Loan Apps for Low Income Earners in Nigeria
Low-income earners in Nigeria often face challenges in accessing credit from traditional financial institutions.
This is because traditional banks and other lenders often require collateral and guarantors, which many low-income earners may not have.
In recent years, there has been a proliferation of loan apps in Nigeria that cater specifically to low-income earners.
These apps offer a variety of loan products, including personal loans, business loans, and salary advances.
They are typically easier to qualify for than traditional loans, and often do not require collateral or guarantors.
In this post, we will discuss 10 of the best loan apps for low-income earners in Nigeria.
We will also provide a brief overview of each app, including its features, loan amounts, interest rates, and repayment terms.
10 Loan Apps for Low Income Earners in Nigeria
● FairMoney
● Aella Credit
● Branch Loan App
● Carbon
● PalmPay Loan App
● Opay (Okash) Loan App
● Palmcredit Loan
● QuickCheck
● Renmoney
● NodCredit
● FairMoney
FairMoney is a popular loan app in Nigeria that offers instant loans to borrowers up to ₦500,000.
FairMoney does not require collateral or guarantors, and borrowers can receive their loan funds within minutes of applying. FairMoney’s interest rates start at 10% per month.
Aella Credit
Aella Credit is another popular loan app in Nigeria that offers loans to low-income earners. Aella Credit does not require collateral or guarantors, and borrowers can receive their loan funds within 24 hours of applying. Aella Credit’s interest rates start at 15% per month.
Branch Loan App
Branch Loan App is a mobile app that offers instant loans to borrowers in Nigeria. Branch Loan App does not require collateral or guarantors, and borrowers can receive their loan funds within minutes of applying. Branch Loan App’s interest rates start at 15% per month.
Carbon
Carbon is a mobile app that offers a variety of financial services, including loans, payments, and investments. Carbon’s loan product is called Carbon Quick Loan, and it is available to borrowers in Nigeria without collateral or guarantors. Carbon Quick Loan offers borrowers up to ₦500,000 with interest rates starting at 10% per month.
PalmPay Loan App
PalmPay Loan App is a mobile app that offers loans to borrowers in Nigeria without collateral or guarantors. PalmPay Loan App offers borrowers up to ₦100,000 with interest rates starting at 15% per month.
Opay (Okash) Loan App
Opay (Okash) Loan App is a mobile app that offers loans to borrowers in Nigeria without collateral or guarantors. Opay (Okash) Loan App offers borrowers up to ₦50,000 with interest rates starting at 15% per month.
Palmcredit Loan
Palmcredit Loan is a mobile app that offers loans to borrowers in Nigeria without collateral or guarantors. Palmcredit Loan offers borrowers up to ₦50,000 with interest rates starting at 15% per month.
QuickCheck
QuickCheck is a mobile app that offers loans to borrowers in Nigeria without collateral or guarantors. QuickCheck offers borrowers up to ₦50,000 with interest rates starting at 15% per month.
Renmoney
Renmoney is a digital lender that offers loans to individuals and businesses in Nigeria. Renmoney offers a variety of loan products, including personal loans, business loans, and salary advances.
Renmoney does require collateral or guarantors for some of its loan products, but it also offers unsecured loans to borrowers with good credit history. Renmoney’s interest rates start at 2.76% per month.
NodCredit
NodCredit is a mobile app that offers loans to borrowers in Nigeria without collateral or guarantors. NodCredit offers borrowers up to ₦500,000 with interest rates starting at 10% per month.
FAQs
What are the eligibility criteria for loan apps in Nigeria?
The eligibility criteria for loan apps in Nigeria vary from app to app. However, most loan apps require borrowers to be at least 18 years old, have a valid Bank Verification Number (BVN), and have a regular source of income.
What are the interest rates and repayment terms for loan apps in Nigeria?
The interest rates and repayment terms for loan apps in Nigeria vary from app to app. However, most loan apps charge interest rates between 10% and 30% per month. Repayment terms typically range from 3 to 12 months.
