Interest rates of some loan apps in Nigeria
Online loan apps are gaining traction because of features such as customized repayment plans, minimal documentation, low-interest rates, and quick disbursal. Before now, one of the biggest challenges people faced was accessing quick loans.
You had to visit a bank, obtain relevant information, and provide collateral before getting a loan. This process was not only tedious but also out of the reach of many people.
With the emergence of online loan apps, anyone can apply for a loan from the comfort of their homes. You can also monitor the progress of your application easily.
Are you ready to Branch in?
Different loan apps in Nigeria today offer a quick, easy and completely electronic means to access funds. Much of these loans are short-term and the interest rates vary from app to app.
Carbon: Carbon is a digital financial service platform that provides a range of financial services, including personal loans, business loans, payments, funds transfers, credit scoring, savings, and investments. It is currently available in Nigeria and Kenya.
The Carbon loan application process typically takes less than 5 minutes to complete. Their rates range from 2% to 30%, and this depends on the loan Huntingdon bad credit payday loans repayment period and the amount of money you wish to borrow.
Branch: Branch is another platform that offers quick online loans in Nigeria. They determine loan eligibility and personalized loan offers using the users’ smartphone data. Their interest rates range from 15% – 34%. You can get access to loans from ?1,000 to ?200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back.
Fair money: FairMoney offers fast loans within 5 minutes with no documentation or collateral required. The loan amounts vary based on your sounts range between ?1,500 to ?500,000 with repayment periods from 61 days to 180 days at monthly interest rates that range from 10% to 30%
Aella credit: Aella credit is a one-stop-shop for all your financial services. They offer short-term personal loans that range from ?2000 to ?1,000,000 with repayment periods from 1 – 3 months. Their interest rates range from 6% – 20%. You get access to higher amounts and better rates if you work with an Aella Credit partner company.
Palm credit: PalmCredit offers fast loans in small amounts for first-time applicants. You get access to higher loan amounts when you pay back your loans on time. Palmcredit Monthly interest rate ranges from 4%
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4.7% while Loans Interest Rate ranges from 14% to 24%. Their loan limits range From ? 2,000 to ?100,000 with a repayment period between 91 days to 180 days.
Renmoney: Renmoney offers personal or micro-business loans ranging from ?50,000 to ?6 million without collateral. They offer large loan amounts and flexible repayment terms to low-risk borrowers with strong financial profiles. Monthly interest rates range from 2.76% – 9.33% repayable in 3 -24 months.
Migo: Migo is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps. You can access Migo’s lending services on their website. If you don’t own a smartphone, you can use the Migo USSD code. Their loans range from ?500 to ?500,000 with repayment periods from 14 – 30 days. Their interest ranges from 5% – 25%.
Xcredit: XCredit makes it easy for people in Nigeria to access a loan, anytime, anywhere. XCredit loan amount ranges from ?5,000
?500,000. The shortest loan tenor is 91 days and the longest is 180 days. They offer an interest rate of 12% of the amount borrowed.
Lidya: Lidya provides financing based on the cash flow in your bank account and without collateral. The loan amount at Lidya ranges from ?150,000 and above with an interest rate of 3.5% per month.
Kiakia loan: Kiakia is a financial marketplace that grants short-term business and personal loans. They offer a peer-to-peer lending option so you can either offer a loan to someone or request a loan on kiakia. You can borrow as low as ?10,000 and as much as ?200,000. Kiakia’s interest rate is typically from 5.6% – 24%.
Many operators of loan apps have been known to recover their monies through interesting and unconventional means, including calling a defaulter’s telephone contacts to request the contact’s intervention. Such contacts ily members, co-workers or even a borrower’s employers.
Permission to access the contacts on a borrower’s phone is usually requested by the app at the sign-up stage. Therefore, what people who use loan apps gain in terms of convenience and speed, they lose through privacy breach and sometimes, higher interest rates than what is obtainable with traditional banks.