In Nigeria, access to credit is crucial for individuals and small businesses to grow and meet their financial obligations. While there are numerous loan apps available on the Android app store, the options for iPhone users are limited.
Therefore, this article provides a comprehensive list of loan apps available on the iOS platform in Nigeria.
The first loan app on the list is Carbon. Carbon began as one of the earliest loan apps on the iOS platform in Nigeria, but has since expanded to include a digital wallet. The app offers instant, fast, and reliable short-term loans to users 24/7.
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Carbon does not require collateral or any document to approve loans, and there are no hidden charges. The app is a product of One Finance & Investments Limited, a CBN-licensed and regulated finance company. The loan amounts available on Carbon range from ₦1,500 to ₦1m, with an interest rate of 1.75% – 30%, and an Annual Percentage Rate (APR) of 23% – 60.8%. The loan tenure on Carbon ranges from 14 days to 15 months, and the repayment channels include in-app using debit/ATM card, in-app using Carbon account, Quickteller, and direct transfer.
The second loan app on the list is P2Vest. P2Vest is a peer-to-peer lending platform that connects screened borrowers to lenders and investors seeking better returns on their capital than savings accounts and fixed deposits.
The app offers loans ranging from N5,000 to N2,000,000, with varying interest rates, and an APR that is not specified. The loan tenure on P2Vest is 12 months, and the repayment channel is auto-debit from the linked card. Additionally, P2Vest has a B2B loan platform called P2VFB for businesses to manage their money lending activities.
The third loan app is Aella Loan, which offers quick and instant online loans in just five minutes. Aella is one of the most transparent loan companies in Nigeria, and borrowers can receive up to N1 million loans from the app. The loan amounts available on Aella range from N100,000 to N5,000,000, with an interest rate of 6% – 20%, and no specified APR. The loan tenure ranges from one to three months, and the repayment channels include debit card and direct transfer.
The fourth loan app on the list is Blocka Cash, which offers easy and hassle-free loans in Nigeria. Blocka Cash is available on both the iOS and Android platforms, and users can access short-term loans from at least N5,000 to up to N50,000, depending on their credit score.
The interest rate on Blocka Cash ranges from 3% per month to 10% per month, with an APR of 36% to 120%. The loan tenure ranges from 60 to 180 days, and the repayment channels include debit card, Quickteller, and direct transfer.
Blocka Cash considers several factors when assessing the eligibility of borrowers, including past loan performance and credit score.
The app is powered by James Crown Credit Limited, which has a money lender license issued by the Ogun State Government of Nigeria.
The last loan app on the list is So Kash, which claims to offer household and business loans in Nigeria. Users can access up to N1 million loans within two hours of applying from the app.
So Kash determines the eligibility of borrowers using a credit bureau, with a good credit score improving the chances of approval. The loan amounts available on So Kash range from N3,000 to N1,000,000, with an interest rate of 2% – 10% per month and no specified APR. The loan tenure ranges
