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20 Best Loan Apps in Nigeria: Here is an objective list of the top 20 loan applications in Nigeria for your business and other personal needs.

king of investors understands that many businesses and individuals need additional or urgent capital, especially as inflation continues to affect people’s purchasing power.

Therefore, the following loan applications can be a quick stop for your professional or personal needs. Please note that the list is not ordered by hierarchy since companies and individuals want different services such as different interest rates and different loan terms.

Also, be aware that once you sign up on one of the lending apps, you hand over all your contact lists to them.

FairMoney is one of the most popular quick loan apps in Nigeria. This could be useful for students and small businesses. It has over 5 million downloads on the Google Play Store with a 4.4 star rating.

The process to get a loan from FairMoney is quick and easy, especially if you have built up a good credit rating. A good credit rating is if you have never defaulted on a loan before.

On FairMoney, you can access between N1,500 and N500,000 with repayment periods of 61 days to 180 days with an interest rate between 10% and 30%.

FairMoney also has a referral program where you can earn extra money if you refer new users.

Branch app is another easy and fast loan app platform. With over 10 million downloads, it is Nigeria’s most downloaded loan app on Google Play Store. It also has a 4.5 star user review rating.

The app determines loan eligibility and personalized loan offers using users’ smartphone data. On the Branch platform, you can borrow loans as low as N1,000 up to N200,000 in 24 hours with a repayment period of 4 to 40 weeks.

The branch also uses repayment history to determine eligibility and access to higher amounts. The interest rate is between 15% and 34%.


Palmcredit is among the best loan apps in Nigeria. It allows you to receive a loan for as little as N2,000 and up to N100,000 directly from the app within 3 minutes.

Over five million people have downloaded Palmcredit from Google Play Store and it has a 4.2 star rating.

Palmcredit has a loan term that varies from 91 to 180 days while the interest rate is between 14% and 24%.

QuickCheck is a quick loan app that uses machine learning to predict borrower behavior and instantly assess loan applications.

As a new customer, you can get a loan of N10,000 for 30 days.

Quickcheck has a great method for getting a loan. With the QuickCheck app on your phone, you can acquire immediate loans straight to your bank account any time of the day or night.

Aella credit is obviously popular among Nigerians. It has over 1 million downloads on Google Play Store.

The financial services platform has a rating of 4.1 stars.

Aella has a range of loans ranging from N2000 to N1,000,000 with repayment periods of 1-3 months.

Carbon is a digital bank that not only provides access to loans, but also opportunities to invest, transfer money, buy airtime, pay bills and more.

You do not need a guarantor or collateral when you want to access a carbon loan. Above all, the platform welcomes students, workers and even companies.

Another cool thing about carbon is that it works around the clock and loans can be accessed within minutes.

Okash is a subsidiary of Opay. Apart from accessing loans from Okash, you can also transact, buy airtime, pay bills and more.

It has over 4 million downloads on the Google Play Store with a rating of 4.3.

The interest rate on Okash is between 0.1% and 1% on a daily basis, the annual interest rate is between 36.5% and 360% while the repayment date is between 91 and 365 days.

Lending on KwikMoney offers a totally different experience as loans can be obtained without using the app.

You can log into the company’s official website at to complete the loan in seconds using just your phone number and have the money deposited directly into your bank account.

On KwikMoney, the sooner you pay off your previous loans, the bigger the amount you can borrow next time.

The KiaKia platform is another safe platform to borrow money and get instant loans in Nigeria.

It could be ideal for students looking to pay tuition for the semester or for business. The Kiakia loan belongs to Sterling Bank. You can start with *882# every day on your mobile phone.

Interest rates vary between 12% and 40% based on a term of 6 to 18 months.

Cash offers simple and convenient loans to Nigerian students. It is available on both Android Playstore and Apple App Store.

Depending on your payment history, you can get a short term loan on Blocka for as low as N5,000 and up to N50,000.

Repayments of a minimum of 3% per month and a maximum of 10% per month are made monthly on blocka cash.

CreditVille is another money lending app suitable for students. You can acquire loan offers ranging from N100,000 to N4,000,000 for up to 18 months without collateral.

Interest rates on CreditVille vary between 6% and 31%. You can simply go to the company’s official website and complete the registration form to access a loan.

In most cases, you will receive your loan within 4 hours after meeting the necessary and the documentation.

Lidya Loan is one of the fastest loan apps out there. The platform provides business credit ranging from N500 to N50,000. Its platform is also ideal for students.

The platform uses credit scores to disburse loans. In most cases, loans are disbursed within 24 hours or less.

Interest rates on Lidya vary from 3.5% to 20% depending on the term of the loan.

It is a CBN-licensed financial company that offers personal loans in Nigeria.

Page Financial offers loans ranging from N100,000 to N5,000,000 with a monthly interest rate of 3.7% and an annual rate of 120%.

The loan term on Page Financial is between 60 and 180 days, while repayment can be manual or automatic.

Soko Loan is another easy to use application for short term loans. The company maintains an algorithm that the sooner you repay your borrowed funds, the higher your loan limits will be.

Soko Loan is ideal for students, small businesses and low income people.

Interest rates on Sokoloan vary from 4.5% to 35%.

Alat by Wema is powered by Wema Bank and can provide you with a loan of up to 2 million naira.

Although there are a number of limitations as it is run by a fully-fledged commercial bank. Nevertheless, it is easy and quick.

Alat by Wema also offers amazing features like fixed interest rates where you can earn up to 4% interest on your fixed deposit.

Interest rates on loans range from 2% per month to 13% per year.

Newcredit is another instant loan app that operates in Nigeria. It has crossed 1 million downloads on Google Play Store with a 4.4 star rating.

While loans on Newcredit are collateral free, you can borrow between N10,000 and N300,000 in minutes.

The app uses artificial intelligence (AI) to analyze potential customers’ financial records before approving a loan. Interest rates vary between 24% and 56% per annum.

Umba is another multi-functional lending app. It has over 1 million downloads on Google Play Store with a 3.8 star rating.

New users can borrow between N2,000 and N30,000 for up to 62 days.

Interest rates on Umba range between 1% and 15% on a monthly basis.

Palmpay Loan is another loan app that has surpassed 5 million downloads on Google Play Store.

It has a 4.5 star rating. You can also transfer money and pay bills such as electricity, TV and bets on Palmpay.

While you can borrow up to N200,000, the interest rate on Palmpay ranges between 22% and 31%.

Fair Credit

Fair Credit is also one of the top rated loan apps in Nigeria. It has a 4.8 star rating with over 500,000 downloads on the Google Play Store.

On Fair Credit, you can borrow between 1,000 and 1 million naira while the repayment period is 95 days to 18 months.

Interest rates vary from 26% to 32% per annum. Fair credit also offers an interest reduction of up to 90% in the event of early repayment.

Money facility

Ease Cash is another quick and easy loan app without the need for collateral or paperwork.

It has crossed 500,000 downloads on Google Play Store and has a 4.4 star rating.

The Ease Cash loan ranges between a minimum of N1000 and a maximum of N100,000 while it has a monthly interest rate of 5% to 10%.

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