Are you looking for a loan? We've carefully collated the top 20 loan apps in Nigeria. These loan apps operate on a low interest rate and very fast.
Nigeria has one of the highest mobile penetration rates in Africa. This makes the country a prime market for mobile loan apps.
Accessing traditional banking loans is heinous. The lengthy bank processes delay access to emergency funds, which could be devastating.
In this blog post, we’ve carefully collated the top 20 loan apps in Nigeria. These loan apps operate on a low interest rate. They also approve your loan very fast. Let’s explore together.
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Top 20 Loan Apps in Nigeria (2024 Edition)
The Federal Competition and Consumer Protection Commission approved over 173 digital lending apps. These apps operate in Nigeria as legal lending apps.
These compiled loan apps services give you satisfying features. They operate on low interest rates. They have fast loan approval processes and no threatening loan collectors.
1. Branch
Branch has the best rating among loan apps with a 4.5-star rating. This online bank offers loan services. The app provides a cash loan from ₦1,000 to ₦1,000,000. Over 40 million people downloaded this app.
These app features include repayment between 62 days to 1 year. A monthly interest of 15% to 34% is charged for the loan. An Annual Percentage Rate (APR) of 34% to 271% per annum. Other interesting aspects include a flexible payment plan. Be assured of no loan origination fees, processing fees, or hidden costs.
To apply for a loan on the Branch app. Users need a phone number, Bank Verification Number (BVN), National ID card, and bank account number. Branch also uses data from your phone, such as text messages for approval. The app takes 24 hours to approve your loan.
2. Okash
The rating of Okash is 4.3-star. Blue Ridge Microfinance Bank Limited owns this loan app. This app operates as a personal loan platform for Nigerians. Users pass through a few steps of minimal documentation.
The loan amount offered ranges from ₦3,000 to ₦1,000,000. The app sends the approved money to the applicant's bank account. Okash offers a low interest rate. A 91-day loan payment term has a 9.1 interest rate.
You don’t need deposits or guarantees to apply for this loan. The process is digital and paperless. Download the app to get started. For you to access these loans, you must first be a Nigerian. The applicant's age must be 20-55. The applicant has to provide a source of a monthly income.
3. Carbon Loan App
Carbon loan app has a rating of 4.1-star. This app makes loans easily accessible to you. These include loan top-ups and loan extensions. The quick and simple process makes you get a loan in a few minutes.
Carbon loan apps offer loan amounts between ₦2,500 to ₦1,000,000. The repayment period runs within the period of 61 days to 12 months. The monthly interest rates range from 4.5% to 30% depending on the day spent. Carbon’s offer a maximum Annual Percentage Rate (APR) of 195% per annum
You don’t need collateral or guarantor to get this loan. The app does not charge a hidden fee. You get a higher amount by repaying early. To get this loan, you have to download the app. Register by providing a few details on the app. The app requests your employment details and bank statement to verify your eligibility. The loan offers stay valid for 72 hours.
4. FairMoney
FairMoney received a 4.4 star rating from users. This app gives cash in an instant. You can access a loan on this app within 5 minutes. FairMoney boasts of disbursing 10,000 loans per day.
FairMoney loans range between ₦1500 to ₦3 million. If you are creditworthy, FairMoney offers you up to ₦1,000,000. The repayment period ranges from 61 days to 18 months. FairMoney charges an interest of 2.5% to 30%.
You need an Android phone and a BVN. You don’t need collateral or guarantor to get this loan. FairMoney does not charge hidden fees either.
5. Aella Credit
Aella provides simplified instant credit and payment solutions. The app gives quick and easy access to loans in 5 minutes. You grow your credit score through prompt repayment.
The loan offer ranges from ₦2,000 to ₦1,500,000. The repayment tenor of 61 days to 365 days. Aella charges an interest rate of 6% to 20% monthly and APR from 22% - 264% annum. The app gives up to 60% interest cut on early repayment.
To be eligible, you need to provide basic information. This includes your BVN and a smartphone (iOS or Android). Aella loan app does not charge any hidden or late fees.
6. QuickCheck Loan App
QuickCheck loan app is entrepreneurs’ favorite app with a 4.5-star rating. This product design for entrepreneurs supports their goals.
Loans from QuickCheck range from ₦1,500 to ₦500k. The term goes for a term of 91 days - 1 year. Interest on loans ranges from 2% - 30%. An Annual Percentage Rate goes from 30% to 260%.
Eligible Nigerians who own android devices can access the loan. You don’t need collateral or guarantor to get Quickcheck loan.
7. PalmCredit
PalmCredit offers a wide range of loan products to customer’s needs. Its 4.2- star rating shows its efficiency.
PalmCredit limits range from ₦10,000 to ₦300,000. The flexible repayment of 91 days to 365 days. An early repayment increase limits tasks. This builds your credit limit and reduces the interest rate. PalmCredit interest goes from 14% to 24% monthly or 48% to 56% APR.
It requires applicants to be Nigeria residents and 18-60 years. PalmCredit requires no collateral, no paperwork.
8. Money in Minutes Loan App
Money in Minutes gives easy and stress-free access to affordable finance. This app received a 3.7 star rating from its users.
This app gives Personal Cash Loans and salary advances. The amount ranges from ₦5,000 to ₦5,000,000. The loan tenure lasts for 3 months to 6 months. The app charges monthly interest rates from 5% to 30%. This depends on the risk profile of the customer.
The applicants must be Nigerian residents between 18 and 60 years old. Get access to a loan in 10 mins.
9. Lendigo SME Loans
Lendigo provides loans for the growth of small businesses in Nigeria. The app received a 4-star rating from users.
If eligible, Lendigo loans of up to ₦100,000 - ₦10m to small business owners. This range is for a maximum tenure of 6 months. Lendigo charges a one-time processing fee of 1% and 15% Security Deposit. The interest rate depends on your business type. It starts as low as 3.5% per month.
The required documents to get this loan include:
- A Clear Copy of a Valid ID
- 12 Months' Bank Statement
- CAC Documents if available.
10. MoneyPal
MoneyPal, a retail lending app, offers quick loans at amazing interest rates. Zedvance Finance Limited owns and operates this collateral-free loan app. The approval goes within minutes.
The MoneyPal app offers a minimum loan of ₦1,500 and a maximum of ₦5 million. The daily interest rate ranges from 0.5% to 1.4% for lower ticket loans. The app charges 3-4% per month as interest for higher ticket loans (150k and above).
Get started by downloading the app. Your phone number should link to your BVN.
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11. Alat by Wema
Wema Bank’s digital loan service ALAT allows you to access instant loans. This fast loan comes without paperwork and no visitation to any physical location. Your account gets disbursed within minutes.
ALAT offers as much as N2,000,000 (Two million naira) without collateral. The interest rate of 2% per month on any amount. You only need an Android phone and phone number linked to your BVN to get this loan.
12. Access QuickBucks
A screenshot of QuickBucks Loan. This is among the top 20 loan apps in Nigeria
Access Bank owns the loan app QuickBucks. They offer loan services to both customers and non-customers of Access Bank.
QuickBucks offer an amount ranging from ₦20k to ₦10m. The interest rate goes between 6% to 14% per month depending on the loan type. The tenure for the loan falls under 30 days to 6 months.
13. Kuda Loan
Kuda loan makes a one-off payment made into your Kuda account. You repay with interest and fixed payments per month. You agreed on this before getting your loan application approved.
This loan app gives up to ₦150,000 in minutes. The app states the interest rate on the loan offer letter. Mostly the bank charges 0.3% daily. This depends on the repayment period stated in the offer letter. Kuda verifies your bank statement for you to pass eligibility.
14. Umba
Umba provides you with banking experience. They offer smart and affordable loans. You apply for a loan on Umba. You have to link your other bank account(s) for credit scoring. If you get verified, you access the loan.
The credit amount of Umba ranges from ₦2,000 to ₦30,000. This loan has a maximum and minimum duration of 62 days. It has a maximum annual interest rate of 10%.
15. Lidya
Lidya provides secure and flexible credit infrastructure. lenders acquire customers, originate loans and collect repayments on the app.
You secure a loan on Lidya App by applying to multiple lenders.You then receive a response within 48 hours.
16. Page Financials
Page Mobile App allows you to get quick loans for personal and urgent needs. You get the funds in less than 3 hours.
You apply and get loans between ₦200,000 to ₦5,000,000. This comes with no hidden charges and clear repayment terms. The repayment term ranges for 3 – 12 months with 3.84% per month.
You get offers like requesting for a new loan while repaying an existing one. This includes an overdraft on an existing loan at 0.05% daily interest.
17. Renmoney
Renmoney provides fast and reliable loan services. This instant loan app processes your loan in 4 minutes.
The loan amount ranges from ₦5,000 to ₦1,000,000. The repayment period goes from 91 days to 12 months. The app charges an interest rates 2.12% to 2.65% per month. The APR range with Minimum as 25.44% and Maximum as 31.8%.
18. Rocket Loan
Rocket Loan provides online loans with a simple application process. They give immediate approval and lowest interest rate in Nigeria.
The limit of rocket loan ranges from ₦5,000 - ₦300,000. The period of the loan range between 91 and 365 days. The maximum interest rate goes for 14% per annum (APR).
The applicant must be Nigerian or Tanzania residents. The age range from 18-55 years old. The applicant must have an ID card.
19. Specta Loan App
Specta serves as a digital lending platform. Specta makes use of technology to give instant credit decisions to its customers. The loan afterwards gets disbursed within 5 minutes.
Based on the loan variant, the tenors range from 12 – 48 months. Specta has different variants which determine the term of repayment. Specta offer up to ₦5m depending on your credit profile and approved limits. The interest rate goes between 30% to 40% per annum.
To access a loan, you need some documents. You provide an email, phone number, BVN, NIN, utility bill and staff ID card.
20. C24 Capital
C24 Agent banking provides simplified access to financial services. This solution helps Nigeria's rural population. Complete the loan application within 5 minutes. Afterward, you get immediate feedback on your loan.
To be eligible for a C24 Capital loan, you need the following requirements. A passport and any means of ID. You also have to submit an employment, promotion or confirmation letter. Other documents include a bank statement of 6 months' salary and company identification.
Frequently Asked Questions
Which loan app can give me a million naira?
FairMoney give up to ₦3million. Aella Credit offers up to ₦1.5 million. Money in Minutes offers up to ₦5 million. Alat by Wema gives up to ₦2 million. Specta Loan App offer up to ₦5 million.
How much does FairMoney give for the first time?
FairMoney first time loan depends on your creditworthiness. Though they advertise offering up to ₦1 million.
Does Kuda give a loan?
Yes, Kuda offers a one-time loan payment direct to your Kuda account. The maximum amount is ₦150,000.
How can I qualify for a 20k personal loan?
Here are some general requirements:
Be a Nigerian resident (age range varies by app). Have a BVN. Provide a valid ID and your regular source of income.
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Conclusion
These top 20 loan apps in Nigeria provide reliable and fast loans. Avoid loan sharks that use threats to collect debts. The apps listed in this article offer fast and easy loans on your phone. They ask for basic information like your BVN and phone number. Note that the loan amounts, interest rates, and repayment vary.
Getting a loan can be a powerful tool when used for wise purposes. This depends on your financial goals. You might need to solve a problem and getting a loan becomes the only way out. Borrowing money you can't pay is risky. Choose a reputable app and borrow what you can afford to repay.