loan apps are sapping the economy and seemingly helping

Five Loan Apps To Navigate The Sapa Economy

by Anaedo Gurus
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The word in almost everyone’s mouth today (by everyone we mean most youths on Social Media) is sapa which is a term for being broke or having little or no money. It is also used as an excuse for people who fail to take up responsibility or execute certain tasks.

While the description of their financial state with “sapa” might be true due to the harsh economic reality and recession, it’s however important to know a few steps about getting oneself across the financial hurdles in the country.

Being financial independent has many aspects to itself, including working hard and engaging in businesses, finding work, and many others, but at certain times even people that are working might still be affected by ‘Sapa’ or might just not have enough funds to scale through their business plans or their personal goals.
This is where loans come in.

Usually, getting access to loans is one of the most difficult things to do in the country given the fact that the economy is dwindling and lots of people are bargaining for bank loans. The use of collateral has also made it difficult to access loans as most people have little or no assets to serve as collateral. This is why some financial institutions or setups have come up with easier ways to get loans through apps.

In this article, you will be put through some of the best loan apps you can use to navigate the ‘Sapa’ economy in the country at the moment as getting loans has been made easy. At the moment, you can simply get loans by dialing USSD codes, installing apps and applying, and lots of other easy ways.

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Below is a list of five Loan Apps that you can use in Nigeria:

Fair Money

This is one of the most popular online loan apps operating in Nigeria. To further show its coverage, FairMoney also operates both in India as well as here in Nigeria. According to them, 3 million people are patronizing them for their loan services which they give out.

The range of their loan is from $3.6 (1500) to $1215.07 (500,000). Their repayment time frame ranges from 61 days to 1 year. Their interest rate is 2.5% and 30%. The app is accessible on Google PlayStore.

QuickCredit

Here, they use Artificial Intelligence (AI) to run a credit score and make some instant loan decisions. Their loan range also runs like that of FairMoney, $3.6  to $1215.07 (1500 to 500,000).

Their repayment is for about 30 days to 6 months, this depends on the type of loan one applies for.
It is accessible on Google Playstore and is only for Android users.

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Palm Credit

This app like other apps can be accessed on Playstore and gives people instant access to loans by just applying for it through their apps. Their loan amount ranges from 5000 Naira ($12.15) to 300,000 Naira ($729.04).

Read this – The Culture of Borrowing In Nigeria, Who is Losing?

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They take interest of about 4% to 24% depending on the length it took for the loan to be repaid.

It offers the users two options for repayment, that of 91 days and that of 365days depending on your choice. Its benefits include getting bonuses on timely repayments and then reduced interest rates.

Branch

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This loan app is one of the loan apps with the most number of countries covered in Africa and is often deemed more reliable by users because of its coverage and large number of users.

It was launched in the year 2017 and uses customers’ SMS history and phone data to authenticate the identity of users. It currently operates in Tanzania, Kenya, India, and of course, Nigeria.

Here in Nigeria, their loan amounts start from 1000 Naira ($2.43) to 200,000 Naira ($486.03). Their monthly interest rate is between 1.6% and 23%. This, however, depends on the amount of loan applied for and the time of repayment.

The users of Branch loan apps are allowed to choose their repayment plan starting from a minimum of 60 days to 336 days.

Carbon Loans

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This app, which was formerly known as PayLater, gives loans to customers who apply through the app. The criteria for taking a loan from Carbon is that you provide your Bank Verification Number otherwise known as BVN and then one can get access to their loan services.

The loan range is from 1500 ($3.6) Naira to 1 million Naira (2430.13).

Their repayment span is around a maximum of 64 weeks while it accrues interest of about 1.75% to 30%.

Others who can help you include Opay, RenMoney, and Nigerian bank payday loans. There are actually tens of them in the country.

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Written by Prince Chime

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