Top Ten Best Loan Apps for Students in Nigeria
With the constant hike in tuition fees and other educational expenses, combined with the scarcity of job opportunities for undergraduates, students are increasingly turning to loans. The advent of online loan apps has simplified the loan acquisition process, enabling students to borrow money without any paperwork, all from the comfort of their homes.
In this article, I will present the top ten best loan apps for students in Nigeria, based on Google Play Store ratings and customer reviews. If you’re a Nigerian student in need of a loan, this guide will help you select the right app from which to borrow.
Best Loan Apps for Nigerian Students
Here is the list of the top ten best loan apps for Nigerian students:
- Fair Money
- Swift Naira
- Palm Credit
1. Fair Money
This app stands out as one of the best loan apps for students. Boasting over 10 million downloads, they offer quick loans with a repayment period between 14 to 30 days. Their principal rate is mostly between #10,000 to #500,000. The only requirement is the basic banking information of the applicant.
Another prominent app that enables students to access loans with ease. Rated 4.3 on the Google Play Store, they’ve accrued over 5 million downloads. Like Fair Money, applicants can apply for loans by providing basic banking information. Their principal rate ranges between #10,000 to #50,000.
A leader in the loan app market, Branch caters to students and other users, providing loans with repayment schedules ranging from 15 to 60 days. With over 10 million downloads, they have a stellar 4.5 rating on the Google Play Store.
More than just a banking app, Palmpay also extends loans to students. They offer two loan types: the flexi loans, with principals between #1,000 to #2,000 repayable within a week, and a more robust loan offer with principals ranging from #200,000 to #500,000. They’re rated 4.6 on the Google Play Store and have surpassed 10 million downloads.
Carbon is a loan financing app that helps applicants purchase goods on installment. To apply, provide basic banking information, and the app will evaluate your credit score to determine loan eligibility. Currently rated 4.3, they have over 1 million downloads.
This online banking app offers overdrafts, allowing users to withdraw more than their account balance. Repayment is typically within 21 days of disbursement at a 0.3% interest rate. With a 4.4 Google Play Store rating, they have garnered over 5 million downloads.
7. Swift Naira
An online lending app, Swift Naira has accumulated over 500,000 downloads and holds a 4.4 rating on the Google Play Store. Their principal rate is mostly between #10,000 to #20,000, with repayment typically due 8 days post-disbursement.
Easemoni offers loans primarily between #30,000 to #50,000. They disburse directly to the applicant’s bank account, with repayment due between 7-14 days post-disbursement. They maintain a 4.4 rating on the Google Play Store with over 1 million downloads.
This app allows students to borrow money online seamlessly. With more than 100,000 downloads, they’re rated 4.5 on the Google Play Store.
10. Palm Credit
Palm Credit facilitates loan applications with just a few steps. Their loan amounts range from #50,000 to #800,000, with repayment periods varying between 21 to 120 days based on the borrowed amount. They’re rated 4.2 on the Google Play Store with over 5 million (and counting) downloads.
These top ten loan apps provide Nigerian students with accessible and convenient financial solutions, assisting with tuition fees, school materials, and personal expenses. It’s essential for students to research and read reviews to select the app that best suits their needs.
Frequently Asked Questions
- Which app is the best loan app in Nigeria?
The best online loan app is Fair Money, notable for its high principal, low-interest rate, and flexibility in extending loan repayment deadlines for a nominal fee.
- Can I borrow from Opay?
No, Opay does not directly lend money. Instead, they refer interested parties to Okash, a loan app managed by their firm.
- Which loan apps are approved by the CBN in Nigeria?
The CBN in Nigeria approves loan apps such as Fair Money, Okash, Branch, and Carbon.