Best Online Loan Apps in Nigeria Fully Approved and Licensed: Getting loans online in Nigeria is a daunting task as most loan apps have proven to be nothing fraud. A lot of people have been overcharged with outrageous loan interest for just a small sum of money. Others have been embarrassed and physically assaulted for not paying on time or defaulting.

This list has been curated to help people who are interested in getting online loans with the lowest interest and biggest loan amount. There is also no case of harassment of defaulters as there are ways in which these companies can peacefully get their money.

All the lending apps featured on this article are fully licensed and CBN approved. Below are the Best Online Loan Apps in Nigeria.

Fairmoney

Fairmoney is one of the best loan apps in Nigeria and is the second most download app after branch. Fair money is very flexible and the only disadvantage ids the high interest rate. Otter than the high interest rate, fairmoney is highly recommendable as they are fast in processing loans. Fairmoney has position itself as more than just a loan app as it offers beyond loan services with service for paying utility bills, saving money and transferring funds. Their debit card application also is very fast to process and arrives on time. With a large user base and a high number of downloads, the Fairmoney loan app stands out as one of the top mobile lending platforms in Nigeria. It does this by requiring simply the user's BVN (bank verification number) for loan disbursement—collateral is not required. Users have reported receiving loans within minutes after applying because to this expedited process, which facilitates speedy loan approval.

With loan amounts ranging from 1,500 to 3,000,000, Fairmoney offers the greatest loan amounts among Nigerian loan applications, which is rather outstanding. In contrast to other lending apps, the Fairmoney loan app offers borrowers flexibility and longer grace periods with payback durations ranging from 61 days to 18 months.

Quickcheck Jumiapay

One of the fastest loan disbursement apps, which offers loans within minutes. The loans offered on Quickcheck is highly beneficial for individuals seeking quick loans for immediate financial needs.

With loans ranging from 1,500 to 500,000 available, the QuickCheck lending app gives customers a wide range of financial support. The portal also lets borrowers select a repayment plan that best fits their demands and financial situation by providing variable repayment terms, which vary from 61 days to 12 months.

Click here to see the complete list of 20 loan apps to borrow money from in Nigeria in 2024.