If you are an iPhone or iPad user, you’ll notice that some loan apps are not available on the Apple App Store. However, some of them make up for this by offering a web app. A web app is simply the ability to sign up or log into your account via the loan website without needing an app. Usually, the URL will be something like ‘app.loanapp.ng’.
A thorough selection has been made for this post, taking into consideration the FCCPC (Federal Competition and Consumer Protection Commission) and CBN (Central Bank of Nigeria) license, support for iOS, interest rate, and app reputation.
Loan App for iOS
Below are 7 loan apps, listed in ascending order, i.e., from the least to the best. I have carefully identified the important information you need to know as a potential borrower on each platform. You might have had an experience with a few of them but don’t be surprised that an app you disliked earlier might be the go-to app in this case. Let’s get in.
7. Urgent10k
At first, you’ll get the impression that Urgent10k is a waste of time. But what this app does is actually give small loans to people, even if you have a poor credit history. The problem with Urgent10k is that the loan amount you receive can be ridiculously small. You will request a loan, and Urgent10k will give you only 500 naira as your eligible amount. This happens to a good deal of borrowers. So, if Urgent10k qualifies you only for 500 naira, don’t be surprised. By the way, this app is fully approved by the FCCPC.
6. NeoCash
NeoCash is licensed by the CBN, and its FCCPC license has been waived as a result. NeoCash works on iOS and is legit. It’s just that this app is somehow broken to bugs, and can be really frustrating trying to obtain a loan. But if you do secure a NeoCash loan, it’s very good. The experience is unique to different borrowers when it comes to the speed of loan disbursement. For some, it’s ‘instant’ loan approval but others might see it turn into days or weeks, and sometimes, they never get back to you after collecting your personal and bank information. One more thing, Neo Cash doesn’t harass aggressively.
5. Aella
Aella loan is fully approved by the FCCPC. It is a CBN-licensed microfinance bank known as Aella Microfinance Bank after acquiring Flourish MFB. Aella charges interest rates of up to about 30 to 40%. However, unlike traditional loan sharks, you have more than 7 days to pay back your loan.
Aella promises that your loan application will be disbursed in 5 minutes but this isn’t always the experience.
There is also no guarantee that you’ll be given a loan after submitting your BVN, NIN, etc. The loan amount receive depends on your risk profile. It could be something small or something huge, depending on your credit history. Aella gives up to 1.5 million naira but as a student, you might not be eligible for this amount.
The loan term is different for different accounts, some below or more than 3 months. Aella doesn’t provide customer support by phone or in person. You can only contact them via email or through the in-app chat. The customer support is not the best in this industry.
4. Carbon
Carbon is licensed by the CBN and fully approved by the FCCPC. Carbon loan is available on iOS. The major problem is that it doesn’t focus on instant loans. As a microfinance bank, Carbon offers other bank-type services such as making payments, debit card services, and savings. The interest rate is typically 20 to 40%. This rate can go up if you do not have a good credit history.
Carbon doesn’t also seem to consider new or old customers. So, both new and old are treated according to their credit history.
Another Carbon problem is you may sometimes not be credited with the amount you applied for, i.e., you apply for a certain amount, but then get something different—either smaller or larger.
The loan disbursement duration is different for different people. Yours might be instant, but another person’s application might take longer. The repayment tenure also depends on the amount of money you borrow. The typical Carbon repayment term you can get is 90 days. For example, if you take a loan of 35,000 naira, you will have 3 months to pay back.
Carbon does NOT harass debtors. This doesn’t mean you should borrow from them if you won’t have the money to pay them back.
3. PalmPay
PalmPay is another loan app available on iPhone and iPad. It is legit, approved by the FCCPC, and licensed by the CBN. The problem with this PalmPay is that it doesn’t focus on lending money to people. If you need an app that can transfer money, pay bills, buy airtime/data, and borrow money all in one place, then use PalmPay. But if you need an app for loans only, Flexi Cash is the way and is available for iPhone.
Flexi Cash works hand in hand with PalmPay when it comes to repaying your loan manually or automatically. That means you can manage your Flexi Cash loan repayment from PalmPay while using PalmPay for things like transfers, bills, airtime, etc.
The interest rate is 20%. This rate is different for different Borrowers because it is calculated based on your creditworthiness and how long you have been on PalmPay. If you are a new user, your interest rate is going to be higher than an old user.
PalmPay also adds daily overdue charges up to 1-2% of your loan if you default after your due date. Palmpay loan uses Flexi Cash. So, when you are applying for a loan, it’s going to show up as Flexi Cash.
The repayment tenure depends on the amount of money you borrow. For example, if you are credited 5,000 naira, you might be given 6-7 days days to back. If you borrow 30,000 naira, PalmPay can give you 20 days. On PalmPay, you can also borrow as little as 500 naira.
PalmPay is known to contact borrowers who default. Some PalmPay agents will call you, and that can be embarrassing. They sometimes also call people from your contact list.
2. FairMoney
FairMoney is legit, fully approved by the FCCPC, and licensed as a microfinance bank by the CBN. FairMoney charges about 20% in loan interest. It can be up to 40% depending on your credit history and the loan amount you want to borrow. Sometimes it can be 50%, especially if your credit history is poor, and you have a record of defaulting.
It seems the higher the amount of money you borrow, the higher the interest rates, especially if your credit history is not good. For example, if you borrow 6,000 naira, you’ll have to pay back 7,782 naira in 28 days. But if you borrow 750,000 naira, Fairmoney will expect you to pay back 1.4 million naira in 6 months.
FairMoney does not determine your loan amount based on how long you have used the app, but this could have an effect, just not anything significant.
FairMoney tends to call borrowers 5 to 7 days before the due date of their loan. Like other typical loan apps, FairMoney can access your bank account and withdraw money without your authorization if you have defaulted for more than 1-2 days. As for customer support, it can be slow, and sometimes unable to solve problems.
1. Branch
Branch also supports iOS in Nigeria. It is a licensed Finance Company by the CBN and approved by the FCCPC. The major problem with Branch is slow customer support.
Apart from loans, you can use Branch to transfer to any bank account in Nigeria, pay bills, and invest and earn. But for a good experience, stick to using this app for loans only. The interest rate is 10 to 20%, depending on your credit history. It can be a bit higher. Branch doesn’t have preferential treatment for existing customers. So, even as new customer, you can get a good loan limit.
However, Branch is very stingy when it comes to loan amounts. They don’t tend to pay out larger amounts. But the interest rate is very good when you compare it to other loan apps in Nigeria.
The repayment tenure for Branch loans depends on your selection and the amount of money you apply for. They allow you to pick your own repayment date, such as 1 month, 2 months, 3 months, etc. You may get up to 1 year but only if you have a good credit history.
If your creditworthiness isn’t good, after applying for a loan, the app might notify you to come back in the next 60 days. That’s a long time, and it’s time to move on to another loan app.
Branch does not harass debtors. In terms of being friendly with borrowers, and also giving enough time to pay back, Branch is the best. But don’t borrow if you won’t have the money to pay back. Branch also has a no-penalty grace period.
The customer service is poor, and not always responsive. You can sometimes receive a response in under 10 minutes, but you won’t experience this all the time.
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