Do you know of mobile apps for getting quick loans? Do you want to know some of the best quick loan apps for 2020 around for when you need to meet some emergency financial obligations? Here we will discuss some of the best services.
Getting loans has always been a stressful thing. You have to either belong to a cooperative group or have an account with a bank you are seeking a loan from.
Also, there are a lot of formalities you need to go through which makes the sourcing of loans for personal needs and small businesses technical when going through the traditional means we are used to.
There are start-ups in the financial technology sector established with the sole aim of providing loans to small business owners and individuals. And the interesting part of it is that some loan apps provide loans for you within 24 hours of submitting your application.
They are there to provide quick loans to help you attend to immediate needs or business needs.
7 Best Apps for Quick Loans
Table of Contents
Overview of Quick Loans
With quick loan apps, you can get loans within 24 hours. Quick loan apps are now getting more users because of the flexibility of the system.
Rather than going the traditional way of getting loans which requires more formalities and takes time, individuals and businesses find quick loan apps easier and a faster route for getting loans.
Quick loan apps like RenMoney only provide loans to residents of Lagos or people work in Lagos.
So, in this list, I will be sharing the best quick loan apps for stress free loans alongside their key features in order to help you in choosing the one that best suit your needs.
List of the best quick loan apps
Okas started operation in Kenya in 2018 before spreading out to Nigeria.
To apply for a loan with Okash app, you need to first download the mobile app from Google play store, open the app and sign up with your phone number, fill in your personal information after login and then apply for the loan. This is how simple it is to apply for a loan using Okash.
Key Features of Okash Loan
- Okash provides up to N50,000 maximum for a start (the more you lend and return the more your maximum limit increase)
- You can apply for loan using your credit card
- Okash offers a pay-back plan of 91 days to 365 days (this is a flexible payment considering the days)
- Offers an annual interest rate of 36.5% to 360%
2. Kwikmoney (MIGO)
Kwikmoney is a quick loan app now rebranded to Migo. Migo offers a simple platform to enable users to apply for loan through their website.
To get a loan at Migo, visit Migo loan portal and enter your phone number, upon which you will be asked the amount of loan you are requesting and then enter your bank details for easy deposit of the loan
This is also simple to use and doesn’t require you to download any app. All processes will be carried out on the website.
You can request for a loan on MTN, GLO Aand Etisalat by dialing *564# or by dialing *554*561# for Airtel.
Key Features of Kwikmoney (Okash)
- The apps offer two flexible means of getting loans through USSD codes and through their website
- Migo does not have a mobile app but have a responsive website for application
- You do not need a collateral for getting loans from Migo
- Migo offers loans starting from N500 up to N500,000 (the maximum limit increase as you continue lending and repaying your loans)
- The interest rate ranges from 5% to 25% on the loans requested
- Migo koan terms ranges from14 days to 30 days. (this differs based on your engagement on the platform)
- Has an affiliate system that rewards you with a lower interest rate on your loans when you refer a friend.
RenMoney is yet another app for quick loans. The service was established under the license of a microfinance bank.
RenMoney was formerly known as Rencredits before there was a change of name in 2013
To qualify for a loan from RenMoney, you have to be between the age of 25-59 years old, have a verifiable and legal source of income, have a savings account and lastly must live or work in cities they operate (and at the time of writing this post, they basically operate in Lagos)
- Offers loan up tp N4 million naira
- RenMoney loan term is for 12 months maximum
- It offers an interest rate of 35.76%
- RenMoney have an app through which you can use their services
Palmcredit is basically an android app that provides loan to users of the app. This is unlike other loan apps on this platform that do have a website through which you can request for loans.
Palmcredit loan is limited to 18 years and above and the loan amount is within the range of N2,000 to N100,000 naira.
Key Features of Palmcredit
- Must be 18 years or above
- Loan limit range from NGN 2000 to NGN100,000
- The loan duration is between 14% to 24% while the annual loan interest is between 48% to 56%
- Application is all through a mobile app
- Responsive mobile app for most phones
5. Paylater (Carbon)
Paylater also known as carbon or getcarbon is a loan app that makes it easy for you to control your finances with a few clicks by providing loans for indiividuals and small business owners alongside making it easier to invest your money online.
Carbon is one of the FINTECH company that enables you to also save money from all bank transaction you carry out.
This is one of the features that makes paylater unique in its own way.
- Paylater has a mobile app to use their services
- Provides instant loan without collateral
- Allows you to earn a reward while using your wallet for various transactions
- Loan repayment can be done through carbon wallet, debit card, quickteller, and direct transfer
- Offers a loan of up to NGN1 million naira of Ksh 30,000
- It offers it services in Nigeria and Kenya for now
- Offers an interest rate 1.75%-30%
6. Branch Loan
Branch loan is an online quick loan platform that offers quick loans of Branch loan app.
Just like the other app listed here, Branch does not require any collateral to get loans. All you need to get a loan on Branch is your phone number or facebook account, bank verification number and bank account number.
- Offers loan from as little as NGN1,000 TO NGN200,000
- Branch offers a loan term of between 4 weeks to 15 months
- Interest rate is between 14% to 28% with the monthly interest between 1% to 20%
- Offers flexible methods for the payment of loans. Loans can be paid through debit card, with cash at a GT bank branch
- Branch has an affiliate program in which you earn a bonus whenever you refer a friend
- Branch loan services is restricted to Lagos
Quickcheck is one of the best apps for getting quick loans as its name implies. It has actually been able to justify what their name really is.
You can get a loan if your account is approved within 24 hours which is amazing if you ask me. Quickcheck does not provide loan for small businesses only for individuals in need of money to keep surviving until the next payday.
- Offers instant loans to users
- Has a mobile app through which all the loan services can be accessed.
- Has a beautiful and user-friendly interface on both the app and the web app (a much more advanced website)
- Quickcheck offers loan up NGN10,000 to new users for a duration of 30 months.