While it is good to take a loan to meet financial needs, it always makes sense to take such loans from CBN-approved and accredited lending platforms. This is important to protect you from scammers.
When you take a loan from an approved CBN lending platform, your sensitive data will be protected and the lending terms will be flexible too.
So, if you want to take either a short-term or long-term loan, it is best to take such a loan from licensed lenders like Carbon, Fairmoney, Branch, and Renmoney, etc. With these CBN-approved lending apps, you will be able to enjoy minimal interest rates and flexible repayment plans, among others.
Meanwhile, if you want to take a loan from loan apps in Nigeria but don’t know the ones with license and CBN approval, there is no need to worry again because we have got you covered. Stay tuned as we discuss a list of loan apps approved by CBN.
Importance of CBN Approval
Loan apps that have CBN approval and license mean that such loan apps adhere to the necessary standards and regulations of the apex bank, which ensures that borrowers information is safe and that the lending terms are also flexible for all borrowers irrespective of status.
Borrowing money from a CBN-approved loan app not only gives you peace of mind but also protects you from the risks associated with unregulated lenders, such as exorbitant interest rates and unethical debt recovery methods.
List of loan apps approved by FG
There are many lending apps in Nigeria that are CBN-approved. Such loan apps include but are not limited to:
1. FairMoney Loan App
FairMoney is one of the leading digital lenders in Nigera. CBN approved it. It allows borrowers to access loans without collateral. With FairMoney, borrowers can access up to ₦3,000,000 with a flexible repayment plan of up to 24 months. Accessing this loan is painless since it doesn’t require endless paperwork and loan disbursement is within a few minutes.
2. Carbon Loan App
Formerly known as Paylater, Carbon is another popular loan app in Nigeria. CBN approved and licensed this lending app. This lending app allows borrowers to access up to ₦1,000,000. Carbon protects borrower’s data in adherence to CBN policy.
3. Branch Loan App
With a full license from CBN, Branch is one of the popular lending apps in Nigeria. Although it is an international loan app, there are a significant number of Nigerians that use it to meet their urgent financial needs. It allows users to take out loan amounts of up to ₦1,000,000 with a repayment plan that is less than a year.
4. Renmoney Loan App
When searching for loan apps in Nigeria with CBN approval, Renmoney is always among the top players. With Renmoney, borrowers can access up to ₦6,000,000 depending on their creditworthiness. The amazing thing is that the loan disbursement takes less than 24 hours.
5. KiaKia Loan App
Kia Kia, which means “quick” in Yoruba, is another CBN-approved app that lives up to its name by providing fast and convenient loans. It offers personal and business loans with flexible repayment options. Kia’s peer-to-peer lending model allows users to invest and borrow at competitive rates.
6. Aella Credit Loan App
Aella Credit is a digital financial service provider that offers loans to individuals and businesses. The app uses a proprietary credit scoring algorithm to evaluate borrowers creditworthiness, which enables quick loan disbursement. This app allows borrowers to access loan amounts that range from ₦2,000 to ₦1,500,000 with repayment periods of up to 90 days. CBN approved Aella Credit Lending App.
7. Palmcredit Loan App
Palmcredit is a mobile loan app that allows Nigerians to access quick and easy access to loans without collateral. Borrowers can access loan amounts ranging from ₦2,000 to ₦300,000, with repayment terms between 91 and 180 days. Palmcredit is in compliance with CBN regulations, which ensures that users enjoy a secure and reliable lending experience.
8. QuickCheck Loan App
CBN-approved and licensed QuickCheck. It is a digital lending app that uses machine learning to predict borrowers’ behaviour and determine their loan eligibility. With this lending app, borrowers can access loans ranging from ₦1,500 to ₦500,000 with flexible repayment periods.
9. Specta Loan App
Specta is an online lending platform that provides instant loans to Nigerians who need urgent cash. This app allows borrowers to access loans up to ₦5 million with flexible repayment terms. This app has a strong bond with Sterling Bank. CBN approved the lending activities of Specta.
10. Migo Loan App
Migo, formerly known as Kwikmoney, is a cloud-based lending platform that partners with banks, mobile operators, and merchants to provide loans to Nigerians. It allows borrowers quick and easy access to credit. With Migo, Nigerians can take out loan amounts up to ₦500,000. CBN approved Migo’s lending app.
How to identify CBN-approved loan apps
Visit the official website of CBN to check if a loan app is approved and licensed by CBN. Or better yet, check for the registration status of the loan app on the Corporate Affairs Commission (CAC) website. Additionally, most of the CBN-approved apps often display their certification on their platforms to prove their transparency and assurance to users.