10 Best Loan Apps In Nigeria for Students 2023

0
1770
Top 10 Best Loan Apps In Nigeria For Students

If you’re a student in Nigeria in need of quick loan, we present to you the 10 best loan apps in Nigeria 2023, where you can access personal loans on your Android or iOs devices.

As loan apps have become increasingly popular among Nigerian students who need financial assistance without having to go through the traditional banking system, you can also exploit this opportunity.

In this article, we will take a look at the top loan Apps in Nigeria for Students that are specifically tailored to meet the financial needs of students and youths.

We have written about helpful tips on ways to save money as a college student. You should check it out.

One of the main advantages of these loan apps is the speed and ease with which students can access loans. These apps typically have a streamlined application process, which means that students can complete and submit their applications within minutes, without the need for collateral or a guarantor.

In addition, the loan disbursement process is usually fast, with funds being made available in the borrower’s account within hours or even minutes of approval.

Another benefit of loan apps is their flexibility. Students can choose to apply for loans for a variety of purposes, from paying school fees to purchasing textbooks or even covering personal expenses.

Loan amounts are usually small and range from as little as N5,000 to as much as N500,000, making them accessible to a wide range of students. In Nigeria, there are several loan apps that cater to the needs of students. These apps have different features and benefits, including low-interest rates, flexible repayment plans, and referral bonuses.

Some of the most popular loan apps among students in Nigeria include Carbon, FairMoney, KwikMoney, PalmCredit, and Branch. We will take a closer look at each of these apps and what they have to offer in terms of loan products, interest rates, and repayment plans.

What Is a Loan App and How Does It Work?

A loan app is a mobile application that allows users to apply for loans and manage their loan accounts using their smartphones. These apps can be used to apply for personal loans, payday loans, student loans, and other types of loans.

Here’s how a typical loan app works:

  • Download the app: Users first download the loan app from their smartphone’s app store.
  • Register an account: Users create an account by providing personal and financial information, such as their name, address, income, and credit score.
  • Select a loan type: Users select the type of loan they need and the amount they want to borrow. Some loan apps may offer pre-approved loan options based on the user’s credit score and financial history.
  • Submit the application: Users submit their loan application through the app, along with any required documentation such as bank statements and proof of income.
  • Loan approval: The loan app’s algorithm assesses the application based on the user’s credit score, income, and other factors to determine whether to approve the loan.
  • Loan disbursement: If the loan is approved, the money is transferred to the user’s bank account, usually within a few business days.
  • Repayment: Users can manage their loan accounts through the app, including making payments, viewing their repayment schedule, and accessing other account information.

Loan apps can offer several advantages over traditional loans, including faster application processing, flexible repayment options, and the ability to manage loans on-the-go. However, users should always carefully review the terms and conditions of any loan offer and ensure they can afford to repay the loan before accepting it.

Related: 15 Good Business Ideas for College Students

Top 10 Loan Apps In Nigeria for Students

Here are ten best loan apps in Nigeria that are suitable for students, along with their eligibility requirements, app interface, repayment terms, registration process, and interest rates:

1. Fairmoney

Best Loan Apps In Nigeria - Fair Money Loan App

When it comes to getting a loan as a student in Nigeria, this is one of the greatest options out there. You can acquire an instant loan, reload your phone, and pay your bills all from your registered account.

Fairmoney is one of the best loan apps for students for a number of reasons. For one, it has a very low interest rate. Fairmoney is fast and reliable with a simple user interface.

Fairmoney is a safe and dependable service that streamlines the loan application and bill payment processes. You can supplement your student budget by participating in their referral program.

For your convenience, FairMoney also lets you spread your payments across multiple installments.

Eligibility:

  • Must have the Fairmoney MFB app on your Android smartphone
  • You must have a bank supported by the platform
  • Bank Verification Number (BVN)
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Must have a good Credit History

To apply:

  • Download the FairMoney MFB App
  • Sign up/Log in
  • Complete the registration process for the loan
  • Select the loan offer
  • Loan is disbursed.

Loan duration can range from 30 days to 12 months. Interest rates range from 10% to 30%.

Related: 7 Best Part time jobs for college students

2. Carbon

Best Loan Apps In Nigeria - Carbon - PayLater

Carbon is a digital bank that offers a wide range of financial services, including loans, transfers, investments, airtime top-ups, bill payments, and more.

Getting the app is as simple as visiting the Google Play store and downloading it. Simply fill out your biodata, including your BVN, and send it to the lender to have your loan amount calculated and approved.

The Carbon app has changed its name from the PayLater app, which it first launched under. When it comes to getting a loan over the internet, most people choose using Carbon.

Anyone can apply for a loan through the program, whether they are a student, an hourly worker, an entrepreneur, or any combination of the three. If you ever find yourself in a bind financially, Carbon is there to help you out quickly and easily. With their help, securing a loan is hassle-free.

Using carbon does not call for collateral or a guarantor. Anytime, day or night, apply for a loan and get the money sent into your account in a matter of minutes.

Eligibility

  • Must have the carbon zero app on your Android smartphone
  • Bank Verification Number (BVN)
  • Bank account Number
  • You must have a bank supported by the platform
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Must have a good Credit History

To apply:

Loan duration can range from 30 days to 90 days. Your credit history and application data will determine the loan amount, term, and interest rate at any given time.

Your Loan Offer is determined by our analysis of your submitted information and the inherent risk associated with lending to you at this time. Interest rates range from 5% to 15%.

3. Branch

Branch Loan App for College Students

Aside from being a popular choice among Nigerian students, the Branch loan platform also serves borrowers in neighboring countries like Kenya, Mexico, and India. That’s why a respected institution everywhere

Loans can be obtained quickly and easily through the Branch regardless of where you are or what time it is. In a matter of minutes, you may sign up, apply, and have your loan funds sent into your bank account. The process is simple, quick, and trustworthy, making it ideal for obtaining large sums of money in an instant.

The Branch loan app gives students access to loans from as little as 1,000 and as much as 200,000. Interest rates range from 14% to 24%.

Also Read: 7 Money Management Tips for High School Students

Eligibility

  • Must have the branch app on your Android smartphone
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Bank Verification Number (BVN)
  • Must have a good Credit History
  • Phone number or Facebook account
  • Bank account Number
  • You must have a bank supported by the platform

To apply:

  • Download the Branch App
  • Sign up
  • Complete the registration process for the loan
  • Apply for loan
  • Wait for loan
  • Loan is disbursed in your branch wallet instantly.

4. Aella Credit

Aella Credit SchoolPeza - Loan Apps for Students

Aella Credit is a loan app that offers loans to students who are at least 18 years old and have a source of income. The app has a simple and intuitive interface, and it offers repayment terms of up to 60 days. The registration process is straightforward, and the interest rates range from 6% to 29%.

Download it from either the Playstore (Android) or the App Store (iOS) (iOS), Just fill out the form to get instantaneous loans using the app, no matter where you may be.

Eligibility

  • Must have the Aella app on your Android smartphone
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Must have a good Credit History

To apply:

  • Download the the Aella App
  • Create an account
  • Complete the registration process for the loan
  • Apply for your desired loan
  • Receive your loan instantly.

5. PalmCredit

PalmCredit Mobile Loan App

When it comes to loan programs in Nigeria, Palmcredit is at the top of the list. At Palmcredit, you may get a loan from N2,000 up to N100,000 with the tap of a screen.

You can get the PalmCredit loan app from the Playstore, and you can learn more about the company and its services there or on any of its social media channels.

Loan duration is between 91 and 180 days. Between 14% and 24% is the interest rate. If you want to borrow N100,000 for six months, you’ll have to pay back N124,000.

Eligibility:

  • Must have the Palmcredit app on your Android smartphone
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Must have a good Credit History

To apply:

  • Download the the Palmcredit App
  • Create an account
  • Complete the registration process for the loan
  • Apply for your desired loan
  • Receive your loan instantly.

6. QuickCheck

With the purpose of helping individuals and businesses succeed, Quickcheck offers a variety of financial services. But as a new client, you can get a loan for N10,000 for 30 days.

You can get a payday loan at any time of day or night with the QuickCheck app on your smartphone. Because of how well they access capital, this loan application is among the best in Nigeria.

This lending program makes it possible for students in Nigeria to get quick, collateral-free loans online. Interest rates range from 14% to 28%.

Eligibility:

  • Must have the Quickcheck app on your Android smartphone
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Bank Verification Number (BVN)
  • Must have a good Credit History
  • Phone number or Facebook account
  • Bank account Number
  • You must have a bank supported by the platform.

To apply:

  • Download the Quickcheck App
  • Create a new account
  • Complete the registration process for the loan
  • Apply for loan
  • Wait for loan
  • Loan is disbursed into your provided bank account.

7. Alat

When you use Alat by Wema, you may get a loan quickly and without having to fill out a ton of paperwork or even visit a bank.

Despite the fact that it is owned and managed by Wema bank, you can borrow up to N2,000,000 subject to specified limits and limitations. Interest rates range from 10% to 30%.

Eligibility:

  • Must have the Alat app on your Android smartphone
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Bank Verification Number (BVN)
  • Must have a good Credit History
  • Phone number or Facebook account
  • Bank account Number
  • You must have a bank approved by the platform.

To apply:

  • Download the Quickcheck App
  • Create a new account
  • Complete the registration process for the loan
  • Apply for loan
  • Wait for loan
  • Loan is disbursed into your provided bank account.

8. Okash

Recall the widely renowned Opay app, where you could perform transactions, purchase airtime, pay bills, and lots more all at the same time? Okash, which is now a standalone app but was formerly integrated inside the Opay app, is a subsidiary of Opay.

Because of this, Nigerians can now obtain Okash from the Playstore (Android) or the App Store and use it to apply for loans on their own (iOS), Complete the form to use the app and get instantaneous loan approval. With Interest rates ranging from 10% to 30% and a loan duration of 30 to 90 days, you can comfortably and conveniently apply and receive a loan from Okash.

Eligibility:

  • Must have the Okash app on your Android smartphone
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Bank Verification Number (BVN)
  • Must have a good Credit History
  • Phone number or Facebook account
  • Bank account Number
  • You must have a bank supported by the platform.

To apply:

  • Download the Okash App from Google play store.
  • Create a new account
  • Complete the registration process for the loan
  • Apply for loan
  • Wait for loan
  • Loan is disbursed into your provided bank account.

The maximum loan amount offered by Okash varies, however you can borrow up to N50,000 without putting up any collateral. They have repayment arrangements that can be spread out over 91 days to an entire year.

9. Umba Loan App

Umba is a popular Nigerian app that facilitates the loan application, disbursement, and repayment processes. After a borrower’s identification has been verified, Umba conducts a risk analysis before deciding on a loan.

Umba is more than just a mobile lending service; it’s a fully functional mobile bank. Umba, accessible at all hours, eliminates the need for paperwork, collateral, or in-person meetings to speed up the release of loans.

Money borrowed through Umba can be sent straight to your M-Pesa account, as well as to retailers and utility providers.

Umba does not charge any fees for paying late or rolling over a loan, and as you make payments toward your principal, you may qualify for a higher loan amount, lower interest rate, and more favorable repayment conditions. In order to verify your identification and calculate a credit score, it examines information stored in your phone, such as your SMS messages. This makes applying for a personal loan simple.

Umba is not only one of the most reliable lending apps in Nigeria, but also one of the safest, since the company values its users’ privacy and promises to never sell or distribute their personal information.

Umba loans include a minimum loan value of 1,115 NGN and a maximum loan amount of 89,182 NGN, with a maximum duration of 62 days. There is no commission or VAT added to the maximum APR of 10%.

The loan amount offered is calculated based on several automatic elements, including the user’s repayment history.

Eligibility:

  • Must have the Umba Instant loan app on your Android smartphone
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Bank Verification Number (BVN)
  • Must have a good Credit History
  • Bank account Number
  • You must have a bank supported by the platform

To Apply:

  • Install the app from Google play store
  • Sign up
  • Apply within minutes.
  • Receive an Umba Loan
  • Increase your borrowing limit whenever a loan is repaid on time.

10. KwikMoney (MIGO)

While loans can be obtained from traditional financial institutions, getting one through KwikMoney is an altogether new experience. Borrowers can get loans through a dedicated section of their website.

Get the money you need in a flash, with no paperwork required. If you pay back your loan quickly, you’ll be able to borrow money at a lower interest rate the next time you visit the site.

You can get a loan in a matter of minutes by visiting the Kwikmoney.com website and providing only your phone number for verification purposes.

Period of Time Required for Repayment:

The loan repayment period is between 14 and 30 days. If the loan is paid off before the 14th day, you will not be charged interest.

For students, that’s a fantastic added bonus. After the 14th day, the interest rate on the loan you took out would increase by 5%.

Eligibility:

  • Must have the KwikMoney app on your Android smartphone
  • Must be 18 years old and above
  • Must be a Nigerian citizen
  • Bank Verification Number (BVN)
  • Phone number or Facebook account
  • Must have a good Credit History
  • Bank account Number
  • You must have a bank supported by the platform.

To apply:

  • Download the Kwikmoney App
  • Create a new account
  • Complete the registration process for the loan
  • Apply for loan
  • Wait for loan
  • Loan is disbursed into your provided bank account.

Fake Loan Apps to Avoid in Nigeria

In recent years, the rise of digital lending platforms has made it easier for individuals and businesses to access loans. However, with the increasing popularity of online loan applications, there has been a proliferation of fake loan apps in Nigeria.

These apps are designed to scam unsuspecting individuals who are in desperate need of funds. These fraudulent loan apps promise quick and easy loans, with minimal documentation and low-interest rates, but instead, they steal personal and financial information from their victims, leaving them in a worse financial situation than before.

Below is a list of the 10 most common fake loan apps in Nigeria and provide tips on how to identify and avoid them. It is essential to be cautious when applying for online loans, and by knowing what to look out for, you can protect yourself from falling victim to these scams.

How to Identify Fake Loan Apps in Nigeria

  • Shorter loan terms, such as (7-14 days)
  • Bad lenders will charge a different service fee and interest rate.
  • A higher rate of interest
  • When you delay repayment for even a few hours, they send demeaning messages to all of your contacts.
  • They treat their consumers as though they are garbage.
  • Before approving a loan, they charge for card verification.
  • Some won’t give you a loan but will refer you to other apps and charge you a fee for their services.

Fake Loan Apps in Nigeria to Avoid

  • Fast Money Loan App
  • GoToCash Loan App
  • NCash Loan App
  • 9Credit Loan App
  • GGMoney Loan App
  • Cash Wallet loan App
  • 9ja Cash Loan App
  • LCredit Loan App
  • BorrowNow Loan App
  • NairaPlus Loan App

Best Loan Apps in Nigeria for Students (Summary)

In conclusion, loan apps have become a popular alternative to traditional bank loans for Nigerian students. With their ease of use, speed, and flexibility, they have made it easier for students to access the funds they need to pursue their academic and personal goals.

The best loan apps in Nigeria, as we have discussed in this article offer a range of benefits that make them well-suited to the needs of students in Nigeria, and we hope that this information will help you make an informed decision when choosing any of the loan apps in Nigeria for students .

LEAVE A REPLY

Please enter your comment!
Please enter your name here