Loan sharks: Top 7 Instant Loan Apps in Nigeria by Downloads

Loan sharks: Top 7 Instant Loan Apps in Nigeria by Downloads

  • The Nigerian government, last week requested that Google and Apple delete loan apps that breached consumers rights from their stores
  • According to the watchdog, some of the the apps belong to companies banned from operating loan apps by the FCCPC
  • However, there are loan apps that have been licensed by the Central Bank of Nigeria and have been downloaded more than one million times

Last week, the Federal Competition and Consumer Protection Commission (FCCPC) asked app stores to delete loan apps that were violating its policies.

According to the FCCPC, the apps breached consumers' privacy and have asked to be pulled from the app stores.

Loan Apps, CBN, FCCPC
Best loan apps in Nigeria Credit: fizkes/courtneyk
Source: Getty Images

In Nigeria, many lending platforms have been known to offer instant loan services to individuals and businesses across the country.

Business Insider reported that one of the ways to know good loan apps is low yearly interest rates and enough repayment time frame, apart from the safety of privacy and loan approval requests.

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According to their downloads on the Google Play store, there are about seven reliable loan apps which the Central Bank of Nigeria has also licensed.

Branch - Over 10 million

The Branch loan is one of the reliable lending platforms in Nigeria. Users can access loans amounting to ₦200,000 from a minimal amount of ₦1000 within 24 hours with repayment between 4 to weeks.

Getting a loan from the app attracts between 15 to 34 per cent, depending existing conditions, including customer's repayment history and the amount of loan.

To qualify for this loan, users need not collateral or substantial assets.

Fairmoney - Over 5 million downloads

FairMoney is an automated online moneylender that provides single payment loans, instalment loans and payroll loans for borrowers.

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Loan amounts range from ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5 per cent to 30 per cent.

PalmCredit has over 5 million downloads.

PalmCredit enables customers to access loans using a virtual credit card.

This loan service is straightforward; within minutes, requests are processed, and users can get up to ₦100,000.

Carbon Over 1 million downloads

Carbon, formerly PayLater, gives access to anyone in need of loans within minutes. As a result, users urgently needing loans can request and receive them instantly and effortlessly.

Aella Credit has over 1 million downloads.

Aella Credit has offices in Nigeria, Ghana, and the Philippines and lets users, especially employees receive loans between ₦2000 to ₦100,000,000.

The company makes and creates simple financial inclusion in all emerging markets. Apart from loans, it provides services in investments, payments, micro-insurance, and peer-to-peer money transfers.

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Okash: More than 1 million downloads

Okash is owned by Opay and is an automated lending service focused on increasing access to credit to financially under-served/excluded individuals in Nigeria. Loan decisions are provided within 15 seconds, and if approved, the applicant receives funds within 5 minutes—24 hours a day, 7 days a week.

QuickCheck: Over one million downloads

It is a popular loan platform in Nigeria that gives Nigerians loans without collateral.

QuickCheck loan is disbursed through the mobile app, which users can download, install and apply for a loan.

Nigerian government asks Google, Apple to delete loan sharks from stores, lists defaulting apps reported that The Nigerian government, via the Federal Competition and Consumer Protection Commission (FCCPC), has asked Google and Apple to delete about four loan apps from their stores.

The FCCPC said the loan apps engaged in unethical practices against its laid down procedures.

The affected apps include Maxi Credit, Here4U, Chacha and SoftPay.


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