5 Best Long Term Loan Apps in Nigeria 2023-2024

Long Term Loan Apps in Nigeria: Looking for an app that’ll let you borrow big bucks and pay back over an extended period, like up to 2 years?

Well, Cashwiseng has some cool options you’ll want to check out.

In the ever-busy world of Nigeria’s finance sector, the need for easily reachable loan solutions is on the rise.

It seems like everyone is turning to digital avenues for their long-term cash needs.

So, yeah, it’s crucial to review the plenty of loan apps out there, all claiming to have your long-term loan needs covered.

This guide is your go-to resource for figuring out how to secure a long-term loan in Nigeria, without any stress.

We’ll dig deep into the top 5 loan apps that offer flexible, and long-term repayment plans. The apps listed have been reviewed by our team.

They are not under the list of fake loan apps in Nigeria. So, let’s get started!

Long Term Loan Apps in Nigeria

What is a Long Term Loan?

Long-term loans, just like the name implies, are loans you pay back over a good stretch of time, usually more than a year.

These types of loans can be a real game-changer when you’re faced with big financial needs like kicking off a business, grabbing that dream home, or even investing in schooling.

But hold up, you’ve got to weigh the pros and cons. While smaller monthly payments sound great, don’t forget you might end up paying a whole lot more in interest over the life of the loan.

List of 5 Long Term Loan Apps in Nigeria

  1. Carbon (Paylater)
  2. Branch
  3. FairMoney
  4. QuickCheck
  5. PalmCredit

Carbon (Paylater) – A Comprehensive Look at This Long Term Loan App in Nigeria

What It Offers:
Carbon, formerly known as Paylater, is more than just a loan app. It offers a range of financial services including investments and payments.


  • User-Friendly: The app is easy to navigate, making it simple for anyone to use.
  • Quick Approval: Carbon is known for its fast loan approval process.
  • Diverse Services: Apart from loans, you can also invest and make payments.


  • High Rates for Newbies: If you’re borrowing for the first time, the interest rates can be quite high.
  • Credit History Matters: Your loan approval may depend on your credit score.

Repayment Time:
You have up to 12 months to repay your loan.

Branch – More Than Just a Long Term Loan App in Nigeria

What It Offers:
Branch offers unsecured loans, meaning you don’t need collateral. The app is available 24/7.


  • No Collateral: You don’t need to secure your loan with property.
  • Always Open: The service is available 24/7.
  • Loyalty Rewards: Interest rates decrease as you take more loans and pay them back on time.


  • Data Access: The app requires access to your phone data.
  • Low Initial Limit: First-time borrowers may find the initial loan limit a bit low.

Repayment Time:
Repayment periods can stretch up to 12 months.

FairMoney – A Transparent Long Term Loan App in Nigeria

What It Offers:
FairMoney stands out for its quick loan disbursement and transparent fee structure.


  • Fast Cash: Loans are disbursed quickly, often within minutes.
  • Flexible Repayment: You can choose a repayment plan that suits you.
  • No Hidden Fees: The app is upfront about all charges.


  • High Interest: Rates can be high, especially for new users.
  • Initial Limit: New users may only qualify for smaller loan amounts.

Repayment Time:
You can repay your loan in 3 to 12 months.

QuickCheck – The Speedy Long Term Loan App in Nigeria

What It Offers:
QuickCheck lives up to its name by offering fast loan approvals and a variety of repayment methods.


  • Quick Approval: Most loans get approved within minutes.
  • Easy to Use: The app is user-friendly.
  • Multiple Repayment Options: You can choose from various repayment methods.


  • Low for Newbies: Initial loan amounts can be low.
  • High Rates: New borrowers face high-interest rates.

Repayment Time:
Loans can be repaid in up to 6 months.

PalmCredit – The Social Long Term Loan App in Nigeria

What It Offers:
PalmCredit offers quick loans without the need for paperwork. They also have a referral program.


  • No Paperwork: All you need is your phone.
  • Quick Cash: Loans are disbursed quickly.
  • Referral Bonuses: You can earn bonuses by referring friends.


  • High Interest: The interest rates can be quite steep.
  • Short Initial Terms: First-time borrowers may have to repay in a shorter period.

Repayment Time:
Repayment terms range from 14 days to 6 months.

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How to Choose the Best Long Term Loan App for you

he key to landing a solid long-term loan in Nigeria really comes down to picking the right loan app.

You’ll want an app that ticks all the boxes: good interest rates, straightforward payback conditions, no hidden fees, top-notch customer support, and a user-friendly interface.

So, you might be wondering, how do you cut through all the chatter to spot these standouts?

Tips to Successfully Acquire and Repay a Long Term Loan

After you’ve settled on an app, it’s super important to know how to make the most of your long-term loan.

First off, keep that credit score in good shape. A better score not only ups your odds of getting the loan but could also snag you a lower interest rate.

Don’t slack on those repayments, either. Missing a payment can ding your credit score and hit you with extra fees.

And let’s not forget, use that loan for what you actually planned. Make sure you’re putting the money into something that’ll give you some sort of return, be it cash or something else valuable.

FAQs on 5 Best Long Term Loan Apps in Nigeria

See the Loan in Minutes in Nigeria Without BVN

FAQs on 5 Best Long Term Loan Apps in Nigeria

What’s the Most Money I Can Borrow from a Long-Term Loan App in Nigeria?

The highest amount you can borrow really varies.

It’s not just about the app you’re using but also your credit score and how well you can handle repayments.

How Fast Can I Secure a Long-Term Loan Through an App in Nigeria?

If you’ve got all the needed paperwork, some apps can give you the thumbs up for your loan in as little as 24 hours.

Which Apps Are Top Picks for Long-Term Loans in Nigeria?

When it comes to apps that offer loans with long repayment periods, some of the big names include;

  1. Carbon (Paylater)
  2. Branch
  3. FairMoney
  4. QuickCheck
  5. PalmCredit

How Does My Credit Score Affect My Loan?

Your credit score is a big deal. A good score can get you a better loan amount and maybe even a friendlier interest rate.

A bad score? That might make things a bit tough, like higher interest or even getting a “no, sorry” from the app.

Can I Extend My Repayment Period?

Some apps let you stretch your repayment period, but watch out, they might charge you more in interest or slap on some fees.

Always check their policies to see what’s up.

What Happens if I Miss a Payment?

Missing a payment is not cool. You could hurt your credit score and get hit with late fees.

Plus, it might make borrowing cash down the line a bit tricky.

Is My Personal Information Safe?

The good apps take this stuff seriously. But it is recommended to double-check their privacy policies and maybe scan through some reviews to make sure they’re on the up and up.

Can I Take Out More Than One Loan at a Time?

Some apps are cool with you having multiple loans, but they’re going look real close at your credit score and your ability to pay it all back.

So if you’re thinking of doubling up, make sure you can handle it.

Do I Need Collateral for a Long-Term Loan?

Not, but for big loans, some apps might ask for it.

Just check the terms and conditions to see what they’re asking for.

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In conclusion, finding a long-term loans in Nigeria is not easy, but it doesn’t have to be overwhelming.

By carefully picking the right loan app, understanding the terms, and managing your repayments wisely, you can make the most out of your borrowing experience.

Whether you’re looking to start a business, buy a home, or invest in your education, a well-chosen long-term loan could be the financial boost you need.

Just remember to weigh the pros and cons, keep an eye on your credit score, and always read the fine print.

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