Despite the concerns over how some loan apps take actions against loan defaulters, the use of online loan platforms still seems to be on a high rise in Nigeria.
Judging from the way Nigerians patronize these loan apps, there may be no doubt that they indeed offer some benefits to their users. Especially the fact that they offer collateral free loans, which our traditional banks can never try.
The fast disbursement, scheduled repayment plans, and stress-free documentation seems to have made these loan apps the best alternative for Nigerians who need urgent loan to sort out their problem.
So many of them have a license from the Central Bank of Nigeria (CBN) to give out loans to the general public through their loan app.
Our main focus is based on the number of downloads each loan app has on Google play store, which can be used to infer how many people that are using a particular loan app in Nigeria.
Some of the loan apps are also downloadable on Apple store while tons of others are not on Apple store, that is why we considered using play store as our sole yardstick to measure their popularity.
Here Are Top 10 Most Used Loan Apps in Nigeria According To Download From Google Play Store
1. EasyCredit loan app
- Downloads: Over 1 million downloads
Easycredit is one of th loan apps in nigeria tha has a very high downloads on Play store. The loan app had over one million downloads as of September 2022.
Easycredit loan app gives out loans within the range of N3,000 to N100,000, with their lending term ranging from 91 working days to 365 days as the agreement Carries.
Easycredit interest rate is between 0.1 to 1%. They also deduct one time processing fee which ranges from N1,256 to N6,000. They Maximum Annual percentage Rate (APR) is usually 40%.
2. Newcredit Loan App
- Downloads: 1.2 million
This is another instant online loan app in Nigeria loan Industry which has over 1.2 million downloads on Google play store.
This instant loan app gives up to N300,000 loan without tendering any form of collateral.
This particular loan app is fitted with Artificial intelligence (AI) to analyze intending customers, including the bank transaction SMS on their phones and their credit worthiness from other loan lenders.
3. Umba loan app
- Downloads: 1.4 million
Umba is another leading loan app with a high download on play store, having over 1.4 million downloads on Google play store.
This loan app permit Users to apply, withdraw and repay their loans directly from their smartphone or computer as the case maybe. Once user’s document is verified, the app’s AI (Artificial Intelligence) makes lending decisions based on an assigned risk rating.
Umba also allows borrowers to increase their borrowing limit once they are able to repay their loan as scheduled.
4. QuickCheck loan app
- Downloads : 1.4 million
Quick check loan is identical to Newcradit loan app, as it also uses artificial intelligence (AI) to predict borrower’s behavior and immediately evaluate loan applications.
Quickcheck is among the top loan apps used by Nigerians as it has generated over 1.4 million download on Google play store as of the time of this report.
The company stated that it’s objectives is to provide digital financial services to help Nigerians get closer to their personal and business goals. This app also has loan with collateral option.
5. Aella Credit loan app
- Downloads: over 1.5 million
Aella credit loan app is know for offering short-term, non-business loans that range from N2,000 – N1,000,000; with a repayment schedule of 1 – 4 months. Their interest rate is within the range of 6 -20%.
This loan app is obviously popular in Nigeria and it has more then 1.5 million downloads on Google play store.
6. Okash loan app
- Downloads : Over 1.5 million
Okash is managed by Blue Ridge Microfinance Bank Limited. They cater for customers financial needs 24/7 with their customer service who seems to always be online.
The application is almost the same with other loan apps already discussed, with minimal and stress-free documentation, and the approve loan amount is transferred directly to the borrowers bank account.
The loan limit of this app ranges from N3000 to N500,000 with a repayment schedule of 91 to 365 days as the case may be.
7. Carbon loan app
- Downloads: over 1.6 million
Carbon provides varieties of financial services which includes personal loans, business loans, Bill Payments, funds transfer, credit scoring, Savings and investments. Typically, this app functions as a full Mico bank.
Carbon loan application process takes less than 5 minutes to complete. Their interest rate varies from 2% to 30% and this actually depends on the loan repayment schedule and the amount of money you wish to borrow.
8. FairMoney loan app
- Downloads: 5 million
Fairmoney loan app offers loan within 5 minutes with minimal documentation and no Collateral required. The loan amount varies based on your smartphone data and repayment history.
The app offers loan that range from N1,500 to N500,000 with their repayment schedule of 61 to 180 days with monthly interest rate that is with 10% to 30%.
This loan app is among the top most used loan app in Nigeria as it has generated over 5 million downloads on Google play store.
9. Palmcredit loan app
- Downloads: 5 milllion
Palmcredit loan app stands as the most used loan app in Nigeria financial sector in terms of downloads. However, other data both online and offline also show that this app is the second most patronized loan app in Nigeria.
Palmcredit says it can provide a fast loan of up to N300,000 within 3 minutes without any form of collateral.
Users can borrow from N2000 to N300,000 quick loan and if your profile is verified and complete, you will get your loan within a business day, the platform claims.
Palmcredit loan app has been downloaded over 5 million times on Google play store, making it the second most used in Nigeria.
10. Branch Loan app
- Download: 10 million
Branch loan app is one of the digital platform that offers quick online loan to their customer in Nigeria.
As of September, the loan app has generated over 10 million downloads on Google play store making it the most downloaded and used loan app in Nigeria.
Like some of the loan apps we have talked about, the app determines loan eligibility and personalized loan offers using their customers Smartphone data. Their interest rates range from 15% -34%.
You can borrow from N1,000 to N200,000 within a day, this depends on your repayment performance, with of 1 to 10 months.
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