The operations of some loan apps in Nigeria, in recent times have made the masses increasingly uncomfortable, as they attach unreasonable interest rate or late payment fee to the initial amount borrowed.
Others resort to public naming and shaming in situations where the borrower does not pay back at the agreed date.
Amidst all the discomforts, Loan apps in Nigeria has become increasingly popular.
New loan apps pop up in Nigeria sporadically due to various reasons. They include inflation, convenience and accessibility, especially to individuals who need quick access to cash in emergencies.
Also, according to a survey conducted by SBM Intelligence, statistics show that 27% of Nigerians with different income grades have resorted to loan apps to keep up with their daily expenses due to inflation.
Leadership news also asserts that the Federal Government of Nigeria, through the Federal Competition and Consumer Protection Commission (FCCPC), has registered and approved 211 loan companies as of October 2023.
Overall, amongst the 211 approved loan companies, 172 received full approval from the commission, while 39 others received partial condition for operations, with 84 under watchlist.
In this article, we will indicate some new loan apps in Nigeria in 2024, their features, and interest rates, among others.
Loan Apps
Loan apps are mobile applications that allow users to apply for loans directly from their smartphones or tablets.
Also, these loan apps use technology to streamline the loan application process. Then, they provide quick approvals and disbursements without the need for lengthy paperwork or visits to physical bank branches.
However, by offering convenience, flexibility, and accessibility, loan apps have become increasingly popular among individuals seeking fast and hassle-free access to credit.
New Loan Apps in Nigeria
Zelia Finance
This is a new loan app that has full approval from the FCCPC for its operations. It started full operations with its app, available in January, 2024.
Also, according to the lending company, Zelia Finance is a super simple loan app for Nigerian students (student loans) and businesses (SME loans).
Then, they hold a license from the Lagos State Ministry of Home Affairs as a money lender, granted in accordance with Section 5(2) of the Money Lenders Law of Lagos State.
Additionally, they boast of a lower interest rate on loans, faster response times, and secure transactions. Furthermore, situated on their website are their terms and conditions for money lending, privacy policy, cookie policy, and account deletion notice.
You can contact them via mail at info@zeliafinance.com, or contact@zeliafinance.com . You can also reach them via phone at +2349088308010 or +2349088308011. You can also download their loan app on Google Play or Apple Store.
Slash Finance
Slash Finance is a new loan app in Nigeria that has full approval from the FCCPC for its operations.
According to its Instagram handle, the loan company started its operations fully on September 11, 2023. To access its interest free credit, you can send an email to info@slashfinances.com.
You can also click on the link in their bio on the Instagram page to join their waitlist. You can join through a filled form in order to lend cash.
Ultra Naira Loan App
With over 10,000 downloads on Google Play, this loan app has gained significant attention, accompanied by a mix of reviews.
To assess the creditworthiness of borrowers, the app uses loan software, gathering various data points such as phone logs, banking transaction alerts, and BVN.
While the Ultra Naira Loan App is deemed legitimate, it’s worth noting that it’s still relatively new on the Play Store.
While it does extend loans to consumers, it’s advisable to proceed with caution before submitting an online loan application.
It’s wise to review customer feedback thoroughly before considering a loan app in Nigeria.
The app offers loan amounts ranging from N5,000 to N50,000, with interest rates spanning from 2% to 35%.
LCredit Loan App
The Lcredit loan app boasts over 70,000 positive reviews and has amassed more than 1 million downloads on the Google Play Store.
To access loans through the app, users must register their information.
Operating in Nigeria, the LCredit Loan App offers quick loans to users without the need for documentation or collateral.
Once users complete the verification process, the app guarantees loan provision. Before the loan approval, the LCredit app uses a machine learning algorithm to analyze user data, including the bank verification number (BVN).
Consumers can easily and quickly obtain items priced between N5,000 and N50,000 through the app. The maximum interest rate is 1% per day, translating to an annual percentage rate ranging from 36% to 300%.
9Credit Loan App
With 9Credit loan app, you can borrow up to N100,000 within 5 minutes and there’s no need for collateral, extra paperwork, or in-person meetings.
This makes 9Credit’s Instant Loan Cash a secure online service, catering to diverse financial needs such as bill payments and grocery shopping.
These loans are tailored for personal, short-term use and may be available within eight days for new borrowers.
Furthermore, the 9Credit Instant Loan Cash app assigns credit scores to each credit seeker after collecting customer data including BVN using artificial intelligence (AI).
Benefits of Using Loan Apps
1. Convenience: Loan apps offer a convenient way to apply for loans anytime, anywhere, using just a smartphone or tablet.
2. Speed: Loan apps provide quick approvals and disbursements, allowing users to access loans within minutes of application.
3. Accessibility: Loan apps are accessible to a wide range of users, including those without access to traditional banking services or credit history.
4. Flexibility: Loan apps offer flexible repayment options and terms, allowing borrowers to tailor their loans to their specific needs and financial situations.
5. Transparency: Loan apps provide transparent pricing and terms, ensuring that borrowers fully understand the costs and obligations associated with their loans.
Conclusion
The emergence of new loan apps in Nigeria provides individuals with convenient, accessible, and affordable access to credit.
With features such as instant approvals, quick disbursements, and flexible repayment options, these apps have become indispensable tools for millions of Nigerians looking for financial assistance.
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