Loan Apps for Students in Nigeria: We’ve curated the list of the best loan app for students with low-interest rates, higher amounts, and long repayment terms.
Loans are an essential part of funding for students in Nigeria. The cost of education, accommodation, and other living expenses can be overwhelming, and loans provide a way for students to meet these expenses.
However, it is usually difficult for Nigerian students to access traditional bank loans, as they seek lots of documentation which many students may not be able to provide.
Thanks to the rise of the Fintech industry, loan apps have emerged as a convenient option for students in Nigeria to access loans. In this post, we will be discussing the top 10 loan apps for students in Nigeria and their key features.
Are you ready to know them all? Then join me and let’s explore this post together!
10 Best Loan Apps for Students in Nigeria
1. Carbon
Carbon is one of the most popular loan apps in Nigeria, with over one million downloads. It offers loans of up to ₦1 million with interest rates starting from 5%.
These loans come without having to submit any documentation, collateral, or guarantor. The repayment terms range from 2 weeks to 6 months, and the application process is straightforward.
2. FairMoney
FairMoney is one of the most reliable loan apps for students in Nigeria. It is very popular amongst students because no documentation is needed to access the loans.
Fairmoney offers loans of up to ₦500,000 with interest rates ranging from 10% to 30%. The repayment terms range from 1 to 18 months, and the application process is entirely online via the app.
The app also offers a credit scoring system that allows users to access higher loan amounts with better credit scores. So, the more you borrow and repay back without defaulting on the loans, the more money you can borrow.
3. Renmoney
Renmoney offers loans ranging from ₦6,000 to ₦6 million with interest rates starting from 4.5%. The repayment terms are also flexible as it ranges from 3 to 24 months, and the application process too is super easy, as no collateral is required.
Renmoney also offers insurance services to protect borrowers in case of unforeseen circumstances.
4. PalmCredit
Another popular loan app that gives students loans in Nigeria is PalmCredit. With interest rates starting from 14%, you can access loans of up to ₦100,000 on this app.
PalmCredit loans repayment terms range from 14 to 180 days, and the application process is straightforward.
Just like Fairmoney, the app also offers a credit scoring system that allows users to access higher loan amounts with better credit scores.
5. Kiakia
Want a quick loan to sort your school fees? KiaKia is an ideal loan website for Students that need relatively high loans.
Kiakia is a P2P lending platform where you can access loans of up to ₦200,000 without collateral. The loan application process is fast and entirely online via their website, and the repayment terms range from 7 to 30 days.
Keep in mind that the KiaKia loan application may require borrowers to have a source of income before accessing loans.
6. Branch
Branch is one of the best loan apps for students in Nigeria that offers high loan amounts with fair interest rates. Branch loan amount ranges from ₦1,000 to ₦500,000 making it very ideal for students whether with high or low demand.
The repayment terms range from 1 to 12 months, with an interest rate starting from 15%. Just like the other student loan apps in Nigeria on this list, no documentation or collateral whatsoever is required to access loans on Branch.
7. Aella Credit
Another loan app that students with a source of income can use to get huge funding in Nigeria is Aella Credit. This app offers a wide range of credit services including loans and buy now, pay later among others.
Aella Credit offers loans ranging from ₦100,000 to ₦1 million with interest rates starting from 4% per month. The repayment terms range from 1 to 4 months, and the application process is entirely online via their website or mobile app.
8. Quickcheck

Quickcheck is another loan app for students in Nigeria that offers loans of up to ₦500,000 with interest rates starting ranging from 2% to 30%, and repayment terms of up to 12 months.
You can easily access QuickCheck loans by just downloading the app from the play store or app store, creating an account, and applying for a loan. Just like others, no collateral or guarantor is required.
9. Irorun Loan App
If you’re in need of a quick small loan, Irorun loan app is the perfect option. This app offers instant loans ranging up to ₦50,000 without any documentation whatsoever.
Irorun loan app interest rate is very low, and the loan tenor ranges from 2 to 6 months, making it a very flexible option for students. All you need to get this loan is to download the app, register an account, fill in your details and apply for a loan.
10. Okash
Last on this list of the best loan apps for students in Nigeria is Okash. Just like Fairmoney, Okash is another reliable loan app in Nigeria that offers loans without collateral, paperwork or a guarantor.
By downloading the app, and signing up, you can access loans in just a matter of minutes.
Okash loans come with very low-interest rates of 9% to 30% monthly and flexible repayment terms. It also offers reasonably long loan tenors and relatively huge amounts.
Read Also: How to Borrow Money from PalmPay
Criteria for Selecting the Best Loan App for Students in Nigeria
Now that you’ve known the best loan apps for Nigerian students, it’s essential to understand the criteria used to select these apps. We considered several factors, including:
- Interest rates: We selected loan apps with competitive interest rates that are affordable for students.
- Repayment terms: We chose apps with flexible repayment terms that accommodate students’ schedules.
- Ease of access: We selected apps with easy application processes and quick disbursement of funds.
- Availability: We chose apps that are widely available across Nigeria and accessible to as many students as possible.
Check Out: Can Loan App Block your BVN? Complete Answer
Conclusion
These are the top 10 loan apps for students in Nigeria. These loan apps offer students a convenient way to access loans with competitive interest rates and flexible repayment terms.
However, it’s important to use these loan apps responsibly and make timely repayments to avoid penalties. Students should carefully evaluate their financial situation before taking out a loan to ensure that they can afford to repay it.