Loan Apps are the easiest ways of getting loans from lending companies even at the comfort of your home using your phone loan apps.
Over the years, online lending startups has made easy for small and medium business owners to obtain loans to boost their businesses.
Loan Apps are very accessible, no collateral required, that is why it is the best and easy way of obtaining quick loans.
Is Money Gotten From Loan App Refundable?
Every loan is always refundable, so money gotten from loan apps are not exempted.
When yo obtain loans from an online loan apps, you must pay them back when due.
Although period of grace is given but your loan will increase as you delay payment.
Failure to payback your loans will cost you being blacklisted for bad credit records and won’t be allowed to get from anywhere in the world.
What is the Duration for Paying Back the Loan?
Loan apps allows you to decide when you’ll be able to refund your loan, most of them gives even beyond 30 days.
But the basic thing is that, the earlier you pay back your loan, the lower the interest rate.
How Long Does it Take to Get Loan From Online Loan Apps?
Getting loans from loan apps doesn’t take long, most of them takes less than 24 hours (1 day) to access your credit records and credit you with the amount you requested for.
What Are the Requirement to Get Loan Online From Loan Apps
As a starter, most of the online loan apps request for your identity cards, bank BVN, and other bank details.
Few of the loan apps also request for a selfie photo of you to help them store your real identity.
After submitting your card details, they will debit the sum of fifty naira (50 naira) or thirty naira (30 naira) from your bank account.
This action is to help the loan company detect if they can debit your bank account w;:hen your repayment is due but you failed to pay back.
If you come across any of these, don’t worry, its the due process.
Best Loan Apps to Get Loans From
- Fair Money
- Palm Credit
- Aella Credit
- Opay Loan
The above listed apps are the top six loan apps in Nigeria, these loan apps can grant you loans without collateral at any moment.
MUST SEE: Top Loan Mobile Apps – Get A Loan Now
FairMoney gives your loan at the comfort of your home, you can get loans for your small and medium business from Fair Money App.
Just download the loan app on play store or apple store, install it and request for your loan.
You can get loan for medical care, education, business and travel from fair money loan app.
Branch loan app is one of the smartest loan apps online, branch offers you loan as fast as you can imagine.
You can get loan of 1500 naira for the start, repay to grow your chances of obtaining bigger amounts.
The period given to repay your loan is about 4 – 64 weeks. The interest rate is about 14% to 21% depending on your payment duration.
Palm Credit offers amazing features like making from referrals. that is, when you refer your friend and that friend pays back his loan, Palm Credit pays you about 500 naira.
You can get loan upto 100,000 with palm credit app depending on your credit records.
QuickCheck can offer you a loan upto 30,000 but you must maintain a good credit record for your limit rise to upto that amount.
The duration given to pay your loan is about 15 to 30 days, the longer the duration, the bigger the interest rate.
Obtaining loan from Aella Credit is one the fastest way of getting from an online loan app.
Aella credit does not only give loan to business owners, but offers loans to employees too.
Aella Credit uses a proprietary credit scoring algorithm to determine the creditworthiness of its users.
The algorithm, which was built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility for a loan by considering social and demographic factors as well as their debt to income ratio.
Opay is mostly known for transportation services, but if you access opay app very well, you find out that they offer other services which includes, loan.
With opay loan, you can obtain loan at ease, if you’re already their user for trips, you won’t have any problem getting loans from them.
Opay loan is fast, reliable and gives borrowers enough time to repay their loans.
The interest rate for opay loan is also very minimal.