The digital lending market in Nigeria continues to attract new players driven by the large pool of underbanked Nigerians seeking quick and collateral-free loans.
Aside from the hundreds of unregistered loan apps still operating illegally in the country, the number of digital lenders who had registered with the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria increased to 320 as of September this year.
Meanwhile, despite the increase in the number of registered loan app companies, Nigerians have not stopped patronizing the unregistered lenders otherwise known as loan sharks amid their sharp practices and their unethical means of loan recovery, which often involve blackmailing or publicly harassing their borrowers.
While many are unable to distinguish between the approved and the unapproved loan apps, the key considerations for credit-seeking Nigerians are promptness in loan disbursement, the flexibility of repayment, and interest rates.
Naijaonpoint took a look at 10 of the most downloaded loan apps in Nigeria per Google Play Store data and the interest rates they offer, here is what we found:
Ease Cash prides itself as a secure, reliable, and online loan app in Nigeria. With over 1 million downloads, the app is one of the top registered loan apps providing instant loans to Nigerians.
Umba, like other top loan apps in Nigeria, has crossed 1 million downloads.
QuickCheck is a quick loan app that uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications.
Aella Credit provides Quick and easy access to loans in 5mins. With no paper documentation, you can grow your credit score and increase your credit limit by prompt repayments.
Newcredit is another instant loan app in Nigeria that has crossed 5 million downloads. The personal loan app gives Nigerian collateral-free loans of up to N300,000.
Carbon is a digital financial service platform that provides a range of financial services, including personal loans, business loans, payments, funds transfers, credit scoring, savings, and investments.
Okash is a convenient quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited.
On the Google Play Store, the Palmcredit app has been downloaded over 10 million times thus qualifying as one of the top loan apps in the country.
FairMoney, which has been downloaded over 10 million times on the Google Play Store, claims it offers fast loans within 5 minutes with no documentation or collateral required.
Branch is a platform that offers quick online loans in Nigeria. Today, the app is one of the most downloaded apps in the lending category on Google Play Store with over 10 million downloads.
The app determines loan eligibility and personalized loan offers using the users’ smartphone data. The app’s monthly interest rates range from 17% – to 40% depending on the risk profile of the customer.
The app determines loan eligibility and personalized loan offers using the users’ smartphone data. The app’s monthly interest rates range from 17% – to 40% depending on the risk profile of the customer.
You can get access to personal loans from N2,000 to N1,000,000 within 12 hours, depending on your repayment history.
Note: The interest rates quoted for each of the apps are as stated by the respective companies on their app information as of December 16, 2024.
This may change over time as some of the companies have adjusted their rates in the past to reflect current economic realities.