10 Best New Loan Apps in Nigeria (October 2023)

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New Loan Apps in Nigeria: Have you tried all the loan apps in Nigeria, but want to get a loan from a new one? Nairarush has curated 10 of the best in 2023.

In the past few years, there’s been a shift from traditional bank loans to digital (fintech) loans. This shift has resulted in a proliferation of lending apps designed to provide quick, secure, and hassle-free loans, prompting the question – which are the best new loan apps to borrow money in Nigeria?

This article will shed light on this intriguing question, providing an in-depth review of the 10 best newly launched loan apps in Nigeria in 2023.

Whether you’re wondering how to get a loan from new loan apps in Nigeria or are simply interested in the latest financial tech, this article has got you covered.

So, without a waste of time, let’s get started!

Detailed Review of the 10 Best New Loan Apps in Nigeria 2023

Let’s dive into our top picks for the best new loan apps to borrow money in Nigeria in 2023. For each app, we’ll explore key features, interest rates, loan amounts, repayment terms, and more.

1. Irorun Loan App

Irorun Loan App, one of the new loan apps in Nigeria, is making waves with its simple and customer-friendly approach.

Key Features and Benefits

Irorun offers loans from NGN 1,000 up to NGN 50,000, with repayment plans ranging from 14 days to 1 month. Its interest rates vary between 3% to 5% and can accommodate various borrowers’ needs.

One of Irorun’s standout features is its intuitive user interface, making it easy for anyone wondering how to get a loan from new loan apps in Nigeria. The app’s downside could be its relatively lower maximum loan amount, which may not cater to those seeking higher loans.

Customer reviews often mention Irorun’s efficient service and the ease of loan application. The app’s robust security measures ensure the protection of user data, reinforcing its reliability.

Read Also: Top Loan Apps to Borrow 100K Instantly

2. Payday Advance

Payday Advance is an innovative solution for those seeking to borrow money in Nigeria without the hassle of traditional lenders.

Key Features and Benefits

Payday Advance caters to a wide range of financial needs with loan amounts from NGN 10,000 to NGN 1,000,000. The app offers flexible repayment terms from 65 days to 2 years, while interest rates range from 3% to 25%.

One of Payday Advance’s notable pros is the speedy approval process. However, potential users may be deterred by the relatively higher interest rates.

Customers appreciate the transparency of Payday Advance’s terms and conditions, along with its seamless application process. As with other top-notch loan apps, Payday Advance prioritizes user data security.

Read Also: How to Borrow Money without BVN in Nigeria

3. Yescredit Loan

New loan apps in Nigeria

Yescredit Loan is a freshly launched loan app in Nigeria that aims to democratize access to quick financing solutions.

Key Features and Benefits

Yescredit offers loans ranging from NGN 1,000 to NGN 100,000, with a flexible repayment window of 30 days to 180 days. Its interest rates vary between 5% and 29%, making it a viable choice for different borrowing needs.

Yescredit stands out for its minimal documentation requirement and easy application process. However, it requires access to smartphone data, which may raise privacy concerns for some users.

Customer reviews highlight Yescredit’s prompt service and user-friendly interface. The app places a strong emphasis on data security, ensuring a safe borrowing environment.

See Also: How to Get a Loan without ATM Card in Nigeria

4. Blocka Cash

Another new loan app in Nigeria is Blocka Cash. It is a rising star in the digital lending landscape.

Blocka Cash blend of fast processing and user-friendly interface has made it a sought-after platform for borrowers seeking new loan apps without collateral in Nigeria.

Key Features and Benefits

Offering loans up to NGN 50,000, Blocka Cash caters to a broad spectrum of financial needs. With repayment terms of 2 to 6 months and interest rates from 3% to 10%, Blocka Cash stands out for its flexibility and competitiveness.

The prime advantages of Blocka Cash include its low-interest rates, transparent terms, and swift approval process. On the downside, some users have noted that the app requires a fair amount of personal information, which might raise privacy concerns.

Blocka Cash has garnered positive user reviews, praising its seamless loan application process and responsive customer service. The app’s top-notch security features ensure the confidentiality of your data.

Related: Best Loan Apps for Students in Nigeria

5. Xcross Cash

Xcross Cash, another entrant among the newly launched loan apps in Nigeria, is rapidly becoming a favourite for its seamless operation and competitive offerings.

Key Features and Benefits

With Xcross Cash, you can borrow anything from NGN 10,000 to NGN 50,000. The app offers a flexible repayment term of up to 180 days and interest rates that range between 4% and 24%.

Xcross Cash stands out for its quick loan disbursement, easy-to-understand terms, and top-notch customer support. However, users should note that the app may require access to some personal data for loan approval, and the interest rates depend on the loan amount and repayment term.

Customers have highlighted Xcross Cash’s intuitive user interface and prompt loan disbursement in their reviews. The app employs stringent security measures to protect your data and privacy.

Check Out: How to Borrow 20K in 5 Minutes in Nigeria

6. P2Vest

P2Vest is a unique entrant in the list of new loan apps to borrow money in Nigeria. It combines the advantages of peer-to-peer lending with the convenience of a digital platform.

Key Features and Benefits

P2Vest allows borrowers to secure loans ranging from NGN 5,000 to NGN 2,000,000 with repayment terms of up to 12 months. The interest rates vary from 2% to 20%.

P2Vest’s strength lies in its peer-to-peer lending model, which can offer lower interest rates than traditional lending institutions. However, loan approval may take longer than other apps due to the nature of its lending model.

User reviews applaud P2Vest for its innovative approach and competitive rates. It also boasts of a secure platform, reinforcing trust among its users.

Related: Top Loan Apps with Low Interest Rates in Nigeria

7. Kredi Loan

As we continue our exploration of the best new loan apps in Nigeria, Kredi Loan makes its mark with its simplicity and efficiency.

Key Features and Benefits

Kredi Loan offers amounts from NGN 5,000 to NGN 500,000 with a repayment term of up to 180 days. The interest rates range between 5% to 29%, making it a competitive choice for potential borrowers.

Kredi Loan shines with its straightforward application process, quick approval, and excellent customer service. The only drawback is that the higher loan amounts require extensive documentation.

Kredi Loan has received positive feedback from users, with many appreciating its prompt service and easy-to-use interface. The app maintains high-security standards, ensuring user data remains protected.

See Also: How to Borrow Money with BVN Only in Nigeria

8. Umba Loan

Stepping into the spotlight next is Umba Loan, a digital bank that’s reinventing how Nigerians access financial services. As one of the new loan apps to borrow money in Nigeria, Umba has been turning heads with its robust offerings and innovative features.

Key Features and Benefits

Umba Loan offers a flexible range of loan amounts from NGN 3,000 to NGN 300,000. With a repayment duration of up to 6 months and interest rates as low as 10% to 21%, Umba Loan is making waves in the digital lending space.

The strengths of Umba Loan lie in its simplified loan application process, swift loan approval, and transparent terms and conditions. A potential drawback could be that the app requires a fairly good credit score for approval.

Customers are full of praise for Umba Loan’s seamless user interface and responsive customer service. The app prioritizes user security, ensuring that your personal data remains secure at all times.

Read Also: Best Private Money Lenders in Nigeria

9. Kuda Loan

New loan apps in Nigeria

Kuda Loan, a rising star in Nigeria’s digital banking scene, offers a variety of loan products designed to cater to diverse needs.

Key Features and Benefits

Kuda Loan provides loan amounts ranging up to NGN 200,000. The app offers repayment terms of up to 6 months, with interest rates of 0.3% daily.

The perks of Kuda Loan include a seamless application process, quick loan approval, and a strong customer support team. Potential borrowers should note that the app might require a good credit score for loan approval.

Customers appreciate Kuda Loan’s user-friendly interface, prompt customer service, and overall efficiency. The app places a high premium on security, ensuring the utmost protection for your data.

10. FINT

Last but certainly not least, FINT is making its mark as a reliable option for Nigerians seeking convenient and secure digital lending options.

Key Features and Benefits

FINT offers loans from NGN 20,000 up to NGN 1,000,000, with repayment terms from 1 month up to 12 months. Interest rates vary from 2% to 30%, depending on loan amount and duration.

FINT shines for its easy application, quick loan approval, and exceptional customer service. However, the app does require access to certain personal data for loan approval.

Users often laud FINT for its excellent service, quick loan disbursement, and efficient customer support. The app guarantees data safety with its robust security features.

Related: Top Loan Companies in Nigeria

How to Choose the Right Loan App for Your Needs

Choosing the right loan app from the newly launched loan apps in Nigeria hinges on understanding your specific needs and matching them with the right app.

Be cautious about scams and predatory lending practices, and always prioritize apps with transparent terms and conditions.

Also, consider the interest rates, repayment terms, and loan amounts offered by each new loan platform in Nigeria. After taking all that into account, we recommend that you go with the one that best suits your financial needs.

What to Look for in a Reliable New Loan App

When looking for a reliable loan app, there are several critical factors to consider. These include ease of use, interest rates, repayment terms, customer service, and, importantly, security and privacy.

Each of these elements plays a crucial role in ensuring a positive user experience and secure financial transactions.

How to Apply for a Loan Using These Apps

Securing a loan from these new loan apps without documentation is a breeze. Here’s a step-by-step guide to help you navigate the process and increase your chances of loan approval.

  • Download your preferred latest loan app.
  • Sign up/Register an account on the app
  • Login in, and find the “Apply for a Loan” or “Apply Now” option.
  • On the loan application page, enter the required information including loan amount, repayment period, and more.
  • Submit the application form and wait for the loan app to get back to you.
  • If approved, the loan will be disbursed into your account. You can reapply if declined.

Conclusion

Choosing the right loan app in Nigeria can be a game-changer in managing your financial needs. With the right app, borrowing money can be as easy as a few taps on your smartphone. 

The above-mentioned apps represent the best new loan apps to borrow money in Nigeria, each with its unique strengths and features. Remember, responsible borrowing is key to maintaining financial health.

We hope this article helps you navigate through the various new quick loan apps in Nigeria.

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