Which Loan App In Nigeria Has The Best Customer Service?

Sometimes, both private individuals and business owners may find themselves cash-strapped and need funds to meet urgent needs and demands. One of the possible solutions to such a dilemma is getting a loan.

Before the emergence of Fintech in Nigeria, obtaining a loan from commercial banks was a long and tedious process, requiring lots of documentation and the ‘unavoidable’ collateral. For people who need only a small amount of money, that is too much trouble for too little benefit.

Now, thanks to the Fintech revolution, people can gain access to short-term and mid-term loans very easily from the comfort of their space. This is made possible simply by downloading a loan app and providing some essential background information. 

In no particular order, here are some of the loan apps in Nigeria which come highly recommended by previous users, based on reviews and ratings on Google Play and Facebook:

Carbon

Formerly known as Paylater, Carbon is a Fintech company that offers personal, business, and payroll loans, helps people make online payments and make investments. It has more than 1 million downloads on the Google Play store, with a 4.2 rating based on 6k reviews.

To get a loan, the user only has to download the app from Google Play or Apple Store and register. Collaterals and guarantors are not needed. The interest rates are reasonable and vary depending on credit standing. The user can apply immediately for a bigger loan at a lower interest rate once full repayments are made as at when due. 

Carbon has responsive customer service and customer care agents are polite and professional. As is rife with mobile apps, there have been recommendations for updates and bug fixes.

Branch

The loan app was launched in 2015 and became available for the Nigerian market in 2017. It has more than 4 million customers and has issued more than 21 million loans. It has an outstanding 4.6-star rating based on 88k reviews on the Play store. 

These figures bear testimony to its service demand. Users can receive loans of up to ₦200,000 and repayment is spaced within 4 to 40 weeks. Accessing loans requires no collateral and eligibility can be checked on the mobile app.

Branch receives positive reviews for honesty, reliability, competitive interest rates, and excellent customer service. Users also commend its flexibility in repayment methods and duration.

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Kiakia

Kiakia is a peer-to-peer lending platform that was launched in 2015 by two Nigerians, Chimeziem Anyadike and Olajide Abiola. It aims at providing short-term loans to people who traditional banks consider ineligible. 

Individuals and business owners who wish to take a loan are paired with the best match from a pool of lenders. The platform uses a credit-scoring algorithm to analyze people’s financial history and determine their creditworthiness.

The app’s virtual agent chatbot (Mr. K) is available 24/7 to evaluate loan requests, pairing, and quick responses to queries. The more a user uses the platform and repays on time, the more his access to higher loan amounts at lower interest rates.

Palm Credit

With more than 90,000 downloads and a 4.4 rating on Google Play, this loan app has built a large user base. It is owned by Newedge Finance Limited. Its loan service is accessible through the mobile app, and users can get up to ₦100,000 worth within minutes.

Most users commend the low-interest rate and quick feedback to comments and complaints. The company has said that its aim is to ensure that people get access to quick cash and short-term loans via their smartphones as easily as possible.

The app does need a bit of work on the technical side though. Some users have commented to the effect that repayments are not synchronized and they are tagged as ‘delinquent’ when their cards are declined.