Top 17 Best Loan Apps in Nigeria — Instance Approval With Low-Interest Rate

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What are the best loan apps in Nigeria? What is the maximum amount I can get from loan apps? How long does it take for my loan to get approved, and what is the process of application? All of these questions and many more will be answered in this post. Keep reading… 

Before we continue, you may also want to check out these fake loans apps and stay away from them.

If you are in need of a loan in Nigeria, there are various options available to obtain loans. However, with the rise of technology and the increasing use of smartphones, loan apps have become a popular option for individuals looking for quick and easy access to funds. But which loan app is the best in Nigeria?

In this article, I will explore some of the top loan apps available in Nigeria and compare their features to determine which one stands out as the best. From instant cash loans to salary advance options, these platforms offer a variety of lending services that cater to different needs.

So if you’re tired of traditional banks’ long application processes or high-interest rates, then keep reading to find out which loan app can provide you with the financial assistance you need. 

Whether it’s for personal expenses or business ventures, choosing the right loan app can make all the difference in your financial journey.


Features Of The Best Loan Apps In Nigeria

When it comes to finding the best loan app in Nigeria, there are a few key features that you should look out for. I will go over them shortly. 

They should offer easy and quick access to loans, with minimal paperwork or bureaucracy involved. Additionally, they should have flexible repayment terms and reasonable interest rates.

Always remember that in loan applications, every little detail matters. — even the tiniest detail can make a very big difference, especially when it comes to financial matters like loans. Therefore, it’s important to pay close attention to the terms and conditions of any loan app before committing to borrowing money from them.

Another feature of the best loan apps in Nigeria is transparency. Borrowers should be able to easily understand how much they will be expected to repay and over what period of time. Any fees or charges associated with the loan should also be clearly stated upfront so that borrowers don’t get caught off guard later on. 

Overall, the best loan apps in Nigeria are those that prioritize transparency, flexibility, and ease of use for their customers.

Looking at all these factors together helps us identify which loan apps stand out as being among the top options in Nigeria. 

In subsequent sections, I’ll explore some of these standout apps in more detail, highlighting their unique features and benefits for users. By doing so, I hope to help you find the perfect loan app for your needs!


Top 17 Best Loan Apps In Nigeria

According to recent reports, there has been a significant rise in demand for loans due to the economic impacts of COVID-19. This means that more people are turning to loan apps as an alternative option for quick cash. Below I have listed the top 17 loan apps in Nigeria to help you make a better decision. 


1. Carbon (formerly known as PayLater). 

Best Loan Apps in Nigeria - Carbon

The first on this list is the carbon loan app. This company offers personal and business loans up to N20 million with flexible repayment plans ranging from 2 weeks to 12 months. With over 1 million app downloads and a rating of 4.3 stars on the Google Play Store, it’s no surprise that they are one of the most popular and best loan apps in Nigeria. 

With the Carbon Loan app in Nigeria, anyone can borrow money. Whether you are employed or not, a student, those who are on a monthly salary, or even someone who runs their own business (small business owners). Carbon is always there for you when you need it and the loan process is quick.

They facilitate easy credit access. No collateral or guarantors are required for you to use carbon. You can request a loan whenever you want, day or night, and get the money in your account shortly after, usually within 48 hours.

Also, as a user of the Carbon loan app, when you make on-time loan repayments, you increase your chances of receiving larger loans from the platform, and there is never any tension involved.

The loan app is both available for iPhone and Android users and has a very great user interface.  It even gives you the ability to manage your credits right from the app, so all your dealing is with the app. As a tech-savvy person, I can tell you that the app is well-designed and programmed.

Additionally, Carbon also provides other features such as bill payments which include air time recharges and DSTV subscriptions. You can also use it to transfer money and make some investment opportunities.


2. Branch

Best Loan Apps in Nigeria - Branch

The branch loan app boasts over 10 million users worldwide and has disbursed over $350 million dollars since its inception in 2015. Their unique selling point is their credit score system, which allows users who repay loans on time to access higher amounts at lower interest rates. The app also includes a referral program where both parties receive bonuses when someone signs up using their code.

The branch loan app is a very simple but effective mobile lending app available in several countries including Nairobi, Kenya; Lagos, Nigeria; Mumbai, India; and San Francisco, United States. However, their operation at the moment is within India, Kenya, Tanzania, and Nigeria.

Branch App makes it incredibly quick and simple to obtain quick and instant loans. You can immediately resolve your money problems with its assistance in real-time.

The loan amounts for the Branch loan app range from 2,000 to 500,000 depending on your level. The length of a loan is around 9 to 52 weeks. Depending on the chosen loan choice, interest rates range from 17% to 40%, with an equal monthly payment of 1.5% – 17%.


3. RenMoney

This is another great loan app in Nigeria that helps people borrow money with ease. They may not be as well-known as some of the others on this list, but they offer competitive interest rates starting at 2% per month and repayment terms ranging from three months to two years. They also provide insurance options and financial advisory services alongside their lending products.

Renmoney is not just a lending company alone, they have also evolved and are now operating as a microfinance bank in Nigeria. The organization takes pride in being Nigeria’s easiest online lender for both people and corporations. 

It offers convenient loans to suit necessities like expanding a small business, renovating your home, purchasing a new automobile, paying rent, tuition, medical bills, and other payments, etc. For up to 24 months. And their loan amount ranges from 20,000 Naira to 6 million Naira without collateral paperwork guarantors and no funny terms & conditions


4. Palmcredit

Palmcredit is next on our list of best loan apps in Nigeria. Palmcredit is owned by Newedge Finance Limited. They focus on making loans available for borrowers without collateral. With Palmcredit, you can apply for a loan directly from the app for as little as N2,000 or as much as N100,000, and you can access loans within minutes without having to worry about providing any collateral. 

PalmCredit operates as a virtual credit card that makes it easy to access a loan anytime and anywhere. Whether you are a student, working, or a business owner. All you need to do is get the mobile loan app. Signup and apply to check your credit limit in minutes, then take as many instant loans as you need without further approval. 

Once you are able to make your repayment on time, your credit score is updated and improved. This will enable you to take more loans of up to N100,000. Their loan duration range from 14 to 180 days. The interest rate ranges between 14% and 24%. This means that if you request a loan of 100,000 Naira for six months, your total payback amount will be 124,000 Naira.

As a student, you must note that before you can apply for a loan on palm credit, you must meet their age requirements, which is 18 years and above.


5. FairMoney

Best Loan Apps in Nigeria - Fairmoney

Fairmoney is another legit loan app in Nigeria that you can use to get instant loans without too many hurdles like providing collateral or a guarantor. It is a great loan app for students, entrepreneurs, or employees. 

Fairmoney allows you to apply for loans of up to N3,000,000 for a period of up to 24 months. And you don’t need any documents or collateral. All that’s required is your BVN details during the loan application. You will also need to connect your card or bank account to authorize the company to debit your account for the repayment process.

You should know that your lending history and positive behavior, need to be in good standing if you want to access more loans from Fairmoney and also increase your loan repayment period!

One good thing about Fairmoney is that they allow you to spread your loan repayment over a number of installments. This gives users more freedom and breathing space during repayment. 

The interest rates of Fairmoney range from 2.5 to 30%, with annual percentage rates (APRs) from 30% to 260%. The minimum and maximum loan tenures are 61 days and 24 months, respectively.

The app allows you to pay your bills and get up to 5% off airtime from any Nigerian network. When you sign up for their referral programme as a student, you can also make extra money.


6. Aella Credit

Aella credit is another great loan app in Nigeria that assures speedy loans with zero stress. You can simply stay in the comfort of your home and, with your mobile phone, register on Aella credit and get an instant loan.  

This loan application has excellent customer service, and their helpline is always available and quick to react to your questions. With the Aella loan app, you can get loan offers of up to 1 million with interest rates ranging from 6% to 20%. The loan duration of Aella’s credit is within 1 to 3 months. 

To use this loan app in Nigeria, simply visit their website or go to the Google play store to download the app. Signup and input your correct details in order to pass verification. Once you are done, apply for the loan and get it within minutes. 

NB: Ensure every detail you are providing is correct and valid and corresponds to the information you provide during registration, because any incorrect details may prevent you from using the app and accessing their loan.


7. QuickCheck

If you are in need of a quick loan of not more than N10,000 and you are searching for the best quick loan app in Nigeria, then you should try QuickCheck. This loan app provides individuals with superfast loans to help keep them afloat until payday. 

With the QuickCheck loan app on your phone, you can easily access quick cash loans, anywhere, anytime. And you get to access this loan without any collateral or guarantor. This means you don’t have many documents to fill out or submit. 

It is one of the best loan apps and can be accessed by students, workers, business owners, or even sit-at-home moms. This loan app also makes repayment easy and flexible, — since they provide installment repayment of your loan. 

When applying for a new loan, all you have to do is toggle the “installment or one-off payment” button, and the system will instantly calculate and display the amount you must pay each week.

When applying for a QuickCheck loan, it is important to read their terms and condition and also see their interest rate. They offer the loan at 1% daily, fixed for the term of your loan. And according to the resources on their website, they may in its sole discretion increase or decrease the prevailing interest rate for any reason, with or without prior recourse to the Borrower. 

You can access loans of up to ₦200,000. However, as a new user, you can only get a loan for ₦10,000 with a 30-day repayment period. As you make timely loan payments, the amount you can borrow rises. Additionally, paying early secures reduced interest rates.


8. CreditVille

Creditville is a private fintech company with five additional locations throughout Nigeria that offers a range of services (loans, leases, financing, investments, asset management, banking, foreign exchange, and real estate). Its headquarters are in Victoria Island, Lagos.

If you are employed, an entrepreneur, or a business owner, then, CreditVille is a perfect match for you. This loan app provides cash loans to help with your immediate necessities.

This loan app has made it even very easy, such that they allow their customers to obtain loans for SMEs or even vehicle loans, depending on your choice.

With CreditVille you can get loan offers for amounts ranging from N100,000 to N6,000,000 with repayment terms of up to 18 months.

Pay Day Loan, SME Loan, Lady Flexy Loan, Cash-backed Loan, and Public sector loan. You can visit the loan page on Creditville to read more about each loan type and its requirements. 

Visit the company’s website and complete the application to apply for a loan at CreditVille. You’ll receive your loan without any hassle. 


9. Alat By Wema

Best Loan Apps in Nigeria - Alat

Alat by Wema is another great credit loan provider in Nigeria. They provide individuals with quick and easy access to rapid loans without the need for documentation or a visit to the bank. All you need to do is to sign up on the Alat online platform or download the app, and register to get access to its loan. 

One good thing about this platform is that it is owned and managed by Wema bank. Which is one of the trusted and leading banks in Nigeria.  Alat by Wema allows you to borrow up to ₦2,000,000 however, this amount is subject to specific restrictions and limitations.


10. Blocka Cash

Blocka Cash is founded, owned, and managed by James Crown Partners Limited. A company licensed as a Money Lender by the Ogun State Government of Nigeria.

With Blocka Cash, workers, business owners, and students in Nigeria can get loans needed to solve their urgent needs with ease. Just from the comfort of your home and with your mobile phone, simply download the app from the Apple App Store, or the Android Playstore, or log in to their web app and get access to Blocka Cash loan.

Depending on your payment history, you could be approved for a short-term loan on Blocka for as little as 5,000 or as much as 50,000.

To apply and participate, you must be at least 21 years old. You might need to present a legitimate government ID. The duration of loans on Blocka Cash is within 60 to 180 days and the interest rates range from 3% to 10% monthly.


11. Lidya

One of the earliest loan apps in Nigeria is Lidya. The loan platform specializes in giving small and medium-sized businesses access to a secured, quick online loan.

Lidya offers credit without collateral, depending on the cash flow in your bank account. At Lidya, loan amounts start at $500 and may go up from there depending on your credit score to $50,000. Their monthly interest rate of 3.5%. 

As a customer of Lidya, you will get notified via e-mail about the state of your loan process. They also help track business invoices and remind their customers about payments. In a nutshell, Lidya’s online platform helps manage business invoices, loans, and customer lists. Making it safe and secure, and also protecting your data from any security breaches.

Direct deposit and debit cards are the accepted forms of payment for Lydia. Also, you must own a business in order to be eligible for this loanif you are a student.


12. Page Financials

Page Financials is a CBN-licensed financial institution in Nigeria that offers personal loans to individuals.

According to the organization, securing a loan from them is simple and straightforward, and they use a flexible documentation method to make the process easy.

Their loan amounts range from ₦100,000 to ₦5,000,000, with monthly interest rates ranging from 3.76% to 120% and yearly percentage rates ranging from 29% to 120%.

The loan term runs from 60 to 180 days, and repayment options are either manually inputted or charged by auto-debit.

Page Financials provide loans for both individuals and the public sector. To get started, simply visit the official website and follow the procedure or dial *258*3*13#.


13. KwikMoney (MIGO)

KwikMoney came up with the idea that makes borrowing money really easy and different.  With KwikMoney, you do not need an app to apply for loans. All you need is a smartphone and a SIM card linked to your bank account.

You also don’t need any paperwork to request and get loans, and these loans are disbursed to your bank account in a matter of minutes. When you repay your loan earlier and maintain a good credit score, you will be given a greater amount with a better interest rate, when you apply for another loan.

You can visit their official website ( to process the loan within seconds using only your phone number and get the money straight into your bank account. You have 14 days to 30 Days to repay the loan.

If you pay back the loan before the 14th day from the day you borrow the money, you will not pay any interest. After the 14th day, there will be a 5% interest increase on the money you borrowed.


14. EaseMoni

EaseMoni is another wonderful loan app in Nigeria for getting both short and long-term loans. EaseMoni is a personal loan app with a Central Bank of Nigeria microfinance license. This loan app has provided millions of users the opportunity to obtain loans with ease and a flexible repayment mode. Loans are simple and quick to obtain, with no collateral or hidden fees. The loan app is straightforward. You can easily navigate around it. You can borrow as little as 3000 NGN and as much as 1 million with EaseMoni.

As stated earlier, EaseMoni has a very flexible repayment mode that makes it easy to pay back without stress. The repayment duration ranges from 91 to 365 days depending on the type of loan. Also, depending on the type of loan, the monthly interest rate ranges from 5% to 10%, with an APR ranging from 60% to 120%. To apply for a loan, simply download the app and complete the registration process.

The loan app usually requests your personal information such as SMS, but don’t worry, the security level is good. EaseMoni’s terms and conditions declare that they will never share your personal information with a third party. The loan firm assesses your information and recommends loans based on the information you provide. Please keep in mind that as you repay early, the amount you can borrow increases. 


15. KiaKia Loan

Another legit loan app in Nigeria is the KiaKia loan app. It is the financial marketplace to access and lend out personal and business capital. If you own a business and require finances to expand it, then KiaKia Money is ready to provide you with quick loans.

KiaKia loan is a great and safe platform for borrowing money and getting rapid loans in Nigeria without collateral and stressful processes. The word KiaKia is a Yoruba term that simply means Fast-Fast, — implying that the procedure of donating money is quick.

The KiaKia loans start from N10,000 up to N200,000. The borrowing limit increases with timely payments. The maximum amount is based on your credit score. If you have a good credit score, you stand a chance to borrow more.

To begin your loan process, simply go to the Kiakia official website at any time of day to get started. There is always a virtual-personalized agent available to attend to your loan process, — this means you can apply for a loan even at night.


16. Kuda Loan 

The Kuda loan, also known as Kuda Overdraft on the app, is an instant short-term loan that you can take from the app when you need it. The Kuda Overdrafts are short-term loans you can take at any time as long as you use your Kuda account regularly. With Kuda Overdraft, you don’t need any paperwork, no collateral, and the loan is instant. 

Kuda is not just a loan app, it operates as a fintech company with its main focus on the banking sector.  It has lots of exciting features that make it a viable alternative to Nigeria’s traditional banking system. Without a question, it is one of the best fintech firms in Nigeria. The Kuda app’s feature makes it a bank that does not require its customers to visit any physical banks to perform transactions or resolve any problems that may arise. 

As a user of Kuda Bank, you are eligible to borrow an amount of up to ₦50,000 at a fixed 0.3% daily interest rate, and the loan tenure is about 90 days.


17. Lendigo App

Another legit loan app on our list of the best loan apps in Nigeria is Lendigo. With the Lendigo loan, both small and medium-sized business owners can apply for loans through the app. 

However, individuals looking for loans may not find this app useful. This is because the loan app, according to the founders, is intended to assist business owners in growing. 

Hence, the reason why they claim to offer a maximum of N10m and a minimum of 100,000 NGN to users. If you are a business owner, simply install the app and register with them to secure a loan.

It is important to note that you will be asked for some personal information, — this will assist them in determining the best loan option for you. This shouldn’t get you scared, it’s just a regular procedure; also, the app is safe and has promised not to disclose any of your information to any third party. In terms of repayment, Lendigo offers a flexible repayment window with a maximum length of 6 months.

Just like other best loan apps in Nigeria, If you repay the prior loan on time, you will have access to receiving new loans. Another important thing to note is that the interest rate is determined by the amount you borrowed. The minimum lending rate, however, is 3.5%. Finally, no collateral is required to obtain a loan with this app. If you need a loan to help your business develop, you can visit their official website or download the Lendigo lending app to get started. The app is only available for Android devices. 


Now that we have seen the top 17 best loan apps in Nigeria you can borrow money without collateral, let’s look at how to choose the best loan app for your needs.


How To Choose The Best Loan App For You

Choosing the best loan app in Nigeria may not be easy, especially with so many options available, it can be overwhelming to choose one that suits your needs. Here are some tips on how to select the perfect loan app for you.

You need to consider the interest rates and repayment terms of various loan apps. Some may have lower interest rates but shorter repayment periods, while others may offer longer repayment periods with higher interest rates. Look for an app that offers a balance between these two factors based on your financial situation and ability to repay.

Next, check if the loan app requires collateral or has any hidden fees. You don’t want to risk losing valuable assets as collateral or being charged extra fees that were not disclosed upfront. A transparent and reliable loan app will provide all the necessary information about its policies and procedures.

Finally, read reviews from other users who have used the loan app before. If possible, find someone you know that has personal experience with the loan app. These reviews can give insight into the user experience, customer support quality, and overall satisfaction levels. By taking these steps when choosing a loan app in Nigeria, you’ll be able to find one that fits your unique financial needs without compromising security or convenience.

Remember: finding the right loan app is crucial when managing finances effectively. Take time to research different options and carefully evaluate them using the above criteria before making a decision. Happy borrowing!


FAQs: Best Loan Apps in Nigeria

What Is The Maximum Amount Of Loan I Can Get From These Loan Apps?
Well, let me tell you something ironic. The answer to your question is not straightforward. 

Depending on which loan app you are using. Each platform has its own policies and terms regarding loans. Some offer only small amounts, while others provide larger sums. 

Also, your credit score plays a significant role in determining the maximum amount of loan you can obtain. So if your credit score is low, expect lower limits than someone with an excellent score.

You should also be cautious about loan amounts, just because a particular lender offers high amounts doesn’t mean they’re ideal for you. You need to consider their interest rates and repayment plans before jumping into any agreement blindly. 

In essence, there’s no fixed answer to this question, as several factors come into play when determining how much money one can borrow from Nigerian loan apps.

In summary, when looking for the best loan app in Nigeria or elsewhere globally, don’t solely focus on the maximum amount offered, but also consider other essential factors such as fees charged and payment schedules. Additionally, ensure that borrowing aligns with your financial goals so that taking out a personal loan won’t hurt your finances in the long run.


How Long Does It Take To Get Approved For A Loan From These Loan Apps?
Now, let’s talk about the time it takes to get approved for a loan from these apps. If you have an urgent need for cash and are expecting instant approval, there are some that may offer this option. However, most loan apps state at least 24 hours before they can process your application and give you feedback on whether you qualify for a loan.

As I said earlier, some apps claim to have faster processing times than others. And there are factors that can affect how long it will take to get approved – like the amount of money you’re requesting or the completeness of your documentation. 

So, while you are applying for the loan and expecting instant approval, ensure that you meet all requirements, and fill out your complete details. This will make the screening process fast and smooth. 


Are There Any Hidden Charges Or Fees Associated With Using These Loan Apps?
One of the essential factors that you need to consider when applying for a loan – is hidden charges and fees.

Let’s face it; no one likes surprises when it comes to their finances. Unfortunately, some loan apps might not disclose all the associated costs upfront, leading to unexpected bills down the line. That said, it’s crucial to do your due diligence and read through each lender’s terms and conditions before signing up.

When researching loan apps in Nigeria, look out for phrases such as “processing fee” or “origination fee.” These are additional charges that lenders may tack onto your loan amount. Additionally, some lenders may charge late payment fees or prepayment penalties if you pay off your loan earlier than expected. 

By understanding these potential expenses beforehand, you’ll be better equipped to make informed financial decisions.

Ultimately, finding the best loan app in Nigeria requires more than just comparing interest rates and repayment terms. It also means scrutinizing every detail of the lending process carefully. Remember: transparency is key! So whether you’re taking out a small personal loan or funding a business venture, always ask about any hidden costs involved before committing yourself fully.


Can I Apply For A Loan Using These Apps If I Have A Poor Credit Score?
If you have a poor credit score, it’s understandable to worry about your chances of getting approved for a loan. However, the good news is that many loan apps in Nigeria offer loans to people with less-than-ideal credit scores. While some lenders may prioritize borrowers with higher credit ratings, there are still options available if you fall into this category.

One thing to keep in mind is that having a poor credit score might make it more difficult to get approved for larger loan amounts or lower interest rates. However, this doesn’t mean that you won’t be able to access funds when you need them. Many loan apps take other factors into consideration besides just your credit score – such as your income and employment status – which can help increase your chances of approval.

When applying for loans through these apps, it’s important to read the terms and conditions carefully before accepting any offers. Some lenders may charge higher fees or interest rates for customers with lower credit scores, so it’s important to understand what you’re signing up for before agreeing to anything. 

Additionally, make sure that you’re only borrowing what you can afford to repay on time in order to avoid further damage to your credit rating.

In summary, while having a poor credit score can present challenges when trying to obtain a loan, there are still options available through various loan apps in Nigeria. By doing your research ahead of time and being mindful of the terms and conditions associated with each lender, you can find the right option for your financial needs without further damaging your credit history.


Is My Personal And Financial Information Safe And Secure When Using These Loan Apps?
When it comes to applying for loans through mobile apps, one of the biggest concerns that borrowers have is whether their personal and financial information will remain secure. With so many cyber threats out there, it’s understandable to feel worried about sharing sensitive data online.

The good news is that most loan apps in Nigeria take security very seriously. They use encryption technology to protect your data from unauthorized access and implement strict privacy policies that ensure they only collect the information they need to process your application.

That said, not all loan apps are created equal, which is why it’s important to do your research before downloading any app or submitting an application. Look for reviews from other users who can vouch for a particular app’s safety and reliability, and be wary of any red flags such as requests for unusual amounts of personal information or unsecured payment methods. 

By taking these precautions, you can make sure that your experience with loan apps is both convenient and safe at the same time.




In conclusion, finding the best loan app in Nigeria can be challenging as there are so many options available. However, by considering factors such as interest rates, repayment terms, and user experience, you can find an app that suits your needs. It is also important to read reviews and do some research before making a decision.

Ultimately, the goal of using a loan app is to access funds quickly and easily when needed. With the right app at your fingertips, you can borrow money without leaving your home or office. So why not take advantage of this convenient option? By downloading one of the top loan apps in Nigeria today, you could have access to cash whenever you need it!

Hope you find a good loan app from the list above. 

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