Top 10 Online Loans with Weekly or Monthly Payments in Nigeria 2023

Have you been scammed by loan apps before and you’re now looking for legit loan apps that allows weekly or monthly payment? 

Sorry for the misfortunate incident. 

Well, in this blog post, I have gathered top 

10 Online loan apps that are legit that give monthly and weekly payment. 

What are online loan apps?

Online loan apps are mobile applications that allow users to apply for and receive loans directly from their smartphones. These apps have gained popularity in recent years due to their convenience and ease of use.

Factors to Consider When Choosing an Online Loan

When choosing an online loan, it is crucial to consider several factors to ensure you select the most suitable option for your needs, some of them include; 

1. Loan Amount: Determine the amount of money you need to borrow, considering your financial situation and the intended purpose of the loan.

2. Interest Rates: Compare interest rates offered by different lenders to find the most competitive option.

3. Repayment Terms: Assess the repayment terms offered, including the repayment frequency (weekly or monthly) and the overall loan duration.

4. Loan Eligibility: Review the eligibility criteria of each lender to ensure you meet the requirements.

5. Customer Reviews: Read online reviews to gauge the reputation and customer satisfaction of different lenders.

Steps to Apply for an Online Loan in Nigeria

1. Carefully review the options available and select a lender that suits your needs.

2. Download the lender’s mobile app from the app store.

3. Create an account using your valid phone number, email address, and other required information.

4. Fill out the application form accurately, providing truthful and complete information.

5. Submit your government-issued ID card or other required documents for verification.

6. Link your bank account to facilitate loan disbursement and repayment.

7. Review the application details and submit the loan request for approval.

8. Upon approval, the loan amount will be disbursed directly into your linked bank account.

Responsible Borrowing Practices

Refrain from borrowing more than you can afford to repay and make sure that you thoroughly understand the loan terms, including interest rates, repayment schedule, and penalties.

Top 10 Online Loans with Weekly or Monthly Payments in Nigeria

The top 10 best loan apps with weekly or monthly payment in Nigeria include;

  1. FairMoney
  2. Renmoney
  3. Carbon
  4. Aella Credit
  5. Zedvance
  6. Branch
  7. Paylater
  8. Migo
  9. QuickCheck
  10. Specta

I will be explain them one after the other.

FairMoney

FairMoney is a digital bank that offers instant personal loans, savings accounts, and investments. It is available in Nigeria and India.

Loan amounts

The amount of money you can borrow from FairMoney depends on your creditworthiness. The minimum loan amount is ₹1,000 in India and ₦5,000 in Nigeria. The maximum loan amount is ₹60,000 in India and ₦3,000,000 in Nigeria.

Interest rates

The interest rate you will pay on your FairMoney loan depends on your creditworthiness and the loan amount. The interest rate in India ranges from 12% to 36% per annum. The interest rate in Nigeria ranges from 11% to 35.9% per annum.

Repayment terms

The repayment term for your FairMoney loan depends on the loan amount. The repayment term in India ranges from 90 days to 180 days. The repayment term in Nigeria ranges from 6 months to 12 months.

How to apply for FairMoney loan

To apply for a FairMoney loan, you will need to download the FairMoney app and create an account. You will then need to provide your personal information, including your name, address, phone number, and bank account details. You will also need to provide your Aadhaar card number (India) or Bank Verification Number (BVN) (Nigeria).

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Once you have submitted your application, FairMoney will review your creditworthiness and make a decision about whether to approve your loan. If your loan is approved, you will receive the money in your bank account within 5 minutes.

2. Renmoney

Renmoney is a digital finance platform that offers loans, savings, and investments to individuals and businesses in Nigeria. The company was founded in 2012 and is headquartered in Lagos. Renmoney is licensed by the Central Bank of Nigeria (CBN) to operate as a microfinance bank.

Loans

Renmoney offers a variety of personal and business loans. Personal loans can be used for a variety of purposes, such as consolidating debt, financing home improvements, or covering unexpected expenses. Business loans can be used to finance working capital, purchase inventory, or expand operations.

Interest Rates

The interest rate for Renmoney loans depends on the loan amount, the loan term, and the borrower’s creditworthiness. Personal loans typically have an interest rate of 13% to 24% per annum. Business loans typically have an interest rate of 18% to 32% per annum.

Loan Amounts

The maximum amount that a borrower can borrow depends on their creditworthiness and income. Personal loans typically range from ₦6,000 to ₦6,000,000. Business loans typically range from ₦50,000 to ₦50,000,000.

Repayment Terms

The repayment term for Renmoney loans depends on the loan amount. Personal loans typically have a repayment term of 3 to 24 months. Business loans typically have a repayment term of 12 to 36 months.

How to Apply for a Renmoney Loan

MTo apply for a Renmoney loan, you can visit the Renmoney website or download the Renmoney app. You will need to provide your personal information, income information, and employment information. You will also need to provide bank statements and other documentation to support your application.

3. Carbon

Carbon  is a digital banking platform that offers a variety of financial services, including loans, savings accounts, and bill payment. Carbon loans are designed to be quick and easy to access, with a simple application process and no hidden fees.

Interest rates

Carbon’s interest rates are competitive and vary depending on the loan amount and repayment term. For example, a ₦10,000 loan with a 6-week repayment term would have an interest rate of 15%.

Loan amounts

The amount you can borrow with a Carbon loan depends on your creditworthiness. However, Carbon typically offers loans of ₦5,000 to ₦1,000,000.

Repayment terms

Carbon loans have a repayment term of 6 to 64 weeks. You can make repayments online or through Carbon’s mobile app.

4. Aella Credit

This  is a mobile loan app that offers instant personal loans to borrowers in Nigeria. The app is available on both Android and iOS devices.

Aella Credit offers loans ranging from ₦1,500 to ₦500,000 with repayment terms of 91 days to 18 months. The interest rate on Aella Credit loans ranges from 11% to 32% per annum.

To be eligible for an Aella Credit loan, you must be a Nigerian citizen, at least 18 years old, and have a valid Bank Verification Number (BVN). You must also have a regular source of income and a good credit history.

The Aella Credit loan application process is simple and straightforward. You can apply for a loan directly from the app. Once your application is submitted, it will be reviewed by Aella Credit’s underwriting team. If your application is approved, you will receive your funds instantly.

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Aella Credit is a reputable and reliable loan app. The company is registered with the Central Bank of Nigeria (CBN) and complies with all applicable regulations. Aella Credit is also committed to protecting its customers’ data. All data is stored securely and is never shared with third parties.

If you are looking for an instant personal loan in Nigeria, Aella Credit is a great option. The app offers competitive interest rates and flexible repayment terms. The application process is simple and straightforward, and you will receive your funds instantly if your application is approved. 

5. Zedvance Credit Loan App

 Zedvance Credit is a Nigerian financial technology company that offers a variety of loan products to individuals and businesses. They offer a mobile app called MoneyPal that makes it easy to apply for and manage loans.

Interest Rates

Zedvance Credit’s interest rates are competitive with other lenders in Nigeria. Their rates range from 15% to 30% per annum, depending on the loan amount, repayment term, and creditworthiness of the borrower.

Loan Amounts

Zedvance Credit offers loan amounts ranging from ₦5,000 to ₦1 million. The maximum loan amount that a borrower can qualify for will depend on their credit history and income.

Repayment Terms

Zedvance Credit offers flexible repayment terms ranging from 3 to 12 months. Borrowers can choose to repay their loans in monthly, bi-weekly, or weekly installments.

6. Branch

Branch is a popular loan app in Nigeria that offers loans of up to ₦200,000 with interest rates of 15% to 30% per annum. Repayment terms range from 2 to 20 weeks.

7. Paylater

Paylater  is another popular Nigerian loan app that offers loans of up to ₦1,000,000 with interest rates of 15% to 35% per annum. Repayment terms range from 2 to 24 months.

8. Migo’s

Migo is a relatively new loan app in Nigeria that offers loans of up to ₦100,000 with interest rates of 5% to 15% per month. Repayment terms range from 1 to 30 days.

9.QuickCheck

This is a Nigerian loan app that offers loans of up to ₦25,000 with interest rates of 15% to 25% per annum. Repayment terms range from 2 to 9 months.

10. Specta

 is a Nigerian loan app that offers loans of up to ₦500,000 with interest rates of 15% to 32% per annum. Repayment terms range from 2 to 12 months.

Conclusion

Yo! That’s all. Now you have thee free comprehensive list of the top 10 loan apps in Nigeria, in no particular order. 

I hope you find this insightful. Thanks for reading. 

FAQS

What is the easiest loan to get online?

Have you heard of Palmpay? If no, it’s one if the easiest loan app out there.

PalmPay is a mobile financial services platform that offers a variety of financial products, including loans. PalmPay loans are relatively easy to get online.

Is Money Lion legit?

Yes, MoneyLion is a legitimate company that offers a variety of financial services, including mobile banking, cash advances, and credit-builder loans. It is a member of the Financial Industry Regulatory Authority (FINRA) and the National Financial Educators Council (NFEC). MoneyLion has also been awarded a “B” rating from the Better Business Bureau (BBB).

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