Despite the fact that many online loan apps in Nigeria do give their users a lot of headache during loan application and lots an repayment, there are still some best loan apps in Nigeria that can give you loan and leave you alone.
Did I just mentioned leave you alone? Don’t mind me. But regardless, there are loan apps that are much more better as compared to those that you have known in the past. We have shared a lot of loan apps with you in the past, and today, we will be giving you the list of the bests among these loan apps in ascending order, where the number is the best amongst the list and the rating depreciate to the last on the list.
You might be wondering what prompts this guide, but that shouldn’t be in anyway a problem as the answer can be found inside your own pocket, lol! We have decided to dish out this complete guide so as to help you in getting loan online without stress.
Without further Ado, let’s dive Into the main purpose of this guide.
About loan apps in Nigeria
Loan apps in Nigeria are Mobil loans that allows all Nigeria to have access to instant loan online, these loan apps required no collateral or paperwork, all you have to do is to register and a specific loan app of your choice, provide your basic details, submit loan application and get the money to your Nigeria bank account upon approval.
However, all the loan apps in Nigeria seems to be operating in the same manner, but I guess you’re bound to believe this because you haven’t get to know some of the apps that I am about to reveal to you in this insightful guide.
In a situation where there are many bodies with the Same function, one must outperform the other and this is the main reason why we have gotten some apps to put together and present to you as the best loan app in Nigeria.
Complete list of the top 15 best loan app in Nigeria
We have finally arrived at where we are going to, in this section, I will be outlining all the bests loan apps in Nigeria and detailed information about each app contained in the lists, I will hereby begin the list with branch app.
1. Branch app
Branch is a loan app that allows you to take 💻 instant loan online and repay the loan according to your preferred schedule. With branch, you will be able to apply for online loan ranging from ₦2,000 to ₦500,000.
You will be provided with the loan tenure of 62 days to 1 year. Monthly interest rates from 1.7% to 22% depending on the risk profile of the borrower.
Example: If the loan amount is ₦9000 & interest is 24% per annum with tenure of 2 months, The interest for 2 months would come out to be ₦360. The EMI per month would be ₦4680. This would translate to a maximum APR of 24%. The total cost of the loan will be ₦9360. The total amount paid back including everything at the end of the term will be ₦9360.
However, branch app is more than a loan app and this is one of the prime reason that makes it best amongst the other loan apps in Nigeria.
Features of branch Nigeria loan app
👉 Customers will be able to get instant loans without collateral or paperwork.
👉 The app also serve as a digital banking app and gives you the opportunity to make unlimited FREE transfers to any bank in Nigeria.
👉 You will be able to pay bills without extra ₦100 charges.
👉 Ability to invest and earn 20% interest (Nigeria’s highest rate).
👉 Withdraw your money anytime.
👉 Loan Amounts: ₦2,000 to ₦500,000
👉 Repayment periods from 62 days to 1 year
👉 Monthly interest rates range from 1.7% to 22%
👉 APR from 20% to 265% per annum
Above all, there is no late fees and this is the best feature you can get on any loan app in Nigeria.
Palmcredit is a safe and reliable online loan app in Nigeria that allows individuals to get instant cash. With the palmcredit, you will be able to borrow money online, Apply an instant loan with a flexible repayment plan and favorable interest rate.
On palmcredit, Loans interest rate ranges from 4% to 24%, which is equivalent to monthly interest rate of 4% to 4.7%, the annual percentage rate (APR) on a Palmcredit loan is 24%~56%.
For example: If you choose a 6-month loan and borrow NGN100,000, Plam credit charges an interest rate of 4% per month. Borrow NGN interest rate:24% and the APR is 48%. 180 days repayments of NGN24,000.Total amount payment is NGN124,000.
Features of palm credit
There are lots of features that you with enjoy on the app as a borrower and this features are what makes the app to feature in the lists of the best loan apps in Nigeria. In this section, I am going to outline all the features.
👉 The loan limit on the app ranges from NGN10,000 to NGN300,000.
👉 Each user is provided with a flexible repayment duration, which ranges from 91days to 365days.
👉 No collateral, no paperwork, secure and reliable.
👉 No hidden fees, no rollover charge, no transaction fees.
👉 Repay your loans in time or complete increase limit tasks to build your credit limit and reduce on interest rate. This will give you the access to higher amount of loan without any form of stress.
3. Aella loan app
Aella is an app for auick and easy loans and bill payments solutions. It’s a fintech company built to simplify instant credit and payment solutions for emerging markets.
Aella have designed products that build financial independence for it’s customers such as loans, investments, bill payments, micro-insurance plans, and money transfers. All of these at the snap of your fingers.
Features of aella app
The app offer it’s user’s with quick and easy access to loans in 5mins. You can grow your credit score and increase your credit limit by prompt repayments, with no paper documentation. All you need is your basic information, BVN, and a smartphone (iOS or Android).
👉 Aella loan ranges from ₦1,500 to ₦1,000,000 with a tenor of 60 days to 180 days. It’s monthly interest rate ranges from 2% – 20% and APR from 22% – 264%/annum.
👉 As a borrower, you have an option of choosing your loan amount and repayment tenor, you have an option of minimum of 60 days.
The app is embedded with a feature called aella pay, which made bill payments made easier for all awlla app users. With this feature, you will be able to pay for airtime (Glo, MTN, Etisalat, 9Mobile), Power (EKEDC & IKEDC), Internet Data, Transfers etc at no extra cost.
Having health insurance sometimes feels like a long process. At Aella Care, you are provided with a simple, quick and easy process that helps you to get very affordable health care plans, convenient access to hospitals and drug prescriptions across Nigeria.
4. Paylater loan app
Paylater loan app is also known as carbon loan app or getcarbon, it is a loan app that makes it easy for you to control your finances with a few clicks by providing loans for individuals and small business owners alongside making it easier to invest your money online.
Carbon paylater is one of the FINTECH company that enables you to also save money from all bank transactions you carry out.
The main feature of the app that makes it enter this list is the provision of easy and stress free loan for individuals that reside in Nigeria, PayLater platform also allows you to make payments for recharge card, bills including your NEPA bill and other services.
On the carbon paylater app, you will be able to get loans ranging from ₦1,500 to ₦1m(Nigeria) and Ksh 500 to Ksh 30,000 (Kenya)
• Gives borrower the opportunity to make repayments over a maximum of 64 weeks.
• The interest rate of all loan taken form the carbon paylater app ranges from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21%.
• Annual Percentage Rate (APR) from 23% – 60.8%. No late fees or processing costs.
Example: For a 3-month loan of ₦50,000, Carbon Bank charges 2% a month. With an APR of 24.3%, the total repayment amount after 90 days is ₦53,000.
Annual Percentage Rate (APR) from 23% – 60.8%. No late fees or processing costs.
For instance, if you applied For a 3-month loan of ₦50,000, Carbon Bank charges 2% a month. With an APR of 24.3%, the total repayment amount after 90 days is ₦53,000.
• Flexible tenors from 1 month to 6 months with the ability to make early repayments at any point in the tenor.
Features of paylater loan app
👉 Ability to get instant loans of up to ₦1m.
👉 It provides it users with the opportunity to save and earn up to 15.5% on your savings and investments
👉 Loans 24/7; loan top-ups available, no late fees
👉 Free funds transfer to any Nigerian bank account
👉 Recharge airtime, buy data or pay your bills – all free
👉 Apply for a debit card on the app and get it in 48hrs (T&C’s apply)
👉 Buy now, pay later at 0% interest
5. Umba app
Umba is more than just a loan app, it is an easy to use digital banking app that allows you to get low interest loans, pay bills, save money, transfer money and lots More.
Umba allows users to apply, drawdown and repay loans directly from their smartphone or desktop computer. Once an individual is verified, umba make lending decisions based on an assigned risk rating.
What do people use Umba for? There are lots of things you can use the app for and the main function of the app that makes it enter this list is,
Getting a Mobile Money Loan
With the Umba app, you can easily apply for a mobile money loan in seconds. Receive mobile money to your M-Pesa account.
Features of the Umba app
👉 Umba puts you in control of your finances. The Umba app lets you apply for credit on the go and it works 24/7.
👉 No paperwork, collateral or office visits needed
👉 You can use your Umba loan to send money directly to your M-Pesa account, to merchants, or utility providers
👉 No late charges or rollover fees and this makes it on of the best loan apps in Nigeria that can offer you quick loan.
👉 As a borrower, you are provided with the opportunity to have access to bigger loans, lower fees, and flexible payment terms as you repay
👉 Upon the approval of your loan application, loans are approved and disbursed quickly
👉 You will have the access to credit to build the life you want for your business, your home, your family, your life.
6. Kiakia fast loan
The word KiaKia is a yoruba term, which can be translated as “instantly” and as the name implies Kiakia webapp provides individuals with the opportunity to get instant individual and small business loans.
Kiakia is a mobile webapp that operates with a peer to peer system, which makes the loan application easier and fit in the lists of the best quick loan apps in Nigeria.
The unique aspect of KiaKia is that it is a two-way system. It a platform for users to get loans and also for users to give loans.
KiaKia as a licensed lender originates, books, structures, facilitates and funds secured personal and business loans of between N10,000 and N100,000,000 and tenures ranging from 30 days to 24 months via its online platform.
To achieve the listed stat above, kiakia essentially do what the banks do with less bureaucracy and administrative encumbrances. By lending out people’s funds, it believe that your money should work for you instead of someone else.
Features of Kia kia
👉 Have monthly interest rate of 15% for personal loans.
👉 Minimum loan tenure of 30 days and maximum of 90 days. This is to ensure that the repayment is convenient for the borrower.
👉 The Annual Percentage Rate (APR) is maximum at 180%.
👉 A ₦50,000 loan for 30 days at 15% interest rate has a loan repayment sum of ₦58,300 where ₦50,000 is the loan principal, ₦7,500 is the interest charged at 15% and ₦800 is the applicable fee charged on the loan.
Okash is a product of the popularly known Opay app and is one of the best apps for quick loans. Though Okash has always been on the Opay app, it has now been moved to become a standalone app on Google play store, but regardless, you can still have access to it via your opay dashboard if you’re an existing opay user.
OKash makes it efficient for you to access credit anytime, anywhere.
To apply for a loan on Okash app, all you need is to download the mobile app by clicking on the download button that will be provided in this guide, open the app and sign up with your phone number, fill in your personal information after log in and then apply for the loan. This is how simple it is to apply for loan using Okash.
O kash loan Products
Tenure: As a borrower, you will be asked to make your loan repayment from 91 days to 365 days, depending on the tenure you choose.
Loan Amount: You will be able to apply for a loan amount ranging from NGN 3,000 to NGN 500,000.
Interest Rate: With a minimum of 0.1% up to 1%
The interest rate is calculated on a daily basis. Annual Percentage Rate(APR) from 36.5% to 360%.
Origination Fee: Ranges from NGN 1,229 – NGN 6,000 for a one-time charge.
Fairmoney is another best quick loan app for individuals that have interested in taking small loans for short terms. The loans are not suitable to business owners but to salary earners looking to get their pay before the end of the month.
The FairMoney app is more than just a loan app. It own 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).
Features of fair money
👉 Provision of loan amount that ranges from ₦1,500 to ₦1,000,000.
👉 Repayment periods from 61 days to 18 months
👉 APR from 30% to 260% per annum
👉 Interest discounts of up to 90% for early repayments
👉 It has an affiliate program through which you can earn a program whenever you refer a friend.
👉 Offers a flexible repayment of loans through installment
👉 No hidden fees
9. Ren Money
Ren Money is a fintech lending company located in Lagos state, Nigeria and operating under a Microfinance Bank license. It offer personal and business loans from ₦6,000 to ₦6,000,000 to employed and self-employed individuals as well as high interest savings and fixed deposits.
RenMoney was formerly known as Rencredits before it’s name was changed. It offers a reasonable loan service along with other financial services like investment services.
With Renmoney you can apply for a loan of ₦6,000 – ₦6,000,000 without collateral and repay in 3 -24 months. Monthly interest rates range from 2.4% – 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged.
To qualify for a loan from RenMoney, you have to be between the age of 25-59 years old, have a verifiable and legal source of income, have a savings account to receive your loans and as well as the Ren Money app to initiate all transactions.
Features of Ren Money app
👉 It allows you to set up a Smart Goal and save towards milestones that matter to you or set up a Save Easy plan and save what’s convenient. Whatever plan you choose, you’ll earn attractive interest on your money.
👉 Offers loan up to N6 million naira
👉 You can see and access your account at any time
👉 Ren Money is regulated by the Central Bank of Nigeria (CBN)
👉 Your savings and deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).
10. Jumia pay app
Jumia pay app allows you to get access to everything you need, all in one place. With the ay online for airtime, TV subscriptions, utility bills, gaming cards and much more.
While using the app, you will have the opportunity to get Cash Back Bonuses & Discounts on whatever you need to pay.
Above all, you will have the opportunity to get an Instant Loan of up to ₦100K for all your needs. with No Collateral, No Stress and No Delay.
Features of jumia pay app
👉 Cashback Bonus and discounts on what you need to pay.
👉 Save time and money on your bill payments
👉 Daily gifts and rewards
👉Safe and secure payments via bank account, debit or credit card💳: 100% secured and certified
👉 Instant refunds if a failed or incomplete transaction occurs.
11. L credit
L credit is one of the best fast loan app in Nigeria that offers instant online loan anytime, anywhere.
You will be able to borrow money online with L Credit Loan app. Instant loan with a flexible repayment plan and favorable interest rate. The app is suitable for personal loans and you will be able to borrow up to N50000 without paper work or collateral.
On l credit, if you choose 91-day loan, payment terms have an origination fee of 39% and an interest of 2.7%. For the loan processed with a principal amount of NGN 3,000, the origination fee would be NGN 1,174, the interest would be NGN 81, the total amount due would be NGN 4,255
Features of l credit
👉 Loans Online amount: from ₦5,000 to ₦50,000
👉 Flexible repayment Plan
👉 Interest and service rate: With a minimum of 0.1% up to 1%
👉 Loan period range from 91 to 180 days
👉 Annual interest rates from 36.5% to 300%. The interest rate is calculated on a daily basis.
👉 Has a referral program that allows you to earn money for referring others to download and use the app.
👉 It pays a whooping sum of N2,000 per referral and if you’re able to invite 10 individuals to download and install the app, that’s a whooping sum of 20,000 naira.
👉 You will get a sign up bonus of 1,500 naira as a newly registered user.
12. Kiwimoney (Migo)
Migo is previously known as kiwimoney, it is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps.
Migo builds proprietary ML algorithms to assess credit risk using the company’s data then automates credit facilities via cutting-edge cloud infrastructure, simplifying the complex world of lending with a simple API.
Migo also expands economic access by enabling credit for populations ignored by traditional credit bureaus, in many cases providing life-changing opportunities to lower-income customers. Migo is headquartered in San Francisco and currently operates in Nigeria and Brazil.
In order to get a loan at Migo, all you need to do is to visit Migo loan portal and enter your phone number, upon entering your mobile phone number, you will be asked the amount of loan you are willing to take and also the opportunity to enter your bank details for easy deposit of the loan.
Features of migo loan
👉 Ability to request for a loan via USSD code, in order to request for a loan with the use of USSD code, all you have to do is to dial *564#. The codes works on MTN, GLO and 9mobile, for Airtel users, simply dial *554*561#.
👉 You do not need a collateral for getting loans from Migo
👉 Migo offers loans amount ranging from N500 to N500,000 (the maximum limit increase as you continue lending and repaying your loans as scheduled).
👉 Migo loan app is embedded with an affiliate program that rewards you with a lower interest rate on your loans when you refer a friend.
👉 The interest rate ranges from 5% to 25% on the loans requested
👉 Migo loan terms ranges from 14 days to 30 days.(this can fluctuate based on your engagement on the platform)
👉 Accelerate digital transformation with cloud based infrastructure that enables retail credit at scale.
👉 Allow customers to buy now and pay later with risk free. Increasing sales and customer satisfaction
👉 Enable credit payments and overdraft facilities for users or merchants anywhere digital transactions happen.
13. Ease moni
Ease moni is another Nigeria loan app that allows you to submit a loan application online and get the money paid directly to your Nigeria bank account.
With the lcredit loan app, you will be able to a loan of up to 1000000, easy quick approval with no collateral and the ability to borrow money fast online.
Easemoni as an instant personal cash loan app in Nigeria is operating with a microfinance banking license from the Central Bank of Nigeria. In the last 6 months, millions of customers keep lending money from the app and it’s one of the reason that makes it surface in this compilation of the best loan apps in Nigeria.
Features of ease moni
👉 You will be able to get a loan of up to NGN1,000,000. Disburse to your bank account.
👉 Rate of minimum 5% to 10%, APR60%-120%, your credit rating could help you save a lot.
👉 No need any deposits or guarantees.
👉 All the steps can be done online. Paperless and digital process on your mobile.
👉 Ease moni own a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your loans are insured with Insurance Corporation (NDIC). The app also promised not to share your data with any third parties without your consent.
Irorun, which means peace of mind in the Yorùbá language, makes it easy for you to access loans just when you need it. It provides fast access to loans with no collaterals but with peace of mind
Sign up in a few seconds, apply for a loan, and receive your money into your wallet. You can transfer to your bank accounts immediately. It’s a fast, convenient, and reliable way to fix your spending gap.
Features of irorun
👉 It provides microloans with amounts ranging from N5,000 to N50,000.
👉 You must be at least 21 years at your last birthday to be eligible.
👉 The loan tenor ranges from 60 days to 90 days.
👉 Interest rates range from between 3% to 5% per month with a typical APR of 36%.
15. Easy credit
Easy Credit is another loan app in Nigeria that will be the last on this compilation of the best quick loan app in Nigeria, it’s a loan app that is secure, reliable, and provide online loan for a individuals that reside in Nigeria.
On the app, you will be able to apply for a loan amount ranging from 3,000 NGN to 100,000 NGN with the lending term: 91 days to 365 days.
The Interest ranges from 0.1% – 1%, one-time processing fee ranges from 1,256 NGN – 6,000 NGN, and the Maximum Annual Percentage Rate(APR) is 40%.
For example, if you choose a 91days loan and borrow N 3,000. Easy Credit charges an interest rate of 3.1% and a processing fee of 9.1%, we would charge you N93 as interest and N273 as processing fee. The total amount of repayment is N3,366
Features of easy credit
👉 No paperwork, mortgage, or office access required
👉 You will be able to use your money the way you want – for a home or business.
👉 The app is available 24 hours, every day of the week and you will be able to complete all the loan process online.
Which of the listed quick loan apps is the best?
I know this will pop through your mind when reading this guide, but if you follow the guide from the beginning, you will agree with me that I have already answered this question.
The aim of this guide is to provide you with the list of the best loan apps in Nigeria and this implies that a lot of evolution have been mode to put this lists together and any loan app contained in this guide is the best as compared to others. Especially those that made it to the top ten on the list.
The main aim of this guide to provide you with the best and fast loan app in Nigeria has been fulfilled and it’s left for you to go through the list carefully and pick the one that is best for as regards to what you need in a loan app.
How to select the overall best Loan app from the list
As I have said, for a loan app to make it to this list, it exhibit some features that cannot be found in other loan app and the best thing to do now is to define your needs, go Through the list carefully and pick the one that fit for your needs.
Above is the complete lists of the best loan apps in Nigeria that will provide you with a fast online loan. With the detailed information provided in this guide, I am sure this will be your bus stop, if you have been searching for quick loan apps, fast loan apps and others, as the guides contains the loan that are suitable for both personal and business purposes.