Loan sharks: Top 7 instant loan apps in Nigeria by downloads
- Last week, the Nigerian government asked Google and Apple to remove lending apps that violated consumer rights from their stores.
- According to the watchdog, some of the apps belong to companies banned from operating lending apps by the FCCPC
- However, there are loan apps that have been authorized by the Central Bank of Nigeria and have been downloaded over a million times.
Last week, the Federal Competition and Consumer Protection Commission (FCCPC) asked app stores to remove lending apps that violated its policies.
According to the FCCPC, the apps violated consumer privacy and demanded to be removed from app stores.
In Nigeria, many lending platforms are known to offer instant loan services to individuals and businesses across the country.
Business Insider reported that one of the ways to experience good loan applications is through low annual interest rates and ample repayment time, in addition to the security of privacy and loan approval requests.
Nigerian government asks Google and Apple to remove loan sharks from stores and list failing apps
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According to their uploads on Google Play store, there are about seven reliable lending apps which the Central Bank of Nigeria has also licensed.
Branch – Over 10 million
Branch Loan is one of the reliable lending platforms in Nigeria. Users can access loans in the amount of ₦200,000 from a minimum amount of ₦1,000 within 24 hours with repayment between 4 and weeks.
Obtaining a loan from the app attracts between 15 and 34%, depending on the existing conditions, including the customer’s repayment history and loan amount.
To avail this loan, users do not need substantial collateral or assets.
Fairmoney – Over 5 million downloads
FairMoney is an automated online lender that offers single payment loans, installment loans and payday loans to borrowers.
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Loan amounts range from ₦1,500 to ₦1,000,000 with repayment periods of 61 days to 18 months at monthly interest rates ranging from 2.5% to 30%.
PalmCredit has over 5 million downloads.
PalmCredit allows customers to access loans using a virtual credit card.
This loan service is simple; within minutes applications are processed and users can get up to ₦100,000.
Carbon Over a million downloads
Carbon, formerly PayLater, provides access to anyone in need of loans in minutes. As a result, users in dire need of loans can apply for and receive them instantly and effortlessly.
Aella Credit has over a million downloads.
Aella Credit has offices in Nigeria, Ghana and the Philippines and enables users, especially employees, to receive loans between ₦2000 and ₦100,000,000.
The company manufactures and creates simple financial inclusion in all emerging markets. In addition to loans, it provides investment, payment, micro-insurance and peer-to-peer money transfer services.
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Okash: over a million downloads
Okash is owned by Opay and is an automated lending service focused on improving access to credit for financially underserved/excluded people in Nigeria. Loan decisions are provided within 15 seconds and if approved, the applicant receives the funds within 5 minutes, 24/7.
QuickCheck: Over a million downloads
It is a popular lending platform in Nigeria that provides Nigerians with collateral free loans.
The QuickCheck loan is disbursed through the mobile app, which users can download, install and apply for a loan.
Nigerian government asks Google and Apple to remove loan sharks from stores and lists failing apps
Legit.ng reported that the Nigerian government, through the Federal Competition and Consumer Protection Commission (FCCPC), has asked Google and Apple to remove about four lending apps from their stores.
The FCCPC said lending applications engaged in unethical practices compared to its established procedures.
Apps affected include Maxi Credit, Here4U, Chacha and SoftPay.