Top 7 Best Online Loan Apps In Nigeria

Top 7 Best Online Loan Apps In Nigeria
Finance / General Information / online business / Top Tips

Top 7 Best Online Loan Apps In Nigeria


We present the most detailed list of the top 7 best online loan apps in Nigeria where you can get access to instant loans for business or personal use.

Of course, you can get access to these loans on your smartphone, either on iOS or Android devices.

Why do people need a quick loan in the first place?

Paying bills and struggling with finances has become even more challenging, as many Nigerians have lost part of or all their income, especially during the global pandemic.

You don’t need to panic if you don’t have an emergency fund or you’re struggling to make ends meet; you’re not alone in this financial problem.

Top 7 Best Online Loan Apps In Nigeria

Although government economic impact payments are helpful, you can also explore other means to lend money and secure instant online loans to be repaid within a short period.

You need a smart device (whether a phone, a tablet, or a laptop) to access the loan apps I will mention in this list.

Amazingly, there will be no hefty paperwork; you only need your smartphone to get your money.


7 Popular Mobile Loan Apps In Nigeria


Here is a list of the seven popular online loan apps in Nigeria.


Rank Best loan apps in Nigeria Ratings
#1 Carbon Loan App (PayLater) 4.5
#2 FairMoney 4.5
#3 PalmCredit 4.5
#4 Branch 4.5
#5 QuickCheck 4.0
#6 AellaCredit 4.0
#7 KiaKia Loans 4.0


1. Carbon Loan App:

This was formally called PayLater, and it ranks #1 on the list of best online loan apps in Nigeria.

The Carbon Loan app is a straightforward, entirely online lending portal that provides short-term loans to help cover urgent cash needs or unexpected expenses.

With just your smartphone, their basic requirements, and a quick application process that reveals your status within minutes, you can apply for a Paylater loan 24 hours a day, seven days a week.

Currently, the Carbon Loan app offers to loan packages:

  • PayLater loans available for everyone
  • PayLater Plus loans are available to salary earners only.

You can make payments for bills on the Carbon app platform, including your NEPA bills, recharge cards, and other services.


Like other instant online loan apps, you do not need any collateral or paperwork to apply and get approved.

The only things you need are an Android phone to download and launch the app and a means of identification.

With these two things, you are good to go.

You can access up to 500,000 naira loans with no collateral on the Carbon Loan app.

Immediately your application is approved, funds are received within 1 to 3 business days.

When you repay your loan on time, you will be granted access to a higher credit limit for your next loan.

You can download the Carbon Loan app from the Play Store or visit their official website to learn more about Carbon (PayLater) app.


2. FairMoney App:

Among the best loan apps in Nigeria, the FairMoney App ranks second due to its excellent service.

FairMoney offers short-term loans anytime, anywhere to help cover bills, urgent needs, business, and many more.

Their loan application takes only 5 minutes, and they have packages that include education loans, personal loans, business loans, and much more.

FairMoney can provide its esteemed users with a speedy and effective loan app with their efficient use of technology.


Just download the Google Play store app to complete a quick and straightforward application process.

After that, you can receive your funds (without collateral) and pay them back within 15 days to one month.

You should note that there will be specific terms and conditions associated with the loan, so ensure you read them carefully before applying.


3. PalmCredit App:

PalmCredit is another app for loans in Nigeria. It is an Android app that gives loans to users of the app.

PalmCredit loan is straightforward and quick. But, it is limited to users that are 18 years and above, and the loan amount is between 2,000 naira to 100,000 naira.

With just a few steps, you are now in control of getting the loan you want anytime, anywhere.


Download the PalmCredit app on the Google Play store, input your details, and sign up using your phone number or Facebook account.

You should be able to complete your registration within a few minutes.

Then you can take as many instant loans as you want without further approval steps and at affordable rates.

Immediately you repay, your credit score is updated. If you repay your loans on time, you can watch your limit grow to 100,000 naira.

Another fantastic thing about PalmCredit is that it gives reward offers when referring people to use the app.


4. Branch Loan App:

Branch is a powerful yet easy online loan app in Nigeria and Kenya.

Securing instant loans on the Branch app is so quick and straightforward. It will help you resolve your financial issues in no time.

Like the other loan apps discussed above, Branch does not require any collateral to secure loans.

To obtain a loan, all you need is your Facebook account or phone number, as well as your BVN and account details.


The Branch app offers loans from #1,500 to #150,000. The loan term is between 4-64 weeks.

Interest on loans ranges from 14% to 28%, with an equivalent monthly interest rate of 1% to 21% depending on your selected loan type.

Download the Branch app from the Google Play store and insert your personal and banking details to get your loans.

You will notice a loan offer on your dashboard; you should use this first to obtain higher loan offers.


5. QuickCheck:

QuickCheck is a current lending platform that can never be sidelined on my list of loan apps for Nigerians.

QuickCheck employs mobile technology to secure financial credit for small businesses and individuals.

On the app, users gain access to quick and hassle-free loans of up to #30,000 without any collateral for a duration that ranges from 15 to 30 days.


The more loans you collect and repay on time, the more your credit score increases, and you can access even higher amounts.

The QuickCheck app is definitely among the best loan apps in Nigeria. Remember to download it on the Play store.


6. AellaCredit:

AellaCredit is creating platforms that make it easier for people in Africa to access financing.

The company was affiliated with three central credit bureau agencies in Nigeria.

AellaCredit is primarily focused on employee lending and empowerment to provide fast and affordable loans with no documentation to its users.

Instead, it uses a proprietary credit scoring algorithm to know the creditworthiness of its customers.


The algorithm was designed after the team compiled over five years of market data and analysis to process a user’s eligibility for a loan by considering social and demographic factors and their debt to income ratio.

AellaCredit offers loans from #1,500 up to #90,000 with no late fees compared to other loan companies.

They have a loan tenure of 30-60 days and a monthly interest rate between 4% to 29%.

To apply for an AellaCredit loan in Nigeria, download the app from the Play store, input your details, take a selfie, and set your pin.

Then, you’re good to go!


You will be granted access to a higher loan amount when next you’re applying if you repay your loan offer on time without being late.

Download the AellaCredit app now to secure your loan.


7. Kia Kia Loans:

Just as its name implies, KiaKia is another one of the best loan apps in Nigeria because it is faster and easier.

Kia Kia is an online app that grants access to small businesses and personal loans and allows savers to lend out funds at negotiated interests using intuitive conversations.

Kiakia uses big data, digital forensics, psychometry, and machine learning for its proprietary credit risk assessment and credit scoring algorithm.

This algorithm is used to provide direct and peer business and personal loans to millions of people and small businesses without credit details.

You can visit the KiaKia mobile web app for more information.


Fake Loan Apps in Nigeria

Are you aware that there are several fake loan apps in Nigeria today?

You should know that being smart does not remove the possibility of obtaining a loan from them.

Instead, how they operate is the real problem, and you should avoid them if you value your peace of mind and dignity.

The following are signs of a poor loan:

  • Shorter loan terms (like 7 to 14 days)
  • They treat their users as though they are garbage.
  • They have a higher interest rate.
  • Bad lenders will charge an interest rate as well as a service fee.
  • When you default for even a few hours, they begin to send out full hateful messages to all your contacts.
  • They charge for card verification before approving a loan.
  • They can launch a fight even before the loan is due to expire.
  • Some won’t give you a loan; instead, they will refer you to other loan apps and charge you a fee for their services.

There have been several complaints on social media about these loan companies operating in bad faith.

A few of them are Kash Kash, Sokoloan, 9credit, etc. Avoid them and download any of the listed best loan apps in this article.


Frequently Asked Questions


1. Can loan apps block my BVN?

Your BVN will be shared with the authorities, and you will be blocked from using other loan products.

You might also be traced and tracked with the information provided on your bank details, though not all loan apps do this.


2. Is PalmCredit approved by CBN?

PalmCredit was created from Newedge Finance Limited, fully licensed by the CBN to operate as a finance organization in Nigeria.

This means their operations are fully regulated, and of course, CBN approved PalmCredit.


3. Is FairMoney safe?

FairMoney is a reliable, fast, secure, and most of it all, free online loan app.

It is a smartphone mobile banking app that enables obtaining loans and paying bills quickly and simply.


Watch and know the Top 10 best loan apps in Nigeria



Life isn’t about living without challenges; life is about solving challenges.

Though most of these applications claim to offer fast loans without collateral, it is recommended to read and understand their terms and conditions before applying carefully.

Other factors to consider are the payback period and interest rate.

As a business owner, you will not want to apply for loans with a brief payback period, except you’re confident of making money in no time.


Originally posted 2022-02-11 01:17:27.

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