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What You Need To Know About Lending Apps

Grace Christos

Nairametrics

  Oftentimes, individuals and even business owners run out of funds and might need some extra cash to handle certain financial issues around them. In most cases, all means of getting money is exhausted, therefore, the only and best alternative is to consider getting a quick and easily affordable loan.
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However, the process of accessing quick loans in Nigerian banks is quite lengthy and tiresome for individuals and business owners looking for a small amount of loan for only a short period. As a result of this tedious process, most individuals and business owners have resorted to digital lending apps. This is because these lending apps cover the loan lifecycle from the application of loans to payment into the customer’s account in a faultless manner for a short period. Lending apps are digital apps used by individuals and business owners to request loans in order to meet certain financial needs. These online lending apps are making it easy for businesses and individuals to have access to quick loans when the need arises.

Beneficial Features Of Lending Apps

  1. Eliminating Paper Work: Digital lending apps permit applicants to submit all information and proof online, thereby, eliminating excess paperwork and manual procedures. This seamless process saves time and allows business owners to focus on other pressing needs.
  2. Improvement in Business Efficiency:  The loan process involved in these lending apps is completely automated and covers the entire loan lifecycle from application to approval, to payments, and creates a far better customer experience. It is a beneficial situation for both the lender and borrower, as it results in considerable time and cost savings while not compromising on risk and quality of customer experience.
  3. Convenient for first time borrowers: Individuals or business owners who borrow for the first time find it easier to use a digital lending platform. This is because these digital lending platforms simplify the entire lending process, while the features are user friendly and require minimal manual input. The processes involved are carried out without human bias or error, making the entire experience efficient, effective and enjoyable.
  4. Comfort across Devices: Digital lending apps are available on smartphones, given that the device has the maximum reach. Most individuals and business owners use their smartphones every day for various purposes, including financial transactions, because of the minimum manual data input needed. The fast turnaround time from loan application to money in the account describes the convenience of these apps.
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Some of the lending apps include:

Pay later

Pay later is a user-friendly online lending app that provides short-term loans to individuals and small businesses in Nigeria, to help cover unforeseen expenses or urgent financial needs. Pay later offers you access to loans of various amounts without collateral. The processes involved are seamless, given that the moment your application is approved, funds are typically received within 1 – 3 business days.  However, your ability to access higher credit limits depends on your ability to repay your loan on time.

PalmCredit

PalmCredit is a popular online platform that allows you to apply for loans in Nigeria without collateral, and have the funds transferred to you in minutes anytime and anywhere. One unique feature of this lending app is its attractive low-interest-rate, thereby, making it a popular lending app in the country.

Branch

This is one of the most used lending apps in Nigeria, because it uses data science to increase access to various financial services for individuals and businesses. The app takes care of your loan needs with ease, allowing you to focus on achieving your personal growth or growing your business.

FairMoney

FairMoney is a popular lending app that offers short-term loans to help cover urgent needs and business expenses. With this app, you can have access to loans anytime and anywhere, and have your loan application approved in a few minutes. This app also offers various packages, such as personal loans, education loans, business loans & more. While most of these platforms seem to offer quick loans without any collateral, it is advisable to carefully study their Terms & Conditions (T&C), which involves their interest rates and payback period, before throwing in your loan application. Featured Image Source: Nairametrics
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