Nigerian tertiary and general education expenses have increased, making a student loan system necessary to help students finish their study. In summary, after complete implementation, a large number of children will not be able to afford school fees.
Fortunately, there are a number of student loan apps available in Nigeria that can assist with financing education, preventing dropout rates for those who cannot afford these costs.
Understanding Student Loans
Student loans are financial aid provided to students in postsecondary institutions to cover their tuition and return the loan at a later time. Furthermore, student loans can be used for additional expenses like feeding or buying books in addition to covering fees.
Nigeria has started offering student loans, however it hasn’t been fully implemented as of this writing. In the later portion of this piece, we shall discuss various options, of which the government is only one.
10 Best Student Loan Apps In Nigeria
If you are looking for loan apps to take a loan to pay your tuition fee as a student in a Nigerian tertiary institution in Nigeria, here is a list of the best student loans apps in Nigeria:
1. Branch
Branch provides student loans with affordable interest rates beginning at 15%, ranging from N1k to N500k. It is a great option for students because you can repay it in one to twelve months and there is no requirement for collateral or documentation.
Fairly, all you need to meet the eligibility conditions are an ID card, a working bank account, and a BVN. You can apply for a loan and start an account with these.
2. Quickcheck
QuickCheck is an app that helps students apply for loans. It offers ₦500,000 loans with interest rates ranging from 2% to 30%. The length of the repayment terms is 12 months.
It’s easy to apply for a QuickCheck loan: just download the app from the app store of your choice, register, and submit your loan application. Furthermore, no collateral or guarantor is required, exactly like with other options.
Similar to other lending sites, QuickCheck needs your bank account number to process loan disbursements and your BVN for security and verification.
3. Migo
Migo, formerly known as Kwikmoney and Kwikcash, is a loan company with operations in Nigeria and Brazil, headquartered in San Francisco. Migo serves lenders, retailers, banks, and end consumers.
It provides appropriate loans, ranging from N500 to over N500,000, to students who need to pay their tuition. Customers typically begin with a modest loan amount and increase their loan offers gradually as you gain the system’s trust. You can apply for a loan with Migo via their loan app or website. The Migo USSD code can be utilized in the event that your device isn’t internet-connected.
Migo levies fees on loans that range from 5 to 15%, depending on the amount borrowed, and requires repayment within 14 to 30 days.
4. Aella Credit
Aella Credit offers large loans with competitive interest rates starting at 4% per month, ranging from 100k to ₦1 million. Repayment terms range from one to four months, and the application process can be completed fully online via their mobile app or website.
5. Kiakia
For students looking for a platform that provides relatively large loan amounts, this one is perfect. It is essentially a peer-to-peer (P2P) lending network that links borrowers and lenders without the need for collateral. All things considered, applying is quick, and you can acquire a loan quickly.
Starting at N50k, the minimum loan amount has a monthly interest rate of 3.5%. Nevertheless, the repayment period is only 7 to 30 days.
It should be noted that in order for borrowers to receive loans, the platform primarily demands that they have a source of income.
6. Okash
Okash, which was once an OPay subproduct, is now a stand-alone product that provides users with loans up to N500,000. This loan has a 12-month duration and can be used for a variety of things, including paying for school expenses. The Blue Ridge Microfinance Bank is the owner of OPay.
In addition, all you have to do to get a loan from Okash is download the app and register by giving the necessary information.
7. Renmoney
Renmoney offers loans with starting interest rates as low as 4.5% for amounts ranging from ₦6,000 to ₦6 million. Repayment lengths range from three to twenty-four months, and there is no collateral required for the simple application process.
They also provide insurance as an extra layer of protection to shield borrowers against unfavorable and unknown events.
8. PalmCredit
For students, PalmCredit is an excellent lending app in Nigeria. Rates for loans up to N100,000 start as low as 14%. Repayment terms range from 14 to 180 days, depending on your needs. Additionally, there is a credit scoring system in place; by borrowing responsibly, you might obtain even more dollars over time as your credit score rises.
Installing the PalmCredit app from the Google Play Store will allow you to apply for a loan. The startup wants to make it as simple as possible to obtain short-term loans and fast cash through a smartphone app.
9. FairMoney
FairMoney is an extremely trustworthy lending app, particularly for Nigerian students. With competitive interest rates ranging from 10% to 30%, this app offers loans with a maximum amount of ₦500,000. To apply for a loan, you’ll need your debit card and your bank verification number.
The application procedure is completed entirely online via the app, and repayment terms are negotiable, with options ranging from one to eighteen months.
FairMoney is unique in that it uses a credit score system that incentivizes conscientious borrowers. Users can obtain even better interest rates and larger loan amounts with each timely payback. This implies that more loans are available to conscientious borrowers.
10. Carbon
Carbon, undoubtedly one of the most well-liked lending apps in Nigeria, provides personal loans for a variety of uses, including education. Depending on the terms of the loan, the site offers up to N1,000,000 at interest rates that can be as low as 5% or as high as 30%. Furthermore flexible is the loan tenor.
This platform determines your loan eligibility by looking for your bank verification number, or BVN. If you’ve misplaced your information, learn how to verify your BVN. Carbon is available on the internet and through apps on your phone for both iOS and Android.
All you need to have in order to be qualified for a Carbon loan is a valid BVN and ID document, which will be required when you open an account.
