Is it Safe to Take Loans From Loan Apps in Nigeria?

 Loan apps in Nigeria started gaining massive popularity over the years due to their flexibility and instant supply of loan. However, several person's are still very skeptical in regards to collecting loan or patronizing these loan apps rather than commercial and microfinance banks. 

Especially when one is mandated to provide his Bank Verification Number (BVN), contact details and several other confidential details. Every average Nigerian must question the credibility and trustworthiness of these online loan apps in Nigeria.

In this article we have discussed detailedly if it is safe to take loan from loan apps in Nigeria or everyone should stick to commercial banks and microfinance banks loan, please stay tuned!

 What are Loan Apps in Nigeria?

Loan apps in Nigeria are licensed financial platforms or Fintech's which provides instant loan support to potential customers who are in need of loans to fund their businesses or meet up an emergency. 

Although they are often noted all over social media for ridiculing customers who involve in loan fraud, are these loan apps in Nigeria trust worthy? 

Well, we took our time to explain that in our next heading so keep reading if you want to know!

Is it Safe to Take Loans From Loan Apps in Nigeria?

Yes taking loan from online loan apps in Nigeria is safe, just make sure you are able to repay back on time and you don't default the loan terms or agreement. You don't have to worry about providing your Bank Verification Number (BVN) to these apps as they require it to check your credit score to determine how much loan you are eligible to get.

However, they are several loan apps in Nigeria that was blacklisted by the Nigerian government, do well to check and research about any loan app you want to patronize to prevent breach to your privacy.

Which Loan App is Safe to Take Loans From in Nigeria?

Some of the reputable loan apps which can be trusted in Nigeria are:

 1. FairMoney: 

FairMoney is known as one of the best loan apps in Nigeria due to its flexibility and many features such as: ability to extend loan repayment date, ability to top up loan and so on.

 2. Kuda:

Kuda is also an outstanding trusted loan app in Nigeria which is headed by Kuda bank, kuda offers short term loan to their customers as over drafts with low interest rate of 0.3% per day and repayment plan of up to 3 months.

 3. Branch:

 Branch loan app is undoubtedly a very popular loan application in Nigeria with over 10 million downloads on google play store. Branch offers loan ranging from #2,000 to #500,000 and can be accessed by simply downloading their app on play store.

 Conclusion

We have detailedly explained in this article if it is safe for an individual to get loan from loan apps in Nigeria or for them to stick to bank loans which is offered by commercial and microfinance banks.