Compare Apps for Quick Loan Without Collateral in Nigeria
Find everything you need to select the best quick loan app in Nigeria – feel free to compare Quickcheck, Carbon, Aella Credit, Palmcredit, Branch, ALAT by Wema Apps for an online instant loan without collateral.
Mike, a married man with four kids, worked with a real estate company that sells affordable or low-cost multi-family apartments to public workers in the mid-income bracket with an option to spread the payment plan, ranging from 2 years to 10 years. These family apartments are located in fast-developing areas of Lagos; Epe, Ikorodu, and Mowe Ibafo.
A few years ago, Mike could afford to provide his family’s needs and save up to 35% of his monthly salary, besides, he could add more to his savings portfolio when his company distributes 10% bonus to all employees out of excess profits. But as the economy growth stifles in 2014-2016, caused by a crash in oil price and lower foreign exchange earnings, existing and potential homeowners couldn’t sustain their monthly payment which eventually resulted in defaults and take-overs. This affected the company’s cash flow as they could not meet their expected revenue targeted, employees’ salary was slashed while bonus, paid out of excess profit, was not available again.
This, coupled with increasing prices of daily consumables, squeezed Mike’s purchasing power as he couldn’t afford all his monthly expenses while savings buffer was overdrawn to negative balances. To help meet some of the pressing needs like house rent, and children school fees, Mike applied for a loan from his bank but the cost of the loan, interest rates, for 3 months are quite high compared to what he could afford. One of the reasons he may not be considered for a low-cost loan is that his account was already overdrawn with no immediate inflow since salaries are being delayed for 3-4months. The bank had to classify his loan as unsecured and highly risky which justified the high interest.
Mike’s only option now is to look for the best quick loan lending platforms in Nigeria and compare their interest rates so he could access emergency cash without collateral and payback conveniently.
The story of Mike reflects an average salary earner who is affected by the rising cost of living amidst slow economic growth and development. This is even amplified by the stringent requirements; so complex that you give up within 24 hours.
To help solve these fast loan challenges, I have curated some of the best quick personal or business loan apps in Nigeria you can download to your smartphone without filing long forms, all you need is your bank verification number popular known as BVN for identity verifications and your preferred bank account where funds will be a credit to.
Before I share these mobile apps, you need to understand the secrets:
- These loan apps are connected to a central database of BVN, so if you default in one, you might not get access to cash on another platform; your credit scores, ratings and loan repayment histories via “Credit Bureau” are shared among these low-interest lenders.
- The higher your ratings, the lower your interest rates and you could access more loan amount for your financial needs.
- Ensure you fill in the right information ( Name, Date of Birth and Phone Number) during registrations, your BVN will be used to verify these details and if there are contradictions, approval could be delayed and most times, your applications will be denied.
- Don’t borrow more than you can payback to avoid defaults; ensure you do your personal estimates, compare with your salary and select your appropriate payback period so you can arrive at the appropriate and fair loan amount.
Best Quick Loan Apps in Nigeria That Requires No Collateral Before Approval
Branch Personal Finance Loan App
This app is one of the few personal finance apps that serve users in different countries; Nigeria, Kenya, Tanzania, and Mexico.
The app requires you to turn on your location and allow it to access your contact, location and SMS so it can use your data to make a lending decision. Don’t worry, your data is protected by world-class encryption technology.
You can apply for a loan right on your mobile, get instant approval in minutes and spread your payments to weeks.
To get started on the branch loan app, you need to provide your full legal name, BVN, date of birth and email address.
Palmcredit Instant Loan App
The biggest selling point of Palmcredit is the absence of complex terms and conditions. Unlike your traditional bank, Pamcredit only requires you enter your credit limit and then take as many personal cash as you want without re-applying again. You can also scale the limit when you earn good credit ratings on swift loan repayment.
The app is designed to low income earners who are always in need to fast cash with a shorter tenor of 7 to 14 days.
Paylater Carbon Loan App
Carbon app was formerly known as Paylater, has been upgraded to offer more interesting features. One of the most interesting is the privilege of fixing your money in the treasury and money market opportunities and earn up to 15.5% per annum.
You can also explore the payment side of the app; pay bills and recharge your account.
The new Carbon Paylater app isn’t only secure and available in Nigeria and Ghana but also access loan of up to ₦1million within minutes without paper filling and documentation and repays your loan for a maximum of 6 months. This depends on your credit score on Credit Bureau, a 3rd party infrastructure.
Carbon is fast, secure, reliable and works 24/7 and is currently available in Nigeria and Ghana.
Aella Credit Instant Loan App
Aella Credit app started as an employee-only app; you would have to be part of a network of approved companies to access personal finance loan at attractive rates anywhere. Lately, the company has expanded to capture the previously excluded segments of the loan market by opening its loan opportunities to individuals.
Just like other quick cash mobile apps, the FairMoney lets you access emergency cash to cover family expenses, medical spendings, auto repair and maintenance and rental payment. Applications for short term loan doesn’t require collateral but your credit score available on Credit Bureau platform.
FairMoney also targeted loan to small business owners who wish to expand or add to their working capital or even give new entrepreneurs cash to finance their business ideas.
ALAT Loan by Wema Bank
Among all the loan apps, ALAT app is the only quick loan platform that is powered by a bank to function as a fully digital bank. You might think ALAT will require complete documentation since its owned and managed by Wema bank, that is not true, you can easily apply for a personal loan without presenting any collateral nor visiting the bank’s branch.
Another juicy feature of Alat is that the time difference between loan request and disbursement is in minutes.
Want to download the Wema bank, click here
Here you have the personal or business loan apps to choose from and if you are currently using one or more of the reviewed app, kindly share your experience.