In this article, I will be reviewing the best 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.
These lending platforms which are considered the best online applications in Nigeria have the most flexible and convenient monthly payments, lowest interest rates and loans are easily processed. Once approved, funds are usually deposted to your bank account in few minutes. And more importantly, these special list do not harass you for loan repayment. To make this even easier for you, we’ve compiled a list of the top 20 best instant online loan apps in Nigeria below:
Top 20 best instant online loan apps in Nigeria
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, Irorun, Quick Credit, Migo, Umba app and Kiakia application. These fast loan applications give access to instant online and urgent loan without documentation or collateral and are approved within few minutes.
Customers data are secured and never breached. Harassment or unethical loan recovery methods are never practiced with these reliable loan in minutes applications. Now let us delve into deeper reviews of each loan apps, their loan amount, interest rate. repayment and other loan variables that may interest you.
1. Branch 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%.
Branch do not charge late fees or rollover fees, nor put restrictions on how you spend your money. Depending on the loan amount you select, monthly repayment options typically average 30 to 60 days.
2. Carbon 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.
Alat by Wema has one of the highest loan amount, second only to Lendigo app, which is a maximum of N2,000,000 (Two million naira) without collateral or documentation. However if you are a salary earner, you can receive a minimum of N50,000 and up to N4,000,000 within hours depending on your monthly salary. You will have between 3 to 24 monthly monthly payments plan to pay back.
7. Lendigo App
Lendigo is one of the best loan apps in Nigeria for small businesses giving up to N10,000,000.00 to small and medium scale businesses across the nation. The app which has well over 500,000 users offers easy, fast and flexible access to working capital to SMEs in Nigeria according to their business requirements and suited to their finance needs.
Lendigo app offers business loans with interest rate starting from 4% on a monthly basis. Loan amount is from N100,000 to ₦10 million without collateral or much document and no need for any physical visit to any office. Monthly loan repayment ranges between 1 – 6 Months.
8. 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%.
9. 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.
10. 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.
The process involves completion of an online application form, uploading of government approved ID Card and proof of address and then uploading your bank statements. Once done, you can have your funds disbursed into your bank account within 24 hours, if approved.
11. Irorun App
Irorun is a digital lending application and one of the leading and best loan apps in Nigeria offering microloans to eligible users within minutes with no collateral and with little or no documentation. The app is one of the fastest in Nigeria for small personal loans, giving access to a maximum of 50,000 Naira worth of loan at a very low interest rate, just with your smartphone and in the comfort of your home.
The app offers interest free loans to their most loyal customers who need urgent assistance or meet unexpected expenses with a little cash of N5,000 for 7 to 30 days tenor with processing fees of N400.00. Irorun app also facilitates utility bills payment with only a few clicks on your smartphone.
Irorun loans range from N2,500 to N50,000 and for some users, it’s usually more than that. This diverse range ensures that both small and moderate financial requirements can be met through the app. The interest rate for loans on Irorun falls within the range of 4.5% to 35% per month.
12. NewCredit App
NewCredit is a legitimate app in Nigeria that offers payday advance loans. The lending application offers quick loans of up to N100,000 within 5 minutes. The best part is that you can access these loans without any collateral requirements. Simply download the app, register, and apply for your loan.
The NewCredit loan interest rate ranges from 4% to 24% monthly and 24% to 56% annually. To avoid accumulating additional interest charges, timely repayment is essential. Responsible borrowers also gain access to higher loan amounts in future applications.
13. Fair Credit App
Fair Credit is one of the best loan apps in Nigeria in 2023 and it approves instant online loan amounts ranging between ₦1,500 to ₦1,000,000 with repayment periods from 1 month to 18 months at monthly interest rates from 2.5% to 30% (APRs from 28% to 32%).
Now, Fair Credit app is more than just a loan app. The platform is owned by a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your deposits are insured with the Nigeria Deposit Insurance Corporation (NDIC) when you save or invest money with them.
14. Blocka Cash App
Blocka Cash is one of the best loan apps in Nigeria that are emerging in the online lending marketplace as a convenient and accessible lending option. With its availability on Android and Apple app stores, Blocka Cash provides users easy access to short-term loans, making financial assistance more accessible.
Loan Amounts of Blocka Cash range between N5,000 – N50,000 and interest rate is between 3% and 10% per month. Annual Percentage Rate (APR) ranges between 36% to 120% while loan tenure is between 60 to 180 days. You can repay Blocka Cash loan through your debit Card, quickteller, and direct transfer.
15. Kredi Loan App
Kredi is yet another legit and top-rated loan app in Nigeria that is one of the best digital bank on the rise. Kredi loan offers instant loans to borrowers with competitive interest rate and flexible repayment periods. The amount you can borrow with Kredi depends on the amount you are eligible and qualified for based on the customer tier you are in.
Kredi Loan offers three types of Loans. First is Nano Loans where you can access ₦50,000 cash to cover emergency expenses that come up every month. The second is SME Loans where you can apply and get approved up to ₦100,000 cash to cover any emergency expenses and finally Kredi-SympliFi Loans, a low-interest instant cash approval loans up to N50,000.
16. Coolbucks App
Coolbucks though relatively new is still regarded as a reputable loan app in Nigeria and best for unsecured monthly instalment loans without collateral. The platform approves customers’ loan within minutes of completing your application.
Depending on your profile, Coolbucks can disburse within 5 minutes to 24 hours of completing an application. It offers small ticket loans from N15,000 to low income customers and up to N5,000,000 to high income customers. Borrowers can access loans within 30 minutes maximum.
17. P2Vest App
P2Vest is one of the best loan apps in Nigeria that has emerged as a prominent player in the peer-to-peer lending industry. This platform offers individuals a viable alternative for secured funding. With its robust platform, P2Vest connects borrowers with lenders and investors, providing an avenue for better returns on capital compared to traditional savings accounts and fixed deposits.
P2Vest being a peer-to-peer lending platform facilitates direct connections between screened borrowers and lenders or investors in the online lening marketplace. This innovative approach eliminates the need for intermediaries, allowing individuals to lend or borrow money directly from one another. By cutting out the middleman, P2Vest offers borrowers competitive interest rates and investors get better returns on their capital.
18. Migo App
Migo is our 18th best loan app in Nigeria and it offers 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.
19. Opay/Okash loan app:
The Opay loan app works through the Okash application and another popular lending platform that also allows for seamless transactions. With its USSD code, *955# you can borrow up to N50,000 on the app. The daily interest rate is between 0.1% to 1%, while the annual interest rate is between 36.5% and 360%.
Okash as loan platform also have a microfinance loan program owned by Blue Ridge Microfinance Bank. OPay also has a share in this organization. Okash was formerly shut down by Nigeria regulatory authorities but has now been given approval having met the ethical requirement of loan apps in Nigeria.
Okash offers fast loan approvals, with loans often credited within minutes. However, it is not available to borrowers under the age of 20 or over the age of 55.
20. Umba Loan App
Umba loan app is an easy to use mobile banking and financial application, which allows individuals to access low interest loans between N2,000 and N30,000, pay bills and perform some other basic transactions and repay within a loan tenure of 8 weeks.
Umba application is one of the best financial app that allows users to apply for, withdraw, and repay loans. It uses a risk assessment to determine loan options and can disburse loans quickly without requiring collateral, documentation, or in-person visits. Umba is available 24/7 and does not charge late fees or rollover costs. To apply for a loan from Umba, do the following, download the mobile app from the Google Play Store, register and request for your loan.
21. Kiakia App
Kiakia is a unique peer-to-peer online loan marketplace in Nigeria that connects borrowers and lenders for loan and investment opportunities, allowing individuals or businesses to lend money as an investment, while also at the same time providing access to instant loans for borrowers. To use Kiakia loan platform, users must be Nigerian with a valid ID, bank account, and BVN, as well as a verified source of income. The platform utilizes a credit scoring algorithm to evaluate a person’s financial history and determine their creditworthiness.
22. Zenith Bank Quick Loan Code
The Zenith bank USSD code *966# is an all in one code used by the money deposit bank customers for various online and real time transactions just with an internet enabled smartphone. The code also called Zenith Bank Quick Loan Code can be used to open a Zenith bank account, get a Zenith bank quick and instant loan, purchase airtime either for yourself or your friends and also used to transfer money from Zenith to other bank accounts.
To get a quick loan from Zenith Bank loan code, dial *966#, then select the “Loan” option and follow the prompts. Enter your personal details, followed by the loan amount you want to request, and select your preferred loan tenor.
You can also following the simple steps below:
- Dial *966*00# from your mobile phone to begin
- You will receive a prompt that requires you to fill in the last four digits of your ATM card number
- It will display your account name confirming the authenticity of the information provided in No.2 above
- It will prompt you to create your four-digit pin
- Confirm your four-digit pin and you are all set for the eazy banking
What are the best loan apps on iPhone in Nigeria? [Best Nigeria loan apps for iPhone]
The best nigeria loan apps on iPhone with the lowest interest rates, flexible repayment and fastest loan processing are P2Vest, Aella Credit, KiaKia, Irorun, Renmoney, Blocka Cash, Page Financials, Carbon, PalmPay and Kuda. All these lending apps can be found on iPhone and operate online 24/7 providing loan access to millions of borrowers using iPhones without collateral or documentation.
What is an instant loan app in Nigeria?
An instant loan app is a mobile banking application that allows users and consumers access instant loans by smart digital device and without going to a physical bank or financial institution or undertaking the various rigorous or bureaucratic processes that traditional lenders require.
Loan apps are expected to be genuine and legitimate duly registered businesses backed up by good insurance, and governed by local lending laws. However many fake loan apps have emerged that are neither registered with the relevant authroties or practicing ethical banking. Many of these infamous apps are getting the attention of government and becoming banned
How do you apply for a quick loan on loan apps in Nigeria?
Different quick loan apps have their own process of loan application but typically many of them assume the following processes:
- Download the app from either the play store or app store
- Sign up with basic information like your name, address, phone number and BVN
- Fill in a short application with basic personal & professional details
- Choose the loan amount
- Submit your application
Loan apps in Nigeria have made it so easy to get loans. This process takes a few steps on most apps and these steps can be completed in minutes!
How to find a legit loan app in Nigeria?
By searching for the term ‘loan apps in Nigeria’ or simply ‘loan apps’ on the search engine of Google or on Google Play Store or Apps Store,. you will come across several options tailored in ranking in pages.
Most legit and reputable loan apps in Nigeria will have the following details:
- An official address
- A website
- Verified social media channels especially Facebook, Instagram and Twitter.
- Good ratings on the app store ie. A 4.0 rating
What Are The Best New Loan Apps in Nigeria 2023?
Some of the best and most reputable new loan apps in Nigeria in 2023 include Fair Credit, Blocka Cash, Kredi Loan, Coolbucks and P2Vest among others. These loan applications are digitally secure, entire online, approve urgent cash loan fast whether you are an individual, business owner, or self-employed. And they do not require collateral, documents or paperwork. Just your internet enabled smart phone at the comfort of your room.
Are there fast loan apps in Nigeria?
The following are quick lending applications for emergency cash in Nigeria:
- Payday Advance – Borrow Money
- Irorun – Fast loans with ease
- YesCredit – Quick Loan
- Kashcash-personal loan online
- Wecredit – Get loan now
- Joy Cash-Loan Up to 1,000,000
- Xcrosscash-loan online app
- Lendigo Loan App for Business
- Palmcredit-instant loan online
What is the list of instant loan apps in Nigeria
Some of the reliable lending apps that give quick loans instantly in Nigeria include:
- Branch App
- Carbon App
- FairMoney App
- Aella App
- Umba App
- Money in Minutes
What are the Top 20 Loan Apps in Nigeria?
The following are the top 20 loan apps in Nigeria for instant loan and disbursement: Branch Loan App, Carbon loan App, FairMoney Loan App, Aella Loan App, Umba Loan App, Renmoney, QuickCheck and Lendigo Loan App among other reputable and legit online platforms.
Can I get a loan in Nigeria instantly?
Yes, you can. The following which are considered the best loan apps in Nigeria give instant online loans such as Branch app, FairMoney app, Carbon App, QuickCheck, Irorun App, Aella Credit. To apply, simply download the loan app from Google Play Store. Sign up with the phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly in your preferred bank account!
What are the interest rates for loans in Nigeria?
Interest rates vary depending on the loan provider. Branch app is known for fast and emergency loans with monthly interest between 2.5% to 20% and APR of 18% to 260%. FairMoney’s interest rates are slighly higher from 2.5% to 30% depending on the amount you want and duration of the loan.
Do instant loans in Nigeria need any collateral?
Many fast loan apps in Nigeria do not require collateral or documents or any paperwork. With Carbon App, Branch App, Quick Credit, Payday Advance – Borrow Money, Irorun – Fast loans with ease or YesCredit – Quick Loan, you simply need to download the app and apply for your loans in minutes.
What Are The Approved Loan Apps in Nigeria?
Some of the best loan apps in Nigeria that have been licensed to give quick and instant online and offline loans include NextPayDay, NewEdge, Aella Credit, Sycamore Solutions, Trade Depot, Tajow Investment, Blue Ridge, Grolatech Credit, Branch, P2Vest, Creditwave, Keenest Tech, FairMoney, Altracred Finance, Crevance, Menacred, Irorun, Orange Loan and Carbon among others.
Which App Gives Highest Loan Instantly in Nigeria?
At the moment, Lendigo app gives the higest loan amount instantly in Nigeria. You can get between N100,000 – ₦10,000,000 loan amount per invoice and credit line with 1% processing and commitment fees of loan facility and per invoice. Interest rate of 4% to 8% per month applies on borrowed amount. Loan tenure is between 1 – 6 Months.
- Loan Amount: ₦100,000 to ₦10,000,000
- Interest Rate: 4% – 8%
- Loan Tenure: 1 – 6 months
Other best loan apps in Nigeria that give the highest loan amount instantly include Branch App, Carbon App, Fairmoney App, Aella Credit App, QuickCheck App and Alat by Wema among other credible platforms.
What Are Top 30 Reliable Loan Apps In Nigeria?
Some of the top 30 reputable loan apps in Nigeria to borrow money right now instantly without collateral, documentation or paperwork include Irorun, Branch, OKash, Kiakia, Aella, Carbon, Page Financials, PalmCredit, FairMoney, Renmoney, QuickCheck, Umba, Quick Credit, Money In Minutes and Lendigo among other legit instant loan apps across the country.
Why Should You Patronize Only The Best Online Loan Apps In Nigeria?
The best and most reputable loan apps in Nigeria come with a lot of benefits in times of meeting your financial emergencies and when unexpected bills hit you. Some of the major benefits of taking loan from instant loan apps include:
- Speedy Disbursal
- Little or no Credit Check
- No Collateral
- Easy Online Application
- Zero Physical documentation:
- No Collateral Requirement
- Usually No Need Of Guarantee
Reputable and reliable instant loan apps in Nigeria make quick loan approval possible in the comfort of your room and the cash is transferred to your bank account speedily which you can access immediately through your smartphone. The approval process for online lending apps in Nigeria is now very quick, superfast with no need for any collateral, documentation, guarantor, or a physical office visitation as is common with traditional banks.
Loan apps have become popular globally. A unique type of loan system is provided in United States of America (USA) called “The Cup Loan Program” which is offered by the USDA and provides loans to public facilities for their construction and renovation. Also in Australia, we have various instant loan organizations that give $50 or $100 and more depending on your income, loan request and capability to make repayment timely.
Critical factors you should look out for before making a final ending are:
- Interest Rates
- Loan tenure
- Repayment Conditions
- Importance of User Reviews and Credibility of the Loan App