Best Loan Apps in Nigeria 2023 [Step-by-Step Guide How to Obtain A Loan]

There are over 154 approved loan apps in Nigeria in 2023. The loan apps are legit and allowed to operate in the country. However, out of all the approved loan apps, just two meet international standards of professionalism. This is because the loan apps approved by the government continue to harass and defame people.

According to the Federal Competition and Consumer Protection Commission (FCCPC), it approved Nextpayday app, Palmcredit app, Flypay app, Paylater app, Moneypal app, Goloan app, Sycamore app, Branch Mobile app, Fairmoney app, Regxta app, Carbon app and many others to operate in Nigeria.

But, these loan apps continue to harass, defame and blackmail people. Some of the notorious loan apps include Money tree, Lcredit, carbon, flypay, palmcredit, cash express, creditwise, Hicash, Eagle cash, PASA, Creditexpress, Xcrosscash, PalmcreditNG, swiftkash, Freshmoni, Tiger Credit, Newcredit, etc.

They even go as far as forcefully disbursing loans to people who never applied for them after compromising their phones. Then, they will later intimidate and threaten such individuals into parting with a substantial amount of money. Read here.

From my experience, only the following two loan apps are different from the rest. For peace of mind, only ask for loan from loan apps that follow ethical standards set by the government. The two loan apps are Fairmoney and Renmoney.

These two loan apps instead of defaming or harassing you will opt to dialogue and if that fails, will take legal action.

1. FairMoney Microfinance Bank disburses over 10,000 loans daily with over 5 million customers enjoying banking, savings, and investing services, FairMoney gives the typical Nigerian access to finance instruments that allow them to take control of both their life and their finances.

The loan process is easy with a low-interest rate. The best part is that Fairmoney gives defaulters the ability to extend the time they want to pay their loan. They also give the option for a payment plan ranging from 3 months to 6 months and so on.

How to Get a Fairmoney Loan:

a. To apply for a Fairmoney loan, go to the Fairmoney website or use your smartphone to download the Fairmoney app.

b. Open an account by entering your personal and contact information.

c. Submit information about your income, employment, etc.

d. Submit your application, the Fairmoney team will analyze it and contact you within minutes if you qualify for a loan.

e. If your application is approved, the loan money will be sent to your bank account within minutes.

2. Renmoney was created in 2012 and operates in Nigeria under a microfinance banking license. Renmoney team integrates conventional and alternative data sources using statistically driven models, and we employ technology to provide our consumers with simple credit, savings, deposit, and banking options.

This is another loan app I will recommend. Although they have a slightly higher interest rate, they are very professional. You will not find them defaming or calling you unprintable names. They also have a great debt resolution team. One thing I love about them is the ability to obtain a high amount of money for any business project. Keep handy your means of identification such as a passport, national Identity card, etc.

How to Apply for a Loan on Renmoney in Simple Steps

To obtain a loan through Renmoney, follow these steps:

a. Go to the website – renmoney.com

b. Fill out the application form

c. Register for an Account or Sign In

You will be requested to either make an account (if you do not already have a Renmoney account) or sign in using your Renmoney account.

When you create an account, you will be given a Renmoney MFB Account Number. You must deposit at least $100 into the account number.

d. Submit Documents and Accept Loan Application

You may be required to upload papers such as your ID, proof of address, and bank statement.

e. Wait for Loan Approval

You’d have to wait a little longer at this point. Your loan application is examined by hand.

Your loan request may take anything from a few minutes to 24 hours to be fully completed. If your loan is approved, a credit alert will be sent to the bank account listed on your profile. You may also look for confirmation in your email.

f. You can also visit any of their branches.

Illegal loan apps operating using APK download after the ban

I have noticed that loan apps such as Lcredit, ABC loan, Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal and Nairaeasy gist loan are still operational using the APK download. As many have suggested, the FCCPC should fine banks for opening accounts for these illegal loan apps.

Beware of the following loan apps for your own good. Even though some of them have gotten approval from the Federal Competition and Consumer Protection Commission (FCCPC), they continue to harass, defame, and blackmail people who take loans from them.