Best Loan Apps In Nigeria

Best Loan Apps In Nigeria

Do you need an instant loan for your business? Or having any financial problems at the moment? Worry no more; you can get an instant loan on your mobile phone without much stress.

Nigerians increasingly rely on loan apps for financial support, which provide quick and flexible credit access.

All you need to know about loan apps in Nigeria will be discussed here, so read on and check out the best loan apps in Nigeria.

What Are Loan Apps?

Loan apps are apps that allow mobile phone users to be able to borrow money from their fintech apps with or without collateral in Nigeria at a rate of interest that these banks or financial startups have already set.

Borrowers frequently choose loan apps in Nigeria because of their wide range of advantages. Unlike traditional loans, loan apps provide a more affordable option with lower interest rates and lenient eligibility requirements.

They also give customers a practical option to borrow money, enabling them to apply for loans via their cell phones and get money practically immediately.

Best Loan Apps In Nigeria

Best Loan Apps In Nigeria

1. Fair Money

Best Loan Apps In Nigeria
FairMoney| Loan Apps In Nigeria

The Google Play Store has seen over 10 million downloads of the FairMoney app, which provides quick loans in 5 minutes with no paperwork or collateral needed. Instead, your smartphone data and payment history determine the loan amounts on loan apps in Nigeria.

The loan amounts range is N1,500 to N1 million, with repayment terms of 61 days to 18 months and monthly interest rates of 2.5% to 30%.

How To Obtain A Loan With The Fairmoney Loan App In Nigeria

  • Using the installation buttons, download and install the program.
  • You must register with the phone number associated with your BVN and respond to a few questions to receive a loan offer.
  • If you consent, your loan will be delivered immediately to your preferred bank account.

Download Fairmoney here!

Also Read: Virtual dollar card providers in Nigeria

2. Palmcredit

The Palmcredit app is one of the best loan apps in Nigeria, having over 5 million downloads on the Google Play Store.

According to the loan site, a rapid loan of close to N300,000 can be obtained in a few minutes without any security.

You can borrow between N10,000 and N300,000, and if your paperwork is accurate and full, you can get your cash within a business day.

The platform’s Annual Percentage Rates (APR) range from 24% to 56%.

How To Obtain A Loan With The Palmcredit Loan App In Nigeria

  • Using the GET APP button, download and install the Palmcredit loan app.
  • Open the app, then register.
  • Ensure you fill out the form completely and submit it.
  • You can input the sum you want to withdraw on the withdrawal screen and the repayment method.
  • After visiting the withdrawal page, enter the withdrawal amount and repayment method to start a withdrawal request.
  • Before you apply, the platform will not make a loan.

Download Palmcredit here!

3. Carbon

Carbon is one of the loan apps in Nigeria and a digital platform for financial services, offers financial services, including personal and company loans, payments, money transfers, credit scoring, savings, and investments. Most Carbon loan applications are finished in under five minutes.

Depending on how long you have until you repay the loan and how much you want to borrow, their interest rates can range from 2% to 30%. 1.2 million downloads of the app have been made.

How To Obtain A Loan With The Carbon Loan App In Nigeria

  • Download the Carbon application from the Apple App Store or Google Play Store.
  • You move one step closer to getting funding by providing your information. It is protected and secure.
  • When you have chosen the loan amount, your application will be reviewed, and you will know if you are eligible.
  • The money will be deposited into your account once Carbon receives your approval.

Download Carbon here!

4. Okash

Best Loan Apps In Nigeria
OKash| Loan Apps In Nigeria

Okash is an easy-to-use, quick-loan platform for Nigerian mobile users run by Blue Ridge Microfinance Bank Limited. The whole financial demands of customers are met by OKash online, around the clock.

The loan amount is transferred to the applicant’s bank account after a few simple application steps and a little paperwork. With a 91 to 365-day repayment period, the app offers loans ranging from N3,000 to N500,000.

From 0.1% to 1%, according to the business. Okash interest rates, on the other hand, are computed daily, resulting in an Annual Percentage Rate (APR) that ranges from 36.5% to 360%. More than 5 million downloads of the OKash app have taken place.

How To Obtain A Loan With The Okash Loan App In Nigeria

  • Download the Okash app on your mobile phone
  • Create an account
  • Choose the loan amount you want to apply for from the OKash loan dashboard.
  • Give your contact information and financial information. The application should then be submitted.
  • You might get a call from the OKash management after the submission. No need to worry; the call is only to double-check a few facts.
  • The outcome of your application will eventually be displayed on the APP. You will also receive an SMS if the loan is accepted.
  • Once the loan has been approved, confirm the agreement.
  • The authorized loan amount will be deposited into your bank account after confirmation.

Download Okash here!

5. News Credit

Another best loan app in Nigeria, with 1 million downloads, is Newcredit. Thanks to the personal loan app, Nigerians can borrow up to N300,000 with no collateral. The software analyzes prospective clients’ financial information, including bank transaction SMS on their phones and their creditworthiness from other lenders, using artificial intelligence (AI).

The loan amounts available through the app range from N10,000 to N300,000, with repayment terms of 91 to 365 days. The business levies a 4% interest rate per month.

How To Obtain A Loan With The News Credit Loan App In Nigeria

  • Install the NewCredit app by going to the Google Play Store. Install it on your Android device after that.
  • Next, create a personal account by providing your phone number and other necessary details. This contains your home address, employer’s contact information, and next of kin.
  • You must also attach your ATM card to your NewCredit account after providing your BVN (biometric verification number). This will be accepted as payment.
  • Click “Withdraw” to finish submitting your loan application. After you have completed this, the platform’s algorithm will evaluate your credit score and display the results.
  • The loan quantity you can get depends on your credit score’s ultimate conclusion.

Download Newscredit here!

6. Branch

Compared to other loan apps in Nigeria, the Branch loan application is Nigeria’s biggest and most reliable loan platform. It is currently considered one of the nation’s greatest loan platforms. A company called Branch provides financial services in Nigeria, Kenya, Tanzania, and India.

Accessing loans from any location anytime is remarkably simple with the Branch loan app. You can register in a matter of minutes and request a loan, which, if accepted, will put the money into your account immediately. It is quick, practical, and reliable.

With low-interest rates, you can borrow money from this lending platform in sums between $1,000 and $200,000.

How To Obtain A Loan With The Branch Loan App In Nigeria

  • Download Branch Loan App to your Android device from the Google Play store.
  • To create your account, kindly complete the short form and submit it for a quick inspection.
  • When you submit a loan application, the funds will be transferred instantly to your bank account or mobile money.
  • Utilize your smartphone to make loan repayments and raise your credit score to gain access to bigger loans in the future.

Download Branch here!

7. Renmoney

Best Loan Apps In Nigeria
Renmoney| Loan Apps In Nigeria

Renmoney is also one of the best loan apps in Nigeria and is another well-known Nigerian business that provides outstanding loans via its mobile applications. It is one of the most practical lending companies in the nation and offers top-notch support. Renmoney uses technology, analytics, and innovation daily to understand its customers better and provide better services.

Through their mobile app, Renmoney Microfinance Bank provides small-business and personal loans ranging from $50,000 to $6 million. The loan app streamlines Information collection, verifies loan applications, and expedites credit disbursements. If the borrower complies with certain requirements, money is disbursed within 24 hours.

How To Obtain A Loan With The Renmoney Loan App In Nigeria

  • Go to the website
  • Finish the application.
  • Upload your files.
  • Wait for your loan; you can only wait a short while. If your loan is approved, you will receive it in 24 hours or less. Verify your email!

Download Renmoney here!

8. Aella

The Aella Credit is one of the best loan apps in Nigeria and using the service to borrow money is hassle-free. Once downloaded, the app is accessible to iOS and Android users through the Appstore and Google Play Store.

Just like all other loan apps in Nigeria, all you need to do is provide the necessary information to obtain quick loans anywhere in the nation.

How To Obtain A Loan With The Aella Loan App In Nigeria

  • Install the Aella Loan App.
  • Open an account.
  • Fill out all required fields with accurate and useful information.
  • To determine how much you can borrow, click the “Check Eligibility” option.
  • Fill out an application for a loan that will help you.
  • Put money in your Aella Wallet.

Download Aella here!

9. QuickCheck

Best Loan Apps In Nigeria
QuickCheck| Loan Apps In Nigeria

One of the most inventive loan apps in Nigeria is QuickCheck, which ranks as the fifth-best app overall. Loan requests are swiftly assessed using machine learning to predict the behavior of borrowers.

The Quickcheck lending app complies with PCI DSS, offering the highest data security standards. In addition, the national credit bureaus will label you a high-risk borrower if you default on a loan, making it more challenging for you to obtain credit in the future.

For the benefit of its users, any change in the interest rate that would impact a borrower’s account would require a minimum of seven days written notification.

As a first-time user, you can only borrow up to 10,000 NGN for 30 days, but early repayment ensures larger sums and lower interest rates.

The interest rate is the key benefit and strength of the QuickCheck loan app.

One of the lowest interest rates on the market is offered by the QuickCheck loan app, which charges 1% daily.

Although QuickCheck claims to be among the fastest loan apps in Nigeria, processing a loan request takes longer than 24 hours.

How To Obtain A Loan With The QuickCheck Loan App In Nigeria

  • Download the app from the Play Store.
  • By opening a Quickcheck account, you can create a profile.
  • When you apply for a loan, Quickcheck will check your credit report immediately, using machine learning to assess whether you qualify. Money will be transferred to your bank account within minutes if approved.

Download QuickCheck here!

10. KiaKia

Best Loan Apps In Nigeria
KiaKia| Loan Apps In Nigeria

KiaKia was founded in 2016 and is licensed to operate as a non-banking financial technology company. KiaKia Bits Ltd (RC:799552) is the company that trades under that name.

With its quick and simple access to financial support for people and small enterprises, Kiakia is a well-known loan app in Nigeria. Users of Kiakia can apply for loans directly from their smartphones and get the money very immediately without going via a typical bank or financial institution.

Kiakia is a flexible resource for various financial needs because it offers several loan alternatives, including personal, business, and emergency loans.

Additionally, the app has a straightforward application process and user-friendly interface, making it simple for users to access financial data than other loan apps in Nigeria.

How To Obtain A Loan With The QuickCheck Loan App In Nigeria

  • Visit the website and register with accurate information.
  • Launch the site’s application chat
  • Upload a trustworthy form of identification
  • Enter the loan amount you desire.
  • Select the loan term.
  • Publish a screenshot of your business’s last three income or salary alerts.
  • If your application is accepted, agree to the terms and conditions of the loan.
  • Verify your bank account.
  • Finally, receive credit.

Download KiaKia here!

Advantages of Loan Apps in Nigeria

1. Simple and Quick Process

The simplicity of the online borrowing process is a key benefit of loan apps in Nigeria. In addition, both you and the bank are not required to travel to the other’s location.

The entire loan application process is completed online, including the verification and disbursement of loan funds. The procedure is quick; you will receive the loan proceeds in just a few days. Only a mobile device and an internet connection are required for the entire process.

2. Options for Low Loan Interest Rates

Interest rates are a significant consideration for the borrower to consider while making a loan decision. Loan apps in Nigeria now offer loans with reasonable interest rates that are fair to borrowers.

You are therefore relieved of the burden of loan interest and the ease of applying for and receiving a loan.

In this situation, you, as a customer, must be careful while selecting online loan services. Select a website that offers loans with different terms and low interest rates. You can customize the loan duration to suit your needs with several tenor options.

3. Quick Fundraising

Loan apps in Nigeria can solve these issues for those who require quick and urgent cash. This is due to how quick and simple it is to complete everything from loan application to disbursement.

Aside from that, the service provider’s verification procedure is quick. As a result, you can obtain loan funds quickly to satisfy your needs without taking a long period.

Can a loan application block my BVN?

Yes. A loan application may block BVNs. Your BVN could be blocked due to loan providers and loan applications. It is feasible since the Central Bank of Nigeria grants the authority to identify loan defaulters to all regulated banking, loan-giving, and credit organizations.

Can I get a loan via PalmPay?

Yes, the PalmPay platform offers loans to those in need. You can get an instant loan through this app within five minutes of approval. In addition, you are not required to provide any documentation or security before borrowing. This makes borrowing simpler and more smooth.

Does Kiakia Loan exist?

An app that lends money to Nigerians is called the Kiakia P2P Loan App. Installing the app on your phone and creating an account with the necessary information are the first steps to applying for a loan of at least N1000.


Loan apps are simple and provide Nigeria with the most practical loans. You can easily apply for a loan whether you’re an individual or a corporate employee.

However, before submitting your application, read the loan’s terms and conditions to ensure you are fully aware of what it entails.


  •– Top 15 Best Loan Apps in Nigeria with Their Interest Rates
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