7 Best Nigerian Personal Loan Applications With Cheap Rates 2022

7 Best Nigerian Personal Loan Applications With Cheap Rates 2022
7 Best Nigerian Personal Loan Applications With Cheap Rates 2022
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Loan Apps With Cheap Rates
Loan Apps With Cheap Rates

7 Best Nigerian Personal Loan Applications With Cheap Rates 2022

If you are in urgent need of money for personal use or business purposes but are too embarrassed to borrow from family and friends, getting a personal loan is probably your best alternative. You may use the money for any purpose you need, whether it be for personal use or for business purposes.
You can get cash from a bank or other financial organization in the form of a personal loan, and then you pay it back in predetermined amounts over the course of an agreed-upon time period. However, before these firms would normally consider giving you a loan, you will be expected to have a certain level of monthly income.

Today, there are a variety of financial loan lending platforms in Nigeria that provide services to individuals and organizations operating at various levels. However, not all of them are able to give their clients services that are dependable and beneficial. The most reliable lending companies offer rapid payment, competitive yearly interest rates, and appropriate grace periods for making repayments.

Most notably, they provide rapid acceptance of loan applications in addition to their safety.

The following are some of the top instant loan applications in Nigeria, listed in no particular order. These apps provide financial credit services to individuals, established businesses, and most significantly, the sometimes neglected small and medium-sized businesses known as SMEs.


7 Best  Nigerian personal loan applications with cheap rates (2022)


1. QuickCheck

QuickCheck is a well-known online lending platform in Nigeria that provides unsecured financial assistance to residents of the country. The QuickCheck loan is distributed through the mobile app, which consumers may download, install, and utilize in order to submit an application for a loan. On the initial loan, the interest rate for a QuickCheck loan begins as low as 5% per month and can go as high as 36%. Loan amounts range from 1,500 yen up to 500,000 yen, and the periods can be anywhere from 91 days to one year. The annual interest rate might be anything between 1% and 30%, while the monthly interest rate can be anywhere between 1% and 21%. (Interest rates ranging from 30 to 260%)
An Illustration of a Quickcheck Loan:
Borrow 100,000 yen over a period of six months.
Interest rate: 13% p.m. (fixed)
The total amount of interest is 50,000.
There will be three payments of 50,000 yen each.
The total sum that must be paid is 150,000.
“Representative: 13% Annual Percentage Rate”


2. Branch

Another reputable online lending facility in Nigeria is known as the Branch Loan. Users of this site have the ability to get loans ranging from a minimum sum of 1000 to a maximum amount of 200,000 within 24 hours. Customers are expected to make loan repayments anywhere from 4 to 40 weeks after receiving their loans.
There is no need for you to have considerable assets or collateral in order to qualify for this loan. In order to determine if you are qualified, you will need to enter your information into the Branch Mobile App.
The duration ranges from 62 days to one year. The customer’s risk profile determines the interest rate they pay each month, which can range anywhere from 1.7% to 22%.
Consider the following scenario: the loan amount is 9,000, the interest rate is 24% per annum, and the term of the loan is 2 months; the total amount of interest accrued over the first two months is 360. The monthly EMI amount would be 4,680.00 yen. This would equate to an annual percentage rate (APR) of a maximum of 24%. The interest on the loan will bring the total cost to $9,360. 9360 yen will be repaid in full before the end of the term, including any and all fees and interest accrued.


3. Fast Money

This platform for rapid cash loans was developed in order to give consumers access to instant loans. The benefits of the loan include low interest rates, extended payback periods, and loan amounts of up to NGN 300,000 that do not need a mortgage.
When a customer chooses to take out a loan with FAST MONEY for a period of six months and borrows NGN 1,000, the monthly interest rate is 4.4%. Because the interest rate is 26.4%, the amount that they would charge you for the interest over the course of the six-month payback period is GNN 263. The full sum that needs to be paid back is NGN 1,263.


4. Okash

Okash is an automated loan service offered by Opay with the goal of expanding access to credit for individuals in Nigeria who are currently under-served or excluded from the banking system. The decision on the loan is made within 15 seconds, and if it is authorized, the applicant will receive the cash within 5 minutes. It’s available 24/7.
Tenure: The payback term for OKash can be anything from 91 to 365 days*.
The amount of the loan might range anywhere from 3,000 to 500,000 NGN.
The interest rate ranges from a low of 0.1 percent to a high of 1 percent.
Their interest rate is figured out on a daily basis. A range from 36.5 percent to 360 percent for the annual percentage rate (APR).


5. Fairmoney Loan App

Borrowers can choose between single-payment loans, installment loans, and payroll loans when they work with FairMoney, an online moneylender that uses automated technology. There is a wide range of loan amounts available, ranging from 1,500 yen to 1,000,000 yen, with payback terms ranging from 61 days to 18 months at interest rates that vary from 2.5% to 30% each month.
For like Say You borrow ₦100k over 3 A Period Of months
Interest (total cost of the loan): ₦30,000 (30% rate)
Three monthly repayments: ₦43,333
The total sum that must be paid is N130 000
120% Annual Percentage Rate Representative


6. Palmcredit Loan App

You may acquire a loan using the Nigerian lending app Palmcredit, which is operated by Newedge Finance Limited, even if you don’t have any collateral. Because of the interwoven links that exist between the firm, telecoms, and banks, the company is able to provide its customers quick and immediate financing with no requirement for documentation or collateral.
Their interest rate is from 14% to 24%, with equivalent monthly interest ranging from 4% to 4.7%, and the annual percentage rate (APR) on a Palmcredit loan ranges from 48% to 56%. The length of the loan period might range anywhere from 14 to 180 days.
Example: If you pick a loan with a term of six months and borrow NGN 100,000, the interest rate that Plamcredit will charge you is 4% each month.
Borrowing money from the NGN will cost you an interest of 24%, but the APR will be 48%.
Repayments of NGN24,000 are due in 180 days.
The total sum that must be paid is NGN124,000.


7. Carbon

Carbon, which was once known as PayLater, is able to lend the required amount to anyone in need of a loan within minutes. Users who are in immediate need of loans can request them and have them delivered instantaneously and painlessly.
Carbon, much like several other lending companies in Nigeria, demands the Bank Verification Number (BVN) of its customers in order to determine their eligibility for a loan. Users have the potential to get up to 20 million with an interest rate that can range anywhere from 5% to 15%, depending on the amount of loan obtained and the time frame for its payback. Loans ranging from 1,500 to one million yen are available to users of Carbon (Nigeria)
The annual interest rate can be anything from 1.75% to 30%, and the monthly interest rate can be anywhere from 1% to 21%.
* Annual Percentage Rates (APR) ranging from 23 to 60.8 percent. There are no processing fees or late fees incurred.
For illustration purposes, Carbon Bank levies a monthly fee of 2% on loans of up to 50,000 yen for a period of three months. After ninety days, the total amount that has to be repaid is 53,000 yen with an APR of 24.3%.