This post is a detailed breakdown of 15 prominent loan apps in Nigeria by fintechs. It’ll provide key information for each, including their parent companies, loan offerings, interest rates, repayment terms, eligibility criteria, and notable features, based on the most current and reliable information available. Since the fintech landscape evolves quickly, some specifics (like interest rates or loan limits) may vary slightly depending on the provider’s updates or your credit profile, so always verify details directly from the app or official website before proceeding.
- Carbon (by Carbon Microfinance Bank)
- Parent Company: Carbon Microfinance Bank (formerly One Finance/Paylater), licensed by the Central Bank of Nigeria (CBN).
- Loan Range: ₦2,500 to ₦1,000,000.
- Interest Rate: 2% to 30% per month (varies based on loan amount and repayment history).
- Repayment Term: 61 days to 12 months.
- Eligibility: Nigerian resident, 18+ years, valid ID, Bank Verification Number (BVN), active bank account, and a smartphone. No collateral required.
- Features: Instant loans, Buy Now Pay Later (BNPL) options, digital banking (savings, bill payments, debit cards), and investment opportunities. Higher loan limits and lower rates offered for timely repayments.
- Notable: Over 2 million users; rebranded from Paylater to Carbon in 2019 to reflect expanded services.
- FairMoney (by FairMoney Microfinance Bank)
- Parent Company: FairMoney Microfinance Bank, CBN-licensed, based in Lagos with an office in Paris.
- Loan Range: Up to ₦3,000,000 (personal); up to ₦5,000,000 (SME loans).
- Interest Rate: 2.5% to 30% per month (depends on loan size and credit score).
- Repayment Term: 61 days to 24 months.
- Eligibility: 18+, Nigerian resident, BVN, bank account, smartphone. No collateral or paperwork needed; uses smartphone data and credit history.
- Features: Instant loans in 5 minutes, digital banking (free transfers, debit cards), SME financing. Processes over 10,000 loans daily.
- Notable: Over 10 million downloads on Google Play; one of Nigeria’s most popular fintech apps.
- Palmcredit (by Newedge Finance Limited)
- Parent Company: Newedge Finance Limited, FCCPC-approved.
- Loan Range: ₦10,000 to ₦300,000.
- Interest Rate: 4% to 24% per month.
- Repayment Term: 14 days to 180 days.
- Eligibility: 18-60 years, Nigerian resident, BVN, bank account, verifiable income source.
- Features: Collateral-free instant loans, user-friendly app, quick disbursement.
- Notable: Over 10 million downloads; highly popular for its simplicity and accessibility.
- Branch (by Branch International Financial Services Limited)
- Parent Company: Branch International, started in Kenya, entered Nigeria in 2017.
- Loan Range: ₦2,000 to ₦500,000.
- Interest Rate: 3% to 28% per month.
- Repayment Term: 61 to 180 days.
- Eligibility: 18+, Nigerian resident, BVN, bank account, smartphone. No collateral or documentation required.
- Features: Fast approval (minutes), no paperwork, increases loan limits with good repayment history.
- Notable: Over 10 million downloads globally, with a strong Nigerian user base.
- Aella Credit (by Aella Financial Solutions Limited)
- Parent Company: Aella Microfinance Bank (upgraded from a lending app in 2023), CBN-licensed.
- Loan Range: ₦2,000 to ₦1,500,000.
- Interest Rate: 2% to 20% per month.
- Repayment Term: 30 days to 12 months.
- Eligibility: 18+, valid government-issued ID, BVN, bank account, credit history check.
- Features: Instant loans, employee loans, peer-to-peer transfers, microinsurance, investments.
- Notable: Backed by Y Combinator; transitioned to a microfinance bank for broader services.
- Okash (by Blue Ridge Microfinance Bank Limited)
- Parent Company: Blue Ridge Microfinance Bank, a lending arm of OPay (owned by Opera).
- Loan Range: ₦3,000 to ₦500,000.
- Interest Rate: 0.1% to 1% daily (around 3% to 30% monthly).
- Repayment Term: 7 to 365 days.
- Eligibility: 18+, Nigerian resident, BVN, bank account, smartphone.
- Features: Quick loans via mobile, integrated with OPay wallet services.
- Notable: Launched in 2018; benefits from OPay’s large user base.
- QuickCheck (by Arve Limited)
- Parent Company: Arve Limited, founded in 2017.
- Loan Range: ₦1,500 to ₦500,000.
- Interest Rate: 2% to 30% per month.
- Repayment Term: 30 to 365 days.
- Eligibility: 18+, BVN, bank account, smartphone, credit assessment via app.
- Features: 24/7 loan access, tech-driven credit scoring, no collateral.
- Notable: Over 1 million downloads; targets underserved consumers and micro-businesses.
- Renmoney (by Renmoney Microfinance Bank)
- Parent Company: Renmoney Microfinance Bank, CBN-licensed, founded in 2012.
- Loan Range: ₦50,000 to ₦6,000,000.
- Interest Rate: 2.5% to 35.76% per annum (varies by term).
- Repayment Term: Up to 24 months.
- Eligibility: 18+, verifiable income, BVN, bank account, Nigerian resident.
- Features: Personal and micro-business loans, fast disbursement, flexible terms.
- Notable: Over 1 million downloads; known for larger loan amounts.
- Kuda (by Kuda Microfinance Bank)
- Parent Company: Kuda Microfinance Bank, CBN-licensed, founded in 2019.
- Loan Range: Varies (overdrafts and personal loans based on account activity).
- Interest Rate: 0.2% daily (around 6% monthly) for overdrafts.
- Repayment Term: Flexible, typically 30-90 days.
- Eligibility: Active Kuda account, 18+, BVN, Nigerian resident.
- Features: Digital banking (free transfers, debit cards), loans tied to account usage.
- Notable: Over 7.5 million users; focuses on “banking the free.”
- Sycamore (by Sycamore Integrated Solutions Limited)
- Parent Company: Sycamore Integrated Solutions Limited, NDPR-certified.
- Loan Range: ₦10,000 to ₦500,000 (personal); higher for businesses.
- Interest Rate: 2% to 20% per month.
- Repayment Term: 30 to 180 days.
- Eligibility: 22-59 years, verifiable income, clean credit record, Lagos resident, Sycamore account.
- Features: Loans, investments, bill payments; secure and compliant platform.
- Notable: Certified for data protection; caters to both borrowers and lenders.
- EaseMoni (by Blue Ridge Microfinance Bank Limited)
- Parent Company: Blue Ridge Microfinance Bank, tied to OPay.
- Loan Range: ₦3,000 to ₦200,000.
- Interest Rate: 3% to 30% per month.
- Repayment Term: 7 to 180 days.
- Eligibility: 18+, BVN, bank account, smartphone.
- Features: Instant loans, seamless integration with OPay services.
- Notable: Leverages OPay’s infrastructure for quick access.
- Xcrosscash (by Xcrosscash Nigeria Limited)
- Parent Company: Xcrosscash Nigeria Limited, FCCPC-approved.
- Loan Range: ₦10,000 to ₦50,000.
- Interest Rate: 4% to 24% per month.
- Repayment Term: 91 to 180 days.
- Eligibility: 18+, BVN, bank account, smartphone.
- Features: Simple activation of credit limits, instant disbursement.
- Notable: Over 1 million downloads; high user ratings (4.0 on Google Play).
- Umba (by Umba Microfinance Bank)
- Parent Company: Umba Microfinance Bank, launched in Nigeria in 2021.
- Loan Range: ₦5,000 to ₦200,000.
- Interest Rate: 5% to 25% per month.
- Repayment Term: 30 to 180 days.
- Eligibility: 18+, BVN, bank account, smartphone.
- Features: Focus on financial inclusion, quick loans, digital banking.
- Notable: Founded by Irish and ex-rugby entrepreneurs; growing steadily.
- CredPal (by CredPal Nigeria Limited)
- Parent Company: CredPal Nigeria Limited.
- Loan Range: ₦5,000 to ₦500,000 (consumer loans).
- Interest Rate: 4% to 20% per month.
- Repayment Term: Up to 12 months.
- Eligibility: 18+, BVN, bank account, credit assessment.
- Features: BNPL services, installment payments, instant approval.
- Notable: Popular for lifestyle financing (e.g., gadgets, travel).
- Kiakia (by Kiakia Bits Limited)
- Parent Company: Kiakia Bits Limited, FCCPC-approved.
- Loan Range: ₦5,000 to ₦1,000,000.
- Interest Rate: 3% to 20% per month.
- Repayment Term: 7 to 365 days.
- Eligibility: 18+, BVN, bank account, social media for P2P scoring.
- Features: Peer-to-peer lending, fast approval, no collateral.
- Notable: Unique social reputation-based credit scoring.
General Observations
- Interest Rates: Typically range from 2% to 30% monthly, with shorter-term loans carrying higher rates.
- Eligibility: Most require a BVN, bank account, and smartphone; some (e.g., Sycamore) have stricter criteria like verifiable income or location.
- Regulation: Apps listed are either FCCPC-approved or CBN-licensed, ensuring legality, but always check current status.
- Risks: High interest and short repayment periods can lead to debt traps; review terms carefully.
For the latest specifics (e.g., updated rates or limits), download the apps from Google Play or visit their websites (e.g., carbon.ng, fairmoney.io, palmcredit.ng). If you need deeper analysis on any app or help comparing them, let me know!
Disclaimer: fundsafrique-com-450133.hostingersite.com is not a financial adviser; please consult one. Don’t share information that can identify you.
