Wondering How many loan app in Nigeria? Loan apps are here to stay in Nigeria, even though there are more and more worries about how they work when it comes to getting loans back. The fact that so many Nigerians use them shows that there must be some good things about them.
They are taking a risk by giving out loans without collateral, which is something that traditional banks would never do. The loan apps are the best choice for Nigerians who need cash quickly because the loans are given quickly, the repayment plans can be changed, and there is less paperwork to fill out.
Even though the Central Bank of Nigeria (CBN) has given a lot of them licenses to give loans, there are more and more claims that they are breaking the country’s National Data Protection Regulation (NDPR). Nairametrics looks at how many times these apps have been downloaded from Google Play Store. This gives a good idea of which apps Nigerians use the most. Some of the apps are on the Apple Store, but many of them are not. Because of this, the Google Play Store is the only way to measure how popular they are.
Here are the top 10 Nigerian loan apps on Google Play Store as of the end of the second quarter of 2022:
EasyCredit is proud to be a safe and trustworthy online loan app in Nigeria. As of Q2 2022, more than 1 million people had downloaded the app. It gives out instant loans from N3,000 to N100,000 for 91 to 365 days. It has interest rates between 0.1% and 1%, a one-time processing fee between N1,256 and N6,000, and an annual percentage rate (APR) of up to 40%.
Another app in Nigeria that has been downloaded more than 1 million times is called Newcredit. This app lets Nigerians borrow up to N300,000 without putting up any collateral. The app uses Artificial Intelligence (AI) to look at the financial records of potential customers, such as the SMS messages from their banks that are sent to their phones and their creditworthiness from other lenders.
Like other popular loan apps in Nigeria, Umba has been downloaded more than 1 million times. The bank is very proud of being the best digital bank in Africa. The app lets people apply for loans, get them, and pay them back all from their phone or computer. After a person has been checked out, lending decisions are made based on a risk rating.
When a borrower pays back their loan on time, this app lets them borrow more money.
QuickCheck is a quick loan app that uses machine learning to predict how borrowers will behave and instantly evaluate loan applications. This app is one of the best loan apps in Nigeria, and it has been downloaded more than 1 million times. The company says it wants to help people reach their personal and business goals by giving them digital financial services. The app also lets you borrow money without any security.
5. Aella Credit
Aella Credit is proud to be a one-stop shop for all of your financial needs. They offer short-term personal loans from N2,000 to N1,000,000 that can be paid back in 1 to 3 months. The interest rates on their loans range from 6% to 20%. Nigerians must like the app, since it has been downloaded more than 1 million times from the Play Store.
Okash is a quick and easy way for mobile users in Nigeria to get loans online. It is run by Blue Ridge Microfinance Bank Limited. OKash takes care of all of its customers’ financial needs online, 24/7. The application process is simple and only requires a few pieces of paperwork. If the loan is approved, the money is sent to the applicant’s bank account. The app lets you borrow money from N3,000 to N500,000, and you can pay it back over 91 to 365 days.
As of Q2 2022, the app was one of the most downloaded loan apps on Play Store. It had been downloaded more than 1 million times.
Carbon is a digital platform for financial services. It offers personal loans, loans for businesses, payments, transfers of funds, credit scores, savings, and investments. Most of the time, applying for a loan from Carbon takes less than 5 minutes. Their rates range from 2% to 30%, depending on how long you want to keep the loan and how much money you want to borrow. As of Q2 2022, more than 1 million people had downloaded the app.
FairMoney says it can get you a quick loan in 5 minutes without any paperwork or collateral. The loan amounts vary based on your phone’s data and how well you’ve paid back loans in the past. Loan amounts range from N1,500 to N500,000, and they have to be paid back in 61 to 180 days. Interest rates range from 10% to 30% per month. The app has been downloaded 5 million times and counting, which proves that it is one of the most popular ones in Nigeria.
Branch is far ahead of Palmcredit in terms of downloads, but it is still one of the most popular loan apps in Nigeria. The lending platform says it can give a quick loan of up to N300,000 in less than 3 minutes without any kind of collateral. The platform says you can borrow between N2,000 and N300,000 in a quick loan, and if your paperwork is complete and correct, you can get the money in one business day. More than 5 million people have downloaded the app from the Google Play Store.
Branch is a place in Nigeria where you can get quick online loans. As of the second quarter of 2022, this app has been downloaded more than 10 million times in Nigeria.
Using data from the user’s phone, the app figures out if they are eligible for a loan and makes them personalized loan offers. The interest rates on their loans range from 15% to 34%. You can get a loan from N1,000 to N200,000 within 24 hours, depending on how well you’ve paid back loans in the past. You’ll have between 4 and 40 weeks to pay back the loan.
Only your phone number or Facebook account, bank verification number (BVN), and bank account number are needed to apply. In order to build your credit score, they will also ask for access to the information on your phone.
Note: People who run loan apps have been known to harass defaulters in order to get their money back. This includes calling the defaulter’s phone contacts and asking them to help. These people could be friends, family, coworkers, or even the borrower’s boss.
When you sign up for a loan on one of these apps, they get access to your contact list. This information is used if you don’t pay back the loan. Don’t pay them back is the best way to deal with loan apps.