Top 5 Personal Loan Apps In Nigeria For Quick Loan

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     Do you want to get a quick and safe unsecured loan? In a secured loan, collateral is required. This means, unsecured loans are loans you can get approved for, without the need for collateral (pledging your asset to secure a loan). This also means that in unsecured loans, you as the borrower, are qualified for a loan, based on your income and credit score or credit history. Gone are those days, when we had secured loans as the only option, which was very tedious. So many people with no collateral were denied loans.  

     It is very possible and easy now to collect loans online for your business or personal use, without collateral. Do you also need student loan? These loan apps can help you with that. The below quick loan apps make access to credit very easy.  

   If we think of it, our everyday needs and wants requires more money. In busy states like FCT, Rivers and Lagos, most of us will definitely need loans to pay bills, settle debts, and settle other financial issues. Believe me, in times like this, when all means of getting cash are not working for you, the better alternative to consider is getting an online loan that will be affordable for you. 

     One thing you must know is, although you can get higher amount up to 2 million naira from some of the quick loan apps, but the amount you can get is dependent on your credit score. With bad credit, you might as well get little or no loan. Your credit score is counted as point for you. The higher your points, the more your chance of collecting bigger loan. And in most cases, you get started with as low as 2000 or 5000 naira. So, when you build on your points, you open your chance of collecting higher amount. And the easiest way to build your point is to pay your outstanding loan fast.

To get cash loan, you don't need collateral. You don't need guarantors. All you need is your smart phone, your BVN (Bank Verification Number), and ATM card details in most cases. In this article, Blogmeloud has selected its best quick loan apps based on how fast loan process and approval is with each loan app.

1. Branch:  Branch is a simple to understand and powerful mobile loan app available in Nigeria and Kenya. Getting your instant loans on Branch is very fast and easy. Unlike other quick loan apps online, Branch does not ask for your ATM card details. Branch loans starts from 1500 naira to 150,000 naira. It also offers long term loans ranging from 4 - 64 weeks, with loan interest from 14% - 28%. Depending on your selected loan option, there is also equivalent interest rates ranging from 1 - 21 percent. 

2. Palmcredit: As a virtual credit card company, operating also as mobile loan company, PalmCredit makes it very easy for you to get access to quick loan 24/7. You can get up to 100,000 naira on request within few minutes. In this case, as soon as you pay your outstanding loan, your credit score is quickly updated to increase your loan limit with PalmCredit. As a client with low credit score, you can only get loans with maximum duration of 7days to 28 days. If you want to qualify for loans with duration up to 60 - 90 days, you will have to increase your credit scores. 

3. Paylater: Payler loan app, which is now known as Carbon loan app, is an online loan app with easy to use features. With Paylater, you can get quick and easy short terms personal loans, which can be very useful for small businesses or personal use. What makes Carbon loan app standout are the unique features available for clients to invest with them via their PayVest feature. Expect a yield of 15.5% every year. 

 Also you can make transfers of cash to friends and family, recharge airtime and pay for your utility bills. You can get up to 500,000 naira loan, but you have to follow same process like other apps. Carbon should have been Blogmeloud #1, but loan process is not as easy as others. And disbursement of fund is 1 - 3 days, when other loan apps is within few minutes. 

4. CreditVille: CreditVille is one of my favourite, for many reasons. Like other mobile online loan apps, it offers quick loan. But with this loan app, you have access to loan options: payday loans (this is for salary earners), business loans (to boost your business or as capital to start a new business) and car loan (this auto loan comes at higher purchase, with installment payments). If you are applying for just an online loan, you can get a maximum loan amount of 250,000 naira. 

5. FairMoney Loan App: FairMoney is known for its student loans, that is available at minimal rates. This is what makes it to be among Blogmeloud top 5 online loan apps in Nigeria. This loan app also makes it easy for everyone to get fast personal loans and business loans  business loans, or personal loans in few minutes without stress. 

Note: We have not tried other mobile loan apps and our reviews are based on what we have tried. This means, there are other better loan apps online, and when they are tried by Blogmeloud, we definitely will write articles about them on Blogmeloud. Stay connected for more.