Take a fresh look at your lifestyle.

14 Best Loan Apps in Nigeria For Quick Loan


Best Loan Apps, You may want to know which Loan Apps are the most reliable in Nigeria to get funds right on your android smartphone or iOs.

You will agree with me that Millions of Nigerians have lost all or part of their income because they can’t work most especially during this global pandemic.

Things are going even too rough to handle and you are so broke to the extent you can’t afford two square meal a day.

But there is something in you that is urging you to start up something rather than sitting at home.

This is what you need to do. Get a loan.

Brilliant Idea right?

The idea comes in because you don’t have an emergency fund and are struggling to make ends meet.

Don’t worry, you’re not alone in this financial stress.

Though economic impact payments from the government might help, you can look for other ways to borrow money for a short period of time.

Personal loan apps are mobile tools designed to let you apply for a loans without ever setting your foot in a bank.

Never go broke again. No long queue. No bulky documents. Just your smartphone and you have your cool cash.

Top 14 best loan apps in Nigeria

These are the recommended top loan apps you can apply.

  • Carbon (PayLater)
  • Fair Money App
  • Palm Credit App
  • Branch Loan App
  • Kwikmoney (Migo)
  • Quick Check
  • AellaCredit
  • Kia Kia Loan App
  • Sokoloan App
  • Credit Ville app
  • Lidya Loan App
  • Specta Loan App
  • Jumiapay Loan App
  • Opay Loan App

1. Carbon (PayLater)

Carbon(PayLater) loan app

Carbon also known as PayLater is the first and most sort out app for loan in Nigeria.

It is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs.

With just your Android device and meeting up the basic requirements, you can apply for a Paylater loan 24 hours a day, 7 days a week with a quick application process that lets you know your status within minutes.

Carbon app now offering two loan packages:

Pay later (loans available to all) and Pay later plus (loans for salary earners).

Pay later platform also allows you to make payments for recharge cards, bills including your NEPA bill and other services.

Like any instant online loan, you do not need any sort of documentation or collateral to apply and get approved, except an android phone to download and use the app, and a means of identification, with these, you are set to go.

You can get the carbon app from the play store or visit their official website to know more about Carbon (PayLater).

Search their official website to know more about Carbon (PayLater).

2. Fair Money App

Fair money loan app

Fair money app is the second recommended among the best loan apps in Nigeria due to their reliable service.

All you need to do for a fast and easy application process is to download the app on your Google Play Store, receive your money (without collateral), repay between a period of 15 days or 1 month.

It’s a must pay within the required days.

Terms and conditions are required which you must know, so make sure you check that out before you apply for the loan.

Apart from giving out of loans, Fair Money also offers the airtime recharge and paying of bills services on their app.

3. Palm Credit App

PalmCredit loan App

Another app for loans in Nigeria is the Palm credit app. Palm credit is basically an android app that provides loans to users of the app.

It is very easy and quick to use this App for Loan. Palm credit loan is limited to individuals that are 18 years and above, and the loan amount is within the range of #2,000 to #100,000

With just a few steps then you have everything in your control to get the loan you want.

All you need to do is download the Palm Credit App on Google Play store, fill in your details, you can sign up using your phone number or your Facebook account, and you will be able to complete the registration in few minutes.

Also, Plamcredit gives reward offers for referring people to Palm credit. Isn’t that amazing?

4. Branch Loan App

Branch loan App

The next on my list of best loan apps in Nigeria is the Branch app. Borrowing money from a Branch loan is very easy and can be done within 20 minutes, or even less.

Just like the other loan app listed here, Branch does not require any collateral to get loans. All you need to get a loan is your phone number or Facebook account, bank verification number, and bank account number.

You can borrow loan as low as #1,000 and as high as #200, 000 from the Branch loan app and with little interest.

Go ahead to download the Branch App on Google Play store, fill in your personal and bank details to receive your loans.

You will see a loan offer on the dashboard, you need to first use this, so you can see higher loan offers.

How to get a loan from Branch

Follow these steps to get a loan from Branch:

1. Download the app

The first step is to download the app. You can download it from Google play store using your android phone

2. Create an account

Once you have installed and launch the app, you will need to create an account. Do not forget to grant the app permissions to your phone. It is important if you want to get a loan. Creating an account is easy. Information that will be required include: your personal details, phone number and bank details

3. Apply for loan

Once you have created your account and granted the app permission, you are ready to apply for loan. Simply navigate to “My loan” page within the app, you will see many options. Click on “Request loan” to submit your loan application.

4. Wait for loan

Once you have applied, you should wait for loan.  The loan application process may take up to 24 hours

Branch loan requirement

The following may be require before you can get a loan:

  • Phone number or Facebook account
  • Bank Verification Number (BVN)
  • Bank account Number
  • Permission to access phone data
  • You should be using a bank supported by the platform

5. Kwikmoney (Migo)

Kwikmoney loan app

Kwikmoney is also among mobile loan apps in Nigeria. It bridges the gap between you and your needs by making loans readily available.

The only thing you need is your Smartphone and your SIM registered to your bank account.

Methods to get Kwikmoney loan

Here are two methods to get a kwikmoney loan.

Method 1

Dial *561# on your mobile phone.

Select ‘Loans” and then “Request Loan”

Select the loan amount you require

Enter your bank details and within seconds your account will be credited

Method 2

  • Visit
  • Input your phone number in the text box
  • You will receive a verification code on your mobile phone, input the code in the text box provided
  • Click “Check Loan Offer” from the menu displayed
  • Select the loan amount you require from the list of offers displayed
  • Enter your bank details and within seconds your account will be credited.
  • All loans are payable within 14 days.

6. Quick Check Loan App

Quick Check Loan App

Quick Check is a modern lending platform that can never be left out on my list of loan apps for Nigerians, either for individual or small businesses.

According to the platform, users can access quick loans of up to #30,000  without any collateral for a duration of either 15 or 30 days.

The more loans you take and repay on time, the higher your credit score and you gain access to even higher amounts! It’s definitely one of the best loan apps in Nigeria

Don’t forget to download Quick check app on play store

7. AellaCredit Loan App

AellaCredit Loan App

Next on my list of loan apps in Nigeria is Aella credit. It offers loans from #1,500 up to #90,000 with zero late fees, unlike other loan companies.

They have a monthly interest rate in the range of 4% – 29% with a loan tenure of 30–60 days.

How to Apply for Aella credit Loan in Nigeria

Download the Aella Credit app from Play store, fill in your details, you will take a selfie and set your pin, with this you are good to go.

If you pay up your loan offer on time without being late, you will be granted access to a higher loan when next you are applying for a loan.

8. Kia Kia Loan App

Kiakia loan app

Kia kia in Yoruba language means quick and fast. Kia Kia is one of the best loan Apps in Nigeria because it is faster and easier.

One of Nigeria’s pioneer digital lenders and also the leading peer-to-peer marketplace, KiaKia offers secured and unsecured loans and also participates in well-structured profit-sharing business transactions.

They focus their efforts mostly on Micro, Small, and Medium Enterprises with huge growth potentials, with no access to credit from traditional financial institutions.

9. Sokoloan App

Sokoloan app

Sokoloan, also made it to our list of online loan apps in Nigeria. Sokoloan is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses and urgent needs.

For online loans in Nigeria without collateral, fast loans and quick loans in Nigeria, download and apply for Sokoloan.

For Example: If you choose a 6-month loan and borrow # 2,000, Sokoloan charges an interest rate of 4.4% per month.

The interest rate is 26.4%, Sokoloan would charge you #263 as an interest of 6-month repayment period. The total amount of repayment is #2,263.

10. Credit Ville App

Credit ville loan app

Credit Ville is an online moneylender that provides Payroll based consumer loans to eligible individuals through their employer.

The amount borrowed is then deducted from their monthly salary.

Credit Ville can provide an urgent or emergency loan quickly in your account after meeting the necessary conditions and documentation.

You can get loan offers between #100,000 or more at Credit Ville for up to 18 months without collateral to be able to meet their financial needs. Just visit their site for more details.

11. Lidya Loan

Lidya Loan app

On the acceptance of your loan application, you will be made to know the loan tenor and the required monthly payments.

There both offline and online methods through which you can repay your Lydia loan.

Lidya Loan App is one of the top recommendable load apps, In Lidya Loan you do not require a collateral or a guarantor and
your loan application is granted within 24 hours (at most 48 hours). It’s been proven that they hare available flexible repayment methods. Also Lydia loan has low interest rate.

How to Apply for Lidya Loan

Access to finance in 3 easy steps

  • Create Account

Creating account is very easy which you can Complete your profile in 5 minutes. Then move to…..

  • Select Loan Type

Choose the most relevant option to apply for a loan. Yes the one you which to choose as there are many options.

  • Get a Loan.

You loan will be accepted and you will get financing through Lidya within 24 hours.
Super fast right?.

Requirements for Lidya Loan

What you would want to know in the first place is who is eligible for this loan. And if you are eventually eligible, what are the documents you need.

Well, Lydia offers different kinds of loan with varying requirements. But on the basis of each, you must:

Have a working bank account with BVN

Upload your 6 months bank statement.

If you are applying for a business loan, you must show a proof of ownership of business and you must have been running for at least three to six months. Lidya does not offer loan to Start ups; their credit facilities are only for already established businesses.

It is a good thing to know that Lydia does not require collateral to give you loan.

To scale through the scrutinization process, you must posses a good credit record. This will boost your credit score and lower the risk involved with offering you the loan.

12. Specta Loan App

Specta Loan App

Specta; Nigeria’s fastest lending platform which gives you access to loans up to N5 Million in one transaction and all in 5 minutes. Our goal is to create a simple, convenient and bespoke experience for you using proprietary data and analytics to review applications.

With Specta, you do not need collaterals, guarantors or a visit to any office to get your loan approved and funds disbursed. Once application is complete, scoring is instant, and disbursement done in less than 5 Minutes.

Specta is opened to everyone irrespective of occupation and bank.

Specta has the following packages to serve you:

Specta 4 Individuals – It can be accessed by Salaried and Non-Salaried individuals

Salaried Individuals –. You can access a personal loan if your salary account is domiciled in any other Bank or with Sterling Bank. It is opened to all account holders in Nigeria.

Non-Salaried Individuals – You can access a personal loan if you are self-employed, a business owner, a professional, a trader etc., with accounts in any other bank or with Sterling Bank.

Specta 4 Business- Boost sales with Specta by signing up to start receiving payments from customers with Specta spending limits. You can also get up to N2M to start or grow your business.

Pay with Specta – provides customers with digital credit limits that can be used to purchase items from online stores and in-store at merchant locations. Customers can also access quick cash from their limits

Ultra Credit Card – It is a revolving naira denominated card available to everyone which is designed to address your needs for convenience and short-term loans

Specta Score Credit – score serves as a determinant for Financial Institutions in evaluating the customer’s risk for credit purposes. This will in turn assist customers in taking effective decisions in managing their financial life

Specta Prime – This is a Specta variant, which allows you to get loans that you can back up with your investments. In this module, you can invest your Naira at a competitive rate and get a loan at a very reduced interest rate

13. Jumia Pay Loan App

Jumia Pay loan app

With Jumia Pay you will enjoy an Easy Access to Instant Loans Yes, it’s Easy to Apply, No Long Form to Fill, and No Collateral Is Required.

JumiaPay Offers You Easy Access to Instant Micro-Loans – Get a Loan Now.

Loans Are Only Available through JumiaPay’s Android App for Now.

How to Apply for a JumiaPay Loan

  • Visit the JumiaPay Android app
  • Scroll down to the ‘Financial Services’ section and click ‘Loans’
  • Provide all the requested information
  • Approval takes a few minutes and you get an email requesting for your details for disbursement
  • Once you provide your details, the loan is paid into your account instantly

Why Should You Take a Loan on JumiaPay?

  • It’s very easy to apply – No long forms to fill
  • It only takes a few minutes to get the loan in your bank account after approval
  • No collateral is required
  • Low interest rates
  • Repayment is very easy
  • Bigger loans, lower interest rates on subsequent loans

14. Opay Loan App

Opay Loan App

In Nigeria, through its OPay mobile application, the company claims to offer loans between ₦2,500 to ₦60,000 with a loan term of 91 to 356 days and a maximum interest rate of 24%. However, this report shows that OPay hasn’t been true to its words and has violated major Google Playstore short-term lending policies by providing an inaccurate description of its loan businesses.

How to Borrow Money from Opay

The first step is to download the OKash loan mobile app. Open an account and fill in the necessary information; it takes less than five minutes to complete the registration. You will get a call or text option for verification.

Apply for a loan on the app, read the Terms and Conditions and look out for the interest rate and the repayment date. If you are okay with the following listed above, confirm your loan request, and you will get the money within minutes.

Maximum or Minimum Amount You Can Borrow

The maximum amount you can apply for at any given time on OKash is N50,000. You can apply for loans as low as N3000.

Opay Loan (Okash Loan) Requirement

The requirement for applying for an OPay loan is easy. The loan service targets all Nigerians and doesn’t have any stringent conditions the average Nigerian is not able to borrow.

The applicant must be a Nigerian resident

The age bracket of the applicant has to be in the range of 20-55 years.

The applicant needs to have a source of monthly income or state the reason why he or she wants the loan.

Valid ID Card

BVN Number

How does loan apps work?

This is how the Loan apps works:

You download the app from your app store and Install it on your phone.

Open the app, register with you correct details and provide any document needed for approval.

Your credit score will be calculate and you get a loan offer. Once you accept loan, it will be credited into your account.

Put in mind that you will have to pay back your loan before or by due date.

Majority of the loan apps in Nigeria do not require collateral or guarantors. So you do not need to worry about that.

Loan apps are very useful for emergency. When you need emergency loan, all you need is open the loan app and apply for a loan. Most loan apps work 24/7.

You may need money for house rents, school feels, for travel or business. Loan apps will always be resourceful in times like that. It is very advisable to have one or two installed on your phone. Because you never know when you may need it. There are loan apps available for Android, iOS, Blackbery and Windows phone.

Advantages of using loan apps

There are many advantages while you should use loan apps instead of regular money lenders.

  • Loans without collateral
  • 24/7 accessibility
  • No paperwork required
  • Flexible payment options
  • Always on your phone ready to use.

How to identify bad lenders (bad loan apps)

I repeat being bad doesn’t mean that you can’t get a loan from them but how they operate is the real issue and if you care about your respect and peace of mind, then avoid them. Below are the signs of a bad loan.

  • Higher interest rate
  • Shorter loan duration like (7-14 days)
  • Bad lenders will create a service fee and interest differently
  • They treat their customers like trash
  • They send out abusive messages to all your contacts when you default even for a few hours.
  • Can start a fight even before the loan expires
  • They charge for card verification before approving a loan
  • Some don’t offer a loan but refer you to other apps and charge for services fees.

Final Verdict on Best Loan Apps in Nigeria

We’ve given all you needed to Apply and get a Loan to start up Business or whatever. But please do well to take up a loan that you will be able to pay.

Also be aware that you can’t run away with any of this guyz money as your details are been recorded in their System through BVN.

Strictly follow up the terms and conditions and be eligible for the requirements and you are good to go.

Meanwhile you can drop any questions or Comments on the Comment box below.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.