The yawning need for personal and business loans by borrowers, who continue to face difficulties in getting the same from the traditional banks, has yielded a multitude of digital lenders within the Nigerian financial ecosystem. A major challenge consumers face is the lack or insufficient information about digital lenders and contractual terms.
As part of Consumertrics advisory series on Responsible Lending and Borrowing, we are presenting, here, 20 digital lenders and other details that may help you make a sound loan decision.
Aella Credit
Aella offers various financial services including credits. Applying for Aella credit requires no document, while its loan size ranges from N2, 000 to N1, 500,000, with a tenor of 61 days to 365 days, at interest rates of 2 % to 20%, and Annual Percentage Rate (APR) starting from 22% to 264%. Aella has a 4.4 star review ratings and 35k reviews on Google Play store
Carbon
Carbon operates in Nigeria, Ghana, and Kenya, and it offers personal and business loans. Its loan size is from N1, 500 to N1, 000, 000; interest rates of 1.75% to 30%, and APR of 23 % to 60.8%. Depending on loan type, processing could take between 2-5 working days, with repayment of 61 days to 365 days. Carbon has a 4.4 star ratings and 130k reviews on Google Play Store.
Newcredit
Newcredit offers loan amount ranging from N10,000 to N300,000, with interest rates from 4 % to 24 % and at APR of 48%. Loan repayment is 180days. Newcredit has a 4.4 star ratings and 77k review on Google Play Store.
Kredi
Kredi offers savings and loan services. Its loan spans N5,000 to N500,000; interest rate at 4.5% to 35%, and APR of 29% to 120%. Loan repayment takes between 60 to 180 days, while a borrower must be at least 21 years old. Criteria for eligibility include credit score and past loan performance. Kredi has 3.8 star ratings, and 471 reviews on Google Play Store.
Mota Cash
Loan offering starts from N1,000 and could reach N50,000, repayable between 91 to 180 days; interest rate of 1.3%; APR between 16% to 21%. Mota Cash has 4.9 star ratings, and 884 reviews on Google Play Store.
Fair Credit
A potential borrower could take between N1, 500 to N1, 000, 000 loan, with repayment stretching between 95 days to 18 months, at interest rates between 2.5% to 30 %, and APR ranging 26% to 32%. Fair Credit offers interest discount of up to 90% for early repayment. It has 4.8 star ratings, and 5k reviews on Google Play Store.
Sycamore
Sycamore offers personal and business loans ranging N100, 000 and N5 million, and N500, 000 to N5 million respectively. Personal loan has interest rates of 3.5% to 5% and a repayment period of 3 to 9 months. Eligibility requirements are borrower’s bank statement, valid ID (driver’s license, international passport, voter’s card or national ID card), utility bill, BVN/NIN, while Corporate Affairs Commission (CAC) document is mandatory for business loan type. For business loan, the payback time is 3-6months; interest rate, 5% – 10%; APR is 27.6% to 72%. It has 3.8 star ratings and 148 reviews on Google Play Store.
Okash
Loan offering ranges between N3,000 to N500,000; interest rates of 0.1% to 1% (interest rate calculated on a daily basis), APR from 36.5% to 360%, and loan repayment plan from 91 days to 365 days. A borrower must be a Nigerian resident, aged between 20-55 years, and have a source of monthly income. Okash has a 4.4 star ratings and 102k reviews on Google Play Store.
YesCredit
The company basically offers micro-credits, ranging N5,000 to N50,000, with a tenor of 60-180 days, at 4.5%-35% interest rates, and APR of 29% to 120%. YesCredit has a 2.8 star ratings and 82 reviews on Google Play Store.
MyNaira Loan
The lender offers loans from N3, 000 to N50, 000 at interest rates of 6% to 24%, APR of 12% to 30%, and are payable within 91-365 days. The lender has a 5 star ratings and 1, 000 reviews on Google Play Store.
TrueNaira
The lender offers loans ranging N2,000 to N300, 000, with a tenor of 91 to 365 days and interest rate of 16% to 21%. The lender has a 4.7 star ratings and 14k reviews on Google Play Store.
Palm credit
The lender offers loans ranging N10, 000 to N300, 000; repayment plan of 91 days to 365 days; interest rate of 4% per month and annual interest rate of 24%; APR from 24% to 56%. It has a 4.2 star ratings and 173k reviews on Google Play Store.
SoftNaira
SoftNaira loans range from N40, 000 to N800, 000, with a tenor from 91 days to 180 days, at interest rates spanning 15% to 36% and APR of 15% to 36%. It has a 4.0 star ratings and 904 reviews on Google Play Store.
QuickCheck
Quickcheck loans range from N1,500 to N500, 000, with repayment plans of 91-365 days, at interest rates from 2 %-30%, and APR from 30% to 260%. The lender has a 4.5 star ratings and 147k reviews on Google Play Store.
StarLoan
The lender offers loans ranging N1,000 to N300, 000, with repayment plan of 60-120days, at interest rates from 10 % to 30% per annum, and APR of 30 %. The lender has a 3.8 star ratings and 11k reviews on Google Plat Store.
iCredit
iCredit gives loans ranging from N1, 000 to N50, 000, with interest rates of between 5 % -36%, and a repayment period of 91 days to 365 days. The APR is 365 %, which include interest rate and processing fee. The company makes loan decision by using the data on your mobile phone including your SMS history to verify identity. The company has 4.1 star ratings and 67k reviews on Google Play Store.
Super Cash
The lender offers loans between N1,000 and N50,000, at interest rate of 1.3% per month and maximum APR of 16%-21%, within a repayment period of 91 days to 180 days. The lender does not charge any service fee; it has 4.9 star ratings, and 2k reviews on Google Play Store
NodCredit
This lender gives loans ranging N10,000 to N50, 000 for first time borrowers, while returning customers can access up to N300, 000. The interest rates payable on loans are between 1% to 16% per month, with APR of 60% to 192%, and a repayment period of 62 days to 180 days. The lender has a 2.7 star ratings and 3k reviews on Google Play Store.
Renmoney
The lender provides loans of up to N6,000, 000 (six milllion naira), at interest rate of 2.65% monthly and APR, 31.83%. The loan repayment period ranges between 3 months to 12 months. The lender has a 3.4% star ratings and 9k reviews on Google Play Store.
