In this article, I will be reviewing the best 10 loan apps in Nigeria that approve the fastest instant loans for individuals and businesses, without documentation, paper work or collateral. So far you are earning an income and you can show evidence of repayment.
Best Loan Apps in Nigeria for Instant Cash 2024
The best loan apps in Nigeria with fast online approval and instant disbursement to your bank account are Branch App, Carbon App, Fairmoney, Aella Credit, QuickCheck, Alat by Wema, Lendigo App, Renmoney, Irorun App and Money in Minutes among the most credible apps for borrowing money. These fast loan applications give access to instant online and urgent loan without documentation or collateral and are approved within few minutes.
1. Branch Loan App
Branch is one of the best loan apps in Nigeria and a top finance and banking platform that offers easy access to instant loans up to N500,000 with no need for physical paperwork, document or collateral.
The fast lending platfom offers a variety of loan options, including single payment loans, installment loans, and payroll loans gathering over 10 million users as at the beginning of 2023. The Branch app is known for fast and emergency loans with monthly interest between 2.5% to 20% and APR of 18% to 260%.
2. Carbon Loan App
Carbon is one of the best instant lending and financial management app in Nigeria, offering borrwers loan amount up to N1,000,000, access to high-yield investment opportunities, simple payment solutions easy-to-use tools for personal finance management in addition to helping customers building good credit history.
The Carbon platform, formerly called Paylater, is regarded as the second best loan app in Nigeria and has interest rate ranging from 2% to 20% depending on the loan repayment period, gathering within a short period over 1 million users on Google Play Store alone. You can borrow loan amount up to N1 million without collateral, guarantors, or paperwork with a monthly payment period ranging from 1 to 12 months depending on the loan amount.
3. FairMoney App
Fairmoney is yet one of the registered and best loan apps in Nigeria because of its seamless lending procedures, fast approval and excellent customer service that allows loan access to borrowers ranging from ₦1,500 to ₦1,000,000 with repayment durations ranging from 60 days to 18 months and monthly interest rate from 10%-30% and APRs from 30% to 260%. Customers of FairMoney are in excess of 5 million on Google Play Store alone.
Fairmoney is very legitimate and reliable source for quick cash. all you need to do as a first time user is to download and install the application and sign up by providing your phone number and BVN. If you have a good credit score, you may be able to apply for another loan before fully repaying your first one.
4. Aella Credit
Aella Credit is regarded as one of the best instant loan apps in Nigeria with a low monthly interest rate of 2% to 20% and APR of 22% to 264% per year. Loan amount ranges from N2,000 to N1,500,000 which has resulted to well over 1 million users across board. Aella Credit has a loan tenor of 2 to 12 months.
The platform is a highly legitimate and reliable online lender with fast turnaround times, typically within 5 minutes, which doesn’t require paperwork or document. You can borrow up to 1,500,000 Naira without any collateral. To begin, you will need to download the app from Google Play Store, sign up, and undergo a brief eligibility assessment to determine your credit score.
5. QuickCheck App
The QuickCheck lending platform is one of the best loan apps in Nigeria that provides lending to borrowers at low interest rates starting from 2% monthly and APRs ranging from 30% to 260%.
QuickCheck application is highly rated loan app because of its instant loan approval for qualified applicants in Nigeria with a veritable source of income and because it allows borrowers to easily apply for loans through the app without the need for collateral or paperwork. Loan request from QuickCheck takes about 24 hours to execute while loan amounts range between ₦1,500.00 and ₦500,000.00. Repayment ranges between 3 months to 12 months.
6. ALAT by Wema App
Alat is a digital banking platform offered by Wema Bank Plc that allows users to access quick and instant loans without the need for collateral. In order to use Alat, you can download the app on Android or iOS and sign up, or use your existing Wema Bank account to sign up.
Also called ALAT by Wema, this platform boasts as one of the best loan apps in Nigeria for salary earners looking for instant access to their salary already worked for. ALAT by Wema operates a digital bank that can be run by an internet connected device. The loan app, a product of Wema Bank, provides fund to salaried and non salaried workers at an interest rate of 2% per month on a reducing balance basis.
7. Specta App
Specta typically called “Sterling bank loan in 5 minutes” is an online lending platform that gives you loans up to N5 Million in one transaction all within 5 minutes! The unique thing about Specta instant loan is that you don’t need collateral, paperwork or any visit to any office to access the platform’s loan in minutes. With Specta, you can take care of urgent personal and business needs anywhere, anytime.
Specta interest rate on loan ranges from 25.5%-28.5% with a one off payment of 2.5% for Insurance and one off payment of Management fees of 1%. Repayment period ranges from 1-12months and late payment fees is 1%.
8. Money in Minutes App
Money in minutes is yet another best loan app in Nigeria and one of the best lending applications that approve requests within a few minutes without documentation or collateral. The platform takes a decision on your loan application in matter of minutes once your profile information is complete and you qualify.
To apply for an instant loan from Money in Minutes app, simply download the app from Google Play Stoe and choose your applicable loan amount which ranges between ₦5,000 to ₦5m. Interest rates begin from 3% per month and repayment options are quite very flexible.
9. Renmoney App
Applications for Renmoney instant loans are usually done directly through their website or indirectly through their branches spread over Lagos. You can apply through the platform’s loan application by downloading and registering your request through Google Play Store.
With Renmoney, considered as a very reputable lending app in Nigeria, you can get a quick decision on your loan application and an instant approval which could be up to N6,000,000 once your documentations are submitted.
10. Migo App
Migi is a leading loan app in Nigeria offering the option to borrow using a USSD code for quick and convenient access to loans. The quick loan application offers a diverse range of loan amounts, starting from as low as N500 to up to N500,000. For first-time clients however, the initial loan offers typically begin with smaller amounts, gradually increasing as trust and a positive borrowing history are established.
To initiate the loan application process through USSD, follow these steps:
- Dial *561# on your mobile phone.
- Choose the “Loans” option from the menu.
- Select “Request Loan.”
- Wait for the loan to get approved and receive further instructions.