Student Loan Apps in Nigeria – Education they say is the key to a good future. Right now the increasing expenses associated with education, in Nigeria such as tuition fees and other costs have led to a growing demand for a system of student loans to support students throughout their journey.
Many students face difficulties that make it challenging to afford their education without assistance. Luckily there exist student loan applications in Nigeria that provide financial support ensuring that students who struggle with meeting their educational expenses can continue their studies.
In this article we will introduce you to the ten student loan apps in Nigeria that can help alleviate the burden of pursuing higher education.
Student Loan Apps in Nigeria?
Student loans are a type of aid offered to students in institutions to cover various expenses, including tuition fees, books and living costs.
These loans are typically repaid at a date often after the student has completed their education. While Nigeria has recently implemented a program for student loans this article will explore options for students.
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Top Ten Student Loan Apps in Nigeria
1. Carbon
Carbon is among the loan applications in Nigeria and provides individual loans that can be used for different purposes, like education.
The platform offers loans that range from N1,500 to N1,000,000. The interest rates, on these loans can vary between 5% and 30% depending on the terms of the loan. Carbon is conveniently available online. Can be accessed through apps designed for both Android and iOS devices. To be eligible, for a Carbon loan all you require is a BVN (Bank Verification Number). An identification documents.
Here are the main features of the service:
- You can transfer funds to any bank without any charges.
- It provides access, to loans, investment opportunities, bill payments and savings.
- The savings feature offers an interest rate of 11%.
- You can download the app from both Google Play Store and iOS app store. It requires around 21MB of storage.
These are the benefits you can enjoy:
- You have access to services 24/7.
- The user interface is easy to navigate. It ensures security measures.
- Bank transfers are fast and cost effective.
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2. Okash
Okash was initially a subsidiary of OPay Okash is now a product that offers loans up to N500,000 for purposes including educational expenses. You can choose loan terms that extend up to 12 months. The application process is simple; just download the app and provide the details.
To be eligible for Okash loans you need:
- You must be resident in Nigeria.
- Age between 20 and 55 years old.
- A income along with a valid reason, for taking out the loan.
Benefits:
- Easy loan access.
- Relatively low maximum loan amount of N50,000.
3. FairMoney
FairMoney provides access to loans with an amount of N50,000. The app is reliable. Offers interest rates between 10% and 30%. To complete the application process you will be required to provide your BVN and debit card information.
Repayment terms are flexible ranging from 1 to 18 months. Responsible borrowers are rewarded with loan amounts and better interest rates over time.
In addition to loans FairMoney also allows for money transfers to any bank and provides the option for generating an account number to receive money as well, as bill payment options.
Advantages:
- Smooth and effortless loan processing experience.
- User friendly interface.
- Credit scoring system, for borrowers.
4. PalmCredit
PalmCredit is a loan application in Nigeria designed for students. It allows borrowing amounts up to ₦100,000 with interest rates starting at 14%.
Loan durations range from 14 to 180 days. Being a borrower can improve your credit score giving you access to higher loan amounts.
Main Features:
- loan application on the Google Play Store.
- Focuses on providing cash access through a smartphone app.
5. Branch
Branch offers student loans ranging from ₦1,000 to ₦500,000 with interest rates starting at 15%. Repayment periods can extend from 1 to 12 months.
The application process is digital and does not require collateral making it an excellent choice for students.
Main Features:
- Quick access to loan options through the Branch app.
- In app savings feature available.
- Bill payment options provided.
- Available for download, on both Google Play Store and iOS Store (7MB).
Advantages:
- App designed to be user friendly and secure.
- The user interface is visually appealing and easy to navigate.
6. Renmoney
Renmoney offers loans ranging from, ₦6,000 to ₦6 million starting at interest rates of 4.5%. Borrowers can select repayment terms between 3 to 24 months and the application process is straightforward without requiring collateral. Additionally Renmoney provides insurance options for added borrower security.
Main Features:
- Instant access to all Renmoney services.
- Ability to transfer money to bank accounts.
- The app has a download size of 7MB.
Benefits:
- The app is responsive and user friendly.
- The loan application process is convenient and secure.
7. Kiakia
Kiakia is a platform that caters well to students, in need of loan amounts. It functions as a lending platform that connects lenders and borrowers in a peer, to peer (P2P) manner without requiring any collateral.
The loan application process is swift offering loans starting at N50,000 and an interest rate of 3.5% per month. To access loans borrowers typically need to have a source of income.
Main Features:
- P2P lending opportunities.
- easy approval for loans.
Benefits:
- Prompt disbursement of loans.
- Convenient application process without the need for collateral or guarantors.
8. Aella Credit
Aella Credit provides loans ranging from ₦100,000 to ₦1 million with interest rates starting at 4% per month. Repayment periods can extend from 1 to 4 months. The entire application process can be completed online through their website or mobile app.
Main Features:
- Quick and easy access to loans.
- Bill payment features.
- Aellas health insurance offering called “Aella care.”
- Investment options through Aella Notes.
Benefits:
- User app.
- No fees charged for transfers by agents or, for convenience purposes.
9. Migo Loan
Migo Loan, previously known as Kwikmoney and Kwikcash is a loan company that operates in Nigeria. They offer loans to students starting from N500. Going up to, over N500,000.
As you build trust with the system the loan amount can increase. You can access Migo loans through their web interface, mobile app or USSD code. The interest charges range from 5% to 15%. The repayment periods vary from 14 to 30 days.
10. QuickCheck
QuickCheck is a loan app in Nigeria that’s student friendly. It provides loans of up to ₦500,000 with interest rates ranging from 2% to 30%.
The repayment terms can extend up to 12 months. Getting a QuickCheck loan is simple; all you need to do is download the app create an account and submit your loan application. No collateral or guarantor is required.
Benefits:
- No need for collateral or guarantors.
- disbursement, after loan approval.
- User friendly platform.
- No collateral or guarantor is required.
Conclusion
These top 10 student loan applications, in Nigeria offer support to students who are pursuing higher education. Whether you require funds, for tuition fees, books or other educational expenses these applications provide convenient loan options.
It is important to review the terms and conditions of each application in order to select the one that aligns best with your needs and financial situation.
