Are you looking for the best loan apps in Nigeria to get a quick loan to settle business or personal issues? When you need an instant loan, you would need the top 20 loan apps that you can compare for options. These instant loan apps in Nigeria can provide you with an instant loan in minutes directly to your bank account with your smartphone.
Loan apps are becoming a lifesaver recently providing emergency cash advances to families even though some loan sharks have tried to destroy the market in Nigeria.
Every day many people undergo different life challenges. Sometimes you might be expecting money but get disappointed for some reason. You don’t have anyone to run to or probably feel shy to run to your next neighbor and all you resolved to is to use instant loan apps in Nigeria to get that loan amount that can resolve that challenge.
That is alright. You don’t have to be shy because, at one point in our lives, we need support to move to the next level. Whether you are looking for a short-term business loan, personal loan, device financing, or payday loan, these best loan apps in Nigeria have been proven to work very well anytime they are needed.
Top 20 Best Loan Apps In Nigeria For Instant Loan and Low-Interest Rates
Below are the best loan apps in Nigeria that can give you an instant loan in minutes, fast approval, and super low-interest rates.
1. Branch Loan App
Branch loan app is one of the most reliable and best loan apps in Nigeria known for its instant and quick response to customers’ requests for loans. They have the best reasonable interest rate when compared to other top loan apps. The app is among the top 20 loan apps in Nigeria with over 5 million downloads from Google Playstore sitting on 4.6 stars rating.
Branch’s monthly interest rate is 2.5% to 20% monthly interest which translates to an APR of 18% to 260%.
Another good thing about this Branch app is that it does not charge extra fees on late payments like other loan apps. The requirements to access this app are simple. You just need your active phone number, BVN, bank account number, and Facebook account.
2. Carbon (PayLater)
Known as Best Loan App in Nigeria for building a good credit score. Carbon is one of the best loan apps in Nigeria that is known as the best app to build your credit score. It was formerly called Paylater before rebranding to Carbon loan app.
At first, you might not be able to access big cash, but as you pay on time, you gradually build your credit score which gives you access to borrow larger funds. The loan app is always available, even on weekends and holidays.
3. Access More App
The Access More App is a product of Access Bank Plc that is among our best loan apps in Nigeria to offer instant loans such as Payday loans and device financing and it doubles as a banking app that allows customers to carry out normal banking transactions.
However, this loan access is only granted to Access bank customers. So you must hold an account with Access bank to take advantage of this.
Access more offers Payday loans and other personal emergency loans to customers. It currently has about 1M+ downloads from Google Playstore rating 4.6 stars on average after it announced migrating from it old app to the new one to offer more features for self-service by customers.
One interesting thing about the Access More app is that the interest rates are pretty low. It charges flat interest rates of 6% and insurance of 0.03% then a 1% flat fee on loan default.
4. QuickCheck loan app
QuickCheck is one of the top 20 loan apps in Nigeria, a reliable lending platform that uses machine learning to analyze customers’ behavior and immediately evaluate loan applications. This app stands tall for borrower’s data privacy. The app will never share your data or information with a third party.
Once you apply, and your credit score is analyzed, the machine language will determine whether you are qualified for the loan or not. You must start and complete your application on your Android device when using this app.
5. FairMoney loan app
Fairmoney is a trusted instant loan app where you can access fund ranging from N15,000 to N1,000,000 for a monthly interest rate of 2.5% to 30% which translate to an APR of 30% to 260%. The repayment duration of the loan is considerably fair ranging from 61 days to 18 months.
FairMoney has been around for years and is licensed by the Central Bank of Nigeria (CBN) to operate in its capacity. Unlike fake loan apps that send defamatory messages, FairMoney has been around and has never been found to do such.
6. PalmCredit loan app
PalmCredit is a loan app by NewEdge Finance Limited, a Nigerian-registered fintech company offering loans and other financial services.
You can download Palmcredit loan app from the Google play store to get started with your loan application and get a Palmcredit-instant loan online without any collateral and just your phone.
Renmoney is a loan app run by a Microfinance bank headquartered in Lagos. The Renmoney loan is specifically for business owners and employed or self-employed individuals. It gives you access to loans ranging from NGN6,000 to NGN6,000,000 for a loan tenure of three to 24 months.
Although Renmoney loans have some of the highest interest rates you should rest assured that your contacts won’t be harassed. Renmoney won’t send messages to your contacts when you default.
Lendigo is regarded as the number one best loan app for small and medium businesses. It offers SMEs in Nigeria access to fast, easy, and flexible business loans according to their business financial needs, and fast and flexible access to working capital according to their business requirements and suited to their financial needs.
You can access business loans of as much as NGN10,000,000 at a low-interest rate. However, the loans are only accessible by registered business owners with a minimum monthly turnover of N500,000 and Your company is registered in Nigeria as LLP, PLC, or Ltd.
Migo formerly called Kwikmoney is a cloud-based loan app that ensures you get your cash in your account balance right after finishing the application process. It doesn’t require collateral or any form of paperwork.
It gives you access to loans ranging from NGN10,000 to over NGn500,000 but for a new customer, the maximum limit is NGN50,000
You can also access the Migo loan by dialing the USSD codes outlined here.
Lidya is a USA-holding financial platform that offers SMEs loans without collateral in Nigeria. This company is present in five countries across three continents which are Nigeria, the USA, the Czech Republic, Portugal, and Poland.
Lidya gives you access to get business loans of as much as N30,000,000. However, you must have a good credit score to be approved for this loan.
11. Quick Credit (by GTWorld)
GTWorld Quick Credit is a mobile banking loan app that allows you to get quick cash to cater to your money and banking needs. However, to access this platform, you must be a GTB account holder.
The platform has some of the lowest interest rates for loan opportunities. You don’t need a guarantor or any collateral to access these loans. You don’t need a BVN either too because your BVN is already linked to your GTB account during account opening.
Moneypal is a trusted loan platform that is own by Zedvance Limited that offers you diverse loan packages to cater to your different financial needs.
The company claims that an eligible individual has access to get a quick personal or business loan of up to NGN5,000,000 for a loan tenure of 24 months for an annual percentage rate of 34.8% to 365%.
13. ALAT By Wema
ALAT is the best loan app in Nigeria for salary earners where they can access quick loans with collateral or paperwork or visitation to a physical office.
This loan is made available for all salaried Alat customers and you can borrow as much as NGN2,000,000
14. Aella Credit
Aella Credit loan app makes use of technology and widespread mobile adoption to simplify the process of loan application and processing.
This loan goes further in helping its customer achieve financial independence by accessing simple products such as bill payments, quick loans, instant cash, and investment opportunities. Their organization and structure are simply superb.
Umba is the best loan app in Nigeria that allows you to pay late without charging you extra or rolling off your charges. Additionally, it has no origination fee.
This app allows its consumers to app, drawdown, and repay their loans directly from electronic gadgets (smartphones and PC).
However, you have to be verified before you can be allowed to access the loan. When confirmed, you will be placed on an agreed risk rating that will determine your interest rate.
16. Page Financials
Page Financials is one of the best instant loan apps in Nigeria that is legally registered and regulated by the Central Bank of Nigeria (CBN). They boast of having six years of experience in offering financial assistance and other financial products.
Once you are approved, the cash loan is released immediately. They offer other financial services such as investment opportunities through their mobile app and website platforms.
The platform is designed to meet the financial needs of different individuals.
Coolbucks loan app is another good platform in Nigeria that is known for the disbursing of installment monthly loan app that comes in minutes after application. The installment loans are mostly unsecured.
For low-income customers, the platform offers small ticket loans from NGn15,000, and it goes as high as NGN5,000,000 for high-income customers. The loan is usually disbursed at least thirty minutes after the application has been approved.
The platform also 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.
18. Quick Credit
Quick Credit is one of the reliable lending platforms in Nigeria that are known for its excellent customer service.
Customer service is readily available to help you access their quick loan appropriately without many hurdles. The steps are simplified and only minimal documentation is needed.
19. Specta loan app
Specta is one of the best loan apps in Nigeria that gives non-salaried legal residents of Nigeria access to up to N5,000,000 with no paper, collateral, or visit physical office.
Specta allows you to take care of emergencies and urgent business needs.
20. Money in Minutes
Money in Minutes is managed by a UK lending platform that exists on three continents, which is MIM Finance Company.
This platform has a flexible and wide range of products that allows you to access loans according to your needs and purposes.
What Are The Best Loan App In Nigeria With Low-Interest Rates?
Currently, Branch is the best loan app in Nigeria with low interest for an instant loan without extra fees or interest for late payments. Other best loan apps in Nigeria include Renmoney, Palmcredit, Carbon loan, Lendigo, Migo loan, Aella Credit, etc.
Branch monthly interest rate is 2.5% to 20% monthly interest which translates to an APR of 18% to 260%.
The requirements to access this app are simple. You just need your active phone number, BVN, bank account number, and Facebook account. It has one of the highest ratings and best reviews. You can check them out.
What are the top 20 Loan Apps In Nigeria Today?
In a nutshell, the top 20 loan apps in Nigeria include the Branch loan app, Renmoney, Quick Credit loans, Aella Credit, Carbon loan app, Alat by Wema, and Quickcheck among other interesting loan apps that gives instant fair credit facilities.
Loan apps are continuously growing on a rampage. Many of them are not trusted at all while some are gorgeously trusted due to their reputation and the number of customers using them.
What is the best app to borrow money in Nigeria?
Below is the list of the top 20 best apps to borrow money in Nigeria in minutes with absolutely low-interest rates.
- Branch Loan app
- Carbon (PayLater)
- Access More App
- Quick Check
- PalmCredit loan app
- Quick Credit (by GTWorld)
- ALAT By Wema
- Aella Credit
- Page Financials
- Specta loan app
- Money In Minutes Loan App
Before accessing any of the loan apps, it is important you go through their terms and conditions and ensure you are delighted with them. For further information, check “The List of Fake Loan Apps in Nigeria 2022 Updated”