Are you in need of a quick loan but don’t know where to turn? Look no further than the available loan apps in Nigeria.
With the rise of technology, loan apps have become increasingly popular in Nigeria as a way for individuals to access loans quickly and easily. These apps offer a variety of loan options, from peer-to-peer lending to instant personal and business loans without collateral.
In this post, we will provide an overview of the top loan apps in Nigeria, and their features including interest rates, loan tenors, loan amounts, etc. We will also discuss how to choose the best loan app for your needs.
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 blog post, you will be able to compare the best loan apps in Nigeria and find one that fits your financial needs.
So, if you are in need of an urgent loan and want to avoid the long lines and paperwork of traditional lending institutions, keep reading to learn more about the best loan apps in Nigeria as we list them right below.
1. Carbon
Formally known as Paylater, Carbon is a popular loan app in Nigeria that provides access to quick loans without requesting any collateral, paperwork, or guarantor. Carbon offers low-interest loans for a relatively long tenor.
This app is very reliable as it has over a million downloads on Google Play Store, and barely has bad complaints about frequent calls or privacy intrusions. Carbon also has a fast loan processing time, which let you get loans in minutes.
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. Renmoney
Renmoney is a Nigerian fintech company that offers a loan app for individuals and small businesses. The app allows people to apply for loans worth up to millions of Naira with flexible repayment terms.
Just like Carbon, Renmoney loan application process is quick and easy, and users can get approved in just a few minutes. This app also has a feature that allows borrowers to track the status of their loan applications and manage their loan accounts.
Additionally, Renmoney offers a variety of other financial services, including savings and investment options. The app is available for download on both the Google Play and Apple App stores. That means, both iPhone and Android users can access Renmoney loans.
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
Related: Top 14 Platforms for Urgent Loans in Nigeria without Documentation
3. Fairmoney
Fairmoney is one of the best loan apps in Nigeria that allows people to apply for loans without tendering any collateral, or guarantor. Both businesses and individuals can make use of this lending app to access a quick loan worth up to 500,000 Naira.
Fairmoney takes less than 15 minutes to assess borrowers’ loan applications, and if approved, the loan will be disbursed immediately. Loans on this app come with fair interest rates and a long tenor.
Fairmoney also lets you manage your loans in a way that you can extend them if you can’t repay on the due date.
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. Branch
Branch is another loan app in Nigeria that offers instant collateral-free loans worth millions of Naira with low interest rates. This app also offers flexible repayment terms, and a long loan tenor ranging up to a year.
Additionally, Branch also offers online financial services that help users with day-to-day financial transactions such as money transfers, savings, investing, airtime purchases, bill payments, and lots more.
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
5. QuickCheck
QuickCheck is one of the most reliable loan apps in Nigeria. This app utilizes advanced technology and machine learning algorithms to assess the creditworthiness of borrowers, allowing for fast loan approvals and disbursals.
You can apply for loans through the app, and upon approval, the funds will be transferred directly to your bank account. QuickCheck offers flexible repayment terms, and borrowers can repay their loans in installments.
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.
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
6. Aella Credit
Aella is a very transparent loan app in Nigeria that offers instant collateral-free loans within just five minutes. Its loans also come with low interest and a flexible repayment policy.
All you need to get a loan from Aella Credit is just to download the app from App Store, create an account and apply for a loan. This app offers a reasonably huge loan amount with a relatively long tenure.
The Aella Credit loan app is one of the best apps for business loans in Nigeria, and it works on both Android and iPhones.
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.
7. PalmCredit
PalmCredit is an online lending platform that allows Nigerians to apply for loans through their mobile phones, and get them approved within minutes without the need for collateral, paperwork, or a guarantor.
You can apply for loans through the app, and upon approval, the funds are transferred directly to your bank account without delay. Normally, Palmcredit offers loans ranging from NGN 2,000 to NGN 100,000, with flexible repayment terms of up to 90 days.
Borrowers can also access higher loan limits as they continue to use the platform and build a good credit history by repaying on time.
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.
Read Also: List of Federal Government Loans with Very Low Interest Rates
8. KiaKia
Kiakia is a Peer-to-Peer (P2P) loan app in Nigeria that offers quick and easy access to loans for individuals and small businesses. 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.
Once that is done, and all requirements are met, the loan will be disbursed into your bank account in minutes. As a new user, you may have access to small loan amounts. However, as you build your credit score, you’ll be granted huge loans with even lower interest rates.
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.
9. Okash
Just like PalmCredit and 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 and flexible repayment terms. It also offers reasonably long loan tenors and relatively huge amounts.
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.
10. Umba
One of the best and fastest loan apps in Nigeria is Umba. This app offers loans in minutes without requesting any collateral or documentation. It also offers some of the best loan terms including no late fees policy, no rollover charges, and no origination fees.
By just linking your bank account to assess your credit score, you can get an instant loan worth up to 30,000 Naira with a very low interest rate for a period ranging up to 62 days. Additionally, Umba offers very flexible loan repayment methods, and it also has good customer service.
Features
- Loan Amount: ₦3,000 to ₦300,000
- Interest Rate: 10% – 21% Monthly
- Loan Tenure: 1 – 2 Months
- Requirements: Personal Details & Bank Details
- Repayment Methods: Wallet Funds, Debit Card & Bank Transfer.
11. FlexiCash By PalmPay
Just like Carbon, Palmpay is another fintech app that offers loan services in Nigeria. Palmpay loan service is called Flexicash.
You can access a collateral free loan using this service, and no guarantor is needed also. Flexicash loans come with low interest rates, and a flexible tenor.
Features
- Loan Amount: ₦1,500 and above
- Interest Rate: 0.70% or more daily
- Loan Tenure: 15 to 30 Days
- Requirements: Palmpay Account
- Repayment Methods: Palmpay Wallet Fund & Debit Card.
12. 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.
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
13. 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.
Features
- 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
14. ALAT
Owned by Wema Bank, ALAT is a quick loan app in Nigeria that offers its lending services to both individuals and businesses. ALAT loans also come with low interest, however, the loan amount is high.
This app is very reliable and just a basic requirements is needed to get loans approved. ALAT is also one of the fastest loan apps in Nigeria for business loans as it takes less than 24 hours to get loan applications approved.
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
15. Specta
Just like ALAT, Specta is another bank-owned loan app in Nigeria. This app is launched by Sterling bank as its lending service. You can access a quick loan worth up to 5 million Naira in five minutes on this app.
Additionally, no collateral, guarantor, or paperwork is needed to get your Specta loan applications approved. Loan disbursal time is also fast on Specta and it also offers flexible repayment options.
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.
See Also: List of Fake Loan Apps to Avoid in Nigeria Right Now
16. Lendingo
Lendingo is another instant loan app in Nigeria for both small and huge money borrowers.
Although this lending platform requires some paperwork for the huge loan they offer as it is mainly focused on business loans, you don’t need a guarantor or collateral to get your loan application approved once you meet their requirements, and accept their loan terms.
Features
- Loan Amount: ₦100,000 to ₦10,000,000
- Interest Rate: 4% – 8%
- Loan Tenure: 1 – 6 months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card & Bank Transfer.
17. Page Financial
This is another reliable app that offers online loan in Nigeria without collateral. As the name implies, Page Financials also offers a variety of online financial services including savings money transfers, bill payments, and lots more.
Loan application is very easy on this app, as with just a flexible documentation process, you can get both quick personal and business loans from page financials at a reasonable interest rate.
18. Irorun Loan App
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.
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
19. 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.
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.
Check Out: Loan Apps with Low Interest Rates in Nigeria
20. Borome
The last on this list of the top 20 loan apps in Nigeria is Borome. This app is one of the best loan apps in Nigeria that offers no collateral loans in minutes.
This app is mainly focused on providing personal loans to individuals. It also has a fast disbursal time and flexible repayment terms. It also doesn’t disturb borrowers with frequent calls and messages for loan reminders.
Features
- Loan Amount: ₦2,000 to ₦100,000
- Interest Rate: 0.9% Daily
- Loan Tenure: Up to 52 weeks
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Bank Transfer & Debit Card
Conclusion
Obtaining a loan in Nigeria has never been easier thanks to the advent of loan apps. These apps provide a convenient and efficient way for individuals and small businesses to access credit.
With a wide range of options available, it’s important to do your research and choose the app that best fits your needs. Whether you’re looking for a personal loan, a business loan, or a quick cash loan, we’ve provided a list of the best loan apps in Nigeria 2023 for you in this post.
With these apps, you can have the financial instrument to sort your personal, and possibly business needs. So, download one today and start exploring the financial opportunities available to you in Nigeria.
