Recently, a friend of mine who happens to be a pharmacist opens a modern bakery, few months after his house warming. So, I got engaged with him on how that was possible, and he told me he took a loan. A what? Loan!!!? Yes! But why, I asked? He said, was shocked that I could ask such a question. In his amazement; he asked, is there any business person who doesn’t need a loan? I was quiet, because I use to think taking loan for business expansion isn’t even advisable, but I was wrong. After that incident; I decided to do some research following the information he gave me.
Today, I will be discussing with you the Best Loan App In Nigeria without collateral. It is unfortunate that some of these loan apps aren’t what they claimed. So, I advise you to take this post seriously.
Maybe, in my next post, I will be telling you about some other loan apps you should stay away from. As they will rub you of your time, effort and money – one of them is PalmCredit (story for another day).
Best Loan App In Nigeria
There are my best Nigeria loan app, based on the following factors:
- Time of Loan Disbursement: By this, I mean the time it took this loan app to approve your loan and send you the required fund.
- Customer Service: This is talking of how fast this people respond to query via emails, whatsapp and other social media.
- Interest Rate: This is the amount you have to pay on every approved loan.
- Loan Tenure: This is the time given to pay the loan.
- App functionality
BRANCH LOAN APP
This is by far the easy and smoothest way to take loan in Nigeria. The Branch app has a smooth registration process and gives instant loan of 10,000 for new users. Branch makes it easy for people in Nigeria to access a loan, anytime, anywhere.
Why I Love Branch loan App
- Excellent customer service: Branch customer service is second to none. As their entire customer channels are working and very responsive.
- App is user friendly: This app is very user friendly; in design and use.
- Easy user registration: It is easy to register on this app
- Active notification feature: You will get real time notifications on your phone from Branch App; so, you don’t miss any important information.
- Quick loan disbursement: Branch disburses within an hour or less in most cases.
- Loan Tenure: With Branch you have flexibilities on your loan tenure; as you can chose your loan payment period. Usually, you can choose with 4 Weeks – 15 Months.
What I Don’t Like About Branch Loan app
- I think Branch has high interest rate of 20%. Although, this is still better when compared to some other loan apps. However, it is important you know that for every 5,000 from Branch; you pay 1,000 as interest within 30 days.
- Unfortunately, Branch cannot alter your repayment schedule after you’ve received a loan.
This another top loan apps in Nigeria; kwikmoney is a product offered by Mines, a global technology company that has developed a digital platform that enables institutions in emerging markets to offer credit products to their customers with ease and minimal risk. Fortunately, I got to know about them via my First Bank App.
Why I Like Kwikmoney
- Lots of channels to access the loan e.g ussd, bank app e.t.c
- Quick loan disbursement: Kwikmoney disburses within 5minutes or less in most cases.
- Good customer service: Kwikmoney customer service is not bad, but it is definitely not the best; as there are lots of rooms for improvement.
Why I Don’t Like Kwikmoney
- High interest rate
- Short loan payment tenure – 15 days
- Loan tenure not flexible
When you read about Opay; the first thing that comes to mind is Oride; which is just the bike rider business section of the company.
OPay is a mobile app that allows you to do lots of things; from buying recharge cards to buying data, foods, cloths; pay for hotels and Tv subscription. In addition to all that; Opay also give loan without collateral.
OPay is a one-stop mobile-based platform for payment, transportation, food & grocery delivery, and other important services in your everyday life. Millions of users rely on OPay everyday to send and receive money, pay bills, and order food and groceries.
Why I Love Opay Loan App
- It’s a complete mobile business app
- Good interest rate: I thing Opay has the best interest rate; considering the loan payment tenure.
- Long loan tenure: 15 days – 90 days
- New user can get 30,000
- Quick loan disbursement; usually within 30 minutes
Why I don’t like Opay Loan App
- Registration is complex
- Lots of processes to get loan