Best loan app for students
Loans are an essential part of funding for students in Nigeria. The cost of education, accommodation, and other living expenses can be overwhelming, and loans provide a way for students to meet these expenses.
There are several loan apps that cater specifically to students. Here are a few options you might consider
Sallie Mae
Sallie Mae is a well-known lender that offers private student loans to undergraduates, graduate students, and parents of students. Their app allows you to apply for a loan, manage your account, and make payments.
Sallie Mae is a financial services company that provides private student loans, among other financial products. The Sallie Mae loan application process typically involves the following steps
Start by visiting the Sallie Mae website and reviewing the available loan options.
If you decide to apply for a loan, you will need to complete an online application. You will be asked to provide personal information, such as your name, address, date of birth, and Social Security number.
You will also need to provide information about your school, program of study, and the amount you need to borrow.
Sallie Mae will review your application and may ask you to provide additional documentation, such as proof of income or enrollment in a qualifying program.
As your application is approve, you will receive a loan offer that outlines the terms and conditions of the loan,
including the interest rate and repayment schedule.
If you accept the loan offer, you will need to sign a promissory note and provide any additional information requested by Sallie Mae.
Once all of the necessary documentation is received and processed, Sallie Mae will disburse the loan funds directly to your school.
You will be responsible for repaying the loan according to the terms outlined in the loan agreement.
It’s important to carefully review the terms and conditions of any loan before accepting it, and to make sure you understand the repayment schedule and requirements.
Earnest
Earnest offers student loan refinancing and private student loans. Their app lets you apply for a loan, track your payments, and adjust your repayment plan.
Earnest is a financial technology company that provides personal loans and student loan refinancing services. The Earnest loan app is a mobile application that allows customers to apply for and manage their loans.
Here is how the Earnest loan app works
Application: First, customers can download the Earnest loan app and create an account. They will be asked to provide personal and financial information, such as their name, address, income, and credit score.
Loan offer: Based on the information provided, Earnest will generate a loan offer with a fixed interest rate and loan term. Customers can adjust the loan amount and term to see how it affects their monthly payment.
Verification: If the customer decides to accept the loan offer, they will need to provide additional documentation to verify their identity and income, such as a government-issued ID, pay stubs, and bank statements.
Approval and funding: Once the verification process is complete, Earnest will review the application and make a final decision on approval. If approved, the funds will be deposited directly into the customer’s bank account within 1-2 business days.
Repayment: Customers can manage their loans through the Earnest loan app, making payments, viewing their payment history, and adjusting their payment schedule as needed. There are no prepayment penalties, so customers can pay off their loan early if they choose.
Overall, the Earnest loan app offers a convenient and user-friendly way for customers to apply for and manage their loans, with competitive rates and flexible terms.
SoFi
SoFi is another lender that offers student loan refinancing, private student loans, and personal loans. Their app allows you to manage your account, make payments, and track your progress towards paying off your loan.
SoFi (short for Social Finance) is a financial technology company that offers a variety of financial products and services, including personal loans. The SoFi loan app allows users to apply for personal loans online and manage their loan accounts.
Here’s how the SoFi loan app works
Application: To apply for a personal loan through the SoFi loan app, you’ll need to provide basic information about yourself, such as your name, address, and employment status. You’ll also need to provide financial information, including your income and credit score.
Approval: SoFi will review your application and determine whether you’re eligible for a personal loan. If you’re approve, you’ll receive a loan offer that outlines the loan amount, interest rate, and repayment terms.
Acceptance: If you decide to accept the loan offer, you’ll need to sign a loan agreement and provide any additional information that SoFi requests.
Disbursement: Once your loan is approved and you’ve accepted the loan offer, the funds will be disbursed to your bank account. The timing of the disbursement may vary depending on your bank’s processing times.
Repayment: You’ll need to make regular payments on your personal loan according to the terms of the loan agreement. You can manage your loan account through the SoFi loan app, which allows you to make payments, view your loan balance, and track your repayment progress.
Overall, the SoFi loan app is designed to be user-friendly and convenient,
allowing users to apply for personal loans online and manage their loan accounts on the go.
LendKey
LendKey is a platform that connects borrowers with credit unions and community banks that offer student loans. Their app allows you to apply for a loan, compare loan options, and manage your account.
LendKey is an online lending platform that connects borrowers with community banks and credit unions to offer loans for various purposes such as student loan refinancing, personal loans, and home improvement loans.
Here’s how the LendKey loan app works
Application: Borrowers start by completing an online application through the LendKey website or mobile app. They will need to provide basic personal and financial information, such as their name, address, income, employment status, and credit score.
Loan matching: LendKey’s platform matches borrowers with participating community banks and credit unions that offer loans that fit their needs and qualifications. Borrowers can compare rates, terms, and fees from multiple lenders to choose the best loan option.
Loan approval: Once a borrower selects a loan offer, the lender will review the application and may request additional documentation to verify the information provided. If the borrower is approve,
they will receive a loan agreement that outlines the terms and conditions of the loan.
Funding: Once the borrower signs the loan agreement, the funds are disbursed directly to the borrower’s bank account. Some loans may have a waiting period before the funds are available.
Repayment: Borrowers make monthly payments to the lender according to the terms of the loan agreement. LendKey does not charge any fees for early repayment or prepayment penalties.
Overall, the LendKey loan app offers borrowers an easy and convenient way to compare loan options from multiple community lenders and select the best loan option for their needs.
Irorun Loan App
If you’re in need of a quick small loan, Irorun loan app is the perfect option. This app offers instant loans ranging up to ₦50,000 without any documentation whatsoever.
Irorun loan app interest rate is very low, and the loan tenor ranges from 2 to 6 months, making it a very flexible option for students. All you need to get this loan is to download the app, register an account, fill in your details and apply for a loan.
Branch
Branch is one of the best loan apps for students in Nigeria that offers high loan amounts with fair interest rates. The branch loan amount ranges from ₦1,000 to ₦500,000 making it very ideal for students whether with high or low demand.
The repayment terms range from 1 to 12 months, with an interest rate starting from 15%. Just like the other student loan apps in Nigeria on this list, no documentation or collateral whatsoever is required to access loans on Branch.
PalmCredit
Another popular loan app that gives students loans in Nigeria is PalmCredit. With interest rates starting from 14%, you can access loan of up to N100,000 on this app
PalmCredit loans repayment terms range from 14 to 180 days, and the application process is straightforward.
Just like Fairmoney, the app also offers a credit scoring system that allows users to access higher loan amounts with better credit scores.
Conclusion
It’s important to carefully consider the terms and conditions of any loan you’re considering, as well as the interest rate, repayment period, and other factors. You may also want to consult with a financial advisor or student loan counselor to help you make the best decision for your particular situation.
