Top 10 Lending Apps in Nigeria by Number of Downloads in Q2 2022

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Despite growing concerns over their modus operandi in loan collection, loan applications have remained in Nigeria. The rate at which Nigerians are frequenting them leaves no doubt that there are indeed some benefits of these apps.

For a fact, they dare every chance to provide unsecured loans, which traditional banks dare not venture into. The speed at which loans are disbursed, personalized repayment plans and less documentation make loan applications the best bet for Nigerians in dire need of money.

While there are now tons of them licensed by the Central Bank of Nigeria (CBN) to provide lending services, even amid growing allegations of breaches of the country’s National Data Protection Regulation (NDPR). Nairametrics looks at the download figures for these apps on the Google Play Store, which gives a good idea of ​​the apps that Nigerians primarily use. Although some of the apps are available on the Apple Store, many of them are not, which is why Google Play Store is used as the only yardstick to measure their popularity.

Here are the top 10 most downloaded loan apps in Nigeria on Google Play Store at the end of Q2 2022:

10. EasyCredit (1 million downloads)

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EasyCredit prides itself as a secure, reliable and online lending application in Nigeria. With over 1 million downloads in Q2 2022, the app provides instant loans of N3,000 to N100,000 with a loan term of 91 days to 365 days. Its interest ranges from 0.1% to 1%, the one-time processing fee ranges from N1,256 to N6,000 and the maximum annual rate (APR) is 40%.


9. Newcredit (1 million downloads)

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Newcredit is another instant loan app in Nigeria that has surpassed one million downloads. The personal loan app that provides Nigerian unsecured loans up to N300,000. The app uses artificial intelligence (AI) to analyze potential customers’ financial records including bank transaction text messages on their phones and their creditworthiness with other lenders.


8. Umba (1 million downloads)

Umba, like other top loan apps in Nigeria, has surpassed 1 million downloads. The lender prides itself on being the first digital bank in Africa. The app allows users to request, withdraw and repay loans directly from their smartphone or desktop computer. Once an individual is verified, they make lending decisions based on an assigned risk rating.

This app allows a borrower to increase their loan limit once they are able to repay on time.


7. QuickCheck (1 million downloads)

QuickCheck is a quick loan app that uses machine learning to predict borrower behavior and instantly assess loan applications. This app is among the top loan apps in Nigeria which have exceeded 1 million downloads. The company says it aims to offer digital financial services to help people get closer to their personal and professional goals. The app also offers unsecured loans.


6. Credit Aella (1 million downloads)

Aella credit prides itself on being a one-stop-shop for all your financial services. They offer short term personal loans ranging from N2,000 to N1,000,000 with repayment periods of 1-3 months. Their interest rates range from 6% to 20%. The app is obviously popular among Nigerians as it has been downloaded over a million times on the Play Store.


5. Okash (1 million downloads)

Okash is a fast and convenient online lending platform for Nigerian mobile users operated by Blue Ridge Microfinance Bank Limited. OKash caters to customers’ financial needs fully online 24/7. The application process takes only a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account. The app offers loans ranging from N3,000 to N500,000 and the repayment plan ranges from 91 days to 365 days.

The app is one of the most downloaded lending apps on Play Store, having surpassed 1 million downloads in the second quarter of 2022.


4. Carbon (1 million downloads)

Carbon is a digital financial services platform that provides a range of financial services including personal loans, business loans, payments, remittances, credit ratings, savings and investments. The carbon loan application process usually takes less than 5 minutes. Their rates vary from 2% to 30%, and it depends on the repayment term of the loan and the amount of money you want to borrow. As of the second quarter of 2022, the app had been downloaded over a million times.


3. FairMoney (5 million downloads)

FairMoney says it offers quick loans in 5 minutes with no documentation or collateral required. Loan amounts vary depending on your smartphone data and repayment history. Loan amounts vary between N1,500 and N500,000 with repayment periods of 61 days to 180 days at monthly interest rates ranging from 10% to 30%. The app is undoubtedly one of the most used by Nigerians as it has also been downloaded 5 million times and still counting.


2. Palmcredit (5 million downloads)

Palmcredit lags far behind Branch in terms of downloads, yet it is one of the most popular lending apps in Nigeria. The lending platform says it can provide a quick loan up to N300,000 in less than 3 minutes without any form of collateral. You can borrow between N2,000 and N300,000 and if your documents are complete and correct, you can get your disbursement within one business day, depending on the platform. The app has been downloaded over 5 million times on the Google Play Store.


1. Branch (10 million downloads)

Branch is a platform that offers fast online loans in Nigeria. As of the second quarter of 2022, this app is the most downloaded loan app in Nigeria which has crossed 10 million downloads on Google Play Store.

The app determines loan eligibility and personalized loan offers using users’ smartphone data. Their interest rates range from 15% to 34%. You can access loans from N1,000 to N200,000 in 24 hours, depending on your repayment history, with a repayment period of 4 to 40 weeks.

All you need to apply is your phone number or Facebook account, Bank Verification Number (BVN), and bank account number. They will also request access to your phone data in order to establish your credit score.

To note: Many lending app operators have been known to get their money back through harassment, including calling a defaulter’s phone contacts to request the contact’s intervention. These contacts can be a borrower’s friends, family members, colleagues or even employers.

Once you sign up for a loan on one of these apps, you hand over the privacy of your contact list to them, and it’s used if you don’t repay. The watchwords in dealing with loan applications are: don’t owe them.

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