Top 20 Best Instant Loan Apps in Nigeria 2023 [& Their Interest Rates]

56 mins read

Are you in need of a quick loan but don’t know where to turn? Look no further than the available loan apps in Nigeria.

With the rise of technology, loan apps have become increasingly popular in Nigeria as a way for individuals to access loans quickly and easily.

These apps offer a variety of loan options, from peer-to-peer lending to instant personal, and even business loans without collateral.

We at Nairarush has downloaded, and tested tons of Nigerian loan apps. So, in this article, we will be providing with the ones that come out the best based on their features including interest rates, loan tenors, loan amounts, and lots more. We will also discuss how to choose the best loan app for your needs.

Therefore, whether you are looking for a short-term loan or a larger loan for a specific purpose, there is a loan app out there for you.

So, keep reading as we dive into details of the best loan apps in Nigeria as we list them right below.

Best Loan Apps in Nigeria 2023

Here’s a table containing the best loan apps in Nigeria, their interest rates, and loan amount in 2023:

Loan App Loan Amount Interest Rate
Carbon (Paylater) ₦1,500 to ₦1,000,000 1.75% – 30%
Renmoney ₦6,000 to ₦6,000,000 2.4% – 9.33%
Fairmoney ₦1,500 to ₦1,000,000 2.5% – 30%
Branch ₦1,000 to ₦500,000 15% – 34%
QuickCheck ₦1,500 to ₦500,000 2% – 30%
Aella Credit ₦1,500 to ₦1,500,000 2% – 20%
Palmcredit ₦2,000 to ₦100,000 14% – 24%
KiaKia ₦10,000 to ₦200,000 15%
Okash ₦3,000 to ₦500,000 9% – 30%
Umba ₦3,000 to ₦300,000 10% – 21%
FlexiCash By PalmPay ₦1,500 and above 15% – 28%
Kuda Up to ₦50,000 9% – 30%
P2Vest ₦2,000 to ₦ 2,000,000 Varies
ALAT ₦50,000 and above 2%
Specta Up to ₦5,000,000 25.5% – 28.5%
Lendigo ₦100,000 to ₦10,000,000 4% – 8%
Page Financials ₦100,000 to ₦5,000,000 3.1%
Irorun Up to ₦50,000 4.5% – 35%
Credpal ₦5,000 to ₦500,000 3.8% – 8%
Borome ₦2,000 to ₦100,000 27%

How Do Loan Apps Work in Nigeria?

First things first, you need to know how loan apps work before you can identify the best one.

Simply put, loan apps function as mobile lenders. Once you download the app and register, you can apply for loans directly on the platform.

Your creditworthiness is assessed based on certain criteria set by the app. If approved, your loan is typically sent directly to your bank account.

The ease of use and convenience of these apps make the possibility of obtaining a low interest loan of up to millions in Nigeria.

Having known that, let’s take a look at the top 20 loan apps in Nigeria right now.

Top 20 Loan Apps in Nigeria 2023: Detailed Analysis

In 2023, the top 20 loan apps in Nigeria include:

1. Carbon

loan apps in Nigeria

Overview

Formally known as Paylater, Carbon is a popular loan app in Nigeria that provides access to quick loans without requesting any collateral, paperwork, or guarantor. Carbon offers low-interest loans for a relatively long tenor.

This app is very reliable as it has over a million downloads on Google Play Store, and barely has bad complaints about frequent calls or privacy intrusions. Carbon also has a fast loan processing time, which let you get loans in minutes.

Loan Amount

When it comes to how much you can borrow, Carbon offers a broad range. You could start as low as ₦1,500 or go as high as ₦1,000,000.

So, whether it’s for that small weekend outing or for a more substantial project, Carbon has got you covered.

Loan Tenure

The loan tenure with Carbon is pretty flexible too, ranging from 1 to 6 months.

This allows you to plan your repayment well, whether you’ll settle it in a few weeks or spread it over a couple of months.

Interest Rates

Interest rates are a big deal, and Carbon offers rates between 1.75% and 30%.

While this is a broad range, your exact rate will depend on various factors like your credit history, the loan amount, and the repayment period.

Requirements

Getting started with Carbon is straightforward. You’ll need to provide basic personal details, your Bank Verification Number (BVN), and a bank statement.

No lengthy forms, no trip to the bank, and no paperwork. Pretty convenient, right?

Repayment Methods

Once it’s time to repay, you’ve got two main options: Wallet Fund and Bank Transfer.

So you can choose the method that works best for you, making the repayment process as smooth as possible.

Application Process

  1. Just like every approved borrowing apps in Nigeria, first off, you’ll need to download the Carbon app from the Google Play Store.
  2. Open the app and complete the registration process by entering the required personal details.
  3. Once registered, navigate to the loan section and follow the on-screen instructions to apply.
  4. After submitting your application, Carbon will review it and give you a decision in just a few minutes.
  5. If approved, your loan will be sent straight to your bank account. No delays, no long waits.

Pros

  • No paperwork needed
  • Wide loan range (₦1,500 – ₦1,000,000)
  • Multiple repayment options

Cons

  • Might require credit history for larger amounts

Check Out: Get a 50,000 Naira Loan without Collateral in 5 Minutes

2. Renmoney

Fast loan apps in Nigeria

Overview

Renmoney is a Nigerian fintech company that offers a loan app for individuals and small businesses.

The app allows people to apply for loans worth up to millions of Naira with flexible repayment terms.

Just like Carbon, the Renmoney loan application process is quick and easy, and users can get approved in just a few minutes.

This app also has a feature that allows borrowers to track the status of their loan applications and manage their loan accounts.

Additionally, Renmoney offers a variety of other financial services, including savings and investment options. The app is available for download on both the Google Play and Apple App stores. That means, both iPhone and Android users can access Renmoney loans.

Loan Amount

In terms of the loan amount, Renmoney offers a wide spectrum, ranging from ₦6,000 to a whopping ₦6,000,000.

So, you can apply for a loan whether you’re fixing a small issue at home or planning to scale up your small business.

Loan Tenure

The loan tenure is flexible, going from 3 months up to 2 years (24 months). This gives you enough room to pick a repayment plan that won’t stress your budget.

Interest Rates

Renmoney offers competitive interest rates, varying between 2.4% and 9.33%.

These rates are relatively low compared to some other options out there, so it’s a good choice if you’re budget-conscious.

Requirements

For you to get started, you’ll need your personal details, BVN, email address, and phone number. Easy-peasy, right? No need to jump through endless hoops.

Repayment Methods

When it comes to paying back your loan, Renmoney provides three options to choose from: Bank Transfer, Account Balance, and Debit Card. Choose whichever method you find most convenient.

Application Process

  1. The first step, as usual, is downloading the app from either Google Play or the Apple App Store.
  2. Open the app, go through the registration process by filling in the needed details.
  3. Navigate to the loans section and follow the guidelines to apply.
  4. If you meet their criteria, you’ll be approved in a matter of minutes.
  5. Once approved, the funds are transferred to your account, and you’re good to go!

Pros

  • High maximum loan amount (₦6,000,000)
  • Flexible tenures (up to 24 months)

Cons

  • Strict documentation
  • May require collateral for high amounts

Related: Top 14 Platforms for Urgent Loans in Nigeria without Documentation

3. Fairmoney

loan apps in Nigeria

Overview

Fairmoney is one of the best loan apps in Nigeria that allows people to apply for loans without tendering any collateral, or guarantor. Both businesses and individuals can make use of this lending app to access a quick loan worth up to 500,000 Naira.

Fairmoney takes less than 15 minutes to assess borrowers’ loan applications, and if approved, the loan will be disbursed immediately. Loans on this app come with fair interest rates and a long tenor.

Fairmoney also lets you manage your loans in a way that you can extend them if you can’t repay on the due date.

Loan Amount

You can borrow as little as ₦1,500 or as much as ₦1,000,000. That’s right, up to one million Naira! It means you can use this app for both minor emergencies and significant financial needs.

Loan Tenure

The loan repayment periods can last from 1 month to 18 months.

So whether you need a short-term loan or something with a little more time to repay, Fairmoney has got you covered.

Interest Rates

Interest rates range from 2.5% to 30%. Given the wide range, you’ll find rates that suit your budget.

They call themselves “Fairmoney” for a reason; their interest rates are pretty fair.

Requirements

So, what do you need to apply? Just your personal details, a bank card, and your email and phone number. No stress at all.

Repayment Methods

Repayment is a breeze with Fairmoney. You can choose between bank transfer, wallet balance, or debit card. Pick what works best for you.

Application Process

  1. Get the app from your app store and sign up.
  2. Fill out the loan application within the app.
  3. They’ll review your application in less than 15 minutes.
  4. If you get the green light, the money will be in your account in no time.

Pros

  • Quick application process
  • Good for emergencies

Cons

  • Limited loan amount (up to ₦500,000)

4. Branch

Quick loan app in Nigeria

Overview

Branch is another loan app in Nigeria that offers instant collateral-free loans worth millions of Naira with low interest rates.

This app also offers flexible repayment terms, and a long loan tenor ranging up to a year.

Additionally, Branch also offers online financial services that help users with day-to-day financial transactions such as money transfers, savings, investing, airtime purchases, bill payments, and lots more.

Loan Amount

The range here is from ₦1,000 to ₦500,000. That’s quite a spread, suitable for both small emergencies and larger expenditures. You need it; they most likely got it.

Loan Tenure

As one of the safest loan apps in Nigeria, the loan tenures are between 1 and 12 months, giving you enough time to pay back without feeling too much pressure.

Whether you want a quick 1-month loan or something that you can spread out over a year, Branch makes it possible.

Interest Rates

Branch’s interest rates range between 15% and 34%. While the rates are higher than some of the other apps, they justify this by offering a more comprehensive range of services. So, weigh your options carefully.

Requirements

All you need to get started are your personal details, your bank details, and your email and phone number. Quick and straightforward, as it should be.

Repayment Methods

When it comes to paying back, Branch keeps it simple. You can repay your loan via bank transfer, wallet balance, or debit card. Whatever’s easiest for you.

Application Process

  1. Grab the app from your preferred app store and complete the sign-up process.
  2. Navigate through the app and apply for the loan amount you need.
  3. Branch doesn’t keep you waiting; they’ll review your application pretty fast.
  4. Once approved, your money will hit your bank account almost instantly.

Pros

  • Quick disbursement
  • Low starting interest rate (14%)

Cons

  • Requires access to SMS history
  • Limited loan tenure (up to 1 year)

See Also: List of USSD Codes to Get Quick Loans in Nigeria

5. QuickCheck

Loan apps in Nigeria

Overview

QuickCheck is one of the most reliable loan apps in Nigeria. This app utilizes advanced technology and machine learning algorithms to assess the creditworthiness of borrowers, allowing for fast loan approvals and disbursals.

You can apply for loans through the app, and upon approval, the funds will be transferred directly to your bank account. QuickCheck offers flexible repayment terms, and borrowers can repay their loans in installments.

This app has over a million downloads on the google play store with tons of positive reviews. Even, you don’t need any collateral or documentation whatsoever to get your loan application approved.

Loan Amount

You can borrow up to ₦500,000. Pretty solid, right? Whether it’s for an emergency or business needs, QuickCheck has a ceiling that could be just what you’re looking for.

Interest Rates

The rates swing from 2% to 30%. It’s a wide range, so the actual rate you get will likely depend on their smart algorithms and your creditworthiness.

Loan Tenure

Loans can be stretched out between 1 to 12 months. This means you’ve got flexibility in how you repay.

Requirements

You’ll need your personal details, bank info, email, and phone number to start. That’s it—no additional paperwork required.

Repayment Methods

Bank transfer and debit cards are your go-to options for repayment. Simple and straightforward.

Application Process

  1. Get it from the Google Play Store.
  2. Fill in the basic details.
  3. Choose your desired loan amount and term.
  4. With their machine learning tech, approval happens fast.
  5. The money goes straight into your bank account.

Pros

  • Low-interest rates (starting from 2%)
  • Simple documentation

Cons

  • Limited loan tenure (30 days)
  • Limited loan amount (up to ₦200,000)

6. Aella Credit

loan apps in Nigeria

Overview

Aella is a very transparent loan app in Nigeria that offers instant collateral-free loans within just five minutes. Its loans also come with low interest and a flexible repayment policy.

All you need to get a loan from Aella Credit is just to download the app from App Store, create an account and apply for a loan. This app offers a reasonably huge loan amount with a relatively long tenure.

The Aella Credit loan app is one of the best apps for business loans in Nigeria, and it works on both Android and iPhones.

Loan Amount

The loan amount varies between ₦100,000 to a whopping ₦5,000,000. This makes it ideal for larger projects or business needs.

Interest Rates

Aella offers interest rates between 6% and 20%. Fairly reasonable, especially considering the loan amounts.

Loan Tenure

The app allows loan tenures of 1 to 3 months. So, this might be more suitable for short-term needs.

Requirements

Just your personal details and some basic bank information. Quick and easy.

Repayment Methods

You’ve got options: wallet fund, debit card, or bank transfer.

Application Process

  1. Download the App. It’s available on both Android and iPhones.
  2. Set Up an Account. It’s a simple process requiring minimal details.
  3. Apply for a Loan. Choose the amount and term that suits you.
  4. You’ll know your status in just five minutes.
  5. The money is sent directly to your bank account.

Pros

  • Employee benefits
  • Good for business loans

Cons

  • Limited to partnered companies
  • Low maximum loan amount (₦1,000,000)

7. PalmCredit

Fastest loan apps in Nigeria

Overview

PalmCredit is an online lending platform that allows Nigerians to apply for loans through their mobile phones, and get them approved within minutes without the need for collateral, paperwork, or a guarantor.

You can apply for loans through the app, and upon approval, the funds are transferred directly to your bank account without delay.

Normally, Palmcredit offers loans ranging from NGN 2,000 to NGN 100,000, with flexible repayment terms of up to 90 days.

Borrowers can also access higher loan limits as they continue to use the platform and build a good credit history by repaying on time.

Loan Amount

As a reliable and easy loan app in Nigeria, you can get loans ranging from ₦2,000 up to ₦100,000 from Palmcredit. It’s not huge, but it can help sort out immediate needs.

Interest Rates

The rates are between 14% and 24%. A bit on the higher side compared to others, but hey, quick cash often comes at a price.

Loan Tenure

You’ve got 1 to 3 months to repay. Pretty manageable if you plan it right.

Requirements

They keep it simple. You just need your personal details and some bank info to get started.

Repayment Methods

Either go with your debit card or do a bank transfer. Simple options for an easy process.

Application Process

  1. Download the App
  2. Input the necessary personal and bank details.
  3. Choose the amount and term.
  4. Get the thumbs up in minutes.
  5. Money comes straight to your account.

Pros

  • No collateral
  • Quick disbursement

Cons

Read Also: List of Federal Government Loans with Very Low Interest Rates

8. KiaKia

loan app in Nigeria

Overview

Kiakia is a Peer-to-Peer (P2P) loan app in Nigeria that offers quick and easy access to loans for individuals and small businesses.

Borrowers can easily quick loans from KiaKia by simply downloading the app from App Store or Play Store, signing up as a borrower, and getting linked with a lender that accepts your loan application.

Once that is done, and all requirements are met, the loan will be disbursed into your bank account in minutes. As a new user, you may have access to small loan amounts.

However, as you build your credit score, you’ll be granted huge loans with even lower interest rates.

Loan Amount

The loan amount starts from ₦10,000 and goes up to ₦10,000,000. Yes, you read that right! From small fixes to big plans, KiaKia has got you covered.

Interest Rates

A flat 15% monthly rate. While it might seem steep, remember, this is P2P lending, which can be a tad costlier.

Loan Tenure

Loans last between 1 to 3 months. Short and snappy just as the name KiaKia, making it one of the quickest loan app in Nigeria.

Requirements

You’ll need your basic personal details and bank information to kickstart the process.

Repayment Methods

You can repay via wallet funds, debit card, or bank transfer.

Application Process

  1. Visit their official website
  2. Quickly sign up and input your personal and bank details.
  3. KiaKia will link you with a suitable lender.
  4. Once you meet the lender’s criteria, you’re good to go.
  5. Get Funded

Pros

  • P2P lending
  • No fixed interest rate

Cons

  • Requires some business details
  • Application process is quite tedious

9. Okash

best loan apps in Nigeria

Overview

Just like PalmCredit and Fairmoney, Okash is another reliable loan app in Nigeria that offers loans without collateral, paperwork or a guarantor.

Okash loans come with very low interest rates and flexible repayment terms. It also offers reasonably long loan tenors and relatively huge amounts.

Loan Amount

With Okash, you can borrow as little as ₦3,000 or go big up to ₦500,000. That’s a decent range for both minor and major expenses.

Interest Rates

Here, you’re looking at monthly interest rates between 9% and 30%. Not the lowest around, but not the highest either. A fair trade for quick cash, don’t you think?

Loan Tenure

You can borrow for anywhere from 1 to 12 months. Gives you a bit of breathing room for repayment.

Requirements

They only need your personal and bank details. Quick and uncomplicated, just how we like it.

Repayment Methods

You’ve got two options: debit card or bank transfer. Can’t get simpler than that.

Application Process

  1. Get it from your app store. Easy-peasy.
  2. Toss in your personal and bank info. It won’t take long.
  3. Choose how much you want and for how long.
  4. If you fit the bill, you’ll get the green light in minutes.
  5. It goes straight to your bank. No hassle.

Pros

  • Low interest rate
  • Flexible repayment

Cons

10. Umba

loan apps in Nigeria

Overview

One of the best and fastest loan apps in Nigeria is Umba. This app offers loans in minutes without requesting any collateral or documentation.

It also offers some of the best loan terms including no late fees policy, no rollover charges, and no origination fees.

By just linking your bank account to assess your credit score, you can get an instant loan worth up to 30,000 Naira with a very low interest rate for a period ranging up to 62 days.

Additionally, Umba offers very flexible loan repayment methods, and it also has good customer service.

Loan Amount

You can borrow from as low as ₦3,000 all the way up to ₦300,000. That’s a pretty wide span, so whether it’s for emergency needs or business capital, you’re covered.

Interest Rates

Monthly interest rates range from 10% to 21%. Not too shabby, especially considering you don’t have to worry about extra fees if you’re a bit late on a payment.

Loan Tenure

You’re looking at 1 to 2 months for repayment. Quick loans, quick repayments; it’s all part of the package.

Requirements

Just your personal details and bank account info. Seriously, that’s all they need. Pretty straightforward, isn’t it?

Repayment Methods

When it’s time to settle up, as a legit cash loan app in Nigeria that Umba is, you’ve got options: wallet funds, debit card, or a straight-up bank transfer. Plus, their customer service is on point if you’ve got any questions.

Application Process

  1. Download and Install
  2. Link Your Bank
  3. Apply for Loan
  4. Get Approved
  5. Receive Funds

Pros

  • No hidden charges
  • Quick loan approval

Cons

  • Limited loan tenure (up to 62 days)
  • Limited loan amount (up to ₦300,000)

Related: Top 14 Loan Apps for iPhone in Nigeria

11. FlexiCash By PalmPay

Quick loan app in Nigeria

Overview

Just like Carbon, Palmpay is another fintech app that offers loan services in Nigeria. Palmpay loan service is called Flexicash.

You can access a collateral free loan using this service, and no guarantor is needed also. Flexicash loans come with low interest rates, and a flexible tenor.

Loan Amount

The loan starts from ₦1,500 and goes up from there. No specific upper limit is mentioned as they do amend it from time to time. However, it’s worth noting for those looking for a quick, small loan.

Interest Rates

This one’s a bit unique. The daily interest rate starts at 0.70%. So, it adds up day-by-day. Make sure to crunch those numbers.

Loan Tenure

FlexiCash offers you between 15 to 30 days to repay. A bit on the shorter side, but it fits the fast, low-amount loan model they’ve got going on.

Requirements

All you need is a PalmPay account. No additional documentation, no fuss. Easy as pie.

Repayment Methods

Got a PalmPay wallet? You can use that to pay back the loan. Debit cards work too.

Application Process

  1. If you don’t already have it, download and set up your PalmPay account.
  2. Navigate to FlexiCash. It’s a service within the PalmPay app.
  3. Enter the amount and loan period you need.
  4. Usually, it’s super quick. Your loan should be approved in no time.
  5. Use your PalmPay wallet or a debit card when it’s time to repay.

Pros

  • Low-interest rates
  • No guarantor or collateral needed

Cons

  • Short loan tenure (15 to 30 days)
  • Requires a Palmpay account

12. Kuda

loan app in Nigeria

Overview

Kuda is another instant loan app in Nigeria that provides access to credit usually personal loans. These loans come with very low interest rates, flexible repayment terms and a relatively long tenor.

To get a loan on this app, you need to download the App from either Play Store or App Store depending on your device type, create a Kuda Bank account, and verify the account.

Once all that is done, you can apply for a loan and get it disbursed into your account in a matter of minutes.

Loan Amount

The loan ceiling here is up to ₦50,000. It’s not gigantic, but for a quick fix, it’s not bad at all.

Interest Rates

Now, this one charges a daily interest rate of 0.3%, therefore it can be referred to as adaily loan app Nigeria. Keep an eye on that calendar; the interest piles up each day.

Loan Tenure

They give you up to 90 days to pay back. Three months can be a good timeframe, especially for smaller loans.

Requirements

You’ll need a verified Kuda Bank account. No additional paperwork, just straight-up digital banking.

Repayment Methods

Pay it back directly from your Kuda Bank account. No need to jump through hoops or switch platforms.

Application Process

  1. Download the App. Whether you’re on Android or iOS, Kuda’s got you covered.
  2. Create a Kuda Bank Account. You’ll do this within the app. Pretty seamless.
  3. It’s a must. Make sure your account is verified.
  4. Apply for a Loan. Just follow the steps in the app.
  5. You’ll usually get the green light in minutes, and the money will be in your Kuda account before you know it.

Pros

  • Low-interest rates
  • Up to 90 days of loan tenure

Cons

  • Requires a verified Kuda Bank Account
  • Limited loan amount (up to ₦50,000)

13. P2Vest

loan app in Nigeria

Overview

P2Vest is one of the fastest loan apps in Nigeria for P2P lending. Just like KiaKia, this app connects borrowers and lenders through its service called P2VFB.

Both business and individauls can access loans on this platform as all you need to do is just to download it and sign up as a borrower.

Loan Amount

You can get loans from as low as ₦2,000 up to a pretty significant ₦2,000,000. That’s a wide range, suitable for various needs.

Interest Rates

Now, this is where it gets a bit unique. The interest rates are not fixed; they depend on what your lender offers. So it can be a bit of a marketplace situation where you’ll need to pick wisely.

Loan Tenure

You have up to 12 months to pay back your loan. That’s a year to sort things out financially.

Requirements

Getting on board isn’t complicated; you’ll need some personal details and your bank info.

Repayment Methods

When it comes to paying back, they keep it simple with debit cards. No fuss, just straightforward payments.

Application Process

  1. Get the app and install it on your smartphone.
  2. Create your account, and make sure to choose the “borrower” option.
  3. P2VFB will hook you up with a lender.
  4. Go through the offer and see if it suits you.
  5. If it’s a match, you’ll get approved pretty quickly.
  6. Money goes straight to your bank.

Pros

  • P2P lending
  • High maximum loan amount (₦2,000,000)

Cons

  • Interest rate depends on the lender
  • Tedious application process

See Also: Top 6 Loan Apps that Don’t Request BVN in Nigeria

14. ALAT

new loan app in Nigeria

Overview

Owned by Wema Bank, ALAT is a quick loan app in Nigeria that offers its lending services to both individuals and businesses. ALAT loans also come with low interest, however, the loan amount is high.

This app is very reliable and just a basic requirements is needed to get loans approved. ALAT is also one of the fastest loan apps in Nigeria for business loans as it takes less than 24 hours to get loan applications approved.

Loan Amount

The loan amounts start at ₦50,000, which is on the higher side compared to other apps. Good for those who need a sizable loan without the long wait.

Interest Rates

Beign a sure loan app in Nigeria, ALAT comes with an interest rate of around 2%. That’s really competitive, making it an attractive option for those mindful of costs.

Loan Tenure

You get up to 6 months to pay back your loan, which is a reasonable time frame for most borrowers.

Requirements

Nothing complicated here—just your basic personal details and some bank information.

Repayment Methods

Repayment is versatile, with options like debit card, bank transfer, and even wallet balance. That’s convenience right there!

Application Process

  1. Grab the ALAT app from the app store and get it on your device.
  2. Set up your account, providing the necessary personal and bank details.
  3. Navigate through the app to the loans section and apply.
  4. You’ll know if you’re approved in less than 24 hours. That’s pretty quick!
  5. The loan gets transferred directly into your bank account.
  6. Pick from the multiple options available to pay back the loan.

Pros

  • Bank-owned and reliable
  • Low-interest rate (around 2%)

Cons

  • Limited loan tenure for such huge loan amount range

15. Specta

Instant loan app in Nigeria

Overview

Just like ALAT, Specta is another bank-owned loan app in Nigeria. This app is launched by Sterling bank as its lending service. You can access a quick loan worth up to 5 million Naira in five minutes on this app.

Additionally, no collateral, guarantor, or paperwork is needed to get your Specta loan applications approved. Loan disbursal time is also fast on Specta and it also offers flexible repayment options.

Loan Amount

The loan amount is super flexible, going up to a whopping ₦5 million. This makes it suitable for a variety of needs, from individual financial issues to business growth.

Interest Rates

The interest rate falls between 25.5% and 28.5%, which might be on the higher side but may be justified given the higher loan amounts and quick disbursal.

Loan Tenure

With up to 12 months to repay the loan, borrowers have some time to manage their finances and make repayments. This makes Specta a very reliable online loan app in Nigeria.

Requirements

Like most apps, Specta keeps it simple: just your personal info and some bank details.

Repayment Methods

Options for repayment include debit card and bank transfer, making it easy to settle your debt.

Application Process

  1. Download the Specta App
  2. Sign-Up
  3. Apply for the Loan
  4. Wait for Approval
  5. Receive Your Money

Pros

  • High maximum loan amount (₦5,000,000)
  • Fast disbursal time

Cons

  • High-interest rates (25.5% – 28.5%)

See Also: List of Fake Loan Apps to Avoid in Nigeria Right Now

16. Lendigo

reliable loan apps in Nigeria

Overview

Lendigo is another instant loan app in Nigeria for both small and huge money borrowers.

Although this lending platform requires some paperwork for the huge loan they offer as it is mainly focused on business loans, you don’t need a guarantor or collateral to get your loan application approved once you meet their requirements, and accept their loan terms.

Loan Amount

Here’s where Lendigo shines. You can get anywhere from ₦100,000 to ₦10,000,000. That’s a pretty wide range, making it suitable for various financial needs.

Interest Rate

The interest rate is 4% – 8%, which is relatively low considering the amounts involved. Good deal, if you ask me.

Loan Tenure

With a loan tenure ranging from 1 to 6 months, you’ve got some flexibility when it comes to repayment.

Requirements

Standard procedure here: personal details and some bank info are needed. For big loans, they do ask for some paperwork, but no guarantor or collateral is required.

Repayment Methods

Your typical debit card and bank transfer options are available for repayment, which should make settling the loan straightforward.

Application Process

  1. Download Lendigo App
  2. Sign Up
  3. Read the Terms
  4. Apply
  5. Wait for Approval
  6. If approved, the loan gets sent to your bank account.

Pros

  • Tailored for business loans
  • Low-interest rates (4% – 8%)

Cons

  • Paperwork for high amounts
  • Limited loan tenure (up to 6 months)

17. Page Financial

best loan apps in Nigeria

Overview

This is another reliable app that offers online loan in Nigeria without collateral.

As the name implies, Page Financials also offers a variety of online financial services including savings money transfers, bill payments, and lots more.

Loan application is very easy on this app, as with just a flexible documentation process, you can get both quick personal and business loans from page financials at a reasonable interest rate.

Loan Amount

As one of the good loan apps in Nigeria, Page Financials does offer quite a range—between ₦100,000 to ₦5,000,000. Whether it’s personal or business needs, they’ve got you covered.

Interest Rate

The 3.1% interest rate is pretty appealing. It’s competitive, making the loans more manageable over time.

Loan Tenure

Repayment flexibility is key, and with a tenure of 3 to 12 months, Page Financials offers a good amount of breathing room.

Requirements

Like most apps, Page Financials needs your personal and some bank information for approval. The documentation process is noted as being flexible, which is a plus.

Repayment Methods

When it’s time to pay up, you have the usual suspects—debit card and bank transfer.

Application Process

  1. Download the App. It’s readily available for download.
  2. Sign Up. Get your personal and bank details in there.
  3. Read the Terms. You know the drill—always read the terms.
  4. Apply for the loan you need.
  5. Wait for Page Financials to give the nod.
  6. If approved, your account gets credited.

Pros

  • Variety of financial services
  • Reasonable interest rate (3.1%)

Cons

  • Limited loan tenure (3 – 12 months)
  • Requires some bank details

18. Irorun Loan App

Loan app in Nigeria

Overview

Irorun is also one of the fastest loan apps in Nigeria for small personal loans.

You can access a maximum of 50,000 Naira worth of loan for a very low interest rate without any collateral whatsoever.

Loan Amount

The cap is ₦50,000, making it suitable for those minor emergencies or quick needs.

Interest Rate

Quite a wide range, from 4.5% to a whopping 35%. Obviously, you’ll want to aim for the lower end of that.

Loan Tenure

With 2 to 6 months for repayment, it’s a reasonable window, especially for small loans.

Requirements

Standard drill—personal and bank details. Nothing out of the ordinary here.

Repayment Methods

Debit card and wallet balance are your go-to options for settling the debt.

Application Process

  1. Download the App
  2. Sign Up
  3. Go ahead and request the loan you need.
  4. Wait for Approval
  5. Once approved, that money hits your account.

Pros

  • Low-interest rates (starting at 4.5%)
  • Simple documentation

Cons

  • Limited loan amount (up to ₦50,000)
  • Limited repayment methods

19. Credpal

loan apps in Nigeria

Overview

Credpal is one of the most reliable online loan apps in Nigeria. While it is one of the best, it works in a slightly different way.

Unlike other loan apps listed in this post, Credpal uses funded credit cards as a means of giving out loans.

You can use Credpal Credit Card to make payments both online and offline.

To get access to this credit card, you need to download the Credpal app and sign up. Once that is done, you’ll need to wait a while to get your credit limit ready on the card.

As soon as your credit limit is ready, you can request the credit card and get it delivered to your preferred location. Once you have the card, you can start spending, and repay monthly or when you reach your credit limit.

Loan Amount

You can get from ₦5,000 up to ₦500,000, which is a decent range for all sorts of needs.

Interest Rate

With a rate ranging from 3.8% to 8%, it’s pretty competitive. It looks like a deal for those who know how to manage credit wisely.

Loan Tenure

The timeframe is 29 days. Not a lot, but when you consider it’s a credit card setup, it makes sense.

Requirements

The usual stuff here—your personal details and your bank information.

Repayment Methods

With Credpal, you’re looking at bank transfers for repayment.

Application Process

  1. Grab the Credpal app from your preferred app store.
  2. You’ll need to enter your personal and banking info.
  3. Wait for Credit Limit
  4. Once it’s set, request for the credit card to be delivered.
  5. Start Spending

Pros

  • Unique funded credit card feature
  • Low-interest rates (3.8% – 8%)

Cons

  • Requires bank details
  • Limited loan tenure (29 days)

Check Out: Loan Apps with Low Interest Rates in Nigeria

20. Borome

Overview

The last on this list of the top 20 loan apps in Nigeria is Borome. This app is one of the best loan apps in Nigeria that offers no collateral loans in minutes.

This app is mainly focused on providing personal loans to individuals. It also has a fast disbursal time and flexible repayment terms.

It also doesn’t disturb borrowers with frequent calls and messages for loan reminders.

Loan Amount

From ₦2,000 up to ₦100,000. Not the biggest range, but it’s decent for short-term needs.

Interest Rate

At 0.9% daily, it’s a bit on the high side, but it comes with speedy service.

Loan Tenure

You’ve got up to 52 weeks to pay back. That’s a good chunk of time, especially for smaller loans.

Requirements

You’ll need to provide personal details and some banking information. Pretty straightforward.

Repayment Methods

They keep it simple with bank transfers and debit card options.

Application Process

  1. Download the app & sign up
  2. Choose the loan amount and tenure.
  3. Wait for Approval
  4. Once approved, you’ll get the cash.

Pros

  • No collateral or guarantor needed
  • High loan tenure (up to 52 weeks)

Cons

  • High daily interest rate (0.9%)
  • Limited loan amount (up to ₦100,000)

There you have it! Full review of the top 20 loan apps in Nigeria right now!

Now, let’s see how to pick the best one for you.

How to Choose the Best Loan App for You in Nigeria

Choosing the best quick loan app in Nigeria can be a daunting task, given the numerous options available.

However, by considering certain factors and aligning them with your financial needs, you can easily find an app that suits you best.

Here are some tips to guide you:

Compare Interest Rates

This is the primary factor to consider when choosing a loan app in Nigeria.

Different apps offer various interest rates, so it’s crucial to compare and choose app to borrow money in Nigeria with the most competitive rates.

Remember, the lower the interest rate, the less you’ll pay back.

Consider Repayment Period

Look at the loan tenure provided by the app. Some apps offer flexible repayment plans, allowing you to repay the loan in small installments over a period of time, while others may require a lump sum payment.

Choose legit loan apps in Nigeria with a repayment period that matches your cash flow.

Check for Loan Amount

Different apps offer different maximum and minimum loan amounts. Choose an app that can provide the amount you need.

Look out for Speed of Loan Disbursement

When you need a loan urgently, the speed of loan disbursement becomes critical. Check user reviews and select an app known for fast loan disbursement.

Check User Experience

The app’s user interface and experience are important. Choose an app that is easy to navigate, has clear instructions, and a quick application process.

Review Customer Service

Good customer service is vital, especially if you encounter problems during the loan process. Choose an app with a reputation for excellent customer service.

Consider Eligibility Criteria

Some loan apps may have specific eligibility criteria, such as a minimum monthly income or a particular credit score. Make sure you meet the app’s criteria before applying.

Always Check for Reviews and Ratings

Check the reviews and ratings of the loan app on the app store. This will give you an idea of the experiences of other users and the reliability of the app.

Remember, while these quick loan apps provide an easy way to access funds, it’s essential to borrow responsibly.

Always ensure you can comfortably repay the loan within the stipulated time to avoid falling into debt.

By considering these factors, you’ll be well on your way to finding the best loan app in Nigeria for your needs.

Steps to Getting a Loan from Apps in Nigeria

Still wondering what the general steps to apply for loan on the best loan app in Nigeria is? Here you go:

Step 1: Download the App

First things first, you’ll need to download the quick loan app from either Google Play Store or Apple’s App Store.

Just search for the name of the loan app you’re interested in and hit the download button.

Step 2: Sign Up & Verification

After the app is downloaded, you’ll be prompted to sign up. Usually, this involves providing some personal details like your name, email, phone number, and sometimes your Bank Verification Number (BVN). Some apps require verification via email or phone number.

Step 3: Link Your Bank Account

Many of these reliable loan apps in Nigeria will ask you to link a bank account or input some bank details.

This step helps the app evaluate your creditworthiness. Make sure you link an active account that reflects your financial activities.

Step 4: Go Through the Loan Offer

Once your account is set up, you’ll be shown a range of loan amounts and tenures you’re eligible for. Interest rates will also be displayed. Take your time to read through the terms and conditions.

Step 5: Apply for the Loan

If you find an offer that suits you, go ahead and apply for the loan. Some new loan apps in Nigeria might require you to upload some extra documents or proof of income.

Follow the prompts, and fill in any required information.

Step 6: Get Approved

Approval times vary, but many apps promise instant or near-instant approval. Once approved, you’ll be notified, and the loan amount will be disbursed into the bank account you linked.

Step 7: Prepare for Repayment

Every loan app in Nigeria has its own repayment methods, which can range from bank transfers to wallet funds or even debit cards.

Make sure to repay the loan before the due date to avoid late fees and to increase your chances of qualifying for higher amounts in the future.

Step 8: Keep Track of Your Loan

Some apps offer a dashboard where you can track your loan balance, due date, and repayment history. This is a handy feature that can help you manage your loan effectively.

That’s pretty much it. Remember, the steps might slightly differ from app to app, but this general outline should lead you the right path.

Quick Loan Apps in Nigeria – FAQs

What is the best app to borrow money in Nigeria?

Palmcredit, Branch, Fairmoney, and QuickCheck are among the top-rated apps for borrowing money in Nigeria due to their reliability.

Which loan app is legal in Nigeria?

Apps like Carbon, Aella Credit, and Branch are legal and authorized to operate by the Central Bank of Nigeria.

What is the safest loan app in Nigeria?

FairMoney is considered safe in Nigeria, employing high-security standards to protect user data and transactions.

What loan apps work?

Loan apps like Carbon, Palmcredit, and FairMoney work effectively, allowing users to borrow money conveniently with minimal hassle.

How many loan apps are in Nigeria?

There are over 20 loan apps currently operational in Nigeria, providing various lending services to meet different financial needs.

Conclusion

Obtaining a loan in Nigeria has never been easier thanks to the advent of loan apps. These apps provide a convenient and efficient way for individuals and small businesses to access credit.

With a wide range of options available, it’s important to do your research and choose the app that best fits your needs. Whether you’re looking for a personal loan, a business loan, or a quick cash loan, we’ve provided a list of the best loan apps in Nigeria 2023 for you in this post.

With these apps, you can have the financial instrument to sort your personal, and possibly business needs. So, download one today and start exploring the financial opportunities available to you in Nigeria.

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