7 Best Loan Apps in Lagos, Nigeria

Are you cash-strapped? Do you need quick cash to solve a financial emergency? In this post, we’ll introduce you to the best loan apps that give instant loans without collateral in Lagos.

Loan Apps are online money lenders that let you borrow money on short notice. They offer faster application, approval, and disbursement processes compared to traditional banks and the entire process can be done online anywhere and anytime. 

With these apps, the days of long-standing hours at the banks are over. Nowadays, you can apply for a loan by simply using your mobile phone. Once you submit a loan application and meet the eligibility criteria, the approval decision is made within a few minutes and your loan is disbursed directly into your account. 

As easy as getting an online loan may seem, there’s a bigger challenge of finding a reliable online money lender app, especially if your credit score is poor. 

If you would like to know the best apps you can borrow money from, read the list we have compiled below.

Best Loan Apps in Lagos, Nigeria

  • FairMoney 
  • Branch 
  • RenMoney
  • Carbon
  • Okash 
  • Aella credit 
  • Palm Credit

Eligibility Requirements for Quick Loans in Lagos

Before an instant loan can be granted to you, there are certain criteria you have to meet. To be eligible for a quick loan from an online loan app in Lagos, you must;

  • Be a Nigerian Citizen.
  • Be at least 18 years at the time of loan application.
  • Have a valid means of Identification( Driver’s licence, National ID, etc)
  • Give access to your phone data to build your credit score 
  • Provide correct personal details such as Name, Phone Number, etc.
  • Have a Bank Verification Number(BVN)
  • Upload a photograph of yourself via the app 
  • Have a valid ATM card
  • Have an active bank account in a Nigerian Bank
  • Have a stable source of Income
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7 Best Loan Apps in Lagos


FairMoney is a fintech company that specialises in online loans in Lagos. With over 5 million users and 10,000 daily loan disbursements, this loan app is one of the biggest money lenders in the city.

Fairmoney offers a variety of flexible loan options at affordable rates and repayment plans. You get access to requested loans immediately and it is approved without the need to visit a physical branch or fill out a great deal of paperwork. 

The company has one of the most affordable loan rates, ranging from 2.5% to 30% monthly interest rates. To apply for a loan using Fairmoney, you must download the app from the Google play store, register your details and fill out your online loan application form. 

FairMoney is perfect for individuals who need quick and easy loans with no collateral and flexible repayment plans.

Interest Rates: 2.5 to 30% monthly


Branch offers instant loans faster than a large number of online loan apps. It is a digital financial platform that provides quick and easy access to loans without paperwork.

You can apply for any amount from 2000 naira to 500,000 naira and get approved within 24 hours and enjoy an investment yield of 15%. Loan terms range from 9-52 weeks with interest rates ranging from 17% – 40% with an equivalent monthly rate of 1.5% – 15% and 18% – 20% APR, depending on the loan amount.

In summary, Branch is one of the best loan apps for you if you need a loan process that’s easy and stress-free. With Branch, there’s absolutely no need for paperwork.

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Interest Rates: 17% to 40% monthly 


RenMoney is an online financial technology loan app that provides instant loans without collateral in Lagos.

RenMoney offers loans ranging from 6 million depending on your job and salary. Once you download the app and apply, if you meet the eligibility requirements, your loan will be disbursed to you within a short period of time.

To qualify for a RenMoney loan, you must meet the strict eligibility criteria, such as being at least 18 years, being a Nigerian Citizen, stable income, and providing only accurate answers to all requested details.

With RenMoney, there is no need for paperwork, guarantors, or collateral. You get 24/7 instant loan approvals without stress.

Interest Rates: 33.9% annually


Carbon is a financial service provider of quick loans.

They offer a wide range of loan options to individuals who need emergency cash. The app is user-friendly and loan application is quick and easy.

The app features loan products which include; Pay Later loans, Carbon for Business, Carbon for Education, and Carbon for Health.

Interest Rates: 2% to 30% monthly or 23% to 68.3% APR.


Okash is an online financial service provider that offers a paperless method of loan application for its users.

You can get access to loans up to 500,000 naira with no collateral. Okash also allows a 24-hour window to cancel your loans if you apply for a loan by mistake.

To apply for an Okash loan, download the app, register, and submit your loan application. You will get an approval decision within minutes after you apply.

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Interest Rates: 36.5% to 360% APR. 

Aella Credit

Aella Credit provides a fast and simple way for loan acquisition in Lagos.

It is a very reliable app that grants loans within 24 hours of application. Whatever your reasons for applying for the loan, Aella has got you covered.

You can access non-collateralized loans up to 1 million naira the same day you apply. You also get a nice reward every time you repay your loans at the stipulated times.

Interest Rates: 4% to 29% monthly 

Palm Credit

This is a popular loan service provider in Lagos.

With palm credit, you get 24-hour access to loans without collateral. The loan application process is an easy and straightforward process and funds are disbursed into your account immediately.

Palmpay is one of the simplest loan apps that offer competitive interest rates on loans at affordable repayment plans.

Interest Rates: 4% to 4.7% monthly or 48% to 56% APR.

Wrap Up

Before applying for a loan, ensure you review the terms and conditions, Interest rates, and repayment plans to avoid any unnecessary financial distress when repaying the loan.

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