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Government Approved or registered Mobile Loan App in Nigeria
Mobile loans are one of the fastest and easiest ways to get fast cash in Nigeria today. Fortunately for Nigerians, the government has introduced several approved mobile loan programs for use by people who need quick cash for various purposes.
The rise of apps like this shows how technology is transforming the financial industry and making it more accessible and convenient for users.
Approved or registered mobile loan programs in Nigeria are regulated and licensed by the Central Bank of Nigeria (CBN) and other financial regulators in the country. Here are the top 5 List of registered best loan companies in Nigeria
List of registered loan companies in Nigeria.
1. Carbon
Carbon (formerly Pilator) is one of the most popular mobile loan apps in Nigeria. Carbon offers personal loans of up to N1 million within 5 minutes. Users need to download the app first and do KYC verification from the app. Once approved, users will have access to loans of up to N500,000 with a maximum repayment period of 64 days and an interest rate of 5% to 15% depending on the loan amount and tenure.
2. Fair Money
Another popular mobile loan app is FairMoney. FairMoney is a mobile money lender that offers loans up to N500,000 with repayment terms of 4 to 26 weeks. FairMoney loans have fixed interest rates based on the loan amount and repayment period, starting at 10%. FairMoney only offers loans to Nigerians above the age of 18 who have a bank account linked to BVN and a steady source of income.
3. Okash
Okash is a mobile loan application that offers loans in Nigeria. The app relies heavily on artificial intelligence to assess the borrower's creditworthiness before offering a loan. Once approved, borrowers will have access to loans ranging from N5,000 to N50,000 with repayment terms ranging from 14 days to 91 days. The app is available for download on the Google Play Store and has received many positive reviews from satisfied customers, making it one of the most popular loan apps in Nigeria. Okash is suitable for Nigerians who need quick financial assistance.
4. Branch
Branch is another mobile loan app that offers quick loans to Nigerians. The program offers loans of up to N200,000 and borrowers have repayment terms of up to 15 months with interest rates ranging from 14% to 28%. The amount and duration of the loan depends on the creditworthiness of the borrower.
5. Renmoney
Renmoney is one of the notable government approved mobile loan programs for Nigerians. Renmoney offers personal and business loans up to N6,000,000 with repayment terms of up to 24 months. The interest rate varies from 10.5% to 34% based on the loan amount and term, which makes it one of the lowest interest rates in the market. This app simplifies the loan application process and quickly disburses funds within 24 hours.
Summary
The government-approved mobile loan programs mentioned above provide Nigerians with a quick and easy way to access cash. However, it is important to note that these loan programs have limitations and different interest rates for each loan. We recommend that you carefully read the terms and conditions of each lender. It is also important to know that loans have a repayment schedule.
