5 instant loan apps that can help you get cash quickly in 2023

Many Nigerians want to be ballers, but financial difficulties are prevalent for most people in this economy. For some people, there is no way out of this mess, and taking out a loan is the simplest way to solve their financial problems.

However, getting a loan from a traditional financial institution, such as a bank, can be very difficult in Nigeria. Many people often give up before applying because of the time it takes, the process involved, and the requirements.

Thankfully, with the introduction of fintech and mobile online loan platforms, funds can be obtained when needed without much effort and within minutes today. If you are dealing with financial problems at the moment, here are 5 of the most accessible loan apps you should consider.

These apps are evaluated based on interest rates, user experience, loan repayment plans, BVN and paperwork requirements, and request processing speed. They are all licensed by the CBN.

Read Also: Google Cracks Down on Predatory Loan Apps with Misleading Interest Rates on PlayStore

Carbon

With over 1 million downloads on the Google Play Store, Carbon is arguably one of the top guns in the industry. The fintech platform provides users access to funding, convenient payment solutions, and high-yield investment options.

The platform provides no-collateral personal loans up to ₦1,000,000 and business loans up to ₦20,000,000. Users are required to submit a photograph as part of the verification process.

Once verified, the loan will be disbursed into your account in minutes. Its loan repayment interest ranges from 2%-30%, depending on how much was borrowed and the expected time to pay back.

The platform has different payback options, including Carbon Zero, which charges no interest on the loan. The repayment plan is also very flexible, with a long stretch of 1-6 months. Users who pay on time are eligible for a 30% cashback.

However, while many users have praised the loan app for being one of the best in the game, some have complained of bad customer service and a glitch in the system in the issuance of already approved loans.

Branch

Branch has over 10 million downloads on Google Play Store. Apart from offering loan services, it is also an online banking platform that lets you make financial transactions, save and invest.

Its loan range is ₦1,000 to ₦500,000, and the requirement is effortless. All you need is your phone number or Facebook account, a means of identification, and to grant the app’s request to access your data.

There are no loan origination fees or processing fees. once you have been vetted and approved, you will get a credit alert of the loan after 3 hours. Just as easy as this is, the loan repayment plan is also convenient to keep up. It has a repayment period of 62 days to 1 year, and its monthly rates range from 3% – 23% depending on how much the loan is

There is also a late fee for customers who delay their repayment. With the growing numbers of users, it is no doubt that the app should be one of the top choices for an average Nigerian.

Although, many users have also complained about the services, particularly concerning their inability to repay loans due to system flaws and also inaccuracy of the loan extension services.

Read Also: Loan and investment apps in huge demand as Nigeria records highest number of fintech app installs in Africa

FairMoney

FairMoney is a one-stop mobile banking app that helps users save, pay bills, and access instant loans. The app has over 10 million downloads on the Google Play Store.

The platform is one of Nigeria’s most popular loan apps. Its cash loan ranges from ₦1,500 to ₦1,o00,000. The sign-up process is also very straightforward; you must sign up with a phone number linked to your BVN to complete the application process. Once it is approved, you will receive your loan offer within minutes.

It has a repayment period of 61 days to 18 months, and its monthly rates range from 2.5% – 30%. The loan platform also offers a 90% interest discount for early repayment.

Like other loan apps, many users have complained about some of its services.

Palm Credit

With over 5 million downloads on Google Play Store, Palm Credit is another loan app that offers instant cash for Nigerians and has gained massive traction among loan collectors.

The platform has a loan limit range from ₦10,000 to ₦300,000. The verification process requires a phone number, BVN and your occupation. Once the Palm Credit team has confirmed the application process, your loan gets approved and disbursed in five minutes to 24 hours.

This service also has a flexible repayment between 91 to 365 days with an annual percentage rate (APR) from 24% to 56% depending on the amount of loan you are requesting and the time frame to pay back.

Many users have, however, raised concerns about this loan app harassing them, especially when they default on payment. To avoid this, make sure to borrow what you can pay in the time frame provided.

PalmPay

PalmPay is an all-in-one digital wallet for money transfers, airtime and bill payments. The app also offers loan services and has garnered a massive audience with over 5 million downloads on Google Play Store.

The platform also offers loan features like Flexi Card, which offers a ‘use first, pay later’ service with no interest or charge fee. The cash limit starts as small as 1000 naira and increases as you pay back.

Flexi Cash (short-term/loan funds) is another service with a repayment period of 31 days or an auto debit service of 16 days with interest ranging from 8% – 30%. The platform has a loan limit range from ₦1,000 to ₦200,000 but depends heavily on your credit score.

However, many users have raised concerns about the auto-debit service, which carries out financial activities under the Flexi loan option. Although, this can be regulated by manually referring to your bank balance during transactions.

Remember,

Before signing up for these loan apps or any other, it is imperative to read and understand the terms and conditions of accessing the loans, the requirements and even the consequences of late payments.

Many users have often complained of harassment from these platforms agents, especially when they have defaulted on their loans. Ensure only to borrow loans you can afford to pay back within the repayment period.

All options on this list are recommendations and do not serve as endorsements. Ensure you do your research before using any of them.