There Are 173 Legitimate Loan Apps In Nigeria, Check Them To Avoid Scams

There are 173 legitimate loan apps in Nigeria, according to the latest approval notice issued by the Federal Competition and Consumer Protection Commission (FCCPC).

Out of the 173 loan apps that got the green light from the consumer protection agency, 119 of them got full approval while 54 of the digital lenders got conditional approval.

FCCPC is one of the agencies of Nigeria’s Federal Ministry of Trade and Investment that ensures that there is fair market competition and protects consumers.

Why FCCPC is taking action against loan sharks

Recently, fraudulent loan apps flood Nigeria. Most of them sent unsolicited messages to intending borrowers which prompted the FCCPC to message Google to delist such questionable loan apps.

To know a legitimate loan app, Nigeria’s authorities vetted digital money lenders in Nigeria to curb the menace of unlicensed loan apps also known as loan sharks.

FCCPC in an updated message says:

“In furtherance to the investigation by Inter-Agency on Joint Task Force on the Digital Lending Apps, the registration of the Apps to the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022 had commenced.”

FCCPC

Legitimate loans apps in Nigeria with full approval

Digital lenders that have full approval to operate in Nigeria are:

1. Creditwave Finance Limited
2. Keenest Tech Service Limited
3. Fairmoney Micro Finance Bank
4. Altracred Finance Investment Limited
5. Sycamore Integrated Solutions Limited
6. Trade Depot 
7. Tajow Investment
8. Blue Ridge Microfinance Bank Limited
9. Grolatech Credit Limited
10. Branch International Financial Services Limited
11. p2vest Technology Limited
12. Crevance Credit Limited
13. Menacred Company Limited
14. Afrowide Development Ltd
15. Red Planet Nigeria Limited
16. Be Resources Limited
17. Rockit Lenders Nigeria Limited
18. Pivo Technology Limied
19. Yes Credit Company Limited
20. Irorun Technologies Limited
21. Csense Limited
22. Supreme Help Cooperative Society Limited
23. Orcom And Orcom Bussiness Suport Limited
24. Payhippo Limited.
25. Easycheck Finance Investment Limited
26. Quark Financial Nigeria Limited
27.  Edmond Solutions Company Limited
28. Ted Rocket Limited
29. Penaid Limited
30. Afrofirst Mobile And Technology Company Limited
31. Rankcapital Limited
32. Ibs Golden Investment Company Limited
33. Lendvisery Services Limited
34. Renmoney Microfinance Bank Limited
35. Swipebill Technologies Nigeria Limited
36. Hometown Fintech Limited
37. Giasun Technology Nigeria Limited
38. Arve Limited
39. Dover Credit Limited
40. Fubri Century Company Limited
41. Berly Spring Global Limited
42. Rock Financials Limited
43. Phoenix Payment Solution Limited
44. Ragekay Global Investment Limited
45. Maywood Lending Limited
46. Linkpark Technology Nigeria Limited
47. Mangnet Lending Limited
48. Rubystar Global Limited
49. Bestfin Nigeria Limited
50. Value Driver Technology Solution Limited
51. Nextpayday Limited
52. Blackcopper Service Limited
53. Trafalgar Associate Limited
54. Windville Financial Nigeria Limited
55. Fast-Point Intergrated Limited
56. Apex Lending Limited
57. Piska Tech Nigeria Limited
58. Princep Credit System Limited
59. Orange Loan & Purple Credit Limited
60. Carbon Microfinance Bank Limited
61. Neo-Link Technology Company Limited
62. Finnew Fintech Limited
63. Otp Internet Technology Limited
64. Red Harbor Fintech Limited
65.  Paylater Hub Limited
66. Skitloan Nigeria Limited
67. Raceova Nig. Limited
68. New Credage Nigeria Limited
69. Betterlending Company Limited
70. Omalend Service Limited
71. Pockful Finance Limited
72. Highcredit Nigeria Limited
73. Hollandale Nigeria Limited
74. Xgo Finance Limited
75. Primera Microfinance Bank
76. Credit Tech Lending Company
77. Prosperity Archipelago Limited
78. Finesest Limited
79. Singularity Technology Nigeria Ltd
80. Pay Financial Technology Service Limited
81. a1 Capital Solution Limited
82. Newedge Finance Limited
83. Papichou Technology Limited
84. Goharvest International Limited
85. Mino Sparks Limited
86. Econ Mart Fintech Limited
87. Pennee Technologies Limited
88. Flo Wood Lending
89. Liberty Assured Limited
90. Uni Technology Nigeria Ltd
91. Trade Lenda Com Limited
92. Creditville Microfinance Bank Ltd
93. Letshego Microfinance Bank Ltd
94. Kiowope Capital Limited
95. Oxymon Solution Limited
96. Lantana Technology Limited
97. Applink Capital Nigeria Limited
98. Yegon Tech Limited
99. Fezotech Nigeria Limited
100. Eric Vsta Limited
101. Moblaspay Company Limited
102. Paycredit Limited
103. Niz Services Limited
104. Mino Sparks Limited
105. Veendhq Limited
106. Ucplus Advance Limited
107. Maven Finance Limited
108. Aella Financial Solutions Limited
109. Fintcred Innovation Limited
110. Afrosay Fintech Limited
111. Fluna Capital Limited
112. Newedge Finance Limited
113. Ta Prime Limited
114. Regxta Global Service Ltd
115. Provest Limited
116. Mim Finance Company
117. Jm Rubinus Limited
118. Crossroads e-Payment Systems Limited
119. Consynergy Limited

Loan Apps with conditional approval

The commission also noted that 54 of the loan apps have conditional approval. It means the ones that got conditional approval have some fixes to make. They are:

1. Fintrade Solutions Limited
2. u Technology
3. Stellar Finance Limited
4. Dash Innovations
5. Grit-Tech Limited
6. Caelum Technologies Limited
7. u Thinking Nigeria Limited
8. Tripodbase Limited 
9. Owoafara Fintech Service
10. Paydayhub Online Nigeria Limited
11. Retail Booster Limited
12. Citadele Capitals Limited
13. Fewchore Finance Company Limited
14. One Payout Limited
15. Lidya Global Limited                    
16. Kwaba International Limited
17. Ajax Lending Limited
18. The Platform Digital Network Limited
19. Zippy Capital Limited
20. Lending Edge Limited
21. Lendha Technologies Limited
22. Doja Lemaire Global Limited
23. Finpadi Technologies Limited
24. Umba Digital Solutions Limited
25. Eaton Hill Investment Limited
26. Creditpro Business Support Services Ltd
27. Rockshield Microfinance
28. Dot Microfinance Bank Limited
29. Allawee Technologies Limited
30. Lucred Technology Limited
31. Nolt Finance Limited
32. Soko Lending Limited
33. Riverbrand Technology Limited
34. Muska Tech Limited
35. Helppo Africa Limited
36. Renners Investment Limited
37. Pebble Financial Tech. Limited
38. Citygate Global Investment Limited
39. Olivermead Investment Limited
40. Lighting Finance Technology Nigeria Limited
41. Meno Finance Limited
42. Hoil Investment Limited.
43. Kiredi Rock Company Ltd
44. Glosh Tech Limited
45. Clemo Fresh Co. Ltd
46. Passeco Technology Nig. Ltd
47. Trust Cen Limited
48. Riverbank Partners Limited
49. Prime Avis Investment Services Limited
50. Kiakia Bits Limited
51. Wealthbridge Capital Partners Limited
52. Trivista Capital Limited
53. Atimi Lending Ltd
54. Zuvy Technologies Limited

Collateral-Free Mobile Loan Apps

Let’s tell you the interest rate of some of the collateral-free mobile loan apps whether you applying to implement your business ideas or any other entrepreneurial goals you set to achieve.

Some of them have fair interest rate while some of them are not really designed for a small business because their interest rate could kill a small business.

We can’t deny the fact that due to the Fintech uprising in Nigeria, online lending startups are making it easier for businesses and private individuals to obtain quick loans to boost their business

So, let’s get started…

The interest rate of collateral-free mobile loan apps in Nigeria

Let’s pick just five

FairMoney

FairMoney provides short-term loans to help cover immediate needs, bills, business and much more.

They give access to loans at any time and anywhere within 5 minutes after the loan is approved. FairMoney packages include personal loans, business loans, education loans, and more.

With the operative use of technology, they are able to make available a quick and efficient loan app to all their customers.

Interest Rate of FairMoney: From 10% to 30% per month

Our Take:

With 10%-30% interest rate on fairmoney loan wasn’t basically designed for small businesses. A growing business or a startup can’t sustain on such a high-interest rate.

This is only suitable for someone who wants to take a loan of N10, 000 and repay within 15 to 30 days.

KiaKia

KiaKia is one of the collateral-free mobile loan apps in Nigeria that allows you access to personal and small business loans and also permits savers to lend out monies at discussed interests via instinctive conversations.

KiaKia makes use of psychometry, big data, machine learning and digital forensics for its exclusive credit scoring and credit risk calculation algorithm to make available direct and peered personal and business loans to millions of people and SMEs without credit information.

Interest rate of KiaKia Loan: 3.5% per month and the minimum amount you can borrow is N50, 000

Aella Credit

Aella Credit is a platform that makes it easy for people in Africa to gain access to funds.

Though majorly focused on employee lending and enablement, the platform was associated with three main credit bureau organizations in Nigeria to provide quick and easy loans with no paperwork to its users.

Aella Credit makes use of an exclusive credit scoring algorithm to decide the creditworthiness of its users.

The algorithm, which was developed after over five years of obtaining market data and analysis, processes an applicant’s admissibility for a loan by taking into consideration demographic and social factors and also their income-to-debt ratio.

You can take between N1,500 to N700,000 in Nigeria on this platform.

Aella credit Aella Credit: 4% – 29% monthly

Carbon (Formerly Paylater)

Formerly known as Paylater, carbon loan app is one of the pioneer collateral-free mobile loan apps in Nigeria.

It is an easy-to-use and wholly online lending medium that affords short-term loans to individuals and small business owners in Nigeria to help cover unforeseen expenditures or immediate cash needs.

With Paylater, you can have access to about N500,000 loan with no security. Once your application is accepted, funds are immediately credited to your account between 1 – 3 business days.

Timely repayments of the loan can grant you access to a much higher credit limit for your next loan.

The interest rate of Carbon loan: 12%-15%.

The interest rate on Carbon loan app depends on the risk level. But your access to loan on Carbon depends on your repayment trustworthiness.

If you failed to repay as at when due, your next application may be declined or delayed till another date.

Branch

Branch is a simple but dominant mobile loan app in Nigeria and Kenya. Obtaining instant loans on Branch App is so quick and easy to do. It will provide support to sort out your financial issues in real time.

Branch app gives out loans from ₦1,500 to ₦150,000. Loan terms range between 4 – 64 weeks.

Branch loan interest rate: 14% – 28% with equal monthly interest of 1% – 21%, depending on the selected loan option.

How do I know if a loan app in Nigeria is legitimate or not?

In 2022, the commission in collaboration with other monetary agencies mandated that digital money lenders comply with guidelines which expire on January 31, 2023.  

To know a legitimate loan app in Nigeria, it must follow the guidelines on the operation of loan apps by possessing the following documents:

• Operating licence from the CBN as a digital lender
• Evidence of registration with the Corporate Affairs Commission (CAC)
• Evidence of registration with FCCPC
• Complete form DLG 001 (it requires the applicant to provide identification and operation information to FCCPC)
• Complete form DLG 002

Note:

Form DLG 002 contains declarations relating to: 

• Compliance with applicable regulatory requirements; 
• Lawful source of funds
• Conformity with anti-money laundering
• Data protection laws
• Legitimacy

Conclusion:

The above 173 collateral-free legitimate loan apps in Nigeria are the most popular and have met the requirements and conditions of operation in Nigeria.

Reference:

• FCCPC (January 24, 2023). “The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022”. fccpc.gov.ng