11 Super Simple Loan Apps That Can Borrow You 200k in Nigeria

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Are you looking for some loan apps to borrow 200k in Nigeria? 

If so, here’s everything you can do to get that money in the country.

A couple of years ago, I wanted to start a business, and I needed capital. 

It was difficult to find this money offline. With loan apps, it was easy.

The processes that I went through are what I list in this article. 

I hope you can do the same thing and get the same result. 

Since 2019, when loan apps began to get a lot more popular, they’ve been of immense help. 

Before their arrival, lending and borrowing were something to be avoided like a plague. 

Today, borrowing money is a breeze.

At the end of the article, I will provide you with business ideas in Nigeria that will help you make the most of this amount of money.

11 Super Simple Loan Apps That Can Borrow You 200k in Nigeria.

1. Fair Money Loan App

FairMoney is a startup founded in 2017 by some French men. It is based in Paris.

This outstanding loan is first on the list if you are looking for loans that offer 200k in Nigeria.

You need a smartphone for you to download the Fairmoney app. 

When taking the loan, it’s vital that you use the number connected to your bank. 

This is the number where you receive your banking alerts. These messages act as proof that you are active financially.

You’ll be offered a loan of N50k or less if you have no such banking alerts. 

With these alerts you’ll be offered 50k+.

I recommend that you take this loan. 

Repay on time and you’ll be given access to bigger loans of up to N200k.

• Interest rate: From 2.5 to 30%, with annual percentage rates (APRs) from 30% to 260%. 

For a loan of 200k, you may have to repay N260k in 6 months.

• Loan Duration: The minimum loan tenure is 30 days (1 month), and the maximum loan tenure is 18 months.

Pros

• Great customer service.

• Ability to extend your loan for a small fee.

• Moderate interest rate.

• You can earn money by bringing in new customers.

Cons

• Spam messages and calls.

• Incessant notifications on your phone

2. Okash Loan App

Okash was established in Kenya in 2018. As it grew, it expanded its operations to countries such as Nigeria and India. 

Initially, the Okash loan app was part of the OPAY application, but it was later separated and turned into a standalone application. 

With cash flow passing through and from your bank account, accessing a loan from Okash is easy.

Here’s how to do it:

Download the app with your smartphone.

Unlike the Fairmoney app, which can be used for other banking services,  Okash is strictly for borrowing. 

It’s pretty straightforward to operate. You can access a 50k loan from Okash at any given time. 

If you’re a good customer, you’ll be given access to higher loan offers that can be as high as N200k+.

Interest Rate: The interest rate for their loans can vary a lot, from 36.5% to 360%. 

If you borrowed money for 91 days, you’d pay 9.1% in interest.

Loan Duration: Okash has a loan duration of 91 days to 365 days, it depends on the amount of loan you have taken.

Pros

• Super easy to use app.

• No calls or messages.

• Moderate interest rate.

Cons

• No extension.

• Normal customer care. You may get threatened if you default on a loan.

• Unending calls and messages if you default.

3/ Palm Credit

The palm credit loan app is efficient. 

In as little as a minute, you can get a loan of 100k sent to your bank account. 

But like all other loan apps, having banking SMS alerts on your phone makes this easier.

A given advantage of the palm credit loan app is that you can download it on any Android phone with low MB consumption.

The app is strictly for lending money so it is easy to navigate.

When repaying your loan on Palm credit, be on the lookout for glitches. 

You may pay your loan; the app will report it as unpaid. 

In case something like this happens, contact customer care. 

Send them an email or call them. I prefer to call, so I know they’re working on it ASAP. 

Here is their number:  0700 7256 4357.

Interest Rate: Palmcredit charges an interest rate ranging from 14% to 24%.

This means that each month, you’ll pay around 4% to 4.7% in interest, depending on the amount you’ve taken.

When you look at the whole year, the Annual Percentage Rate (APR) for a Palm Credit loan falls between 48% and 56%. 

Loan Duration: You can choose to borrow money for a period as short as 14 days or as long as 180 days.

Pros

• Access to fast, easy loans.

• Before you take a loan nobody calls you.

Cons 

• Customer care will curse you out if you default on their loan.

• Unending calls and WhatsApp messages if you default.

• No loan extension feature.

• Loan duration period is shorter than others.

4. Branch Loan App

The branch loan app which became available to Nigerians in 2017 is the best loan app on this list. 

This is the first app that I took a loan from when I found out I could take a loan with my phone. 

The Branch app makes borrowing money super easy. And their customer care is the best. 

This app is similar to the Fairmoney app as you can use it for other banking transactions like saving, investing, and budgeting. 

Getting a loan of 200k with Branch can be difficult if you have borrowed and failed to repay another loan app.

You may also find it difficult to get access to loans that will exceed N20k if you fail to have some banking alerts on your phone. 

But if you manage to have these things then surely you’ll be able to borrow from as low as N5000 to as high as N1 million. 

Interest Rate: The interest rate falls from 15% to 34% monthly. This means that each month, the interest you’ll owe ranges from 1.5% to 20%.

With this rate, if you take a loan of 20,000 Naira your total repayment could be between N23,000 and N26,800.

Loan Duration:  On the Branch loan app, you can borrow money for a period of 4 to 52 weeks.

Pros

• The best customer service.

• Great app.

• No calls or messages to spam you.

• Interest rate is good. Loan duration is better.

• You can earn money by bringing in new customers.

• The app can be used for other banking services.

Cons

• No loan extension feature.

Related Posts:

• 500k Loan in Nigeria: How to Get Approved Quickly
• I need a loan of 50000 naira in Nigeria: Your Ultimate Guide 
• Zenith Bank Loan Code: How to Get a Quick Loan in Minutes

5. Renmoney

Renmoney was established in 2012 and has since grown into a money monster. 

You can call the Renmoney loan app a microfinance bank in the online space. 

With this app, you can get a loan as high as N6 Million. 

The app has 2 million app downloads on the Google Play store, so it is a popular one with Nigerians. 

Unfortunately, the app is only available on Android devices.

To get access to a Renmoney loan you have to be between the ages of 22-55.

You also need a clean credit score and statement of account for the last 6 months.  

Saving banking alerts on your phone is a must. So is a proper identity card and your BVN. 

Interest Rate: The interest rate you get from Renmoney depends on how long you take to pay back your loan. 

If you choose to pay it off within a year, you might have to pay as much as 33.9% in interest. 

But if you can pay it back sooner, say within 3 to 6 months, the interest rate will be lower. 

This is a way to encourage borrowers to repay their loans more quickly. 

Loan Duration: You can get loans from 3 months to a year with the Renmoney loan app.

Pros

• Good customer service.

• Moderate interest rate and great loan duration.

Cons

• No loan extension feature.

• Unending calls if you default.

6. QuickCheck

The Quickcheck loan app is one of the smoothest loan apps in Nigeria. 

For a first-timer, the maximum amount you can access depends on your credit score.

As well as your relationship with other lending companies. 

If you are looking for loan apps that can lend you up to N200k in Nigeria then Quickcheck loan App is highly recommended. 

Remember, having banking transactions saved on your phone is a plus.

The app is only available for Android devices. 

Owning another lending company, even for 1 naira will cause your loan to be denied.

Or even if you get granted another loan it will come with steep interest rates that might discourage you. 

Interest Rate: On QuickCheck, the interest rate for your first loan can be as low as 5% per month.

But for most loans, the interest can range from 2% to 30% per month. 

This means each month, you’ll be charged between 1% and 21% of your loan amount as interest.

Loan Duration: The amount it takes to pay back a loan from Quick Check can go from as low as 4 weeks to as high as 365 days. 

Pros

• Great customer service.

• No spam calls or messages.

• Even if you default your interest rate remains the same.

Cons 

• No loan extension feature.

7. Kia Kia Loan App

The Kia Kia loan app is a loan app that is not very popular in Nigeria but its services are great. 

If you are somebody who speaks some pigeon English, especially the Nigerian version you will know that Kia Kia means fast. 

That is what this loan app stands for. 

They represents an organization that grants individuals and businesses fast loans in Nigeria.

With Kia Kia, you can get a loan of N200k on the first go. 

It’s important that you have your BVN in place and your credit score intact.

Interest Rate: On Kiakia loan app, interest rate for personal loans is 15% per month. 

Loan Duration: Kia Kia loan has a minimum loan duration of 30 days and a maximum loan time of 180 days.

Pros

• Fast fast loan.

• No calls or messages before you take a loan.

Cons

• You may get threatened if you default.

• No loan extension feature.

8. Carbon Paylater Loan

The Carbon Paylater loan is a feature that was launched in 2016 with the aim of making finances available to individuals and business owners who need them.

You have to be 18+ to access it. If you are, it’s really simple for you to get a loan with Carbon.

Download the app on your phone, give the app permission to access different things like messages, gallery, contacts and camera.

With these permissions in place then the next thing would be to seek for a loan.

You’ll get a reply in minutes that tell you whether you qualify for 200k or not.

Not only can you process a loan with Carbon, you also get access to the Easy Buy where you can make a purchase and pay in installments.

Interest Rate: You can borrow a sum of N100k form Carbon and pay back N130k over a three month period.

Loan Duration: From 14 days to 365 days depending on the loan and the interest rate.

Pros

• The app is great and can serve as a banking app.

• Great customer care.

• Moderate interest rate, better loan duration.

Cons

• No loan extension feature.

• Without SMS as proof, getting a loan of 200k can be hard.

9. Palm Pay Loan App

The Palmpay loan app is the first loan loan app that I saw on Twitter that was used for a joke.

The picture that was circulated over the internet showed 2 people who were wearing PalmPay uniforms carrying a big Gen from a house.

This was when loan apps were still making an entry into the Nigerian market.

Today PalmPay has gone on to win the hearts of many Nigerians and if you are looking for where to get a loan of 200k, it is recommended.

As a first timer, Palm Pay may offer you a loan of 10k only.

This is to test your credit worthiness.

Taking this first 10k and paying it back will give you access to higher loan options.

But remember, what determines how much you’ll be offered comes down to your credit score.

Interest Rate: The interest rate of palm pay is high for first time loaners.

It gets lower as you do business with them. It ranges from 15% to 30%.

Loan Duration: Much like their interest rate, when you’re taking a loan for the first time you may get only 14 days. 

But as you keep working together it gets better.

For a loan of N200k you’ll be given a repayment duration of 365+ days.

Pros

• Fast loan.

• Great app.

• No spam messages or calls before you take a loan.

• Moderate interest rate and loan duration.

Cons

• No loan extension feature.

• You may get threatened if you default on a loan.

10. Aella Credit

Aella Credit is a loan app that operates in Nigeria and the Philippines.

Its sole purpose is to make loans available to individuals and small businesses.

Registered companies can sign up to Aella Loan and allow their employees to borrow under them.

But not only can you borrow money from Aella, they also offer investment opportunities.

You can borrow from N1, 500 to N1, 000,000.

Interest Rate: Interest rate ranges from 2% to 20%. 

Aella offers up to a 30% interest cut on early repayment.

Loan Duration: Their repayment duration ranges from 91 days to 180 days.

Pros

• Fast access to loans

• No spam messages or calls.

Cons

• No loan extension feature.

11. Lendigo App

The Lendigo Loan app is owned by Benjamin Benaim who is also the owner of Quick Check loan app.

With Benjamin Benaim as Provider of the Lendigo App, it’s guaranteed this is a good app.

If your loan application gets approved, The Lendigo App takes 5-6 working days for disbursement.

The Lendigo app is the only loan app in this list that can offer you a loan of upto N10 million.

But this amount depends on your credit score.

If you have a registered business, then your chances are even better.

• Interest Rates: The Lendigo loan app has different interest rates for different people.

For SMEs: The interest rate is 4.75% per year.

For POS Agents: The interest rate starts at 4.75% per year.

For Distributors: The interest rate is 3.5% per year.

For E-commerce Merchants: The interest rate is 4% per year.

Three (3) Important Tips for Getting Loans from Loan Apps

The tips listed here will increase your chances of getting a loan from loan apps in Nigeria if you follow them.

• Make sure you’re owing no other loan app.

If you are looking to borrow up to N200k in Nigeria.  

It’s important that you’re owing no other loan app. 

If you are owing, you’ll find it difficult to get more as your credit score is reported to the Credit Bureau anytime you fail to pay a loan.

This makes it super hard for you to get good loan offers from loan apps and banks.

• Have the necessary documents in place.

Loan apps will ask you for your BVN, Your Identity card, and information about yourself.

You’ll need:

• An Android phone.
• The loan app.
• Basic personal information such as name, phone number, and Email.
• BVN
• Bank Account details.
• Your Traditional Bank ATM Card
• A real time selfie.
• Your employment status
• Information about how much you earn each year.
• Your next of kin and their numbers.

• SMS Bank Alerts.

When accessing loans from loan apps they’ll ask you to allow their apps to read your contact list, your messages and the pictures in your phone.

This is to determine whether you are actively banking in the country.

The best information to leave in your phone when seeking for a loan is your bank alerts.

The Bank Alerts are proof that you have a traditional bank account that has cash flow.

That’s it.

5 Tips to Raise Money Without Loan Apps

Now, without loan apps there are other ways you can raise a capital of N200k in Nigeria.

• Borrow from individuals.

Borrowing a sum of N200k from one person may be too much. If you have friends, spread this N200k to seven people.

Getting N30k from seven people will give you N210k. 

The good thing about borrowing from friends and family is that their loans hardly come with an interest rate.

• Borrow from physical lending companies.

Another way to raise 200k in Nigeria is by seeking out physical loan offices and borrowing from them.

This is easy if you have a shop or an office.

The interest rates of the physical loan offices are often better than that of loan apps.

But some physical offices will require that you make repayment weekly as opposed to monthly.

You will also need to bring a guarantor.

• Sell property.

Selling property is my best way of coming up with quick money like 200k.

The best things to sell when you’re looking to raise money fast are electronics and furniture. 

They are mostly liabilities and can be replaced.

You can sell your TV on Facebook Marketplace.

I know it’s hard but if you’re looking to start a business you’ll replace it in no time.

If you have never borrowed money before and this is your first time. This is what I would advise you to do.

Sell stuff to raise the money now.

When you start what you’re intending to do with the money. You can then borrow to support it and help it grow further.

Before You Go…

That’s it for the 11 super simple loan apps that can give you a loan of 200k in Nigeria.

Now N200k is some money but with the current rate of inflation in the country, it’s not a lot of money.

If you’re taking this money for business and you feel you are not sure about the  business then check out this next article about 17 Best Businesses You Can Start With N200k in Nigeria.

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