Top 10 Loan Apps in Nigeria by Number of Downloads as of Q2 2022

Despite growing concerns about their modus operandi when it comes to loan recovery, loan apps in Nigeria have persisted. The speed with which Nigerians patronize them leaves no one in doubt that there are indeed some benefits of this app.

In fact, they are taking the chance to provide unsecured loans, which traditional banks do not venture. The speed with which the loans are disbursed, customized repayment plans and less documentation make the loan apps the best choice for Nigerians in urgent need of cash.

Though there are now tons of them licensed by the Central Bank of Nigeria (CBN) to provide loan services, even amid mounting allegations of violations of the country’s National Data Protection Regulation (NDPR). Nairametrics looks at the download numbers of these apps in the Google Play Store, which gives a fair idea of ​​the apps most used by Nigerians. While some apps are available in the Apple Store, many are not. Therefore, Google Play Store is used as the only metric to measure their popularity.

Here are the top 10 most downloaded loan apps in Nigeria on the Google Play Store as of the end of Q2 2022:

10. EasyCredit (1 million downloads)

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EasyCredit prides itself as a safe, reliable and online loan app in Nigeria. With over 1 million downloads as of Q2 2022, the app provides instant loans from N3,000 to N100,000 with a loan period of 91 days – 365 days. The interest ranges from 0.1% – 1%, one-time processing fees range from N1,256 to N6,000 and the maximum annual percentage rate (APR) is 40%.

9. New credit (1 million downloads)

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Newcredit is another direct loan app in Nigeria that has surpassed 1 million downloads. The personal loan app that gives Nigerian collateral free loans up to N300,000. The app uses artificial intelligence (AI) to analyze potential customers’ financial data, including the bank transaction SMS on their phones and their creditworthiness from other lenders.

8. Umba (1 million downloads)

Umba, like other best loan apps in Nigeria, has surpassed 1 million downloads. The lender prides itself as the leading digital bank in Africa. The app allows users to apply for, withdraw and repay loans directly from their smartphone or desktop computer. Once a person is verified, it makes credit decisions based on an assigned risk rating.

This app allows a borrower to increase his or her loan limit as soon as they can repay on time.

7. QuickCheck (1 million downloads)

QuickCheck is a fast loan app that uses machine learning to predict borrower behavior and evaluate loan applications instantly. This app is among the best loan apps in Nigeria which has exceeded 1 million downloads. The company says it aims to offer digital financial services to help people move closer to their personal and business goals. The app also offers loans without collateral.

6. Aella credit (1 million downloads)

Aella credit prides itself as a one-stop shop for all your financial services. They offer short term personal loans that range from N2000 to N1,000,000 with repayment periods of 1 – 3 months. Their interest rates range from 6% – 20%. The app is clearly popular among Nigerians as it has been downloaded over 1 million times on the Play Store.

5. Okash (1 million downloads)

Okash is a convenient fast online lending platform for mobile users in Nigeria operated by Blue Ridge Microfinance Bank Limited. OKash fulfills customers’ financial needs completely online 24/7. The application process only takes a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account. The app offers loans from N3,000 to N500,000 and the repayment plan ranges from 91 days to 365 days.

The app is one of the most downloaded loan apps on the Play Store as it had over 1 million downloads in the second quarter of 2022.

4. Carbon (1 million downloads)

Carbon is a digital financial services platform that provides a range of financial services, including personal loans, business loans, payments, wire transfers, credit scores, savings and investments. The application process for a Carbon loan usually takes less than 5 minutes. Their rates range from 2% to 30%, depending on the loan repayment period and the amount you want to borrow. As of the second quarter of 2022, the app had been downloaded more than 1 million times.

3. FairMoney (5 million downloads)

FairMoney says it offers quick loans within 5 minutes with no documentation or collateral required. Loan amounts vary based on your smartphone data and repayment history. Loan amounts range between N1500 and N500,000 with repayment periods from 61 days to 180 days at monthly interest rates ranging from 10% to 30%. The app is undoubtedly one of the most used by Nigerians as it has also been downloaded 5 million times and is still counting.

2. Palmcredit (5 million downloads)

Palmcredit comes second to Branch in terms of downloads, nevertheless it is one of the most visited loan apps in Nigeria. The lending platform says it can provide a quick loan of up to N300,000 in less than 3 minutes without any kind of collateral. You can borrow between N2,000 and N300,000 quick loan and if your documentation is complete and accurate, you can receive your payout within a business day, the platform claims. The app has been downloaded more than 5 million times in the Google Play Store.

1. Branch (10 million downloads)

Branch is a platform that offers fast online loans in Nigeria. As of the second quarter of 2022, this app is the most downloaded loan app in Nigeria which has exceeded 10 million downloads in Google Play Store.

The app determines loan eligibility and personalized loan offers using users’ smartphone data. Their interest rates range from 15% – 34%. You can access loans from N1,000 to N200,000 within 24 hours, depending on your repayment history, with a period of 4 to 40 weeks to repay.

All you need to request is your phone number or Facebook account, bank verification number (BVN) and bank account number. They will also request access to the data on your phone to build up your credit score.

Note: Many loan app operators have been known to get their money back through harassment, which includes calling a defaulter’s telephone contacts to request the contact’s intervention. Such contacts could be friends, relatives, co-workers, or even a borrower’s employers.

Once you sign up for a loan on any of these apps, you surrender the privacy of your contact list to them and this will be used if you default on repayment. The key words when dealing with the loan apps are: Don’t owe them.

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