Best Loan App In Nigeria

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:

  1. 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.
  2. Customer Service: This is talking of how fast this people respond to query via emails, whatsapp and other social media.
  3. Interest Rate: This is the amount you have to pay on every approved loan.
  4. Loan Tenure: This is the time given to pay the loan.
  5. 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

  1. Excellent customer service: Branch customer service is second to none. As their entire customer channels are working and very responsive.
  2. App is user friendly: This app is very user friendly; in design and use.
  3. Easy user registration: It is easy to register on this app
  4. Active notification feature: You will get real time notifications on your phone from Branch App; so, you don’t miss any important information.
  5. Quick loan disbursement: Branch disburses within an hour or less in most cases.
  6. 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

  1. 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.
  2. Unfortunately, Branch cannot alter your repayment schedule after you’ve received a loan.

KWIKMONEY

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

  1. Lots of channels to access the loan e.g ussd, bank app e.t.c
  2. Quick loan disbursement: Kwikmoney disburses within 5minutes or less in most cases.
  3. 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

  1. High interest rate
  2. Short loan payment tenure – 15 days
  3. Loan tenure not flexible

OPay

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

  1. It’s a complete mobile business app
  2. Good interest rate: I thing Opay has the best interest rate; considering the loan payment tenure.
  3. Long loan tenure: 15 days – 90 days
  4. New user can get 30,000
  5. Quick loan disbursement; usually within 30 minutes

Why I don’t like Opay Loan App

  1. Registration is complex
  2. Lots of processes to get loan

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