Top 20 Loan Apps In Nigeria

In recent years, Nigeria has seen a surge in financial technology that has made banking and loan acquisition more accessible. With the advent of loan apps, Nigerians can now access credit quickly and conveniently, without the need for traditional banking procedures. This article will explore the top 20 loan apps in Nigeria, highlighting their key features and benefits.

1. Carbon (Paylater)

  • Quick loans: Carbon offers instant loans to its users without the need for collateral or guarantors.
  • User-friendly interface: The app is designed to be intuitive, making it easy for users to navigate and manage their loans.
  • Credit reporting: Carbon reports users’ loan repayment behavior to credit bureaus, helping them build their credit score with each on-time repayment.


  • Immediate access to funds
  • Incentives for on-time repayment
  • Offers personal and business loans

2. Palmcredit

  • Instant approvals: Palmcredit prides itself on its quick loan approval process, which often takes just a few minutes.
  • Flexible repayment: The app offers a range of repayment options to suit different user needs.
  • Low-interest rates: For short-term loans, Palmcredit offers competitive interest rates, making borrowing more affordable.


  • No rollover or transaction fees
  • High loan limits for returning customers
  • No paperwork or bank visits required

Photo elderly woman confused and  trying to pay bill on cellphone

3. Branch

  • Instant disbursement: Loans are disbursed immediately upon approval, providing users with quick access to funds.
  • Extended loan terms: Branch allows users to spread their repayments over a period of up to 24 weeks.
  • Availability: The service operates around the clock, ensuring users can apply for loans at any time.


  • No late or rollover fees
  • Increases credit limit with positive repayment history
  • Secure and confidential

4. FairMoney

  • Quick approval process: Users can get loan approvals in under 5 minutes, streamlining the borrowing experience.
  • Banking services: In addition to loans, FairMoney offers free banking transactions within the app.
  • Additional products: The app also provides insurance products, adding value for its users.


  • Flexible repayment schedule
  • Loans available for both personal and business use
  • Discounts on timely repayments

5. Aella Credit

  • Health insurance: Aella Credit integrates health insurance into its offering, providing a holistic financial product.
  • Bill payments: Users can pay bills directly through the app, making it a one-stop financial solution.
  • Partner loans: Employees of partnered companies can access special loan products tailored to their needs.


  • Competitive interest rates
  • Quick loan turnaround time
  • Easy to understand fee structure

Photo 3d rendering online payment on mobile illustration

6. QuickCheck

  • AI-based decisions: QuickCheck uses artificial intelligence to make fast and accurate loan approval decisions.
  • Access to loans 24/7: Users can apply for loans at any time, ensuring they have access to funds whenever they need them.
  • Data protection: QuickCheck prioritizes user privacy and data protection, ensuring personal information is secure.


  • Privacy and data protection
  • No hidden charges
  • Free credit score check

7. Kuda

  • Free banking: Kuda offers a free debit card and zero fees on many of its banking services.
  • Overdraft facility: Users can qualify for overdrafts based on their account activity, providing extra financial flexibility.
  • Savings goals: The app includes features to help users save money and manage their financial goals effectively.


  • No monthly fees or minimum balance
  • Earn interest on savings
  • Budgeting tools to manage finances

8. Renmoney

  • High loan amounts: Renmoney offers loans up to NGN 6 million, catering to those who need substantial financial assistance.
  • Flexible repayment: Users can choose repayment periods of up to 24 months, offering greater repayment flexibility.
  • Fixed rates: Interest rates are fixed, providing clarity and predictability for borrowers.


  • No guarantors or collateral needed
  • Simple and fast application process
  • Loan top-up available for existing customers

9. Migo

  • Merchant integration: Migo is integrated into various merchant sites, allowing for instant credit purchases.
  • USSD access: Loans can be accessed via USSD codes, making the service available even on basic mobile phones.
  • Repayment channels: Users can repay their loans through a variety of convenient offline and online channels.


  • No need for a bank account
  • Collaborates with companies for employee credit
  • Payback through various offline and online channels

10. SokoLoan

  • Business focus: SokoLoan targets small business owners with its short-term loan offerings.
  • Easy sign-up: The app requires only a phone number to sign up, simplifying the registration process.
  • Loan increments: As users repay their loans, they can qualify for higher loan amounts, encouraging responsible borrowing.

Free vector banking app interface


  • Empowers entrepreneurs with quick cash
  • Simple and straightforward app design
  • Encourages financial responsibility with progressive lending

11. Lidya

  • SME lending: Lidya focuses on providing loans to small and medium-sized businesses.
  • No collateral: Loans do not require collateral, making them more accessible to business owners.
  • Quick funding: Once approved, businesses receive funding quickly, allowing them to capitalize on opportunities.


  • Helps businesses scale with accessible credit
  • Offers financial advice and support
  • Designed for emerging markets with high growth potential

12. Opay

  • Ecosystem integration: Opay is part of a larger ecosystem that includes various services, from transportation to food delivery.
  • Loan access: Users can access loans directly through the app, adding to Opay’s suite of financial services.
  • Repayment options: Multiple repayment channels are available, making it easy for users to settle their loans.


  • Seamless user experience across various services
  • Encourages use of digital payment solutions
  • Regular promotions and discounts

13. Kiakia

  • Peer-to-peer lending: Kiakia connects borrowers with individual lenders, offering a unique lending experience.
  • Custom loan terms: Borrowers can negotiate loan terms that suit their individual circumstances.
  • Immediate disbursement: Loans are disbursed in real-time, providing immediate financial relief.


  • Offers opportunity for investors to lend
  • Transparent fees and interest rates
  • Personalized customer service

14. JumiaPay (formerly Jumia One)

  • Shopping integration: As part of the Jumia online shopping platform, JumiaPay allows users to access loans for immediate purchases.
  • Small loans: JumiaPay focuses on providing small, manageable loans to its users.
  • App repayment: Loans can be repaid directly through the app, streamlining the repayment process.


  • Integrates shopping with financial services
  • Discounts and cashback offers on transactions
  • User-friendly interface

15. MoneyPal (Zedvance)

  • Salaried professional focus: MoneyPal offers loans tailored specifically for the needs of salaried professionals.
  • Competitive rates: The app provides loans at competitive interest rates.
  • Instant offers: Loan offers are presented within minutes of application, ensuring a fast borrowing experience.


  • No paperwork required
  • Flexible repayment periods
  • Responsive customer support

Free vector mobile banking concept illustration

16. Page Financials

  • Instant disbursement: Page Financials provides immediate loan disbursement upon approval.
  • Customer service: The service offers 24/7 customer support to address any user concerns.
  • High loan limits: Users can access substantial loan amounts, making it suitable for significant financial needs.


  • No hidden charges
  • Internet banking for easy loan management
  • Investment opportunities with competitive returns

17. C24

  • In-person service: C24 has physical locations for users who prefer face-to-face service.
  • Business expansion loans: The app offers loans specifically designed to help businesses grow and expand.
  • Financial education: C24 provides financial literacy training to empower its customers.


  • Tailored financial solutions for businesses
  • Encourages growth and development of SMEs
  • Offers financial literacy training

18. Fint

  • Low-risk peer-to-peer lending: Fint focuses on connecting borrowers with investors interested in low-risk lending.
  • Fixed rates: Borrowers benefit from fixed interest rates, ensuring stability in their financial planning.
  • Varied loan uses: Fint offers loans for both personal and business purposes.


  • Connects borrowers with willing investors
  • Transparent platform with no hidden fees
  • Promotes financial inclusion

19. Specta

  • Diverse loan products: Specta provides loans for various purposes, including personal, business, and even wedding finance.
  • No collateral: Users can access loans without the need for collateral.
  • High loan amounts: Specta offers loans up to NGN 5 million, catering to a range of financial needs.


  • Instant disbursement upon approval
  • Flexible repayment terms
  • Accessible to both salary earners and entrepreneurs

20. NairaPlus

  • Online application: NairaPlus allows users to apply for loans through a straightforward online process.
  • Microloans: The app specializes in short-term microloans for urgent financial needs.
  • Minimal documentation: NairaPlus requires very little documentation, making the loan application process quick and easy.


  • Ideal for emergency financial needs
  • Fast and efficient loan processing
  • Minimal documentation required


The digital lending space in Nigeria is rapidly evolving, offering a range of solutions tailored to different financial needs. These top 20 loan apps are at the forefront, each with unique features and benefits that cater to the Nigerian market. As the fintech landscape continues to grow, these apps are expected to play a significant role in providing financial services that are accessible, efficient, and inclusive.

Frequently Asked Questions

1. What are the requirements to apply for a loan through a mobile app in Nigeria?

To apply for a loan through a mobile app in Nigeria, you typically need to meet the following requirements:

  • Be a Nigerian citizen or legal resident.
  • Be at least 18 years old.
  • Have a valid means of identification, such as a National ID, International Passport, Driver’s License, or Voter’s Card.
  • Own a bank verification number (BVN) and a personal bank account.
  • Possess a smartphone with internet access to download and use the loan app.
  • Some apps may require proof of income or employment, while others may not.
  • A good credit history can improve your chances of loan approval and may result in better loan terms.

2. How quickly can I get a loan from a mobile app, and how will I receive the funds?

The speed at which you can obtain a loan depends on the specific app and its approval process. Many loan apps in Nigeria offer quick approval processes that can take anywhere from a few minutes to a few hours. Once approved, the funds are typically disbursed almost immediately and are deposited directly into your bank account associated with your BVN.

3. What are the interest rates and fees associated with mobile app loans in Nigeria?

Interest rates and fees vary widely among different loan apps. They can range from relatively low to quite high, depending on factors such as the loan amount, repayment term, and the borrower’s creditworthiness. Some apps may charge additional fees for processing, late payments, or rollovers. It’s important to read the terms and conditions of the loan carefully before accepting it to understand all associated costs.

4. Can I repay my loan early, and are there any penalties for early repayment?

Most loan apps in Nigeria allow you to repay your loan early without any penalties. In fact, some may even encourage early repayment by reducing the total interest charged. However, this can vary by lender, so it’s essential to check the specific terms of your loan agreement. Early repayment can also positively impact your credit score and may lead to better loan terms in the future.

5. What happens if I cannot repay my loan on time?

If you’re unable to repay your loan on time, it’s crucial to communicate with the lender as soon as possible. Some lenders may offer an extension or a grace period, while others may impose late fees. Defaulting on a loan can lead to negative reporting to credit bureaus, which can affect your credit score and your ability to borrow in the future. In some cases, lenders may initiate a debt collection process to recover the funds. Always try to negotiate a manageable repayment plan to avoid such consequences.

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