of people looking for quick and easy loans to settle their financial needs.

Without a doubt, a significant number of Nigerians are currently grappling with persistent financial hurdles, and procuring funds to address those predicaments often proves to be a daunting task. Consequently, the advent of digital lending applications is a commendable and auspicious technological innovation.

Why You May Love to Try Out New Loan Apps in Nigeria

Before now, there have been several loan applications in Nigeria. Some of the early loan apps are Carbon Loan App (formerly known as PayLater), Aella Credit, Branch Loan App, FairMoney, RenMoney, KiaKia, and Quickcheck, among others.

These loan apps have helped a lot of people overcome financial difficulties and are still offering the best of their services to date.

However, some of these loan applications might not be satisfactory or meet your expectations. This could be due to a variety of reasons, such as interest rates, fees, or limitations in the loan amount, and because of these reasons, you might want to try out new or the latest loan apps in the market.

Well, that’s never a bad idea, and so far as technology is concerned, it’s always a wise decision to try out the latest development.

Aside from that, exploring the latest loan apps available can potentially lead to a better user experience and better loan terms.

However, we highly recommend that you conduct thorough research before borrowing money from any loan app. This is because not all financial companies are created equal. Some loan apps may engage in fraudulent activities or operate without proper licenses and regulations.

Having known this, let’s move straight to the topic of discussion!


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List of New Loan Apps in Nigeria

Below are the new loan apps in Nigeria:

Loan AppLoan AmountInterest RateLoan TenurePlatform
EasemoniNGN 3,000 to NGN 1,000,0005 -10% monthly91 days to 365 daysDownload
OKash Loan NGN 3,000 to NGN 500,00036.5% to 360% annually 91 days to 365 daysDownload
PalmcreditNGN10,000 to NGN300,0004 – 24% monthly91days to 365days
9CreditNGN 3,000 to NGN 100,0000.07% per day (25.55% per annum)91 days to 120 daysDownload
EasycashNGN 1,000 to NGN 50,00010% – 35% (0.027% – 0.096% per day)91 days to 120 daysDownload
TloanN1,500 to N500,0005% to 20% monthly90 days to 365 days.Download
CashPaddieNGN3,000 to NGN50,0006% to 24% monthly91days to 365 daysDownload
LairaPlusNGN5,000 to ₦300,00016% – 28% APR91 Days – 365 DaysDownload
Naira9jaNGN5,000 to ₦500,00015% to 25% annually91 Days – 365 DaysDownload
NewCreditNGN10,000 to NGN300,0004% to 24% monthly91days to 365daysDownload
TrueNairaNGN2,000 to NGN300,00016% to 21% annually 91 days to 365 days
UmbaNGN2,000, to NGN30,00010% to 21% annually62 daysDownload
AjeloanNGN5,000 to NGN1,000,00091 days to 180 daysDownload
XcashNGN10,000 to NGN50,00024% to 56% annually91 days to 180 daysDownload
SureCreditNGN10,000 to NGN100,0002% to 20% annually 91 days to 365 daysDownload
IrorunNGN5,000 to NGN50,0003% to 5% monthlyDownload
P2vestN5,000 to N2,000,000 2% to 20% monthlyUp to 12 monthsDownload
EasyCreditNGN2000 to NGN500,00012% to 36% annuallyDownload
GetCashUp to NGN30,0005% to 27% monthly180 daysDownload
Soko LoanNGN 5,000 to NGN100,0004.5% to 35% monthly7 days and 190 daysDownload
LCreditNGN5,000 to NGN50,00039% to 300% annuallyDownload
FastMoneyNGN 5,000 to NGN 300,0003% – 29% monthlyDownload
NCashNGN1,000 to NGN100,00014%91 days to 120 daysDownload
OxloanNGN5,000 to NGN 500,00016% -30% annually 92 days to 365 daysDownload
iCreditNGN1,000 to NNG50,0005% – 36% annuallyDownload
XCreditNGN5,000, to N500,00012% to 24% monthly180 daysDownload
CashRainNGN8,000 to NGN100,0003% to 29% monthly 3 monthsDownload
QuickBucksN50,000 or more4%Download
NodCreditNGN10,000 to NGN50,00015% flat monthly30 daysDownload
PalmpayNNG10, 000 to NGN200, 00015% to 30%1 month to 1 yearDownload
YesCreditNGN 5,000 to NGN 50,0004.5% to 35% monthly 60 – 180 daysDownload
Blocka CashNGN5,000 to NGN50,0003% to 10% monthly60 to 180 days.Download
SwiftKashNGN 5,000 to NGN 600,00036% annually91 days to 180 daysDownload
CreditWiseNGN10,000 to NGN100,00012% to 20% annually91 days to 365 daysDownload
NutLoanNGN10,000 to NGN200,0002% monthly91 days to 365 daysDownload
MicroMoney91 days to121 daysDownload

Fake Loan Apps In Nigeria

While there is a significant increase in the number of financial loan applications (loan apps) in Nigeria, it is essential to exercise caution and do proper research before downloading and using any loan app. This can help you avoid falling victim to fake loan apps in Nigeria and protect your personal and financial information.

In case you don’t know, fake loan apps (also known as loan sharks) often request access to users’ personal information. These include bank account details, social security numbers, and even phone contacts. Once they have this information, they may use it to commit identity theft, drain bank accounts, or sell the data to third parties.

If you don’t want to be a victim of these loan sharks, check out this article concerning the complete list of fake loan apps in Nigeria.

Best Loan Apps In Nigeria

We have some loan apps in Nigeria that have gained popularity among borrowers due to their user-friendly, secure, convenient, and accessible way of providing quick access to loans with transparent terms and conditions.

If you want to know which loan apps are the best in Nigeria, simply refer to this article concerning the top 8 best loan apps in Nigeria.

Frequently Asked Questions (FAQs)

Which loan app gives 50,000 instantly?

There are many loan apps and online lenders that offer loans up to N50,000 with quick approval and disbursement times. Some of these loan apps are OKash, Carbon, EaseMoni, Branch, FairMoney, KiaKia, Quickcheck, etc.

However, most of these loan apps may not give you a loan up to that amount in the beginning, except if you have a good credit score, a steady income running in your account, a low debt-to-income ratio, and a good loan repayment history.

How many loan apps did we have in Nigeria?

There are many loan apps and online lenders operating in Nigeria. According to the record, a minimum of 173 loan apps have been approved to operate in Nigeria by the Federal Competition and Consumer Protection Commission.

Which loan app is the oldest in Nigeria?

Renmoney is the oldest loan app in Nigeria. The loan app started operating in Nigeria in 2012. However, you should know that before the existence of Renmoney, other types of lenders like microfinance banks and cooperative societies provided loans to Nigerians for many years.

Round Up

So far, this is the current list of the new loan apps in Nigeria. We will continue to update this list with the most recent information available.

Now let’s hear from you!

Which loan app is your favourite?

Before you leave, don’t forget to read this 👉9 Legit Online Businesses That Pay Daily.


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