Accessing financial services has become convenient, with loan apps playing a significant role. These apps let you borrow money fast, without needing the usual documents like bank statements or pay stubs.
However, some of these loan apps stand out for not requiring an ATM card. This makes them even more accessible to a wider range of borrowers.
In this blog post, we will explore various loan apps that do not need an ATM card. Also, we will guide you on accessing loans through them.
Overview of Loan Apps in Nigeria
The loan app market in Nigeria has grown because more people can access credit quickly. This is because of financial inclusion, smartphones, and the need for fast credit. These apps made borrowing money easier than traditional bank loans. They succeed by avoiding strict bank requirements and delays, with easier eligibility criteria. This appeals to those without formal banking access or limited credit histories.
Loan apps’ popularity also stems from their convenience and accessibility. Available on smartphones, users can apply anytime, anywhere, with a streamlined, user-friendly process. Unlike traditional bank loans, these loans are approved and given within a few minutes. This swift turnaround makes them ideal for those facing urgent financial needs.
These apps have changed Nigeria’s financial system. They make it easier for people to access and use credit. Users can now manage finances, meet obligations, start businesses, and enhance overall well-being. However, some apps may charge extra fees, have high-interest rates, or be unfair. Make sure to carefully read and understand the terms and conditions before applying.
10 Loan Apps That Don’t Require ATM Cards
1. Branch
Branch is one of Nigeria’s most popular loan apps that offers loans without requiring an ATM card. It provides loans ranging from ₦1,000 to ₦200,000 with a repayment period of 4 to 40 weeks.
The interest rate ranges from 15% to 34%. To be eligible for a loan, you must have a BVN, a valid bank account, and a smartphone.
2. Aella Credit
Aella Credit is a popular loan app in Nigeria. It offers loans without needing an ATM card. It provides loans ranging from ₦1,500 to ₦1,000,000 with a repayment period of 1 to 4 months. The interest rate ranges from 4% to 29%. To be eligible for a loan, you must have a BVN, a valid bank account, and a smartphone.
3. QuickCredit
QuickCredit is a loan app that offers loans without requiring an ATM card. It provides loans ranging from ₦1,500 to ₦500,000 with a repayment period of 1 to 12 months. The interest rate ranges from 5% to 30%. To be eligible for a loan, you must have a BVN, a valid bank account, and a smartphone.
4. FairMoney
FairMoney is a loan app that offers loans without requiring an ATM card. It provides loans ranging from ₦1,500 to ₦500,000 with a repayment period of 1 to 6 months. The interest rate ranges from 10% to 30%. To be eligible for a loan, you must have a BVN, a valid bank account, and a smartphone.
5. Renmoney
Renmoney is a loan app that offers loans without requiring an ATM card. It provides loans ranging from ₦50,000 to ₦6,000,000 with a 3 to 24-month repayment period. The interest rate ranges from 2.76% to 9.09% per month. To be eligible for a loan, you must have a BVN, a valid bank account, and a smartphone.
6. Okash app
Okash app is a loan app that offers loans without requiring an ATM card. It provides loans ranging from ₦3,000 to ₦50,000 with a repayment period of 7 to 14 days. The interest rate ranges from 0.1% to 1% daily. To be eligible for a loan, you must have a BVN, a valid bank account, and a smartphone.
7. GTB Quick Credit
GTB Quick Credit is a loan app that offers loans without requiring an ATM card. It provides loans ranging from ₦10,000 to ₦5,000,000 with a 6 to 12 months repayment period. The interest rate ranges from 1.5% to 5% per month. To be eligible for a loan, you must have a BVN, a valid bank account, and a smartphone.
8. Branch Loan App
Branch Loan App is a loan app that offers loans without requiring an ATM card or BVN. It provides loans ranging from ₦1,000 to ₦200,000 with a repayment period of 4 to 40 weeks. The interest rate ranges from 15% to 34%.
9. Umba Loan App
Umba Loan App is a loan app that offers loans without requiring an ATM card or BVN. It provides loans ranging from ₦1,500 to ₦50,000 with a repayment period of 1 to 3 months. The interest rate ranges from 4% to 21%.
10. Aella Loan Credit App
Aella Loan Credit App is a loan app that offers loans without requiring an ATM card or BVN. It provides loans ranging from ₦1,500 to ₦1,000,000 with a repayment period of 1 to 4 months. The interest rate ranges from 4% to 29%.
How to Apply for Loans Without an ATM Card
1. Choose a loan app
Find a trustworthy loan app that doesn’t need an ATM card to give you the loan. Before you get a loan, think about:
● How much money you need
● How long it will take to pay it back, the interest rate, if you qualify,
● What others have said about it (even though you understand your personal need more)
2. Download and install the app
Locate the chosen loan app on the Google Play Store or Apple App Store and download it onto your smartphone. Install the app and follow the on-screen instructions to create an account.
3. Provide personal information
Please provide your details like:
● Full name
● Date of birth
● Phone number
● Email and address.
You may also be asked to provide your Bank Verification Number (BVN).
4. Complete the application
Please complete the loan application form. Give information about your income, job, and debts. Certain apps might ask you to connect your bank account or give other financial details.
5. Submit the application
After you finish filling out the application, make sure to review the details before submitting it. The loan app will assess your eligibility and creditworthiness.
6. Receive loan approval
Once your loan is approved, you’ll get a notification, and the money will go straight to your bank account or mobile wallet. The app will provide details about the repayment schedule and interest rates.
7. Repay the loan
Make payments on time as agreed to avoid extra charges and harm to your credit score. Certain apps allow you to pay back money differently, like taking it directly from your bank account.
Before you borrow, make sure you can repay it and read the loan terms carefully.
Conclusion
Loan apps make it easy to get credit without the usual bank loan obstacles. These apps are appealing to people with limited access to banking or credit. They have easy requirements.
But be careful with loan apps because some may charge hidden fees, high interest rates, or have unfair lending practices. Before applying for a loan, ensure you understand all the terms and conditions.
To find the best loan, consider different options based on your finances. Look at interest rates, repayment terms, and eligibility criteria.
