Loan apps in Nigeria have gained popularity as a quick and convenient way for individuals to access loans. These apps offer various loan options, including personal and business loans, with streamlined processes and fast approvals.
Some well-known loan apps in Nigeria include Branch, FairMoney, Renmoney, and Kuda. It’s essential to compare interest rates, repayment terms, and customer reviews to find the best fit.
Responsible borrowing and verifying the legitimacy of loan apps are crucial for a positive borrowing experience. Loan apps provide accessibility, but thorough research and caution are necessary for informed decision-making.
Whether you are looking for a short-term loan or a larger loan for a specific purpose, there is a loan app out there for you. By reading this article, you will be able to compare and contrast between the best loan apps in Nigeria and find one that fits your financial needs.
furthermore, if you are in need of an urgent loan and want to avoid the long lines and paperwork of traditional lending institutions, below are the lists of the best loan apps in Nigeria.
1. Carbon
Table of Contents
Carbon (formerly Paylater) offers instant loans to individuals and small businesses in Nigeria. Users can apply for personal loans and receive funds directly into their bank accounts. They also provide other financial services like bill payments and investments.
Loan Features
- Loan Amount: ₦1,500 to ₦1,000,000m
- Interest Rate: 1.75% – 30%
- Loan Tenure: 1 – 6 months
- Requirements: Personal Details, BVN & Bank Statement
- Repayment Methods: Wallet Fund & Bank Transfer
2. Branch
Branch is a loan app that offers personal loans to individuals in Nigeria. It uses alternative credit scoring methods to assess loan applications and provides quick disbursements. They also have a referral program that rewards users for inviting friends to use the app.
Loan Features
- Loan Amount: ₦1,000 to ₦500,000
- Interest Rate: 15% – 34%
- Loan Tenure: 1 – 12 months
- Requirements: Personal details, Bank Details, Email & Phone number
- Repayment Methods: Bank transfer, Wallet balance & Debit Card
3. FiarMoney
FairMoney is a digital lending platform that provides quick loans to individuals in Nigeria. Users can apply for loans ranging from small to larger amounts, and the funds are disbursed directly to their bank accounts. They also offer bill payments and airtime purchases.
Loan Features
- Loan Amount: ₦1,500 to ₦1,000,000
- Interest Rate: 2.5% – 30%
- Loan Tenure: 1 – 18 months
- Requirements: Personal details, Bank Card, Email & Phone number
- Repayment Methods: Bank transfer, Wallet balance & Debit Card
4. PalmCredit
Palmcredit is a loan app that offers flexible personal loans in Nigeria. They provide instant loans with varying repayment periods and competitive interest rates. The app also offers a credit limit increase for responsible borrowers.
Loan Features
- Loan Amount: ₦2,000 to ₦100,000
- Interest Rate: 14% – 24%
- Loan Tenure: 1 – 3 months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card & Bank Transfer.
5. RenMoney
Renmoney is a digital lending platform that provides personal loans, business loans, and fixed deposit investments in Nigeria. They offer loans with flexible repayment options and have physical branches for customers to access their services.
Loan Features
- Loan Amount: ₦6,000 to ₦6,000,000
- Interest Rate: 2.4% – 9.33%
- Loan Tenure: 3 – 24 months
- Requirements: Personal details, BVN, Email & Phone number
- Repayment Methods: Bank transfer, Account balance & Debit Card
6. QuickCheck
QuickCheck offers quick loans to individuals and small businesses in Nigeria. Users can apply for loans through the app, and funds are disbursed directly to their bank accounts upon approval. They also provide credit scores and financial education.
This app has over a million downloads on the google play store with tons of positive reviews. Even, you don’t need any collateral or documentation whatsoever to get your loan application approved.
Loan features
- Loan Amount: up to ₦200,000
- Interest Rate: 2% – 30%
- Loan Tenure: 1 – 12 months
- Requirements: Personal details, Bank Details, Email & Phone number
- Repayment Methods: Bank transfer & Debit Card
7. AellaCredit
Aella Credit is a loan app that offers loans to individuals and micro-entrepreneurs in Nigeria. They provide quick loans with flexible repayment options and competitive interest rates. Users can also access financial education resources through the app.
The Aella Credit loan app is one of the best apps for business loans in Nigeria, and it works on both Android and iPhones.
Loan Features
- Loan Amount: ₦100,000 to ₦5,000,000
- Interest Rate: 6% – 20%
- Loan Tenure: 1 – 3 months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Wallet Fund, Debit Card & Bank Transfer.
8. QuickCredit
QuickCredit is a loan app that provides instant loans to individuals in Nigeria. Users can apply for loans through the app and receive funds directly to their bank accounts upon approval.
Loan Features
- Loan Amount: ₦250,000 to ₦5,000,000
- Interest Rate: 1.33% – 1.75%
- Loan Tenure: 6 – 12 months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Wallet Fund, Debit Card & Bank Transfer
9. KiaKia
KiaKia is a digital lending platform that offers personal and business loans in Nigeria. They provide quick loan approvals and aim to simplify the borrowing process for users. Borrowers can easily quick loans from KiaKia by simply downloading the app from App Store or Play Store, signing up as a borrower, and getting linked with a lender that accepts your loan application.
Loan Features
- Loan Amount: ₦10,000 to ₦10,000,000
- Interest Rate: 15% Monthly
- Loan Tenure: 1 – 3 Months
- Requirements: Personal Details & Bank Details
- Repayment Methods: Wallet Funds, Debit Card & Bank Transfer.
10. Alat By Wema
Alat by Wema: Alat by Wema (owned by Wema Bank) is a digital banking platform that offers personal loans to individuals in Nigeria. They provide quick loan approvals and disburse funds directly to the borrower’s Alat account. It has very low interest and high amount of loan.
Loan Features
- Loan Amount: ₦50,000 and above
- Interest Rate: About 2%
- Loan Tenure: Up to 6 Months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card, Bank Transfer & Wallet Balance
11. C24
C24 Limited is a loan organization in Nigeria that offers collateral-free loans. They understand the need to pay bills and provide solutions to financial problems. Their fast and flexible loan application takes only five minutes to complete.
It is important to review their terms and conditions for specific details on eligibility, interest rates, and repayment options.
Loan Features
- Loan Amount: ₦100,000 to ₦1,000,000
- Interest Rate: 3% – 15%
- Loan Tenure: 1 – 4 months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Wallet Fund, Debit Card & Bank Transfer
12. Lendigo
Lendigo loan is dedicated for small businesses. At the moment, Lendigo business app gives the highest digital loan amount instantly to small and medium scale organizations.
Loan Features
- Loan Amount: 300,000 – ₦10,000,000 loan amount per invoice and credit line
- Interest Rate: About 4%
- Loan Tenure:1 to 6 Months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card, Bank Transfer & Wallet Balance
You can get between with 1% processing fee and a commitment fee for the loan facility.
13. Okash
Okash provides loans without the need for collateral, and the loan amount can vary, with a maximum limit of ₦50,000. The actual loan amount you may be eligible for depends on various factors, including your creditworthiness, repayment history, and other criteria determined by Okash.
To obtain a loan from Okash, you typically need to download and install the Okash mobile app from the Google Play Store. The app allows you to register an account and submit a loan application. The approval process usually involves the evaluation of your personal information and creditworthiness. If approved, the loan amount will be disbursed to your mobile wallet or bank account, depending on the options provided by Okash.
Loan Features
- Loan Amount: ₦3,000 to ₦500,000
- Interest Rate: 9% – 30% Monthly
- Loan Tenure: 1 – 12 Months
- Requirements: Personal Details & Bank Details
- Repayment Methods: Debit Card & Bank Transfer
14. P2Vest
P2Vest is one of the fastest loan apps in Nigeria for P2P lending. Just like KiaKia, this app connects borrowers and lenders through its service called P2VFB. Both business and individauls can access loans on this platform as all you need to do is just to download it and sign up as a borrower.
Loan Feature
- Loan Amount: ₦2,000 to ₦ 2,000,000
- Interest Rate: Depends on the lenders’ rate
- Loan Tenure: Up to 12 Months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card
15. QuickBuck
The application for a fast loan offered by Access Bank is known as QuickBuck. It can be used by people who are already customers of Access Bank as well as people who do not have an account with the bank.
When compared to a loan from a bank or a loan secured by the equity in your home, which might take many weeks or even months to process after the application has been submitted, a quick loan is the superior choice.
16. JumiaPlay
The last of the loan apps in Nigeria to review is JumiaPay, a product of Jumia, which gives instant loans to users.
You could download the app on Playstore, create your account, scroll down to the ‘Financial Services’ section and click ‘Loans’ to apply for a quick loan.
Details are displayed on the Jumia websit
17. Irorun
Irorun is also one of the fastest loan apps in Nigeria for small personal loans. You can access a maximum of 50,000 Naira worth of loan for a very low-interest rate without any collateral whatsoever.
Loan Features
- Loan Amount: Up to ₦50,000
- Interest Rate: 4.5% – 35%
- Loan Tenure: 2 – 6 Months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card & Wallet Ballance
18. Specta
Specta is owned and managed by a financial institution same to Alat, Sterling, and does not require any collateral, guarantor, or bank visit to access quick loans.
Irrespective of your occupation or bank, you can access a loan amount of up to ₦5,000,000 to meet your financial needs.
The app could be downloaded on Playstore and has other interesting packages for you. For more details about Specta loans check out our review of Specta Loan.
Loan Features
- Loan Amount: Up to ₦5,000,000
- Interest Rate: 25.5% – 28.5%
- Loan Tenure: Up to 12 Months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card, Bank Transfer.
19. Page Financials
Page financials is a financial company licensed by the CBN that offers personal loans in Nigeria. The company claims that getting a loan from them is smooth and easy and that they use a flexible documentation process.
Loan Feature
- Loan Amounts: N100,000 – N5,000,000
- Interest rate: 3.76% – Charged Flat Per Month
- Loan tenure: 2 – 4 months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card & Wallet Ballance
20. Blocka Cash
Blocka Cash provides easy and hassle-free loans in Nigeria. It is available on the Android app store and also the Apple app store.
You can access short-term loans on Blocka from at least N5,000 and up to N50,000 depending on your credit score.
The requirements for a Blocka cash loan include:
- You must be at least 21 years of age.
- You might need to provide a valid Government
Loan Features
- Loan Amounts: N5,000 – N50,000
- Interest rate: 3% per month – of 10% per month
- Loan tenure: 2 to 4 months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card & Wallet Ballance
Blocka Cash considers several factors when assessing if you are eligible for a loan. Factors like past loan performance and credit score. The app is powered by James Crown Credit Limited, which has a money lender license issued by the Ogun State Government of Nigeria. You can contact Blocka Cash at [email protected]
21. YesCredit
YesCredit is a licensed money lender in Nigeria, providing loans through an iOS mobile app. The app offers loans ranging from ₦5,000 to ₦50,000 with a loan tenure of 60 to 180 days. It does not require collateral, guarantors, or extensive documentation for smaller loans, but additional documentation may be necessary for larger loan amounts.
Loan Features
Loan Amounts: 5,000 – 50,000
Interest rate: 3% – 10%
Loan tenure: 2 to 4 months
Requirements: Personal Details & Some Bank Details
Repayment Methods: Debit Card & Wallet Ballance
For more information, visit the official YesCredit website or contact [email protected].
22. Migo
Formerly Kwikmoney, Migo app is a very popular lending company in Nigeria. You can get a mobile loan in Nigeria of up to N500,000 with Migo in less than 2 minutes in Nigeria.
Over N40 billion Naira has been borrowed from Migo. The interest rate for a Mogo loan is 5 % to 15%.
Loan Features
Loan Amounts: about 500,000
Interest rate: 5% – 15%
Loan tenure: 2 to 4 months
Requirements: Personal Details & Some Bank Details
Repayment Methods: Debit Card & Wallet Ballance
23. Lydia
Lidya is one of the first loan apps in Nigeria that started providing small and medium-sized businesses access to an unsecured instant online loan in Nigeria. This app offers businesses credit between N500,000 and N35,500,000.
Lydia assesses the credit risk of every business seeking a loan. It uses this assessment to create a credit score unique to each business. Lydia also disburses loans in 24 hours or less.
Loan Features
Loan Amounts: 500,000 – 35,500,000
Interest rate: Not Specified
Loan tenure: Depends on the loan amount
Requirements: Own a business, Personal Details & Some Bank Details
Repayment Methods: Debit Card & Wallet Ballance
24. Credpal
Credpal is one of the most reliable online loan apps in Nigeria. While it is one of the best, it works in a slightly different way. Unlike other loan apps listed in this post, Credpal uses funded credit cards as a means of giving out loans.
You can use Credpal Credit Card to make payments both online and offline. To get access to this credit card, you need to download the Credpal app and sign up. Once that is done, you’ll need to wait a while to get your credit limit ready on the card.
As soon as your credit limit is ready, you can request the credit card and get it delivered to your preferred location. Once you have the card, you can start spending, and repay monthly or when you reach your credit limit.
Loan Features
- Loan Amount: ₦5,000 to ₦500,000
- Interest Rate: 3.8% – 8%
- Loan Tenure: 29 Days
- Requirements: Personal Details & Bank Details
- Repayment Methods: Bank Transfer.
25. Kuda
The last on this list of the top 25 loan apps in Nigeria is Kuda. Kuda is another instant loan app in Nigeria that provides access to credit usually personal loans. These loans come with very low-interest rates, flexible repayment terms, and a relatively long tenor.
To get a loan on this app, you need to download the App from either Play Store or App Store depending on your device type, create a Kuda Bank account, and verify the account. Once all that is done, you can apply for a loan and get it disbursed into your account in a matter of minutes.
Loan Features
- Loan Amount: Up to ₦50,000
- Interest Rate: 0.3% Daily
- Loan Tenure: Up to 90 days
- Requirements: Verified Kuda Bank Account
- Repayment Methods: Kuda Bank Account Fund
Important factors to consider when choosing a loan app in Nigeria:
Interest Rates:
Compare the interest rates offered by different loan apps and choose the one with the most competitive rate. A lower interest rate means you’ll have to repay less overall.
Repayment Period:
Look for a loan app that offers flexible repayment plans that align with your financial capabilities. Consider whether you prefer smaller installments over a longer period or a lump sum payment.
Loan Amount:
Check the minimum and maximum loan amounts offered by each app and choose one that can provide the loan amount you need.
Speed of Loan Disbursement:
If you require funds urgently, prioritize loan apps known for their fast loan disbursement process. Read user reviews to get an idea of the app’s efficiency in this regard.
User Experience:
A loan app with a user-friendly interface, clear instructions, and a streamlined application process will make your borrowing experience smoother. Choose an app that is easy to navigate and understand.
Customer Service:
Good customer service is crucial, especially if you encounter any issues during the loan process. Look for an app that has a reputation for providing excellent customer service and addressing customer queries and concerns promptly.
Eligibility Criteria:
Review the eligibility criteria of each loan app to ensure that you meet the requirements. Some apps may have specific criteria related to income, credit score, or employment status.
Reviews and Ratings:
Check the reviews and ratings of the loan app on the app store or online platforms. This will give you insights into the experiences of other users and help you gauge the reliability and reputation of the app.
Considering these factors will assist you in selecting the most suitable loan app that meets your financial needs and provides a positive borrowing experience.
In conclusion, the availability of loan apps in Nigeria has greatly simplified the process of obtaining a loan, making it more accessible to individuals and small businesses. These apps offer a convenient and efficient way to access credit, providing a range of options to cater to different needs.
It is essential to conduct thorough research and select the loan app that aligns with your specific requirements. Whether you are in need of a personal loan, a business loan, or quick cash, the list of the best loan apps in Nigeria for 2023 can serve as a helpful guide.
By utilizing these loan apps, you can empower yourself financially and explore the various opportunities available to you in Nigeria. So, take the initiative, download an app today, and embark on your journey to fulfill your personal and business financial needs.
