You are currently viewing Top 10 Best Loan Apps in Nigeria 2023

Top 10 Best Loan Apps in Nigeria 2023

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

These apps can help you get loans very fast with little to no paperwork and almost instantly once you meet their requirements.

Basically, the requirement involves providing your correct data including BVN, Bank Details, Valid ID and sometimes salary account statement or your business CAC certificate.

Considering the tedious process, documentation and high interest rate associated with most banks, there is no doubt , loan app is a good way to provide safe and hassle-free and almost immediate cash loans in Nigeria.

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 ones listed below, they are tested and trusted and can be relied upon.

Please also note that 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 back.

Non payment can affect your credit score therefore affecting your reputation online and in other instances attract legal action.

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

Majority of these loan apps do not require collateral or guarantors, so you do not need to worry about that.

Interest rates are determined by a number of factors, including your score rate, repayment history and the amount.

Usually, your chances of getting an approved loan is 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 when ever 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 presently and in the past. 



Top 10 Best Loan App in Nigeria 2023

1. Carbon Loan

Carbon Loan App

Carbon is one of the best instant loan apps in Nigeria that also offers simple payments 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.

Through their App, you can carry out all your banking transactions, from investments to loan applications and bill payments.

You can access up to 1,000,000 Naira with no collateral, guarantor or any paperwork

To get started, you will need to download the app and create an account.

Once your loan is approved, the money will be disbursed into your account immediately.

With Carbon Loan, if you repay on time, you get cash back and will also unlock higher loan amounts and lower interest rates.

Carbon loan amount, Interest rate and duration is calculated based on your credit scores, your profile and the information you provided in the application.

Currently, interest rate range from 5% – 30% per month


2. Branch Loan Nigeria

Branch Loan Nigeria

Brand is a top Nigeria personal finance app that provides access to instant loans with no physical paperwork or collateral.

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

If you just join Branch, you can collect up to 500,000 Naira in loan but greatly depends on your credit scores

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

All transactions are carried out on the App, so if you don’t have it, you can download one today

Through applying machine learning, Branch created an algorithmic approach to determine credit worthiness via customers’ smartphones thereby making it easy to offer instant loans.

Interest rate ranges from 1.5% to 20% a month and upto 40% for 4-52 weeks loan terms


3. QuickCheck


QuickCheck is one of the top 10 best loan apps in Nigeria with low interest rate and instant loan approval once you meet their requirements.

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

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

Their app is also easy to use with a nice user interface.

This app worth taken a look at

With QuickCheck, you can get loan amount between N1,500 – N500,000 with an interest rate that ranges from 2% – 30%.


4. Kiakia 

Kiakia Loan App

Kiakia is a top Nigeria 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 investment 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 credit worthiness.

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

Migo Loan App

The company was initially known as KwikCash before it changed to Kwickmoney and now Migo inorder 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 documentations to get a loan, all you need is your phone number that is associated with a BVN

You can also use Migo web 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 credit worthiness. 


6. FairMoney

Fairmoney Loan App

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

It offers a loan that ranges from ₦1,500 to ₦1,000,000 with durations that ranges from 60 days upto 18 months.

The monthly interest rate ranges between 10%-30%.

FairMoney is legit and can be relied upon for quick cash. 

To get started, you will need to install the app, sign up by providing the necessary requirements including your phone number associated with a BVN.

With Fairmoney, you can apply for another loan even before you repay the first one but this depends on your credit scores.


7. PalmCredit Loan

Palmcredit Loan App

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

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

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

You can borrow upto 100,000 Naira instantly without paperwork or 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 300,000 with loan repayment duration of 4-26 weeks and equivalent monthly interest which ranges from 5%-28%.

PalmCredit application process is very fast with flexible repayment options. 


8. Aella Credit

Aella Loan App

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

You can access upto 1,000,000 Naira without any collateral.

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

Aella App interest rate ranges from 6% to 20% per month.

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


9. EaseMoni

EaseMoni is a new loan app in Nigeria that offer Nigerians upto 1,000,000 Naira in personal or business loans.

All it takes to get started is your smartphone and BVN associated phone number. No need for any collateral or documentation.

EaseMoni uses Artificial Intelligence to analyze and determine your eligibility worthiness thereby making it easy to offer instant loans.

EaseMoni is legit, it is owned by BlueRidge , a Microfinace bank registered with CBN.

Interest rate ranges between 5% to 10% monthly with annual interest rate of not more than 100%.


10. Alat By Wema Bank

Alat Loan App

Alat is the arm of Wema Bank Plc that offer full digital banking system including giving instant loans and investment opportunities

As at today, Alat is one of the reliable loan apps you can use to get quick and instant loans without collateral.

To get started, you will need to download the Alat App on Android or IOS and sign up or use your Wema Bank Account to sign up if you are an existing customer.

With Alat, you  can access upto 2,000,000 instantly.

Loan on Alat App are designed for Salary Earners, Goal Oriented or Business purposes and those that want device like Phone, Laptop, etc

Another fun part of the App is that you can top up your existing loan amount for those moments you need more, you don’t have to wait till you liquidate the loan before you apply for another.

The app favors salary earners as they can access upto 4,000,000 Naira with a repay interest rate of 2% and duration of upto 12 months


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 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 with emergency
  • Quick approval and instant cash access
  • No need of collateral or guarantor
  • Low interest rate
  • 24/7 accessibility
  • No paperwork required
  • Flexible payment options
  • It saves times and efforts
  • You can track all your transactions


Loan Application Requirement

The following are required to access loan

  • Must Be a Nigerian Adults with Good Credit Score
  • Must have an Android or IOS enable 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 unto ₦ 500, 000 with most of the apps and over a Millions with others 

But at 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

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


Why Loan Apps Application Can Be Rejected

Loan application can be rejected due to a number of reasons such as:

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


…also read:


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 app in Nigeria, you are rest assured of getting a genuine and reliable source of quick cash for any emergency with no hidden charges.



Get An Exclusive Coupons And Deal Digest In Your Inbox

Thank you for subscribing. Redirecting you to coupon offers

Something went wrong.

Leave a Reply