As a business or company, there are times when you need capital without having it. In such a scenario you can get funding help by requesting instant loans. There are several ways of getting an instant loan in Nigeria, one of them is by making use of instant loan apps. Below are some of the best instant loan apps in Nigeria;

Palm Credit

The Palm Credit app offers fast cash and instant loan for business and personal purposes. It is easy to use and you can request instant loans starting from N2,000 to N100,000. For your loan request to be granted you must be above 18 and the application charges no transaction fees. The interest rate is fair ranging from 4% to 4.7% per month. You can download the application for free on the Google PlayStore if you use Android, it is yet to be available for iOS users.

Carbon

Formerly known as PayLater, this is one of the best instant loan apps available in Nigeria. Applying for a Carbon instant loan takes just minutes and you can request loans from N1,500 up to N1 million. The interest rate ranges from 1% to 21% depending on the loan amount. You can do more using this app such as transfer money, buy airtime, pay for subscriptions, etc. The Carbon mobile app is available for Android on Google PlayStore and iOS on the Apple App Store.

FairMoney

This is an application for instant loans and paying bills amongst others. With FairMoney, loans up to N500,000 can be gotten and you do not need to present any collateral or sign any document, in less than 5 minutes you’re done. FairMoney interest rates are between 10% to 30% per month and there is a 1% daily discount for early repayments. Late repayment attracts an extra 1.5% daily. The FairMoney app is only available on Android and can be downloaded from the Google PlayStore.

QuickCheck

QuickCheck offers instant loans with no hidden charges or collateral. A minimum of N1,500 and a maximum of N200,000 can be requested using the app, the repayment duration is flexible and it is on you to decide within 91 days to 1 year. Monthly interest rates are between 1% to 21%. The app functions automatically and is secure thanks to the artificial intelligence algorithms being used. The application is not available for iOS devices while Android users can get it from the Google PlayStore.

Aella Credit

Aella Credit issues business and individual loans; it is a platform that serves as a money solution. You can get loans from N2,000 to N1 million; the loans last for a tenor of 1 to 3 months with a monthly interest rate between 6% and 20%. Aella Credit is available for both Android and iOS devices on the Apple App Store and Google PlayStore respectively.

Bottom Line

There is nothing wrong with requesting loans if you need funding help for your business. All you need to do is to invest the money wisely so you can get returns to pay back the loan and interest when due.

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