Almost every borrower has a smartphone, but not all loan apps offer the same business capabilities. This guide covers the best quick loan apps for small businesses. So, if you are looking for the best fast loan apps, stay glued to this comprehensive review.
Competition remains fierce among Instant loan apps for small businesses, and our research team has tested and scored the accessible loan apps for SMEs of 20+ different apps.
To rank each speedy business financing app, we assessed over a dozen individual variables, and all testing was conducted using both Android and iOS devices. At the heart of it all, quick loan apps for small businesses are convenient, time-friendly, and easily accessible. Borrowers can take this advantage to borrow loans and also monitor their interest rate.
In this article, we shall list the best quick loan applications for small businesses you can install on your devices to track expenses. Getting these loan apps comes with a lot of benefits.
To cut the long chase, below are the five (5) best quick loan apps for small businesses:
- Paylater
- Palmcredit
- Aella Credit
- FairMoney
- Branch
Paylater
One of the instant loan apps for entrepreneurs is called Pay Later. It is an app that takes pride in lending money to customers. Paylater provides short-term and accessible loans for small business owners and individuals who are bankrupt but need business funding or personal funding. Grantors or paperwork is one of the requirements criteria for immediate funding apps for SMEs.
One of the beneficial aspects of borrowing loans from the paylater app is that it does not accept collateral. You can borrow up to 1 million naira (N1,000,000) or even more with a good credit score. The application process is very simplified and time-friendly.
After borrowing a loan from the quick loan application, you must reimburse your loan on time. This will help unlock higher loan amounts and reduce the interest rate during subsequent loans.
Is this app not great? It is.
To be eligible for PayLater Loan, you must be at least 18 years old. You must have a valid phone number and email address. Your residential address must be current. Remember that your bank account should be ready before you apply for a loan.
How to create a PayLater account?
Do the following to create a PayLater account successfully:
- Use your internet banking credentials to log into your account. If you don’t have an account with them, click here to register.
- Go to ‘My Accounts’ in the top-left corner.
- Click ‘PayLater’.
- You will see your pre-filled details in the PayLater dashboard.
- Ensure you link your savings account to your PayLater account.
- Provide permission for auto-debit and click on ‘Submit’.
- After creating your account, you will receive an e-receipt online with your account limit.
How to Borrow Quick Loans from Paylater
- After creating an account in the Paylater app, you need to download the app on your Android or iOS device.
- Fill out a loan form. Here, you must provide your details such as full name, phone number, gender, date of birth, bank account details, plus others.
- Choose your loan amount and period of repayment.
- After filling out the loan form, await your application review.
- Once your application is reviewed and approved, you will receive your loan within 5 to 10 minutes.
- Reimburse your loan on the payment due date. You can still repay your loan before the repayment date if you have the money at hand or bank.
Required Documents for PayLater Loan
- proof of income
- proof of address
- and a valid ID.
Palmcredit
Palmcredit is one of the best quick loan apps for small businesses in Nigeria. It comes in the form of a virtual credit card. This virtual credit card makes it easy for borrowers to access the rapid loan apps for entrepreneurs easily at any time.
You can borrow up to ₦100,000 from the palmcredit loan app. With it, you can effortlessly have access to “NANO cash loans” of ₦2,000 – ₦20,000 and “Airtime loans” of ₦1,000 – ₦10,000.
Palm credit loans come with different payment tenors nearby, determining your interest rate by the repayment terms you choose.
After borrowing money from Palm Credit, repay your loan to increase your credit score.
Presently, there are three loan repayment terms available, such as 14, 21, and 28 days, with interest rates of 12%, 18%, and 28%, respectively.
To be able to secure a Palmcredit loan, you must meet their eligibility requirements. This criterion involves being a Nigerian, 18 years old, having legitimate evidence of Identity, an attractive source of income, and many others.
How to Create a Palm Credit Account
Below are the steps to follow to create a Palmcredit account.
- Go to Google Play Store or Apple Play Store and download the palm credit app.
- Register with your mobile number.
- A verification code will be sent to your phone number. Use it and verify your number.
- Fill in the blank spaces with your full name, date of birth, gender, NIN, and BVN. You can verify your identity by providing these personal details.
- Remember to arrange your name as it appears in your NIN or Account name.
- Set up your bank details.
- Select Education and Employment with your details.
- Click submit.
- Your account is ready.
How to borrow Quick Loans from Palmcredit
Applying for quick loans from the Palm credit app is simplified through the following guide.
- Download the Palmcredit loan app from the Google Play or Apple Play store.
- Fill in the loan form by completing the empty spaces with your details, such as bank name, BVN, etc.
- Type the amount you need.
- Once your application is verified and approved, you shall get your loan instantly or in a few minutes, depending on your network connection.
Required Documents for PayLater Loan
- NIN
- BVN
- Mobile Number
- passport-sized photograph, voter card, or driving license.
Aella Credit
Aella Credit is a quick loan app for small businesses. It is also one of the Fintech companies that simplifies financial access for the unbanked (those not banking with any bank) and underbanked (those with limited access to bank options) in Africa.
Aella Credit places a concretes on credit score-based employee empowerment and borrowing. They provide three steps for employees and business owners to establish credit to boost their creditworthiness. They are Out of Network Loans, In Network Loans, and Micro Merchant Loans.
You can access non-collateralized loans up to N1,000,000 to headrest the shock of emergency expenses.
To be qualified for quick loans here, you must have your BVN and the Aella Credit App.
How to Create an Aella Credit Account
- Download the Aella Credit loan app from Google or the Apple Play store.
- Submit personal details such as name, gender, Gmail, mobile number, etc.
- Once registration is concluded, you must take a selfie to verify your account.
How to borrow Quick Loans from Aella Credit
Kindly follow the following steps:
- Download the Aella Credit loan app
- Register your account with your valid personal details.
- Fill in the loan application form. Remember to write or thick the amount of loan you need.
- Wait for approval.
- Collect your money.
Required Documents for Aella Credit
- Credit History
- Bank Details
- Utility bill
FairMoney
The list of the best quick loan apps for small businesses will not be complete without adding Fairmoney. It is an app for bankrupt Nigerians who need business funding—no hidden fees and no extra charges.
Fair money offers easy, timely, quick, and short-term loans. Every qualified applicant can borrow from ₦2,500 to ₦150,000 for their business or side hustle, with interest rates between 5% and 28% monthly. You can still borrow up to ₦3,000,000 to refund in 2 years. This loan app is beneficial because it accepts zero documentation, paperwork, or collateral. The repayment tenor is ranging from 4 to 26 weeks.
To be eligible for a Fairmoney loan, your Bank verification number must be ready. You must be a salaried or self-employed worker. If you are a student, you can still apply. Also, you must have a good credit score, earning at least ₦1000 or more in a month.
How to borrow a loan from Fairmoney
- Go to the Google Play Store and Download the FairMoney app
- Sign up with your valid phone number. Ensure it is linked to your BVN.
- Fairmoney will ask you some questions to verify your identity.
- Receive your loan after filling in your bank details.
Branch
A branch is a popular quick loan app in Nigeria that provides a stress-less and easy way to access instant loans for business growth. It comes with no hidden fees or collateral. With the Branch Loan app, you can access critical finance to cushion your sudden monetary needs.
You can borrow from ₦1,000 – ₦200,000 from Branch. The repayment terms last from 4 – 64 weeks. The interest rate is from 14% – 28% every month, which depends on your chosen loan options.
To be qualified for a branch loan, you need to have a phone number. It would be best to have a social media handle, especially a Facebook account. Additionally, having an ID number and a bank account is very necessary. Try to have an Internet connection to build your credit.
To create a Branch account, go through the Branch app and fill in the information needed. Remember to have a government-issued ID. It will be used to verify your identity.
How to borrow Quick Loans from Branch
- Click Download the Branch Loan app from the Google Play store.
- Create your account with your valid details.
- Select the loan that matches your needs and apply for it.
- Your loan will be sent to your bank account if approved.
Final Thought on the Best Quick Loan Apps for Small Businesses
Quick Loan Apps for Small Businesses have helped many individuals in getting financial solutions at ease. You have to borrow a loan through an app on your device.
In this article, we have listed the five best instant loan apps you can select from if you want to apply for a loan.
Good luck!