In Nigeria, there has been a lot of information flying online about microfinance loans and mobile lending apps. Some people talk down on them, while others speak highly of their benefits. The truth is, microfinance banks have helped thousands of Nigerians grow small businesses, solve emergencies, and build credit.
Before you join the crowd that posts bad reviews online or complains about loan apps, it’s important to understand how these platforms work. A lot of the time, the people who get frustrated are those who apply without knowing the right loan process or repayment terms.
On TechManly, we go deep into testing, researching, and reviewing verified apps before recommending them, so you don’t fall for fake or unlicensed lenders, you can also check some other loan apps like AidaCredit, Sofri, Renmoney etc.
In this article, we’ll explain how to borrow money directly from the Alend Microfinance App, the loan requirements, how long it takes to get approved, and other key details every new user should know before applying.
About the Alend Loan App
Alend is one of the fastest-growing microfinance and personal loan apps in Nigeria, developed by LittleAnt Ltd. The app is fully licensed under Nigeria’s Money Lenders Law and certified by both FCCPC and NDPC for user data protection.
It allows users to apply for instant loans up to ₦2,000,000 without collateral or paperwork. The whole process—from registration to loan disbursement—is 100% online, fast, and secure.
The app is available for download on the Google Play Store and Apple App Store and currently has over 1 million users across Nigeria.
Main Features of the Alend App
- Instant loan approval within 3 minutes.
- Loan amount from ₦4,000 to ₦2,000,000.
- Repayment period from 91 days to 12 months.
- Low interest rate (from 0.1% per day depending on loan plan).
- No collateral, no paperwork, and no physical office visits.
- Flexible repayment options with auto-deduction.
- 24/7 customer support.
- Secure NDPC-certified data protection.
How to Borrow Money from the Alend App (Step-by-Step Guide)
- Download the App
- Go to Google Play Store or Apple App Store.
- Search for “Alend – Instant Loan App” and install.
- Register an Account
- Open the app and enter your phone number linked to BVN.
- You’ll receive an OTP to verify your number.
- Set your password or choose to log in via OTP.
- Provide Basic Details
- Fill in your full name, BVN, date of birth, and bank details.
- Ensure your BVN matches your bank account to avoid errors.
- Identity Verification (KYC)
- Upload a valid ID card (NIN, driver’s license, or voter’s card).
- Provide your address and employment or business info.
- Check Loan Eligibility
- Alend runs a quick background check based on your device, BVN, and past credit history.
- If approved, you’ll see your maximum loan limit.
- Apply for Loan
- Enter the amount you want (₦4,000–₦2,000,000).
- Select a repayment plan (from 14 days to 12 months).
- Review the interest rate and total repayment amount before confirming.
- Loan Disbursement
- After approval, your loan is sent directly to your linked bank account within minutes.
- You’ll receive a confirmation message once payment is successful.
Loan Requirements on Alend App
To qualify for a loan on Alend, you must:
- Be a Nigerian citizen aged 18–60 years.
- Have a valid BVN linked to an active bank account.
- Provide a government-issued ID.
- Have a steady income source (job or small business).
- Use a registered mobile number for loan verification.
Loan Example on Alend App
Let’s say you borrow ₦100,000 for 6 months at 2% monthly interest:
- Monthly Interest: ₦100,000 × 2% = ₦2,000
- Total Interest: ₦2,000 × 6 = ₦12,000
- Total Repayment: ₦112,000
If you choose early repayment, you can save up to 60% of the total interest.
Alend Loan Interest Rates (2025 Update)
- Daily Interest Rate: 0.1% – 0.3%
- Monthly Rate: 2% – 10%
- APR (Annual Percentage Rate): 24% – 120%
- Repayment Tenure: 91 days – 12 months
All interest rates are displayed before approval, and there are no hidden fees or extra charges.
FAQs
1. How long does Alend take to disburse loans?
Usually within 1–3 minutes after approval, depending on the network.
2. Can I apply without BVN?
No, BVN is mandatory to confirm your identity and prevent fraud.
3. Does Alend charge late payment fees?
Yes, overdue interest applies after the grace period (around 1.5% daily).
4. Can I repay early?
Yes, and it reduces your total interest by up to 60%.
5. How can I increase my loan limit?
Repay on time, avoid missed payments, and use the app actively for longer periods.
Conclusion
Alend Microfinance App has become one of the most reliable and transparent loan apps in Nigeria. It provides easy access to personal and business loans without collateral, long queues, or unnecessary paperwork.
Whether you’re facing an emergency or need funds for your business, Alend gives you quick and flexible options with secure approval and no hidden fees.
Always make sure to read all loan details carefully and repay before the due date to maintain a good credit score and qualify for higher limits next time.
