In recent years, there has been a significant shift from traditional bank loans to digital lending platforms in Nigeria. This shift has led to the emergence of numerous loan apps designed to provide quick, secure, and hassle-free loans. If you are looking for the best new loan apps in Nigeria to borrow money, this article will provide an in-depth review of the top 10 newly launched loan apps.
1. Irorun Loan App
Key Features and Benefits
- Loan Amount: NGN 1,000 to NGN 50,000
- Repayment Period: 14 days to 1 month
- Interest Rates: 3% to 5%
Irorun Loan App stands out for its simple and customer-friendly approach. It offers loans ranging from NGN 1,000 to NGN 50,000 with repayment plans of 14 days to 1 month. The app’s intuitive user interface makes it easy to apply for a loan. While it provides efficient service and robust security measures, the maximum loan amount may not cater to those seeking higher loans.
2. Payday Advance
Key Features and Benefits
- Loan Amount: NGN 10,000 to NGN 1,000,000
- Repayment Period: 65 days to 2 years
- Interest Rates: 3% to 25%
Payday Advance is an innovative loan app that offers a wide range of financial solutions. It provides loans from NGN 10,000 to NGN 1,000,000 with flexible repayment terms ranging from 65 days to 2 years. While the app offers speedy approval, some users may find the interest rates relatively higher. Customers appreciate the transparency of its terms and conditions and the seamless application process.
3. Yescredit Loan
Key Features and Benefits
- Loan Amount: NGN 1,000 to NGN 100,000
- Repayment Period: 30 days to 180 days
- Interest Rates: 5% to 29%
Yescredit Loan aims to democratize access to quick financing solutions. It offers loans ranging from NGN 1,000 to NGN 100,000 with a flexible repayment window of 30 days to 180 days. The app’s minimal documentation requirement and easy application process make it a convenient choice. However, it requires access to smartphone data, which may raise privacy concerns for some users.
4. Blocka Cash
Key Features and Benefits
- Loan Amount: Up to NGN 50,000
- Repayment Period: 2 to 6 months
- Interest Rates: 3% to 10%
Blocka Cash is gaining popularity as a new loan app that offers fast processing and a user-friendly interface. It provides loans up to NGN 50,000 with repayment terms of 2 to 6 months. The app stands out for its flexibility, competitive interest rates, and transparent terms. Some users have expressed concerns about the app’s data requirements, but overall, it receives positive reviews for its seamless application process and responsive customer service.
5. Xcross Cash
Key Features and Benefits
- Loan Amount: NGN 10,000 to NGN 50,000
- Repayment Period: Up to 180 days
- Interest Rates: 4% to 24%
Xcross Cash is a rising star among the newly launched loan apps in Nigeria. It offers loan amounts ranging from NGN 10,000 to NGN 50,000 with a flexible repayment term of up to 180 days. The app stands out for its quick loan disbursement, user-friendly terms, and excellent customer support. However, users should be aware that the app may require access to personal data for loan approval, and the interest rates vary based on the loan amount and repayment term.
6. P2Vest (continued)
Key Features and Benefits
- Loan Amount: NGN 5,000 to NGN 100,000
- Repayment Period: 14 days to 3 months
- Interest Rates: Varies based on loan duration
P2Vest is a promising loan app that focuses on peer-to-peer lending. It connects lenders with borrowers, offering loans ranging from NGN 5,000 to NGN 100,000. The repayment period varies from 14 days to 3 months, depending on the loan amount. One of the key advantages of P2Vest is its flexible interest rate structure, which is determined by the loan duration. Borrowers appreciate the opportunity to access funds from individual lenders, and the platform provides a transparent and secure environment.
7. CashBee
Key Features and Benefits
- Loan Amount: NGN 3,000 to NGN 50,000
- Repayment Period: 5 to 45 days
- Interest Rates: 5% to 15%
CashBee is a fast-growing loan app in Nigeria that offers small loans with a quick approval process. Borrowers can access loan amounts ranging from NGN 3,000 to NGN 50,000 with repayment periods of 5 to 45 days. The app provides a straightforward and user-friendly interface, making it easy to apply for a loan. While the interest rates are relatively lower compared to some other loan apps, the loan limits may not be suitable for those seeking larger amounts.
8. EasyCredit
Key Features and Benefits
- Loan Amount: NGN 5,000 to NGN 100,000
- Repayment Period: 15 to 90 days
- Interest Rates: 2% to 15%
EasyCredit is a reliable loan app that aims to provide convenient financial solutions to individuals in need. It offers loans ranging from NGN 5,000 to NGN 100,000 with repayment terms of 15 to 90 days. The app stands out for its low interest rates, transparent fees, and simple application process. It also offers flexible repayment options, allowing borrowers to manage their loans effectively.
9. Carbon Express Loan
Key Features and Benefits
- Loan Amount: Up to NGN 1,000,000
- Repayment Period: Up to 12 months
- Interest Rates: 4% to 15%
Carbon Express Loan, powered by Carbon (formerly Paylater), is a well-established loan app that has recently introduced higher loan limits. Borrowers can access loans up to NGN 1,000,000 with repayment periods of up to 12 months. The app offers competitive interest rates, personalized loan offers, and a seamless application process. Carbon’s reputation for reliability and excellent customer service adds to the appeal of Carbon Express Loan.
10. KiaKia Loan
Key Features and Benefits
- Loan Amount: NGN 10,000 to NGN 200,000
- Repayment Period: 7 to 30 days
- Interest Rates: 5.6% to 24%
KiaKia Loan is a trusted loan app that provides fast and convenient access to short-term loans. It offers loan amounts ranging from NGN 10,000 to NGN 200,000 with repayment periods of 7 to 30 days. The app’s user-friendly interface and quick loan disbursement make it an attractive choice. While the interest rates may be relatively higher, borrowers appreciate the straightforward terms and responsive customer support.
Conclusion
These 10 new loan apps in Nigeria offer a range of financial solutions to cater to different borrowing needs. Whether you require a small loanfor a few days or a larger loan with a more extended repayment period, these apps provide accessible and convenient options. Before choosing a loan app, it’s essential to consider factors such as interest rates, repayment terms, loan limits, and user reviews to find the best fit for your financial requirements.