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Despite difficulties with their business model, particularly with regard to debt collection, loan apps and digital money lenders continue to be important players in the unorganised sector of the economy by giving Nigerians access to quick and simple loans.
The Federal Competition and Consumer Protection Commission (FCCPC), the regulatory body, has maintained time and time again that it is unable to outlaw loan apps, despite widespread demand to do so.
The frequency with which Nigerians use these online lenders also suggests that if lending apps were outlawed in the nation, a large number of people would be left without access.
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Top 10 Loan Apps in Nigeria
Here are the top 10 loan apps in Nigeria as of January 2024 based on their user ratings:
10. Xcrosscash
With the loan app Xcrosscash, users can activate their credit limit. It provides quick loans with repayment terms ranging from 91 days to 180 days, for amounts between N10,000 and N50,000.
9. Renmoney
Renmoney is a microfinance bank that takes great satisfaction in being the most convenient lender in Nigeria, offering exceptional customer care through innovative solutions.
Their loan amounts range from N50,000 to N6 million, and they offer both personal and microbusiness loans.
8. Newcredit
One of the lending apps run by Newedge Finance Limited is called Newcredit. Instantaneous, collateral-free loans with repayment terms of 91–365 days are offered by the app in the N10,000–N300,000 range.
According to Newcredit, it employs artificial intelligence (AI) to examine the financial records of potential clients, including the SMS they receive from banks about transactions and their creditworthiness from other lenders.
7. Palm Credit
Newedge Finance Limited also owns the Nigerian lending app Palmcredit. Nigerians can apply for fast, no-collateral loans with the app.
6. FairMoney
FairMoney is an online lender that specialises in loans. The company offers debit cards, bank accounts, and quick loans up to one million naira.
As per the company's statement, FairMoney processes more than 10,000 loans daily, with one loan being disbursed every 8 seconds.
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5. Carbon
Along with standard digital banking services like debit cards, Carbon is a CBN-licensed digital bank that also offers investment options and a lending facility.
Accounts can be used to pay bills and recharge mobile devices in addition to making peer-to-peer payments.
4. Wecredit
Nigerians can apply for small- and medium-sized loans from WeCredit, with maximum credit amounts of N200,000. According to the corporation, its Annual Percentage Rate (APR) ranges from 10% to 30%.
3. OKash
For Nigerian mobile users, OKash is a quick and easy online loan platform run by Blue Ridge Microfinance Bank Limited. OKash provides all of its clients' financial needs online, around-the-clock.
The applicant's bank account receives the accepted loan amount after a brief and minimally documented application process.
2. EasiMoni
Blue Ridge Microfinance Bank also runs the EasiMoni lending app, which provides loans ranging from N3,000 to N1 million.
According to the organisation, loans are disbursed to consumers based on the outcomes of their credit evaluation, and the interest rate ranges from 5% to 10% per month.
1. Branch
One of the top loan apps in Nigeria, Branch is also available in many other nations. The Branch app is one of the most popular apps on the Google Play Store, having been downloaded over 10 million times. It has received the most reviews of any loan app in Nigeria and has received an impressive 4.5 out of 5 stars.
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