However, acquiring these loans from banks is not easy; they are very tedious and lengthy and at the latter end, many are not granted the loans they wished for.
In other to curb this issue, many lending platforms and institution now offer everyone quick access to loans with instant payment, low interest rate and adequate repayment time frame.
The best of it all about this platforms is that, they operate as a mobile app and they are very reliable, so today I will be sharing with you five best loan apps where quick loans for short and long term purpose can be accessed.
Palmcredit is one of the best loan app that can allow you get access to loans without any collateral. Palmcredit was established for this purpose and has a parent company which is Newedge finance limited.
The loans from palmcredit attract low interest rate and this make it unique among other loan apps. They have a good network service which makes every transaction get faster thereby receiving instant payment of your loans.
To crown it all, palmcredit operates on smartphone I.e you can download the app from Google play store.
However, the main motive behind this app is to make everyone get access to loans without stress to settle some bills.
• IS PALMCREDIT LICENSED?
You may be wondering; is palmcredit real? Is palmcredit licensed by CBN? Yes, palmcredit is real and licensed. Since their parent company – Newedge finance limited is approved by the CBN ( Central bank of Nigeria ) to operate as a finance company in Nigeria.
This connotes that every operations that their partners or any operation that work under them is licensed. So their operations are adequately guided and regulated by the law.
Before you input your details that will make you eligible for the loan, you have to download the app. like I said earlier, palmcredit operate using app. To download the app, there are two ways by which it can be done. Firstly, you can go to their official website and get the app but you have to input your mobile number. Secondly, you can also download it from Google playstore
• HOW DO I GET A LOAN FROM PALMCREDIT APP
Step 1: Download the app from the above direction ( goggle play store or their official website ). The app is having a storage of about 9.1MB and with a good network, it will be downloaded in few minutes.
Step 2: After downloading it, open the app and sign in/register. You will be asked to input your details especially ( name and mobile number ) because that will be the criteria for granting you the loan. Besides, you will be asked to verify your mobile number and a certain code will be sent to you which has to be input into the app and make the verification process complete.
Step 3: After doing that, you can now apply for your loans and the maximum amount you can get is #100,000.
To get the loan; you have to
• Fill a form which will consist of your surname, name, BVN ( bank verification number ) and gender.
• Also fill in your education status, occupation and the account number you wish to use.
• Then click ” SUBMIT ” to forward your application form.
The interest rate on palmcredit loan is relatively low and the maturity date for your loans is 14 days to 180 days.
Palmcredit interest on loans ranges from 14% to 24%. The annual percentage rate is 48% to 56%.
• WHAT ARE THE BENEFITS OF GETTING PALMCREDIT LOAN
• It gives chance of getting quick loan
• You can get up to #100,000
• You can also get as much as you want as long as it is within your credit limit
• You also get Zero interest if you payback your loan within 2 days and many more benefits.
PALMCREDIT LOAN REPAYMENT
It is very much easy to pay back your loan. To do that follow this procedures;
• At first, log in to the app and click on ” MENU “.
• Then click on my loans
• So you select the amount you wanted to payback
• Input your bank details and click on ” PAY NOW ” . It is just simple as ABC.
NOTE : If you are unable to pay through the app, no worries, you can pay through bank transfer or through the use of POS, but there must be a proof of your payment which means you need to have a screenshot and will be to their email address.
Palmcredit account number and email address
Palmcredit account number: 0772692676, Access bank, Transsnet financial Nig LTD
Email address : email@example.com
PALMCREDIT CUSTOMER CARE SERVICE
Should in case of any complaint or any word of advice, you can contact their customer care hotline 070072564357 within 8:00am to 5:30pm Nigerian time and it must be between the working days I.e Monday to Friday.
This app has been widely known for its service, they give out loan just to help people who are in need of it. They are ready to receive any feedback from their customers.
ALAT is another mobile digital app that allows you get access to loan. However, this app also has other features i.e you can also use it to save money, transfer fund along with other financial activities. Alat is a product of WEMA bank that has been in existence for over 74 years which makes it more distinguish among other app.
Getting a loan on ALAT does not involve any paperwork or visiting any office or financial institution. Everything will be done on the app and the maximum amount you can borrow is #200,000 without any collateral.
To get access to the loans, you have to be eligible i.e 18 years of age. Like I mentioned earlier, no need of visiting any office which means ALAT is a digital app that can be operated on a smartphone. Sit back and enjoy as I tell you more details about this app.
• Your bank verification number ( BVN )
• Any mobile phone, be it Android, IOS or even laptop
• A clear picture of you and a signature that is signed on a white paper
• An email address that is functional
• A reachable phone number
• A government approved identity card ( Driver license, voters card, national identity card or international passport ).
• You need to do frequent transaction on the app ( debit and credit transaction ).
• You must also upgrade your account before requesting for the loan
• You must also have a standard ALAT savings account
• A physical bank account where money can be received.
• IS ALAT LICENSED?
Alat has been fully licensed by CBN to commence operation and also their parent company. You don’t have to go to any branch or bank to perform certain operation. Everything has been made easy with ALAT loan app
• BENEFITS OF USING ALAT
1- You enjoy every bank services without going to bank or any of their branch
2-There is 24/7 customer care service that will attend to every complaint or any advice.
3- You enjoy 10% annual interest rate on every savings you have on it.
4- Instant loan
• WHAT IS ALAT LOAN INTEREST RATE?
Like any other loan app, Alat is an exception because the rate of interest charged on their loan is low. Alat charge 2% per month on every loan on a reducing balance system. Also you have a time limit for your loan I. e you have to pay back within 3 to 24 months.
• HOW DO I GET A LOAN FROM ALAT
To get a loan from Alat is an easy thing to do likewise the repayment. Therefore, I will be listing the necessary steps to take.
• At first, you need to download the Alat app from Google play store. It only has a storage of 27MB and with a good network, it should be downloaded within 10minutes. After that install the app and login
• After that, sign up if you haven’t. You will need to input your name, mobile number, email address and set a pin that will be used for every transaction. You can be asked to verify your number, so you would be sent a code which you will also input in the sign up process.
• After a successful registration. From the MENU items click on loans. Then a disclaimer will be seen which you have to read through and understand.
• So if you are eligible for the loan i.e if you have the necessary requirements, you can now tender for the loan.
• A loan offer will be brought to you with the duration for repayment and the rate of interest charges and so on. Also read thoroughly the Terms and conditions applicable to the loan.
• If it is approved by you, the loan will be credited to your account
ALAT LOAN REPAYMENT
During the loan process, you will have to put in your bank details so that the loan will be debited at the right time and you will definitely get a notification for that.
Also, if you wish to pay before the agreed time, you can do that from the Bills repayment at the menu. Everything is so easy on ALAT by WEMA.
Alat by WEMA is up to the task and are worth trying. Their ulterior motive is to help many people that are in need of funds and also gives chance for people to get more funds through different service on the app.
3. AELLA CREDIT
Here is another fintech loan app that Grant loans to business men and women or even individuals. Aella credit was created by Akin Jones and Akanbi wale in 2015.
Aella credit has been operating in Nigeria since 2015 and some other countries where they have been licensed; Ghana, San Francisco, Philippines and many other countries. This fintech app has lend money to over 300,000 individuals and are still at it.
Aella credit app is aimed at alleviating poverty for many individuals, business men and women, entrepreneur and so on thereby making them have some investors e.g Ycombinator, Vy capital and friale.
• IS AELLA CREDIT LICENSED
Aella credit has been fully legalized and licensed by the CBN which means that their operation is regulated. Aella credit has been legalized in many other countries which proves that they are worthy.
• BASIC REQUIREMENTS BEFORE YOU CAN BE GRANTED A LOAN ON AELLA CEDIT
Here are the needful criteria before you can get a loan;
• A functional bank account details
• A clear photograph of yourself
• Bank verification number
• Your name
• Mobile phone number and
• A functional email address.
• HOW TO GET A LOAN FROM AELLA CREDIT
1- First and foremost, you need to download the aella app from Google play store. This app is just a storage of 5.5MB and with a good network service, it should be downloaded within 5 minutes.
On your Android smartphone, go to play store and click on the search box and type the name of the app, then it will be sorted out and with a click it will download and get installed.
2- Launch the app and pick a source After downloading and installing, you need to launch the app with just a tap or click on it and then you need to pick a source.
A question will be asked that is your organization part of aella credit and if you truly you are a worker, tap yes and you will be a space box to input your name and employee identity.
However, if you are not part of the organization that operate under them,tap no and continue.
3- Sign in You need to sign in and input your details before given the franchise to get a loan on aella credit. A detailed provision of your name, phone number, email address and you will be asked to set up a pin that will be used for all transaction.
You will be asked to verify your registration and so a code will be sent to your mobile number which has to be provided in the given space.
4- Apply for the loan
After registering successfully, you can now click on MENU and tap on ” request for loan ” option. Then input any asked detailed and click submit. Then you have to wait; and make sure you have all the necessary requirements because that is the only thing they will consider before crediting you with the loan.
• AELLA CREDIT INTEREST RATE
Aella rate of interest on every loan varies but they charge a very low interest rate. Aella credit charge 4% to 29% on loansand the maximum amount you can be granted is #90,000. The maturity date for every loan is 30 to 60 days.
• REPAYMENT OF LOAN ON AELLA CREDIT
To repay back the loan is very easy. You just have to log in to the app click on ” repay loan “and pay back through your card ( debit card ). You can also pay through quickteller and other means. If you are not too familiar with using this means, reach out to their customer care service; firstname.lastname@example.org or visist their official website for more details Aellacredit.com
• What is Aella investment?
Aella guarantee investment for it’s user by aella notes. You can invest according to what you like, it ranges from 3 months, 6 months and a year. Your interest rate on investment is up to 26% and the minimum amount is #10,000 while the maximum amount is#100,000,000. So invest as you see fit.
Aella makes sure you are well satisfied and they await and reply any feedback from their customer. They also want many people to get more money by investing in them and they pay back what you have earned.
Carbon is another digital loan app that introduces loan to everyone without any form of collateral or documents except for your smartphone and data. Carbon paylater has a parent company which is One finance and investment limited that has started in 2012 as one credit.
At then, the main objective of the company is to provide loans to salary earners but with their recent development in their operation and the introduction of BVN ( Bank verification number ), they finally extend their service to non-salary earners in 2015.
As at 2016, with the uprising in the level of technology, they evolved into a digital platform and change its name to pay later.
Carbon paylater app was launch in May 2016 and started operation. Two years later, this mobile app has more than one million download and the app has now fully expanded to do other features like investment, bills payment and financial management.
The CEO and co-founder of carbon is Chijioke Dozie who is an investment analyst at international finance corporation and Ngozi Dozie who is also a banker.
• REQUIREMENTS NEEDED BEFORE GRANTED A LOAN ON CARBON PAYLATER
A functional bank account details
• A clear photograph of yourself ( it can also be taken on the app )
• Bank verification number
• Your name, mobile number and a functional email address.
• IS CARBON LICENCED?
Many questions arise that is carbon licensed, is it real. Yes, carbon loan app is real and it’s operation is well regulated. With over one million downloads and reviews from each users, it is quite enough to convince you that carbon is real and licensed.
• HOW TO GET A LOAN FROM CARBON
These are the necessary steps you need to take,
• Before anything, you need the app on your smartphone. So you have to download the app from Google play store, it only has a storage of 20MB with more than one million download. With a good network service, it should be done in 7 minutes.
On play store, click on the search box and input the name ” carbon “. Then you will see the app and tap on install.
• Sign in
After downloading it, make sure you create an account and verify it, you will be sent a code during the registration process which will be copied into the provided space.
After signing in, there are four main division of the app.
• Payment section : this is the section where different forms of payment can be done. You can subscribe to your internet ( gotv, DStv and so on, pay your electricity bills and transfer money to other users or account.
• Loan section: in this section, you can tender for any loan of your choice
• Transaction section : here you have an account on every transaction you have done on the app be it debit and credit.
• Financial tools section : this is the section where you will be open up to investment opportunities like opening a fixed deposit account.
• Apply for the loan
After your successful registration, you can now click on MENU and tap on ” request a loan ” option. Then input any asked detailed( name, phone number, passport, email address ) and click submit. Then you have to wait for approval. Note that if there is default in any requirement, your loan will not be approved.
• CARBON INTEREST RATE
This is the main reason why many individuals prefer the app to others because there is lower rate of interest. You enjoy 100% cashback and pay back what you owe; no late payment fee, rollover fee and so on. Your loan maturity date is between 30days to 12months and the maximum amount you can get access to is #1,000,000.
• HOW TO REPAY LOAN ON CARBON
To repay back your loan is an easy thing; you can use different means to pay
One, you can use a direct debit route i.e your bank details will already be on the app and certain amount will be deducted from your account at an agreed date.
Another means is to pay through transfer or POS ( point of sale ). But when using this channel, there must be a proof of your payment and when it is send to them, they will automatically update your account.
• WHY YOU SHOULD GET USED WITH CARBON LOAN APP
When you get used with this app, you enjoy some benefits.
• there are some rewards especially for referral
• There is 24/7 available service which connotes that any transaction can be done anywhere if you have your data and smartphone.
• there are no hidden charges i.e everything is transparent and no matter who you are, you can still apply for the loan.
Carbon also takes care of people needs with ease by providing loans. They attend to their customers in a swift manner and are always ready to give out as long as you meet their standard.
Branch is another lending platform where you can get access to fund when in need of it. The CEO of this platform is Matt flannery and has started and launched in 2015 but became available to Nigerians in 2017. They provide loan with single payment, payroll payment and installmental payment.
Branch loan app is available on Google play store and this app has a storage of 5.6MB with more than ten million downloads which shows that they are up to task. In the last recent years, the app has more than one million users and has pay out over one million loans which is equivalent to nine billion in Nigeria.
This mobile app only require your smartphone and data with a good network service. On branch loan app, you are eligible to the loans which ranges from #1500 to #150,000.
• IS BRANCH LEGIT?
After so much research on them, I believe that they are real. They operate in the countries where they are being licensed. They will keep their own part by lending out money but the lenders should also keep their own part by repaying back what he or she borrowed.
• REQUIREMENT NEEDED BEFORE GRANTED A LOAN ON BRANCH
1- Bank verification number (BVN)
2- Phone number or a valid Facebook account
3- A functional bank account
4- Email address
• HOW DO I SECURE A LOAN ON BRANCH
These are the necessary steps and once you have the above necessary requirements, you are eligible to secure a loan.
• Before anything, you need to download the app from Google play store but you still need to do some research because there was a time that there is no branch app for IOS users. Like I mentioned earlier, it is just an app with a storage of 5.6MB so it should be done within 6minutes.
• After installing it, launch the app and sign in. Input your details in the provided space and you can be asked to verify your account, so a code will be sent to your phone number which need to be input in the provided space.
• After a successful registration, find the amount you are eligible for and take a loan. A form will be given on the platform where you have to provide any useful information that is asked, click submit and wait for approval.
• If you meet their required standard, your loan will be credited to your account.
• HOW DO I REPAY MY LOAN ON BRANCH?
To repay back your loan is very easy. Also if you repay back in time, you will get a chance to unlock higher loans but if you fail to repay on time, there will be some charges that will be added to your loan and it will begin to pile up.
To pay your loan;
• Open the app and click on ” my loans “.
• Tap on repay and choose the method of payment; it can be through the use of debit card or bank.
• Then input the bank details and the amount you wish to pay
• Then click submit.
Also you can also pay in another way on the app, you just need to input your bank details and the money will be deducted as at when due or the agreed time.
Another means is to pay through POS ( point of sale ). But when using this channel, there must be a proof of your payment and when it is send to them, they will automatically update your account.
• BRANCH INTEREST RATE
Branch charges low rate of interest on every loan compared to banks. They charge 15% to 34% and your loan ranges from #1000 to #200,000. The maturity date for the loan is 4 to 40 weeks.
• BENEFITS OF TAKING BRANCH LOAN
1- you have a means of pulling your out of financial situation
2- It gives chance of getting quick loan
3- You can get up to #200,000
4- You can also get as much as you want as long as it is within your credit limit
• BRANCH CUSTOMER CARE SERVICE
Should in case of any questions, complaint or advice, contact their customer care at email@example.com or firstname.lastname@example.org and they will attend to you. They provide 24/7 feedback on every request.
In conclusion; The main objective of Branch is to help those in financial needs but many people doubt it. What causes this doubt is because some people fail to pay their loan and then keep spreading bad info about the app. They have keep to their own ends, then it is left for the lenders to also keep their ends by paying back.
All these app are very realistic and fully regulated and backed up by the law. There are still many apps that also provide the same service but this five is an exception. They have gone beyond Africa and have pull many individuals out of financial situation. They allow lenders to take loans for business purposes and other purpose thereby improving the standard of living.
Besides, some of the app is not only to get loans but also a form of investment. You can invest your money and at the latter end, earning you more income. With so much many reviews from the app, you will be well convince that they are worth trying.
Make sure you write a review on any app you tried because with this review, many people can also be convince about these loan apps.