Last updated on May 10th, 2023 at 02:54 pm
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 App | Loan Amount | Interest Rate | Loan Tenure | Platform |
|---|---|---|---|---|
| Easemoni | NGN 3,000 to NGN 1,000,000 | 5 -10% monthly | 91 days to 365 days | Download |
| OKash Loan | NGN 3,000 to NGN 500,000 | 36.5% to 360% annually | 91 days to 365 days | Download |
| Palmcredit | NGN10,000 to NGN300,000 | 4 – 24% monthly | 91days to 365days | – |
| 9Credit | NGN 3,000 to NGN 100,000 | 0.07% per day (25.55% per annum) | 91 days to 120 days | Download |
| Easycash | NGN 1,000 to NGN 50,000 | 10% – 35% （0.027% – 0.096% per day) | 91 days to 120 days | Download |
| Tloan | N1,500 to N500,000 | 5% to 20% monthly | 90 days to 365 days. | Download |
| CashPaddie | NGN3,000 to NGN50,000 | 6% to 24% monthly | 91days to 365 days | Download |
| LairaPlus | NGN5,000 to ₦300,000 | 16% – 28% APR | 91 Days – 365 Days | Download |
| Naira9ja | NGN5,000 to ₦500,000 | 15% to 25% annually | 91 Days – 365 Days | Download |
| NewCredit | NGN10,000 to NGN300,000 | 4% to 24% monthly | 91days to 365days | Download |
| TrueNaira | NGN2,000 to NGN300,000 | 16% to 21% annually | 91 days to 365 days | – |
| Umba | NGN2,000, to NGN30,000 | 10% to 21% annually | 62 days | Download |
| Ajeloan | NGN5,000 to NGN1,000,000 | 91 days to 180 days | Download | |
| Xcash | NGN10,000 to NGN50,000 | 24% to 56% annually | 91 days to 180 days | Download |
| SureCredit | NGN10,000 to NGN100,000 | 2% to 20% annually | 91 days to 365 days | Download |
| Irorun | NGN5,000 to NGN50,000 | 3% to 5% monthly | Download | |
| P2vest | N5,000 to N2,000,000 | 2% to 20% monthly | Up to 12 months | Download |
| EasyCredit | NGN2000 to NGN500,000 | 12% to 36% annually | Download | |
| GetCash | Up to NGN30,000 | 5% to 27% monthly | 180 days | Download |
| Soko Loan | NGN 5,000 to NGN100,000 | 4.5% to 35% monthly | 7 days and 190 days | Download |
| LCredit | NGN5,000 to NGN50,000 | 39% to 300% annually | Download | |
| FastMoney | NGN 5,000 to NGN 300,000 | 3% – 29% monthly | Download | |
| NCash | NGN1,000 to NGN100,000 | 14% | 91 days to 120 days | Download |
| Oxloan | NGN5,000 to NGN 500,000 | 16% -30% annually | 92 days to 365 days | Download |
| iCredit | NGN1,000 to NNG50,000 | 5% – 36% annually | Download | |
| XCredit | NGN5,000, to N500,000 | 12% to 24% monthly | 180 days | Download |
| CashRain | NGN8,000 to NGN100,000 | 3% to 29% monthly | 3 months | Download |
| QuickBucks | N50,000 or more | 4% | Download | |
| NodCredit | NGN10,000 to NGN50,000 | 15% flat monthly | 30 days | Download |
| Palmpay | NNG10, 000 to NGN200, 000 | 15% to 30% | 1 month to 1 year | Download |
| YesCredit | NGN 5,000 to NGN 50,000 | 4.5% to 35% monthly | 60 – 180 days | Download |
| Blocka Cash | NGN5,000 to NGN50,000 | 3% to 10% monthly | 60 to 180 days. | Download |
| SwiftKash | NGN 5,000 to NGN 600,000 | 36% annually | 91 days to 180 days | Download |
| CreditWise | NGN10,000 to NGN100,000 | 12% to 20% annually | 91 days to 365 days | Download |
| NutLoan | NGN10,000 to NGN200,000 | 2% monthly | 91 days to 365 days | Download |
| MicroMoney | 91 days to121 days | Download |
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.
Source: TrendingNow.ng
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