10 Best Loan Apps In Nigeria 2023 [UPDATED!]

Top 10 Best Loan Apps In Nigeria

The 10 best loan apps in Nigeria, where you may acquire quick cash for any purpose, are ranked here according their respective promising features. Almost  of these loans can be applied for using a smartphone that runs either Android or iOS.

Hello, financial adventurers and tech-savvy Nigerians! Are you in need of quick access to funds but unsure where to turn? Worry no more! The rapidly evolving fintech industry in Nigeria has brought forth an array of innovative loan apps designed to make borrowing money more accessible and convenient than ever before.

In this article, we’ll provide a fresh look into the best mobile loan apps in Nigeria, helping you navigate the options and choose the right financial solution for your needs.

Why would somebody need a quick loan, one may understandably wonder. Given the global epidemic, economic down turn, and inflation, and the fact that many Nigerians have lost all or part of their income, it is even more difficult for them to support themselves and their families.

Don’t panic if you’re having trouble making ends meet and don’t have an emergency fund; you’re not alone.

In one of our previous articles, we broke down how to borrow money online in six steps through any of the lending apps in Nigeria that will be discussed below.

Let’s start by investigating some of the best loan apps in Nigeria, which may offer you a loan the same day you apply even if you lack any form of collateral and are unemployed at the moment.

Top 9 Best Loan Apps In Nigeria For Online Lending 2023

Here is a list of ten mobile loan apps popular in Nigeria.

RankBest loan apps In Nigeria 2023Ratings
#1Carbon Loan App (Pay Later)4.6
#3Palm Credit4.5
#5KwikMoney (Migo)4.0
#6Quick Check4.0
#7Aella Credit4.0
#8Kiakia Loans4.0

Quick Disclaimer: Note that we’re not any of the loan apps listed here, Many have claimed that Sokoloan, okash, Kash Kash, and some others are fake loan apps. The information provided is for information purposes only and is a personal opinion based on what we’ve tried with the app

**Latest NEWS: Federal Competition and Consumer Protection Commission FCCPC’s raid on Soko Loan and its other sister-apps, Fast Money, Go Cash, Okash, Kash Kash, Speedy Choice and Easy Moni, has led to a fine of N10 million for an alleged data breach.

1. Carbon Loan App

Loan apps in Nigeria - Carbon loan app

Carbon is my favorite loan app in Nigeria. I have tried the services provided by this great app, and I use them over and over again. It tops the list of the best mobile loan apps in Nigeria in 2023.

It is a straightforward, fully online lending platform that offers quick loans to aid with unforeseen costs or pressing cash demands.

Come to think of it, Carbon offers one of the lowest-interest loans. More so, the app is super-easy to use. The first loan I got with Carbon was 12,000 Naira. But today, I get as high as 365,000 Naira.

You can apply for a Paylater loan 24 hours a day, 7 days a week with just an Android device and minimal prerequisites. The simple application process will let you know your status in a matter of minutes.

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).

2. Fair Money App

Loan apps in Nigeria - Fair Money

What if I told you I had borrowed as high as #1,850,000 at a go, and I got the loan disbursed into my GT account in less than 5 minutes? Due to their excellent service, the Fair Money app is ranked second among the top best loan apps in Nigeria.

To complete a quick and simple application process, simply download the app from the Google Play Store, receive your funds (without collateral), and pay back within 15 days, a month, or over the span of over 9 months.

You should be aware that there will be certain terms and restrictions associated with the loan, so make sure you read them before applying.

Fair Money’s app, in addition to providing loans, also allows users to recharge their phones and pay their expenses.

3. Palm Credit App

Palm credit 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.

I have used the Palm Credit App a number of times. The loan from Palm Credit is quick, and you must be 18 years of age and above before you can get your loan approved.

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 the Google Play store, fill in your details, can sign up using your phone number or your Facebook account, and you will be able to complete the registration in a few minutes.

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

Register to get up to #100,000 loan from Palm Credit

4. Branch Loan App

Branch app

The Branch app is the third app on my list of the best loan apps in Nigeria. Borrowing money via a Branch App is simple and may be completed in as little as 10 minutes.

Branch, like the other loan apps described above, does not demand any type of collateral in order to obtain loans. To get a loan, all you need is your phone number or Facebook account, as well as your bank verification number and account information.

The Branch loan app allows you to borrow money for as little as #1,000 and as much as #200, 000 at reasonable interest rates. The highest I have gone with Branch App is 79,000 Naira, as I’m just building my credit score.

To receive your loans, download the Branch App from the Google Play Store and fill in your personal and banking information.

On the dashboard, you will notice a loan offer; you must use this first in order to receive higher loan offers.

5. Kwikmoney (Migo)

Kwikmoney Migo App

Kwikmoney is also among the 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.

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 https://kwikmoney.com
  • 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

Quick Check Cash Loan for Nigerians

Quick Check is a modern lending platform that can never be left out on my list of loan apps for Nigerians, either for individuals 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 the Quick Check app on the play store

7. AellaCredit

Aella credit loans

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 an Aella credit Loan in Nigeria:

Download the Aella Credit app from the Play Store, fill in your details, and 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.

Related: Top 10 best betting apps in Nigeria

8. Kia Kia Loans


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. Credit Ville

Credit ville online loan apps in Nigeria

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.

On our website, we’ve written about different apps; loan apps, betting apps, fintech apps, and many more. It will interest you to know that there are hundreds of useful digital marketing apps to grow your business.

Our Verdict: The No. 1 Loan App In Nigeria With Low-Interest Rate

Carbon Loan App is one of the most popular and highly rated loan apps in Nigeria. Here are some of the reasons why it is considered the best:

  • Easy Application Process: The application process for a loan on Carbon is simple and straightforward. Users can apply for a loan through the app, and receive an instant decision on their loan application.
  • Quick Disbursement: Once a loan is approved, Carbon disburses the funds to the borrower’s bank account within minutes. This makes it an ideal option for people who need urgent access to funds.
  • Low Interest Rates: Carbon offers some of the lowest interest rates for personal loans in Nigeria. This means borrowers can access funds without having to pay exorbitant interest rates.
  • No Collateral Required: Carbon loans do not require collateral. This means that borrowers do not have to provide any form of security to access the loan.
  • High Loan Limits: Carbon offers loan limits of up to N500,000 for first-time borrowers, and up to N1,000,000 for repeat borrowers. This makes it an ideal option for people who need larger loans.
  • Flexible Repayment Options: Carbon offers flexible repayment options, including weekly and monthly repayment plans. This allows borrowers to choose a repayment plan that suits their needs.
  • High-Quality Customer Support: Carbon has a dedicated customer support team that is available 24/7 to help borrowers with any questions or issues they may have.
Loan app with low interest rate

Overall, Carbon Loan App is considered the best in Nigeria due to its ease of use, quick disbursement, low-interest rates, flexible repayment options, and high loan limits. It is an ideal option for people who need access to funds quickly and without the need for collateral.

Fake Loan Apps In Nigeria

Did you know that there are a series of fake loan apps in Nigeria today? You should know that being terrible does not preclude you from obtaining a loan from them; rather, the manner in which they operate is the true issue, and you should avoid them if you value your dignity and peace of mind.

The indicators of a poor loan are listed below:

  • A higher rate of interest
  • Shorter loan terms, such as (7-14 days)
  • Bad lenders will charge a different service fee and interest rate.
  • They treat their consumers as though they are garbage.
  • When you default for even a few hours, they send hateful messages to all of your contacts.
  • Even before the loan is due to expire, you can launch a fight.
  • Before approving a loan, they charge for card verification.
  • Some won’t give you a loan but will refer you to other apps and charge you a fee for their services.

There are many new apps that have made the list of fake loan apps in Nigeria. Also, there have been a huge number of complaints on social media about these loan organizations operating in bad faith. Sokoloan, 9credit, Kash Kash, etc. are just a few. So, stay clear of them and download any of the best loan apps listed in this post.

New Loan Apps In Nigeria

In Nigeria, there are several new loan apps available right now.
As the country’s credit facilities needs grow, new competitors in the online lending industry emerge.
The following are some, but not all, of the country’s new loan apps:

  • LCredit loan app
  • P2Vest
  • Kuda Loan
  • YesCredit Loan
  • Umba Loan
  • JumiaPay
  • Blocka Cash

FAQS: How can I get a 50k instant loan?

the easiest way to get a 50k loan is to use a loan app – fair money to be precise. This loan app unlike others, give a larger amount of loan for first time loan seekers.

Which app gives loans without documents?

Almost all loan apps in Nigeria give out loans without any documents. All they require is your BVN and bank details.

What Will Happen If Can’t Repay My Loan?

If you can’t make your payments on time, your agreement may require you to pay a fine. The penalties are often outlined in the loan’s terms and conditions and are applied in the event of a default. Most lenders either increase the interest rate or liquidate the collateral.

Before the repayment due date, commonly 7 days before the next monthly repayment, loan companies send a reminder via SMS to notify you of your next repayment. Fair Money loan app calls your number and gives you the option to shift the repayment date.

Best Loan Apps In Nigeria (summary)

Here’s a quick recap of the 9 most reliable loan apps in Nigeria:

  • Carbon Loan App
  • Fair Money App
  • Palm Credit App
  • Branch Loan App
  • Kwikmoney App
  • Quick Check
  • Aella Credit
  • KiaKia Loan
  • Credit Ville

Life isn’t about living without a problem, Life is about solving problems. If only you have a hammer you tend to see every problem as a nail.

Disclaimer: Please make sure you read and understand the terms and conditions before applying for any of these loans.

Let us have your comments in the box provided below:

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  1. “The Loan grant worked extensively with me to help me anticipate some of the issues that my business may face. Not many lenders would go to that length. They’ve been extremely supportive and a great resource.”

  2. dis people are 419 dey will deduct money from ur account and dey will not give you anything dey will now carry u to another thing

  3. Even if I will agree for every others, not sokoloan!
    They are worst with interest and worst with customer service and worst in…..infact, they are worst in everything!!!

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