Loan Apps And Their Interest Rates

This article provides all-around information about loan apps and their interest rates for anyone that wants to obtain an instant loan.

Online loan applications are getting popularity because of features such as custom repayment plans, no documentation as well as low-interest rates, and fast disbursement. 

Before now one of the main issues faced by consumers was getting quick cash loans.

If you need cash to meet your personal or business reasons but aren’t confident enough to ask for help from relatives and friends, obtaining personal loans is the best option.

Every person borrows money at different times of their lives to meet one financial issue or others that could arise as no-cost loans, investment in the business, or even for leisure reasons. Whatever the situation there are trustworthy mobile loan applications that can be useful when faced with such a scenario.

The reality in Nigeria today, a variety of lenders of financial loans provide services to both individuals and companies at all levels. But, not all of them provide quality and reliable service to their clients. The best loans offer immediate payment with a low annual rate of interest and a long amount of time to repay.

In no particular order, below are the top Loan Apps And Their Interest Rates, offering financial credit to established and established businesses, people as well as the under-appreciated small-medium businesses SMEs.

1. Carbon

Carbon Carbon is an online financial platform that offers a wide range of financial services. These include personal loans, business loans transfer of funds, payments savings, credit scoring, and investments. It is available currently in Nigeria as well as Kenya.

The carbon loan application process is quick and easy. The carbon loan application procedure typically is less than 5 hours to process. The rates vary between 2% and 30%. It all depends on the loan’s duration and the amount you want to get.

2. Fair Cash

Fair cash: FairMoney offers quick loans in just 5 minutes without documentation or collateral needed. The amount of the loan varies based on your phone’s data and the repayment history. The loan amounts vary from N1,500 and N500,000 with repayment terms ranging from 61 to 180 days with monthly rates of interest that range between 10% and 30%.

3. Aella

Aella creditable credit provides the one-stop shop for all of your financial needs. They offer personal loans for short-term which are available between N2000 to N1,000,000, with terms ranging from one to 3 months. Their interest rates vary from 6% to 20 percent. You will be able to access higher sums and lower rates when you partner in conjunction with one of the Aella Credit partner companies.

4. palm Credit

palm creditPalmCredit gives fast credit in low amounts for new applicants. It also offers greater loan amounts when you repay your loans on time. The monthly interest rate for Palmcredit ranges between 4%~4.7 percent, while the loan interest rates range between 14% and 24 percent. The loan limits are N 2,00 to N100,000 and an amortization period of 90 days to 180 days.

5. Renmoney

RenmoneyRenmoney provides micro or personal loan amounts ranging in size from N50,000 up to N6 million, with no collateral. They provide huge loan amounts as well as flexible terms for repayment for high-risk borrowers who have good financial records. Monthly rates of interest range between 2.76% to 9.33 percent that can be repaid in 3 to 24 months.

6. Migo

Migo: Migo is an embedded lending platform that allows companies to lend credit to consumers as well as small businesses through their applications. You can get access to Migo’s lending options via their website. If you don’t have an iPhone, you can utilize their Migo U.S.SD number. The loans they offer range between N500 to N500,000 and the repayment period ranges from 14 to 30 days. The interest rates range between 5% and 25 percent.

7. The Xcredit

The XcreditXCredit allows easy for citizens of Nigeria to get a loan at any time and from anywhere. XCredit loans range from N5,000 to N500,000. The shortest loan term is 91 days while the longest one is 180 days. They provide interest rates of 12 percent of the sum taken.

8. Lidya

LidyaLidya is a lender that offers loans dependent on the flow of cash into your bank account without collateral. The amount of the loan at Lidya can be as low as N150,000 and beyond at a rate of 3.5 percent per month.

9. Kiakia Loans

Kiakia loans: Kiakia is a marketplace for financial services that provides short-term personal and business loans. They provide a peer-to-peer lending option. You can offer a loan to someone else or ask for a loan from Kiakia. You can take out as little as N10,000 or as high as N200,000. Kiakia’s rate of interest ranges between 5.6 1 – 24 percent.