Home Finance Loan App in Nigeria: See the Legit Ones With Lowest Rates

Loan App in Nigeria: See the Legit Ones With Lowest Rates

Loan app in Nigeria
Loan app in Nigeria

Loan app in Nigeria has really helped the average Nigerians in sorting some emergency bills that can just spring up unexpectedly.

Nigeria has a population of over 200 million and majority of them are youths and with the situation of the country most of the youths are unemployed.

That’s the reason why most of them go to loan app in Nigeria to seek for a soft loan, that can quickly fix their impending bills.

In this article, we shall discussing and revealing the best loan app in Nigeria, with the least of interest and long term payment.

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Also, the advent of Covid-19 has skyrocketed inflation that is happening to most countries in the world, this has also increased the number of companies that now now give loans with good interest and long-term payment to kick-start in Nigeria.

keep reading, and we shall discuss the best loan app in Nigeria, with the minimal interest, no documentation and long-term payment which will be easier for you.

Also note that, it is highly advisable that you collect loans that you can afford to pay back as at when due, in order to avoid embarrassment.

Carbon Loan App in Nigeria

If you use Carbon loan application, you can borrow up to a million naira without collateral, guarantors, or paperwork. Citing these unique characteristics, the Carbon Loan App has earned the coveted title of best loan app in Nigeria.

Carbon, formerly known as PayLater, is a Lagos, Nigeria-based platform that provides users access to finance, convenient payment solutions, and high-yield investment options.

Available on the iOS platform for Apple mobile devices, Carbon is also the best loan app in Nigeria for iPhones.
Those who pay off their loans on time are eligible for cashback on the interest they pay, as well as larger loan amounts and cheaper interest rates.

Because of its reputation for dependability, there are no late fees, rollover fees, or processing fees with the Carbon loan app. Users only pay what they owe, a much sought-after feature expected of all of Nigeria’s best loan apps.

Steps to borrow from the Carbon loan app

  • Install the Carbon application from the Google Play Store or the App store.
  • By giving your information, you get closer to gaining access to financing. It is secure and safe.
  • Carbon will evaluate your application and inform you of your eligibility when you’ve specified the amount you want to borrow.
  • Once accepted, Carbon will immediately deposit the cash into your account.

OKash Quick Loan App in Nigeria

Okash is a Blue Ridge Microfinance Bank microlending programme powered by OPay. The Okash instant loan app excludes borrowers under the age of 20 and those over 55 from receiving loans.

In addition to age, the OKash quick loan app uses information from the borrower’s smartphone, such as the specifications, financial transaction messages, and the reason for your loan, to create a customised credit score and select the most suitable loan offer.

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As well as being one of the best loan apps in Nigeria, Okash is one of the fastest loan apps in the country, crediting loans in minutes to Nigerians with a daily interest rate of 1.2% for a set duration of 15-day increments.

Steps to borrow money from the Okash instant loan application

  • Install and Launch the OKash mobile app using the Play Store
  • Locate “loan” and begin the loan application procedure.

Palmcredit instant loan app in Nigeria

Palmcredit offers loan payouts in under 3 minutes, it gives fast access to loans of up to 100,000 NGN within minutes.
Palmcredit loan repayment terms range from 4–26 weeks, with interest rates ranging from 5–28% at an annualised rate of between 24.5–56%.

Because it allows customers to take out as many short-term loans as possible without the need to wait for approval, Palmcredit quick loan app has become a popular mobile loan option in Nigeria and is one of the best instant loan apps in Nigeria.

This top-rated instant loan app requires no collateral or documentation and offers a payback duration of 91 to 365 days.
Palmcredit is the 4th best loan app in Nigeria with low interest and imposes no hidden fees, rollover fees, or transaction costs. Individuals aged 18 to 60 are the only ones eligible for their loan offerings.

Steps to borrow from the Palmcredit instant loan app

  • Download and install the Palmcredit loan app using the Play Store
  • Launch the app and create an account
  • Submit the form by filling in all the required blanks.
  • The amount you want to withdraw and how you want to pay it back may be entered on the withdrawal page.
  • After visiting the withdrawal page, enter the withdrawal amount and repayment method to initiate a withdrawal request.
  • The platform will not lend until you have applied.

Fairmoney Loan App in Nigeria

Fairmoney ranks third on our list of the best loan apps in Nigeria. They provide loans ranging from 1,500 NGN to 1,000,000 NGN, with payback terms ranging from 61 days to 18 months.

Fairmoney loan app is also one of the fastest loan apps in Nigeria, completing loan disbursement within five minutes. The APR ranges from 30% to 260%, or a monthly interest rate of 2.5 per cent to 30 per cent, making Fairmoney a top option for low-interest loan apps.
Fairmoney asks for nothing more than a few papers or a piece of collateral, which has bolstered its reputation as one of the best loan apps in Nigeria.

To authorise a payback debt, you need to link your card or bank account and give your BVN information during the loan application process. Due to the legislation, if you attempt to default on the loan, you risk losing your FairMoney account and a credit report to CRC and FirstCentral.

Fairmoney is one of the highest-rated Nigerian loan apps on the Google Play Store. Since it is based in Europe, it adheres to the EU General Data Protection Regulation, the strongest privacy and security law in the world.

It’s important to note that FairMoney gathers and analyses data from your mobile phone to make a lending decision for mobile loans. This information is required to authorise your loan in real time without requesting more documents from you.

How to borrow from the Fairmoney instant loan application

  • Download and install the app using the Play Store
  • To get a loan offer, you’ll need to register using the phone number connected to your BVN and answer a few questions.
  • If you agree to it, your loan will be sent directly to your bank account of choice.

Branch Loan App in Nigeria

Branch instant loan app is also very popular in Nigeria, it is capable of unlocking larger loan amounts.

Among the most reliable loan apps in Nigeria, Branch’s 1.5% to 20% monthly interest is the most competitive. The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.

Branch provides loans ranging from 2,000 to 500,000 NGN for 4 to 52 weeks. The APR runs from 18 to 260 per cent, depending on your loan.

No late or rollover fees apply, and no collateral is required. Interest rates are influenced by several variables, including your repayment history and the branch’s cost of funds.

As one of the best quick loan apps in Nigeria, Branch analyses smartphone data with the full approval of consumers to evaluate loan eligibility.




Thousands of data points are processed by the loan app’s learning algorithms, which provide personalised loan alternatives in a matter of seconds, making it one of the fastest loan apps in Nigeria.

How to borrow from the Branch instant loan app

  • Download Branch on your Android device from the Google Play store using the Play Store
  • Please fill out the short form and send it in for a rapid evaluation to create your account.
  • When you fill out an application for a loan, the money will be paid directly to your bank account or mobile money within minutes.
  • Repay the loan using your smartphone and improve your credit score to access more significant loans in the future.

Quick Check Loan App in Nigeria

Quickcheck of the best loan apps in Nigeria, it is also one of the country’s most innovative. Loan applications are promptly evaluated using machine learning to forecast borrowers’ behaviour.

The Quickcheck loan app is PCI DSS-compliant to provide the highest levels of data protection. If you default on a loan, the national Credit Bureaus will classify you as a high-risk borrower, making it more difficult for you to get credit in the future.

In consideration of its users, a minimum of seven days written notice is required for any interest rate modification to affect a borrower’s account.

You may borrow up to 10,000 NGN for 30 days as a first-time user, but early payback promises more significant amounts and cheaper interest rates.

The QuickCheck loan app’s greatest strength and advantage lie in its interest rate. At 1% per day, the QuickCheck loan app provides one of the market’s lowest interest rates.

However, processing a loan request takes over 24 hours, making QuickCheck a non-contender among the fastest loan apps in Nigeria.
How to borrow from the QuickCheck loan app

Steps to get loan from Quickcheck

  • Create a profile by registering for an account on Quickcheck.
  • Quickcheck will immediately check your credit score when you apply for a loan and use machine learning to determine your eligibility. If authorised, funds will be sent to your bank account within minutes.

Umba Loan App in Nigeria

Umba is one of the best loan app in Nigeria, with low interest. As one of Nigeria’s best quick loan apps, Umba enables users to apply for, draw down, and repay loans. Once a person’s identity has been confirmed, Umba uses a risk assessment to make loan choices.

In addition to mobile loans, Umba is a full-fledged mobile bank. To expedite loan disbursement, Umba, available 24/7, eliminates the need for documentation, collateral, or in-person visits.

You can use your Umba loan to transfer funds straight to your M-Pesa account, retailers, and utility service providers.

Umba does not impose late fees or rollover costs, and you may have access to larger loans, reduced rates, and more flexible payment terms as you repay. It uses your phone’s data, including your SMS history, to authenticate your identity and generate a credit score, making obtaining a personal loan straightforward.

As one of the best loan apps in Nigeria, Umba also ranks among the country’s most secure, as they prioritize your privacy and pledge never to share your information with other parties.

There is a maximum term of 62 days for Umba loans, with a minimum loan amount of 1,115 NGN and a maximum sum of 89,182 NGN. The maximum APR is 10% with no commission or VAT.

Several automated variables determine your loan offer: as you continue to make repayments, the loan amount will rise over time.

Steps to borrow from the Umba instant loan app

  • Install the app using the Play Store
  • Create an account
  • Apply within minutes.
  • Receive an Umba Loan
  • Increase your borrowing limit whenever a loan is repaid on time.

Aella Loan App in Nigeria

Aella, the 8th best instant loan app in Nigeria with a low interest rate, provides non-collateralized loans of up to 1,000,000 NGN to help ease the blow of unexpected costs. Depending on the borrower’s characteristics, the Aella loan app’s interest rates range from 4 per cent to 30 per cent.

As one of Nigeria’s best quick loan apps, Aella offers loans at low-interest rates and demands no late fees. It allows borrowers to build their creditworthiness through prompt repayment and qualify for larger loan amounts and reductions. In exchange for timely loan repayment, you will get cash back on the interest paid.

Numerous variables influence your loan offer; therefore, it is in your best interest to utilize your smartphone and submit the necessary information to acquire the best potential loan offer.

Loan terms vary per borrower but often range from 1 to 3 months at a typical amount of 1,500 to 1 million NGN.
TIP: Consider requesting your employer to integrate with the Aella instant loan app to get a cheaper interest rate and favourable repayment plan.

Aella, the 8th best loan app in Nigeria, requires BVN to authenticate you as the owner of the given account and to detect account imposters.

As one of the best loan apps in Nigeria, Aella has a rich history of innovation and was the first digital lender to pilot in Africa’s biggest market.

In 2017, they became the first African lending firm accepted into the Y Combinator and issued B2C loans under the Aella Credit brand. In their first year of offering B2C loans, they reportedly attracted more than 350,000 users by 2018.

How to get a loan from the Aella loan app

  • Install the app using the application store
  • Create an account.
  • Complete all relevant fields with valid and pertinent data.
  • Click the “Check Eligibility” button to determine how much you may borrow.
  • Apply for a loan that meets your needs.
  • Obtain money in your Aella Wallet.

KiaKia Loan App in Nigeria

KiaKia is a licensed non-banking financial technology firm that was established in 2016. It trades under the name KiaKia, which is the trading name of KiaKia Bits Ltd (RC:799552).

KiaKia is a pioneer digital lender in Nigeria and also the top peer-to-peer marketplace. In addition to providing secured and unsecured loans, the company also participates in well-structured profit-sharing business transactions.

KiaKia was one of the first digital lenders in Nigeria. We concentrate the majority of our efforts on micro, small, and medium-sized businesses that have enormous growth potential but are unable to obtain loans from conventional banking and financial institutions.

Steps to get loan from KiaKia

  • Install the app using the application store
  • Create an account.
  • Complete all relevant fields with valid and pertinent data.
  • Click the “Check Eligibility” button to determine how much you may borrow.
  • Apply for a loan that meets your needs.

What is the best app to borrow money in Nigeria?

Here is a list of top 7 mobile apps for online business and personal loans in Nigeria.

  • Paylater
  • Palmcredit
  • Branch
  • QuickCheck
  • Aella Credit
  • FairMoney
  • KiaKia.

Which app can borrow me 20k instantly?

5 Best Loan Apps in Nigeria today
Carbon. Previously known as PayLater, this simple lending platform gives access to loans within minutes.
Branch. Branch is another reliable loan app that allows you to receive up to N200,000 worth within 24 hours with a minimal amount of N1000.


Which app can I borrow money without asking of BVN?

Here is a list of some of the top platforms where you can get loans without BVN in Nigeria:
FairMoney Loan App.
JumiaOne Loan App.
Carbon (Paylater) Loan App.
OKash Loan App.
Aella Credit Loan App.

Can I use my BVN to borrow money?

Lenders need your Bank Verification number (BVN) to confirm your identity. This provides them a form of safety net since they can use the BVN to check if you are who you really say you are. A BVN however cannot be used to access any bank account or be used to pay money into or collect money from any account by itself.

Where to get good loan in Nigeria?

Top 5 Best Loan Apps in Nigeria with low interest
Carbon Loan App. Recently, Carbon has become a notable digital in Nigeria.
Fairmoney Loan App. With the FairMoney loan app, you can get instant loans in minutes, purchase airtime and pay your bills all in one platform.
Aella Credit.
Branch Loan App.

How much can FairMoney borrow me?

How much can I borrow and for how long? FairMoney offers loans from loans of up to 1 million Nairas for a period of up to 18 months. The better your lending history and positive behavior, the more you can access and the longer the period!

How to get 200000 instant loan?

AELLA CREDIT. Aella Credit provides Instant loans to Africans who can prove a source of income either through their employers or individually. …
BRANCH. Branch is a bank in your pocket, there for you at all times.

Which bank is the easiest to get loan in Nigeria?

Some of the banks that easily give loans in Nigeria are:
Guaranty Trust Bank. Although one of the top banks in Nigeria, GTB offers a quick credit option that is easy to use and quite responsive.
Access Bank.
First Bank.
United Bank for Africa (UBA)
Zenith Bank.
Stabnic IBTC.
Fidelity Bank.

How much can I borrow from MIGO?

Migo loan amounts range from N500 to over N500,000. We will usually start with a small loan amount and grow your loan offers over time as you build trust with the system.

What happens if you don’t pay OKash loan?

Should you fail to repay the Loan on or before the due date, you will be liable to pay Interest at a rate of zero-point four percent (0.4%) per day until the Loan is repaid in full.

Is OPay a loan app?

OKash (a subsidiary of OPay) is a reliable loan service provider that offers quick loans in Nigeria. Applying for a loan on the app is easy. You get it disbursed into your account within minutes.

Does Kuda borrow loan?

An instant short-term loan when you need it. Kuda Overdrafts are short-term loans you can take anytime as long as you use your Kuda account regularly.

Why am i not eligible for FairMoney loan?

If you’re having issues getting a loan as a new customer or getting a higher loan as a returning customer, it is usually linked to your credit score on the FairMoney app. These are efforts you can do to improve your credit score on FairMoney.

What can loan app do with my BVN?

In a nutshell, a loan app cannot block your BVN; the only thing a loan app can do when you default in paying their loan is blocked your BVN in their app, preventing you from borrowing again and accessing other loan apps. Also, they can report you to Credit Bureau for your name to be blacklisted against your BVN.

How much can I get from FairMoney for the first time?

The amount borrowed is then deducted from your account. Their minimum loan amount is N10,000 and the upper limit for a new customer is N40,000 with no collateral or guarantor required.

What happens if online loan is not paid in Nigeria?

Failure to pay back a loan could result in court charges in Nigeria, but not much is known about this: and for good reasons. Loan defaulting is a civil matter and not a criminal offence, so you typically won’t go to jail for defaulting on a loan.

Can FairMoney borrow me 500k?

You can access a FairMoney Loan in the range of ₦1,500 to ₦500,000 with durations for loans up to 60 days and above.

How do I qualify for GTB quick credit?

  • Customer must maintain a minimum monthly lodgement of N20,000 or earn a minimum net monthly salary of N10,000.
  • Customer must not have any history of dud cheques.
  • Customer must have satisfactory credit reports.
  • Customer must not have any unpaid obligations.

Is OKash approved by CBN?

About us. Blue Ridge Microfinance Bank Limited is a CBN Approved company that economically empower micro- entrepreneurs and low income earners by providing Short term loans using our app OKASH.

Is OPay and OKash the same?

According to Opera, “OKash in Nigeria is leveraging the OPay wallet to transfer funds to and from its users.” But outside Nigeria, OKash is a standalone app. In Nigeria, the OKash service is operated in partnership with Opay.

How much is MTN borrow?

Dial *606# and select XtraTime. A list of amounts you can borrow will be shown to you. Select your preferred amount. The network will then send you a prompt that shows you the loan you requested and the 15% service fee that will be deducted from the airtime

Can I borrow money on Alat?

Simply log in to the ALAT app, click on the loan icon and apply. How do I qualify for a goal-based loan? You are eligible to apply if you have up to NGN100,000 or more in your goal savings.

Does FairMoney ask for BVN?

We request for your BVN to verify your identity and make sure you didn’t default from other companies. FairMoney is a Nigerian-French company with European data security standards. We will never share your BVN information with third parties.

Which bank has FairMoney?

These Terms and Conditions apply to and regulate the provision of financial services provided by FairMoney MFB, a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN) which provides financial services via its flagship mobile app – FairMoney™ to the Customer herein.

How do I stop loan app harassment?

When you download the apps like that while installation they ask for certain permissions like access to contacts and images. Once you have given the access then this is what they do. If you are constantly harassed by them then send them a legal notice or lodge a complaint to the police.

Conclusion on Loan App in Nigeria

I think you are convinced about all you have read about loan app in Nigeria, ensure you check their terms and conditions, and if you are satisfied by them, then you can go ahead and apply for it.

Please only apply for the amount you can easily payback, in order to avoid unnecessary embarrassment.

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