Loan apps are personalized mobile tools, which have been designed to let you apply for a loan without you stepping into a bank. A personal loan might really be all you need should you want to pay an outstanding bill; finance a large purchase; or if you need funds to help consolidate a debt.
There are tens of thousands of loan apps worldwide, as well as in Nigeria that function well, and are capable of meeting your funding needs. The loan apps help in providing small scale loans for customers who need them.
Meanwhile, people who need loans that are above the 100k threshold may find it difficult to get, as many apps do not offer up to that. But if your budget is just around 100k, you are just a step away from getting that.
Here are some loan apps that are considered tested and trusted, where you can give more than 100k:
Carbon :
Carbon is a loan service available to users through mobile phones. The loan app has two major packages available to salary earners only, and another for everyone else. You can use the Carbon app in paying various utility bills including pay TV subscription, recharge cards and PHCN.
Branch:
Branch is an app that offers loans without collateral. To get started on the app, users need to register and provide personal details. After registration, users can have access to as low as N1,000 or as high as N200,000 with considerable interest.
Aella credit:
This app can be useful for users looking for quick cash to cater for their finances. Aella focuses on employees with a stable income and is affiliated with different credit bureaus in Nigeria.
The app makes use of an algorithm to determine creditworthiness of users before approving loans.
KiaKia:
Just like the name implies, ‘kiakia,’ meaning fast in Yoruba, the app is described as quick, easy, and stress-free.
This loan app offers users up to N200,000 with varying interest rates depending on the nature of the loan. The term of the Kiakia loan app is within 7 to 30 days.
Xcredit:
Xcredit is one of the top loan apps that has put together a good loan package for customers. The loan app currently offers users a minimum loan of N2,000 and a maximum of N500,000.
The Xcredit loan range spans about 5 months and does not require a collateral as well. However, users are expected to provide their bank account details to access the loan.
9ja cash:
9ja cash also works absolutely well as a loan app. It allows users to borrow up to N300,000, for a tenor of 180 days. However, the interest rate of 9ja cash could be quite exorbitant as it spans between 1% and 34%.
Meanwhile, other loan apps not mentioned above include: Palmcredit, 9credit, Lend me, and Sokoloan.
These were not listed earlier because they used to offer a maximum loan of 100K at some point in the past, which may not exactly fit into the requirements of the loan apps earlier listed.
But, these loan apps have also been described as reliable and can be trusted to use.
However, there’s a need for users to make a smart and informed decision before deciding on a loan app by making a good comparative analysis of the loan apps that allows them to weigh the pros and cons of the products and their offers.
This is imperative to ensure that as much as possible, you’re only making a choice of offer that best works for you.
How to apply for a loan via app?
The app procedure is usually simple and applies across the board. Users only need to get on board by downloading the app from Play Store and then complete registration after supplying personal details.
After successful registration, you can then apply for a loan. Meanwhile, note that some apps put a cap on the maximum amount a new user can borrow and increase it over time.
Overtime, the significance and patronage of loan apps have been rapidly increasing. Many are beginning to realize how seamless it is to access a loan via an app.
