Online loan apps are gaining traction because of features such as customized repayment plans, minimal documentation, low-interest rates, and quick disbursal. Before now, one of the biggest challenges people faced was accessing quick loans.
You had to visit a bank, obtain relevant information, and provide collateral before getting a loan. This process was not only tedious but also out of the reach of many people.
With the emergence of online loan apps, anyone can apply for a loan from the comfort of their homes. You can also monitor the progress of your application easily.
Different loan apps in Nigeria today offer a quick, easy and completely electronic means to access funds. Much of these loans are short-term and the interest rates vary from app to app.