The growth of lending applications that provide quick and unsecured credit has made it simpler for Nigerians to obtain quick loans. As of December 2024, these are the top ten loan apps in Nigeria, along with information on interest rates:
1. Carbon: Monthly interest rates range from 1.5% to 10%.
2. Interest rates on FairMoney range from 2.5% to 30% monthly.
3. Branch: Monthly interest rates range from 2% to 20%.
4. Palmcredit: Monthly interest rates range from 4% to 24%.
5. Aella Credit: Monthly interest rates range from 4% to 29%.
6. Okash: Monthly interest rates range from 5% to 35%.
7. Kuda: Monthly interest rates range from 2% to 15%.
8. Migo: Monthly interest rates range from 5% to 25%.
9. Renmoney: Monthly interest rates range from 2.5% to 9%.
10. Interest rates for QuickCheck range from 2% to 30% monthly.
Borrowers should evaluate rates and terms before committing because these applications provide different loan limits, repayment terms, and approval times.
Always confirm the legitimacy of an app and make sure the Central Bank of Nigeria (CBN) regulates its operations.
