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Best Loan Apps In Nigeria

This article discusses the Best Loan Apps in Nigeria. With the constant need for instant loans, people seek loans from digital lending companies and almost neglect the financial institution due to more easy access. These loan apps have low-interest rates, no collateral, and quick allotment without difficulty.

However, these digital lending companies are over 118. Some were given full approval while others have conditional approval. It is imperative to check for the requirements and the consequences of late loan payback.

We will talk about the following Best Loan Apps in Nigeria:

  • Branch
  • FairMoney
  • PalmCredit
  • Carbon
  • Okash
  • Aella Credit
  • Quick Check
  • Umba
  • New Credit
  • Ease Cash

Find below the best loan apps in Nigeria with each app’s interest rate, lending rate, and steps required.

1. Branch

Best Laon Apps in Nigeria

The Branch loan app is among the best loan apps in Nigeria. It is the ultimate cash app with over 10 million downloads. It has over 946K reviews and 4.5-star ratings on the Google Play App store. There is no paperwork or collateral needed.

Branch Nigeria is a mobile finance app offering various financial services, including instant loans, money transfers, bill payments, airtime top-ups, and investments.

Here’s a breakdown of Branch Nigeria:


  • Loans: Borrow up to ₦1,000,000 with flexible repayment terms. Eligibility is determined through an algorithmic analysis of your smartphone data.
  • Money Transfers: Send and receive money within the Branch app to other users or bank accounts, free of charge.
  • Bill Payments: Pay for electricity, cable TV, airtime, and data directly through the app.
  • Airtime & Data Top-up: Purchase airtime and data for yourself or others directly in the app.
  • Investments: Earn interest on your money with Flexi Investments (up to 10% p.a.) or Target Investments (up to 15% p.a.).

Key Features

  • Mobile-based: No physical branches, everything is managed through the app.
  • Fast Approvals: Loan decisions are made within minutes.
  • Transparent Fees: No hidden charges, all fees are displayed upfront.
  • Secure Platform: Uses multiple layers of security to protect your information.
  • Customer Support: Available through in-app chat and email.

Additional Resources

Branch Nigeria Website:
Branch Nigeria FAQs:

Branch Loans

  • The loans range from N2,000 to N500,000
  • The tenure or the repayment period ranges from 62 days to 1 year.
  • The APR is from 34% to 271% per annum.
  • Branch loan app gives monthly interest rates from 3% to 23%.

How To Apply For a Branch Loan.

  • Download Branch on your Android device
  • Sign up and click the “Loans” option.
  • Fill in your details which are your phone number, and mobile money account details.
  • Find out the amount of money you’re eligible to receive a loan and tap “Apply”.
  • Wait for a few minutes and the money gets disbursed into your bank account.

2. FairMoney

Best Laon Apps in Nigeria

FairMoney is one of the safest and fastest loan apps in Nigeria because it is a Microfinance Bank licenced by CBN and insured by NDIC. Apart from single-payment loans, it gives instalment loans. It is one of the fastest loan apps that gives disbursement within five minutes. It does this with no collateral or guarantor. It has 450K positive reviews with over 10M downloads.

FairMoney Nigeria is a digital bank and microfinance institution offering various financial services, including personal and business loans, savings accounts, investments, bill payments, and more.

  • Personal Loans: Borrow up to ₦3,000,000 with no collateral and flexible repayment terms. Instant loan decisions based on your credit score and financial history.
  • Business Loans: Access loans up to ₦5,000,000 to support your business growth.
  • FairSave: Earn daily interest on your savings with flexible deposit and withdrawal options.
  • FairLock: Invest your money for fixed terms (30, 90, or 180 days) and earn up to 24% interest per annum.
  • FairMoney Bank Account: Enjoy free transfers, bill payments, airtime/data discounts, and an ATM card with cashback rewards.
  • Bill Payments: Pay for utilities, bills, and subscriptions directly through the app.
  • POS Services: Accept payments from customers using your FairMoney account at your business.

How To Apply For a FairMoney Loan

  • Install the app from the Android Google Play Store.
  • Create an account with your phone number.
  • Follow the instructions.
  • Fill in the available loan you are eligible for.
  • Get credited with money in your bank account within five minutes.

Key Features:

Fully mobile: Manage all your finances through the FairMoney app.
Fast and Secure: Quick loan approvals and secure transactions with 256-bit encryption.
Licensed and Regulated: FairMoney is licensed by the Central Bank of Nigeria (CBN).
Rewarding: Earn interest on savings, cashback on ATM card spending, and discounts on various services.
Customer Support: Available through in-app chat, email, and phone.

Additional Resources:

FairMoney Nigeria Website:
FairMoney Nigeria FAQs:

3. Palmcredit

Best Laon Apps in Nigeria

Palmcredit is one of the best loan apps in Nigeria with attractively low interest. It gives you a loan without collateral. It has 149K positive reviews with over 5M downloads and counting.

  • You can get a loan of up to N100,000 from Palmcredit.
  • The interest rate is between 14% to 24% with its equivalent monthly interest ranging from 4% – 7%. However, the Annual Percentage Rate (APR) on a Palm Credit loan is 48% – 56%.
  • The tenure is between 14 days to 180 days.

How To Apply For a Palmcredit Loan

  • Go to the Google play store and download the app.
  • Sign up with your phone number.
  • Fill in your accurate details and verify your phone number.
  • Tap on the “Loan options” and apply.
  • You will get approval within the shortest time and you choose where the money is to be paid. Maybe your bank or mobile money.

4. Carbon

Best Laon Apps in Nigeria

Carbon is one of the best loan apps in Nigeria. they are located at Adeyemo Alakija St, Victoria Island 100001, Lagos, they are licenced by CBN and insured by NDIC. They have over 141 positive reviews with 1M downloads and counting.

  • It doesn’t require collateral or processing fees.
  • Carbon gives loans up to N1,000,000 with a cashback (10% – 100%) on interest paid once you repay on time. Its interest rates range from 5% to 15%.
  • The tenure of the loan is from 30 days to 12 months.

How To Apply For a Carbon Loan

  • You can download the app from their website or the Google Play Store.
  • Create an account.
  • Provide your accurate details to prevent delay of loan approval.
  • Click on the “Request a loan” option
  • Wait for your loan approval which takes a few minutes.
  • After the approval, you’ll be asked to provide your card details and the funds will be credited to your account.

5. Okash

Best Laon Apps in Nigeria

OKash is a convenient loan app for Nigerian mobile users. It has 133k positive reviews with 5M downloads and counting. It does not need collateral and rollover fees. It requires a source of monthly income. It makes loans very accessible by allowing you to access credit anytime, anywhere.

  • OKash gives a Loan amount from NGN 3,000 to NGN 500,000 with a minimum of 0.1% up to 1% interest.
  • The interest rate is calculated daily.
  • The Annual Percentage Rate(APR) is from 36.5% to 360%.
  • You have from 91 days to 365 days to repay the loan.

How To Apply For OKash Loan

  • Download the OKash app.
  • Register an account and follow the instructions.
  • Fill out your basic correct information to prevent delay of approval.
  • Click on the “Apply loan”.
  • Wait a few minutes for approval and you will be informed by SMS if approved.
  • The approved loan amount will be disbursed into your chosen account within five minutes.

6. Aella Credit

Best Laon Apps in Nigeria

Aella Credit is a loan app in Nigeria that gives instant loans, they are located at  Lawani Oduloye Rd, Maroko 106104, Lagos. It also offers investment options and a marketplace for health insurance. It has 33K positive reviews with 1M downloads and counting. However, you only need your basic information, a smartphone, and your BVN.

  • Aella Credit provides loan amounts between N2000 and N1,000,000.
  • The tenure or repayment takes 3 months which varies per payer.
  • Interest rates range between 4% and 30% and there are no late or rollover fees.

How To Apply For Aella Credit Loan

  • Download the Aella Credit app on the Apple App Store or the Google Play store.
  • Create an account and provide your accurate information.
  • Check your eligibility to know if they have approved you for a loan and how much you have been approved for.
  • Apply for the loan and it takes only five minutes for approval.
  • Receive the funds in your bank account.

7. Quick Check

Best Laon Apps in Nigeria

QuickCheck loan app provides collateral-free loan services to you. They claim to use machine learning to predict borrowers’ behaviour and instantly evaluate loan applications. It has 164 positive reviews with over 1M downloads. It’s available in Nigeria and gives out loans once you are eligible. There are no collateral/rollover fees or processing fees.

QuickCheck offers you loans ranging from N10,000 to N200,000. However, the amount of loan you can borrow increases as you pay back your loan on time.

  • You have a period of 4 weeks to 1 year to repay the loan.
  • The loan interest rate on QuickCheck is 5% per month on your first credit. However, the general interest ranges from 2% – 30%.
  • It also attracts an equal monthly interest rate of 1 – 21%. However, early payment guarantees lower interest rates.
  • Your loan request must not exceed 30% of your income.

How To Apply For QuickCheck Loan

  • Download the QuickCheck loan app from the Google Play Store.
  • Register by creating your profile.
  • Fill in your correct information and follow the instructions.
  • Check your eligibility and the amount you are qualified for.
  • Apply for a loan, and wait a few minutes for its approval.
  • Receive a QuickCheck loan in your wallet or bank account.

8. Umba

Best Laon Apps in Nigeria

Umba Mobile is available in Nigeria and Kenya. It has over 1M downloads with 25K positive reviews. It requires no collateral and rollover fees. Umba offers loan amounts ranging from N3,000 to N300,000. One can also obtain a loan amount between N2,000 to N30,000 on the Umba Mobile App if one repays the loan on time. The more you repay in time, the higher the chance of having higher loan offers.

  • Its interest rate is 10%.
  • The repayment of your loan is before/on the 62nd day.

How To Apply For Umba Mobile Loan

  • Download the Umba Mobile from the Google Play Store.
  • Sign up and register your accurate information.
  • Check for your eligibility.
  • Click on “Loan” and apply for it.
  • Select the amount of loan you want to obtain and submit
  • Wait a few minutes for approval.
  • Receive an Umba Mobile loan in your wallet or bank account.

9. Newcredit

Best Loan Apps in Nigeria


New credit is one of the fastest loan services in Nigeria. It gives loans in 5 minutes. It gives no collateral loans to eligible individuals. It has 49K positive reviews with over 1M downloads. New credit allows you to borrow up to N300,000 on the platform.

  • New credit offers loans between the range of N10,000 to N300,000.
  • The tenure or repayment for the loan is between 3 months (91 days) to 12 months (365 days).
  • New credit has a monthly interest rate of 4% with an Annual Percentage Rate (APR) of 48%.

How To Apply For a New Credit Loan

  • Download and install the New Credit Loan app from Google Play Store.
  • Create a Newcredit account with your phone number and enter your accurate information.
  • Click on the “Apply for Loan”.
  • Wait a few minutes for your loan approval.
  • If approved, funds will be sent to your bank account within five minutes.

10. Ease Cash

Best Loan Apps in Nigeria

Ease Cash is one of the most reliable loan apps in Nigeria. It has 27K positive reviews and over 1M downloads. It gives loans without collateral or deposits. However, it charges a-one time processing fee that ranges from 5%-20%.

  • Ease Cash gives loans from N1,000 – N100,000 with a Maximum APR of 14%.
  • Its repayment ranges from 91 days – 180 days.

How To Apply For an Ease Cash Loan

  • Download the Ease Cash APP from the Google Play Store.
  • Create an account and enter your basic information as requested.
  • Apply for a loan.
  • Your loan is credited into your bank account within five minutes.


While most of these platforms claim to offer quick loans without any collateral, it is advisable to carefully study their Terms & Conditions (T&C) before throwing in an application.

Another factor to consider is the interest rate and payback period. As a business, you will not want to go in for loans with a very short payback period unless you are sure you will earn back the money in no time.

Disclaimer: This information is intended for general awareness only and does not constitute financial advice. Always do your own research and consult with a financial professional before making any financial decisions.

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