Are you tired of borrowing money that could not over your expenses for a long period?
Are you looking for Long term loan apps in Nigeria to hit your target in your business?
This article is for you.
In todays article, I will show you the list of the best long term loan app that you can use for your business or personal loan.
Financial institutions, such as banks, often have stringent requirements for loan approval, making it difficult for many Nigerians to qualify. This is where long-term loan apps have emerged as a viable alternative. These apps offer convenient access to loans without the need for physical documentation or collateral.
Top 5 Long-Term Loan Apps in Nigeria
- Branch
- Carbon
- FairMoney
- Aella Credit
- Palmpay
Branch
Branch is a mobile banking and financial services app that offers a variety of financial products, including loans, savings accounts, and money transfers. Branch is available in several countries in Africa and India.
Loan interest rates
Branch loan interest rates vary depending on the country and the customer’s creditworthiness. In Nigeria, for example, Branch offers personal loans with interest rates ranging from 15% to 35% per annum. In India, Branch offers personal loans with interest rates ranging from 14% to 22% per annum.
Loan amounts
The amount of money that you can borrow from Branch depends on your creditworthiness. In Nigeria, for example, you can borrow between N1,000 and N500,000.
Repayment terms
Branch loan repayment terms vary depending on the country and the loan amount. In Nigeria, you can repay your loan over a period of 2 to 60 weeks. In India, you can repay your loan over a period of 2 to 60 weeks.
2. Carbon
Carbon is a digital-first financial services provider offering a range of products, including loans, banking, and payments. Carbon loans are designed to be accessible and affordable, with a quick and easy application process.
Carbon loan interest rates
The interest rate on a Carbon loan depends on your creditworthiness and the loan amount. However, all Carbon loans have an interest rate between 2% and 20% per annum (APR).
Carbon loan amounts
You can borrow between ₦1,000 and ₦1,000,000 with a Carbon loan. The maximum loan amount you qualify for will be determined based on your creditworthiness.
Carbon loan repayment terms
Carbon loans have a repayment term of between 3 and 12 months. You can choose to repay your loan on a weekly, bi-weekly, or monthly basis.
In addition to the above, here are some other things to keep in mind about Carbon loans:
- There are no hidden fees or charges with Carbon loans.
- You can apply for a Carbon loan online or through the Carbon mobile app.
- Your loan will be disbursed within 24 hours of approval.
- You can make payments on your Carbon loan online, through the Carbon mobile app, or at any Carbon partner location.
3. Fair money
FairMoney is a digital bank and instant loan app that offers personal loans to individuals in India and Nigeria. The app is designed to provide quick and easy access to loans without the need for collateral or paperwork.
Loan amounts and interest rates
In India, FairMoney offers loans of up to ₹60,000 with repayment periods of 90 to 180 days. The annual interest rate (APR) ranges from 12% to 36%.
In Nigeria, FairMoney offers loans of up to ₦3,000,000 with repayment periods of 6 to 18 months. The APR ranges from 11% to 35.88%.
Repayment terms
Loans are repaid in equal monthly installments. Borrowers can choose to repay their loans using Netbanking, UPI, debit card, or wallets. Auto-debit is also available, which allows borrowers to automatically repay their loans on time and take new loans even faster.
4. Aella Credit
Aella Credit is a mobile app that provides instant loans to borrowers in Nigeria. The app uses a proprietary credit scoring algorithm to assess borrowers’ creditworthiness and determine their loan eligibility. Borrowers can apply for loans of up to NGN 1,000,000 and receive their funds within 24 hours.
Aella Credit’s interest rates range from 5% to 35% per annum, depending on the borrower’s creditworthiness. The app also charges a one-time origination fee of 1% of the loan amount. Repayment terms are flexible and can range from 3 to 12 months.
Aella Credit is a convenient and accessible way for Nigerians to access credit. The app’s quick and easy application process and flexible repayment terms make it a good option for borrowers who need fast access to cash.
5. Palmpay
PalmPay is a mobile app that offers a variety of financial services, including loans. PalmPay loans are designed to be quick and easy to get, with no paperwork or collateral required.
Loan Amounts
The amount you can borrow with a PalmPay loan depends on your creditworthiness. However, loan amounts typically range from ₦5,000 to ₦1,000,000.
Interest Rates
PalmPay loans have an interest rate of 1% to 30% per month, depending on the loan amount and the borrower’s creditworthiness.
Repayment Terms
PalmPay loans have a repayment term of 1 to 12 months. Borrowers can choose to repay their loans on a weekly, bi-weekly, or monthly basis.
A Step-by-Step on how to Applying for a Long-Term Loan
- Carefully evaluate the offerings and reputation of different long-term loan apps to find the most suitable one for your needs.
- Download the chosen loan app from the Google Play Store or Apple App Store and install it on your mobile device.
- Create an account by providing your personal details, including your full name, phone number, email address, and residential address.
- Complete the registration process by verifying your phone number and providing additional information, such as your employment status and bank account details.
- Provide accurate and updated personal and financial information to ensure a smooth loan approval process.
- Submit the loan application along with supporting documents, such as payslips or bank statements, if required.
- The loan application will be processed and you will be notified of the decision within a specified timeframe.
Conclusion
Long-term loan apps are a convenient and accessible way to get a loan in Nigeria. These apps typically offer loans with repayment terms of 12 months or more. They are often a good option for people who need a larger amount of money or who have a poor credit history.
By carefully selecting the right loan app, maximizing the benefits, and effectively managing repayments, individuals can leverage long-term loans to enhance their financial well-being and achieve their long-term aspirations.
FAQS
Which loan apps are banned by Nigerian government?
The Federal Competition and Consumer Protection Commission (FCCPC) has delisted several loan apps from the Google Play Store for violating consumer rights and engaging in unfair practices. The banned loan apps are;
- Getloan
- Camelloan
- Cashme
- Secucash
- Creditbox
- Cashmama
- Crimson Credit
- Galaxy Credit
- Ease Cash
- Xcredit
- Imoney
- Naira Naija
- Imoneyplus-Instant
- Nairanaija-Instant
- Nownowmoney
- Naija Cash
- Eagle Cash
- Firstnell App
- Flypay
- Spark Credit
- Sycamore Integrated Solutions Limited
- Orange Loan
- Purple Credit Limited
Is Okash banned in Nigeria?
Yes, Okash was banned by the Federal Competition and Consumer Protection Commission (FCCPC) in September 2022 for violating consumer rights and engaging in unfair practices.
Can loan app access my contact after uninstalling the app?
It is possible for a loan app to access your contacts even after you have uninstalled the app, but only if you granted the app permission to access your contacts before you uninstalled it.
Once a user grants an app permission to access their contacts, the app can store a copy of those contacts on its own servers. This means that even if you uninstall the app, the app will still have access to your contacts.
However, if you denied the app permission to access your contacts, then the app should not be able to access your contacts even after you have uninstalled it.
