2024 Top BEST Loan APPS in Nigeria With Good Interest Rates

Are you seeking the best loan apps in Nigeria? TwinkleHub offers a list of well-known outstanding loan apps that offer fast loans, with low interest rates, and low payment/payback durations.

However, before seeking loans, there are basic things to consider which include how much you need, what you need the money/loan for, and how to recover the money so you can pay it back.

Most people have various reasons why they take loans, but it’s best to ensure that the reason for the loan is worth it. You can seek a loan to pay school fees as a student, pay for rent, or invest in a business, but also make sure that you are sure of paying back the loan on the due date to avoid certain embarrassments or regular disturbing calls from the loan companies.

It’s also good to keep a good/clean record with a loan company, as it increases your chances of getting higher loans on a loan interest rate because you have built trust with them.

Not paying back your loans on the due date attracts certain punishments from the loan company, which might include added payback interest, blacklisting your name among loan defaulters, which means no loan company will be able to offer you a loan again, and many more penalties.

With the above few things in mind, let’s take a look at the top 10 Best loan apps in Nigeria, and how you can easily get money from them, but always ensure to pay back because it will help others as well. Your payment creates room for others to take loans.

Table of Contents

What are the BEST Loan APPS in Nigeria?

Without much waste of time, let’s look into the best loan apps in the country, and how to collect little money from them.

1. FAIRMONEY

Speaking out of experience and usage, Fairmoney is the number one (#1) best loan app and also digital bank in Nigeria with numerous active users and good recommendations on every platform.

This app has been in existence for years before all the modern loan apps. One good thing about this loan app is that you can collect any good amount of loan, and decide the repayment duration if it should be in one month, two months or even more.

Another good aspect of the Fairmoney loan app is that you can pay for a loan extension, once it reaches the due date, you will get a reminder call from them, and if you don’t have the money ready, you can visit the app and use a little token to extend the repayment date by either 7-days or 14-days.

Fairmoney is not just a loan app, but also a microfinance bank that is very effective in transactions, savings, purchase of airtimes, subscriptions and others. Just have a good record with them, and enjoy higher loan offers with good repayment rates.

2. EASIMONI

Another tested and trusted loan app in Nigeria is the EasiMoni, also operated by Blue Ridge Microfinance Bank, and has satisfied users with good ratings, which got them among the best loan apps in Nigeria.

EaseMoni offers loans ranging from N5,000 to millions. However, they first analyze your transaction level and if you’re not a loan defaulter, they offer you a good loan at your first application, and after repayment, you get an increased loan fee with increased repayment durations.

3. BRANCH

Branch is another leading loan app in Nigeria with a good interest rate and active users. Their users after registration can get access to loans from N2,000 as minimum to N1,000,000 within a short period.

The branch loan app has gained recognition among the leading best loan apps in the country and many users have also given good ratings to them for quick services.

4. OKASH

OKash also got a spot among the best loan apps as it is a convenient quick online loan platform with numerous users, and it’s properly managed by Blue Ridge Microfinance Bank Limited.

With a few steps of application, you earn a good loan from this app, and their minimum loan amount for start is N3,000 (Three Thousand Naira) to N500,000 (Fifty Thousand Naira), with a repayment plan that ranges from 91 days to 365 days.

5. WECREDIT

WeCredit also offers small loans to their startup users, which range from N10,000 (Ten Thousand Naira) to N200,000 (Twenty Thousand Naira). However, if you can repay the loan on or before the due date, you will get an increased loan offer for your next take.

This loan app also has good ratings and reviews from many users, which proves it works well, but you can also confirm before applying as well.

6. CARBON

Carbon is another CBN-licensed digital bank that also provides good loan facilities and investment opportunities. This loan company has also helped many Nigerians to solve financial issues and also pay back.

They also have good recommendations from many and require less of your information to offer you a loan.

7. RENMONEY

Renmoney is another good loan app, and also a microfinance bank with good transaction services and many active users. When opting for their loan services, they start by offering N50,000 (fifty thousand Naira) to start-up users, and when you keep good repayment records, you can gain access to receiving over a million Naira loan.

Their app is on Google PlayStore with many downloads, and also good recommendations from people, to prove their services are good and worth giving trial.

8. PALM CREDIT

Palm Credit is another good loan app in Nigeria that’s owned by Newedge Finance Limited. Once you install their app, and fill in all necessary information, you gain access to their startup loan offers, but it still depends on your credit score and transactions as well.

The app works fine and has a good number of users making daily transactions and collecting loans, but you need to also have a good repayment score for higher loan offers.

9. XCROSSCASH

The Xcrosscash is another good loan app in Nigeria that offers loans to those who apply, and their instant or first loan offer starts from the range of N10,000 (Ten Thousand Naira) to N50,000 (Fifty Thousand Naira).

One of the good aspects of this loan app is that you can increase your repayment date by a month, 2 months (60 days) or 3 months (90 days). To further tell that this app has many users, on Google PlayStore, it has over a million downloads.

10. NEWCREDIT

Last on this list of best loan apps in Nigeria is the NewCredit app, known to also be among the best apps where you can confidently borrow money and have peace of mind, as their repayment rate is good and their loan ranges from N10,000 (Ten Thousand Naira) to N300,000 (Thirty Thousand Naira) with repayment plans of 91 to 365 days.

This loan app, Newcredit uses AI, also known as Artificial Intelligence to carefully analyze all prospective customers’ financial records, including their bank transactions, all the SMS on their phones and their creditworthiness from other lenders, to ensure that the user is worth giving the loan.

Conclusion

Most loan apps are out to help those in financial need, however, it is better to repay on or before the due date, to avoid embarrassment or blacklisting among loan defaulters.

Also be sure to carefully read the Terms and Conditions of every loan company, and keep to them. You can feel free to use the comment section to drop your opinions about any of the listed loan apps if you have used any and it favoured you.