Top 10 Best Loan Apps in Nigeria For Quick Cash

If you are looking for the best loan app in Nigeria for personal or business purposes, then you can’t go wrong with any of our listed top 10 best loan apps in Nigeria 2023.

There is no doubt that with the advent of digital technology and the widespread use of smartphones, loan apps have become a convenient way for individuals or businesses to access loans without the need for collateral or long application processes.

As of today, loan apps have gained significant popularity in Nigeria due to the high demand for credit among Nigerians, especially considering the economic reality of today and the underserved money lending by traditional financial institutions.

Many Nigerians have also embraced loan apps because of their convenience, accessibility, and flexible loan terms.

In fact, nobody wants to undergo the tedious processes, documentation, and high-interest rate associated with most banks

However, you must note that there are lots of fake loan apps in Nigeria claiming to be genuine. That is why I suggest you go with any of the best apps listed below, they are tested and trusted and can be relied upon.

A word of caution: the fact that you can get a loan at ease should not mean you should go for it all the time. Only apply for a loan when you indeed need it and will be able to pay it back.

Nonpayment can affect your credit score, therefore, affecting your reputation online and in other instances attracting legal action.

Only apply for the money you can pay back or better still source your loan from friends or family.

Usually, your chances of getting an approved loan are determined by your credit score which is further determined by AI and data you input in a brief question.

Loan terms repayment range from 4 – 52 weeks and interest on loans ranges from as low as 5% to over 30% per month.

To increase your chances of approval whenever you apply for a loan, give correct data as requested and ensure you are in good standing with any other loan app or bank you are involved in presently and in the past. 

 

• How Loan App Works
• Advantages of Using Loan Apps in Nigeria
• Loan Application Requirement
• How Much Can You Borrow 
• What is The Repayment Period
• Why Loan Apps Applications Can Be Rejected
• Verdict

 

1. Carbon Loan

Carbon (formerly PayLater) is one of the top 10 best loan app in Nigeria 2023 that also offers competitive interest rates, high loan limits, and flexible repayment options.

They also serve as payment solutions, high-yield investment opportunities, and easy-to-use tools for personal financial management. 

When it comes to sourcing the best loan app in Nigeria with low interest and instant payment, Carbon is currently one of the top 10 recommended.

A legit and very reliable loan app in Nigeria today.

Carbon offers loans of up to ₦1 million with a repayment period of up to 12 months.

The Carbon app is available on both Android and iOS devices.

How To Borrow Money From Carbon

• Download the Carbon app which is available both on Android and iOS devices.
• Register and create an account by providing your personal information such as name, phone number, email address, and BVN.
• Once you have created an account, you can apply for a loan by selecting the “Apply for a loan” option on the app. You will need to enter the loan amount and the repayment duration.
• Complete your profile: Before your loan application can be processed, you will need to complete your profile by providing additional information such as employment status, monthly income, and bank account details, then wait for approval
• The loan approval process usually takes a few minutes, and you will be notified of the outcome via email or SMS.
• If your loan application is approved, you will be presented with a loan offer that includes the loan amount, interest rate, and repayment duration.
• You can then click on accept, by clicking on the “Accept” button i.e if you agreed with their terms. the loan amount will be disbursed to your bank account within a few minutes.

Please note that you will need to repay your loan according to the agreed repayment schedule.

Repayments can be done through the Carbon app or your bank’s mobile app or USSD code.

 

2. Branch Loan Nigeria

Branch is a loan app that offers quick and hassle-free loans for personal or business needs with no physical paperwork or collateral.

They provide single-payment loans, installment loans, and payroll loans for borrowers. 

The Branch offers loans of up to ₦200,000 with a repayment period of up to 15 months but approval greatly depends on your credit scores.

As you build credibility with Branch through early repayment, you unlock larger loan amounts.

Branch can be downloaded both on Android and iOS devices

How To Borrow Money On Branch Loan App

• Download the Branch app on your Android or iOS device.
• Register and create an account
• Enter the loan amount and the repayment
• Click on the “Apply for a loan” option on the app
• Complete your profile including your bank account details.
• Verify your identity with a valid means of identification such as your national ID card, driver’s license, or international passport.
• Accept loan terms
• Wait for loan approval

 

3. QuickCheck

QuickCheck is one of the top 10 best loan apps in Nigeria that offers instant loans to those that meet their requirements.

They offer loans of up to ₦200,000 with a repayment period of up to 30 days and are available for download on iOs and Google play store

Just like every other loan app listed in this guide, all transactions on QuickCheck are performed through the app with no collateral or paperwork.

QuickCheck uses machine learning to predict borrowers’ behavior and instantly evaluate loan applications thereby making it easy to get an instant loan.

How To Borrow From QuickCheck Loan App

• Download the app from the Play Store or iOS
• Create a profile by registering for an account
• Apply for a loan
• Quickcheck will check your credit score to determine your creditworthiness
• Accept the loan offer
• And funds will be sent to your bank account within minutes.

 

4. Kiakia 

Kiakia is a top Nigerian loan and investment marketplace that brings lenders and borrowers together for loan and investment opportunities.

The company works as a peer-to-peer lending & investment platform. They connect individuals or businesses who wish to lend money as investments with the best match from the pool of people who need to borrow money.

Through Kiakia, you can access instant loans without any collateral or excess documentation.

The App uses a credit scoring algorithm to analyze people’s track financial history and determine their creditworthiness.

To get a loan, simply click the “Get a Loan” button from the home and follow the steps.

But you must ensure you are a Nigerian with a valid ID, bank account, and a BVN as well as a verified source of income.

Loan tenure for first-time borrowers is 30 days, however, loan tenure can be increased based on your credit scores and trust points.

You can borrow up to 100,000 within 2 hrs. with 15% interest rate.

 

5. Migo

The company was initially known as KwikCash before it changed to Kwickmoney and now Migo to portray itself as a global company.

Migo is currently one of the top 10 loan apps in Nigeria that offer loans to individuals and businesses instantly without paperwork.

You do not need any collateral or documentation to get a loan, all you need is your phone number which is associated with a BVN

Migo partners with banks, mobile operators, and other institutions to provide loans to their customers.

You can also use the Migo app to buy your favorite item now and pay later through their partners.

Migo loan amount ranges from 500 Naira to over 500,000 determined by your credit score.

Usually, Migo starts with a small loan amount and grows your loan offers over time as you build trust with the system.

Migo interest rates range from 5% to 25% depending on your transaction history and creditworthiness. 

How To Borrow Money From Migo

• Download the Migo App
• Register and create an account with your phone number
• Select your desired loan amount
• Provide your bank account details
• Verify your identity with your debit/credit card
• Migo would register your debit card details for easy repayment
• Wait for loan approval and disbursement

 

6. FairMoney

Fairmoney loan app was originally a loan app before upgrading to a Microfinance Bank. 

It provides quick and easy access to loans for individuals and small businesses in Nigeria

The loan offers range from ₦1,500 to ₦1,000,000 with durations that range from 60 days up to 18 months.

The monthly interest rate ranges between 10%-30% depending on the loan amount, duration, and other factors.

Fairmoney can be repaid using multiple options, including automatic bank transfer, USSD code, and cash deposit at designated partner banks.

Customers can also make early repayments without incurring any penalties.

How To Get a Loan On FairMoney

• Download the Fairmoney app from the Google Play Store or Apple store
• Create an account and register
• Follow the loan application process and provide basic personal information, bank account details, and other necessary information required for the loan application.
• Once the loan application is submitted, Fairmoney reviews the application and makes a decision based on the customer’s creditworthiness.
• If the loan is approved, the funds are disbursed to the customer’s bank account within minutes.

 

7. PalmCredit Loan

PalmCredit is a loan app in Nigeria with a low-interest rate and fast turnaround.

 They are among the few companies that offer instant online loans in Nigeria 

To get started, you will need to download the app and sign up.

You can borrow up to 100,000 Naira instantly without paperwork or a guarantor and with good repayment performance, the loan amount will be increased accordingly.

PalmCredit is legit and can be trusted. The parent Company – Newedge Finance Ltd is fully licensed by CBN to operate as a finance company in Nigeria.

Loans range from 2,500 Naira to 100,000 with a loan repayment period of between 14 to 180 days.

However, customers can choose to repay their loans in installments or in full before the due date.

The palmCredit application process is very fast with flexible repayment options. 

How To Get A Loan On PalmCredit

• Download the PalmCredit app
• Create an account with all requirements
• Apply for loan
• Once the loan application is submitted, PalmCredit reviews the application and makes a decision based on the customer’s creditworthiness.
• If the loan is approved, the funds are disbursed to the customer’s bank account within minutes

 

8. Aella Credit

Aella Credit is a top-notch loan app in Nigeria with a fast turnaround, usually within 5 minutes, and no paperwork.

You can access up to 1,000,000 Naira without any collateral.

To get started, you will need to download the app and sign up after which a quick eligibility test will be carried out to ascertain your credit score which will determine the loan amount, duration, and interest rate.

The interest rate on Aella Credit loans varies from 4% to 29% per month, depending on the loan amount and repayment duration

They have a loan repayment period of between 1 to 4 months

For every loan repayment on time, a cashback is given on interest paid and access to higher loan amounts.

How To Borrow Money On Aella Credit

• Check your eligibility
• Create account
• Apply for loan
• Confirm loan and terms of payment
• Receive funds

 

9. CreditDirect

CreditDirect is a leading online lending platform in Nigeria that offers loans to individuals and small businesses.

The company offers loans ranging from N100,000 to N10,000,000, depending on the customer’s creditworthiness.

The interest rate on CreditDirect loans varies from 4% to 48% per annum, depending on the loan amount and repayment duration which can range between 3 to 24 months.

For all submitted applications, a review is carried out and approval depends on the customer’s creditworthiness. If the loan is approved, the funds are disbursed to the customer’s bank account within 24 hours.

CreditDirect has a responsive customer support team that is available to assist customers with any queries or issues that they may encounter during the loan application or repayment process.

How To Borrow On CreditDirect

• Go to their official website or simply visit their offline office
• Create account
• Apply for loan
• Confirm loan and terms of payment
• Receive funds

 

10. RenMoney Laon App

Renmoney is a fintech company that provides loans, savings, and investment solutions to individuals and small businesses.

They provide competitive interest rates, high loan limits, and good customer service.

They are reliable and offer customers the opportunity to get loans ranging from ₦50,000 to ₦6 million with a repayment period of 3 months to 24 months.

The interest rate on Renmoney loans varies from 4.5% to 6.25% per month,

Renmoney is available on both Android and iOS devices.

How To Borrow Money On RenMoney

• Download the Renmoney app
• Register and create an account
• Complete your registrations with all basic requirements and upload the required documents:
• Verify the amount you can borrow
• Apply for a loan
• Wait for loan approval and accept loan repayment terms
• Receive your money

How Loan App Works

• First, you will need to download the app or access it through the web
• Create or Signup with a valid email and phone number associated with a BVN
• Fill out a simple form in under 30 seconds and submit it for a quick eligibility assessment.
• Apply for the loan that meets your needs.
• Receive the loan into your account.

 

Advantages of Using Loan Apps in Nigeria

There are many advantages why you should use loan apps instead of regular money lenders or commercial banks

• Loan apps can easily meet emergency
• Quick approval and instant cash access
• No need for collateral or a guarantor
• Low-interest rate
• 24/7 accessibility
• No paperwork required
• Flexible payment options
• It saves time and efforts
• You can track all your transactions

 

Loan Application Requirement

The following are required to access the loan

• Must Be a Nigerian Adult with Good Credit Score
• Must have an Android or IOS enable the smartphone to download apps
• A Bank Verification Number (BVN)
• Bank Account Details from any Commercial Registered Banks
• ATM Card for repayment
• A valid Email Address and Phone Number

 

How Much Can You Borrow 

You can borrow ₦500, 000 with most of the apps and over a Million with others 

But on your first attempt, you wouldn’t be able to borrow a big amount. 

You can only be eligible to borrow small when you are just starting but with time you will be able to borrow big.

 

What is The Repayment Period

The repayment period can range from a week from the date of the collection up to a year or more depending on your credit scores

 

Why Loan Apps Applications Can Be Rejected

A loan application can be rejected due to several reasons such as:

• Users do not have enough available data for proper evaluation.
• The user owes another lending platform.
• The user’s loan request exceeds his creditworthiness
• The user has a bad loan history.
• If the system discovers any form of data falsification.
• The user does not meet lending criteria.

 

…also read:

• USSD Code For Loans in Nigeria 2023
• 7 Best Platforms That Offer Buy Now Pay Later in Nigeria
• 10 Legit Online Investment Platforms in Nigeria 2023

 

Verdict On Best Loan Apps in Nigeria

With so many loan apps in Nigeria today, it can be difficult to differentiate the good from the fake.

However, with our top 10 list of best loan apps in Nigeria, you rest assured of getting a genuine and reliable source of quick cash for any emergency with no hidden charges.