10 Online Loan Apps that Credit You Faster in Nigeria

In this article, we will explore the top best online loan apps and companies in Nigeria that credit you instantly without bvn check.

Quick loan apps serve an important purpose in society, providing immediate access to cash when needed, which can be a lifesaver in tough situations.

As technology advances, the financial technology sector has kept pace and taken full advantage of this growth to offer quick loan services and make some profit.

These fast loan services are highly useful, and many people depend on them daily.

To effectively evaluate them, we’ll consider eight factors for each app.

  1. Interest rates and fees.
  2. Loan Approval time
  3. Maximum loan amount
  4. Repayment flexibility
  5. User experience and interface
  6. Customer support
  7. Security and privacy

Today, let’s review the top 10 best online loan companies in Nigeria in no particular order.

Top 10 Online Loan Apps In Nigeria Without BVN Or Credit Check

1. Branch Loan App

The Branch loan app is comes first on many on the list of the best loan apps without bvn in Nigeria.

The branch loan app checks several of the boxes in our list today, and we’re going to take a look at those qualifications today.

Trained algorithms take a look at your phone, your SMS log, GPS data, and contact list, before determining if you’re qualified and how much you’re qualified for.

So do not agree to their terms and conditions, and do not loan from them if you’re not willing to part with this information.

  1. Interest rates: Their interest fees can range between 17% and 35%, depending on amount and duration.
  2. Maximum Loan Amount: They give out loans amounts ranging from N3,000 to N3,200,000.
  3. Loan Approval time: Their loan approval time is relatively fast in 24 hours or less.
  4. Repayment Flexibility: They offer a grace period between 4 weeks to 52 weeks to pay up their loans.
  5. User Experience and interface: The app interface is quite simple and intuitive with quick load time.
  6. Customer support: Most users also attest to their prompt response after contacting support.
  7. Security and Privacy: They would not terrorize you on the phone, or phone your contacts about your debt.

2. FairMoney Loan App

Fair money uses your credit history to determine if you’re qualified for their loans.

But how do they measure on our scale?

  1. Interest rates: Fairmoney fairs averagely on this scale, with an interest rate ranging from 2.5% to 30%.
  2. Loan approval time: FairMoney states clearly that every of their loan will be approved or denied within 5 minutes.
  3.  Maximum Loan Amount: FairMoney offers anything from N5000 to N3, 000,000, depending on your qualification.
  4. Repayment Flexibility: Their loan repayment time stretches from 1 month to 2 years with installations.
  5. User experience and interface: Some users also complain about a high interest rate and incessant calls.
  6. Customer support: Fairmoney customer support shows a relatively quick response time.
  7. Security and Privacy: They can suspend your account and report to national Bureau of credit because of late payment.

Fair money is another of the best online loan apps in Nigeria that requires no BVN but uses credit checks.

3. ALAT Loan App

ALAT by Wema bank Plc, claims to be the first fully digital bank in Nigeria. They promise users that their app can carry out all functions of the bank.

The ALAT loan services is only available to people who have salary accounts with them, a program they call Fixed Term Loan. 

ALAT is the first Nigerian owned bank on our list today, so lets see how they fair with our scale.

  1. Interest rates: The website sets their monthly small loan at 2%, and 20% p.a.
  2. Loan approval time: The maximum waiting for loan disbarment is 72hours.
  3. Maximum Loan amount: The maximum loan you can get from Alat is 2 million Naira.
  4. Repayment Flexibility: You can schedule a monthly repayment plan.
  5. User experience and interface: User experience on the app has not been uniform with complains from users.
  6. Customer support: In this department, ALAT seems to be lacking behind a bit.
  7. Security and Privacy: Alat promises that user data remains confidential.

4. Kuda Loan App

Kuda is a micro-finance bank that doubles as a mobile banking service. They are one of the best apps in Nigeria to save your money and earn interest.

It was founded by Babs Ogundeyi and Musty Mustapha in 2019. Kuda was listed as one of the seven WEF African technology startups of 2021.

  1. Interest rates: Kuda offers very short term loans with daily interests as low as 0.3% with no extra fees.
  2. Loan approval time: Loans are approved for qualified candidates instantly.
  3. Maximum loan amount: Kuda maximum loan amount is N150,000
  4. User experience and interface: There is high customers satisfaction.
  5. Customer support: Customer support is prompt and technically sound.
  6. Privacy and security: Kuda does not share you information and will not harass you.

5. QuickCheck Loan App

QuickCheck is one of the best loan apps without BVN for small business owners in Nigeria.

  1. Interest rate: At 5% interest rate per month, their rates are relatively low and affordable.
  2. Loan approval time: Loans are approved for qualified candidates within minutes.
  3. Maximum loan amount: Maximum loan amount is N100,000
  4. User experience and interface: They have nothing but happy customers who gladly recommends the app.
  5. Customer support: Customer support is prompt and technically sound
  6. Privacy and security: QuickCheck assure their customers of data privacy and do not harass their customers.

6. Okash Loan App

Okash is one of the best loan apps in Nigeria that needs no BVN to apply for get credited.

To lend money from Okash, a user is only required to download their app from play store, fill out a quick form and be well on their way to getting their first loan.

  1. Interest rates: Their annual loan rate ranges from 36.5% to 360%.
  2. Loan approval time: You will receive the deposit within 5minutes.
  3. Maximum loan amount: The maximum amount loan amount is N500,000.
  4. Repayment flexibility: All loans are to be paid within the 15 days graced period.
  5. User experience and interface: Okash customers seem to be pleased with their offerings and app user interface.
  6. Customer support: Customer support is prompt and technical support is on par.
  7. Security and Privacy: There are complains from users online who claim that Okash publicly shames you if you don’t pay up.

7. PalmPay Loan App

Palmpay is an automated lending service focused on increasing access to credit to financially under-served/excluded individuals around Africa.

  1. Interest fees: Palmpay loan interest rate varies within a range of 15% and 30%.
  2. Loan approval time: Palmpay loans are approved instantly for qualified customers.
  3. Maximum Loan amount: The maximum loan amount possible with Palm credit is N500,000.
  4. User Experience and Interface: Palmpay user interface is intuitive and straight forward.
  5. Customer support: Customer support is prompt, and technically sound.
  6. Security and privacy: You may receive phone calls and possible threats of public shaming for late loan repayment.

8. Carbon Online Loan Company

Carbon is a mobile banking company who’s mission statement is to empower all people with the financial access they need to pursue a life of dignity and prosperity.

They are also one of the best loan apps in Nigeria that requires to bvn to pay you.

  1. Interest rates: Carbon charges of a monthly interest approximately 21%, no late fees or processing fees.
  2. Loan approval time: Loan approval and disbursement take a maximum of 24hours.
  3. Maximum loan amount: Carbon loan amount ranges from a minimum of N3000, to a maximum N1000,000
  4. User experience and interface: Overall, the user experience seems positive with no major complains.
  5. Customer support: Customer support is prompt and technically sound.
  6. Security and Privacy: Carbon assures customers that their data is safe.

9. Aella Credit Loan App

Aella is one of the best fintech company in Nigeria that claims her mission is to simplify credit and payment solutions. The offer other services which includes investments and micro finance.

  1. Interest rates: Aella credit interest rates ranges from 6% to 20% with no extra charges.
  2. Loan approval time: If you qualify, they pay you within five minutes.
  3. Maximum loan amount: The minimum loan amount is N1500, and the maximum is N100,000
  4. User experience and interface: A lot of users complains about their app flow.
  5. Customer support: Aella has a poor customer support system, they have also left their recent reviews unanswered.
  6. Privacy and security:  There is no record of harassment, but they make it clear that all late payment will attract a penalty.

10. Xcredit Loan App

Xcredit comes with a small loan plan called Xcredit plus. They offer loans to qualified Nigerians within seconds of application.

  1. Interest rates: Xcredit has a flat 12% interest rate on loans, which means a N10,000 loan will require a repayment of N12,000.
  2. Loan approval time: Xcredit claims to approve loans for qualified candidates within seconds of application.
  3. Maximum loan amount : You can get up to N500,000 in loans from Xcredit
  4. User experience and interface: Xcredit is relatively new, they have no reviews yet as at the moment of writing this article.
  5. Customer support: Customer support can be reached by email and from the app.
  6. Privacy and security: The information they collect can be shared with third party companies in some cases.

FAQs On The best Loan Apps In Nigeria Without BVN

Which online loan company is the best?

Branch, FairMoney, and others as mention in this list are the top loan apps you will like.

Can loan app track and sue you?

Yes, loan companies in Nigeria can track and sue you if you violate their policy of repayment. This is why I recommend reading their terms and conditions before signing up.

Can loan apps block your bvn?

No! They cannot block your BVN. Only your bank can do so. And even the bank does so, they will ask you to visit their nearest branch.

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