Top 20 Loan Apps in Nigeria (2024)

Discover the platforms for swift loans with affordable interest rates.

Loan Apps

Loan Apps are digital applications that allow their customers to access funds with relatively low-interest rates. Since the traditional banks have strict conditions for loans, these innovative platforms have found a way to solve the problem of Nigerians. Keep reading to find out the top 20 loan apps in Nigeria.

Carbon

Carbon was established in 2013 under the name PayLater. The company was restructured into Carbon in 2015. Quick loans are available on the Carbon loan app which is user-friendly. The application process promises approval within minutes once all necessary information is submitted through the Carbon app.

 Carbon eliminates the need for guarantors, collaterals, or extensive forms, making it the go-to platform for those seeking instant funds. Applicants can access the platform 24/7, with funds swiftly deposited into their Carbon accounts upon approval. Moreover, the platform incentivizes responsible borrowing by offering higher loan amounts and lower interest rates to those who repay on time. New customers are welcomed with enticing loan options, ranging from ₦30,000 to ₦200,000, depending on meeting the specified criteria. 

Branch

Branch, a leading loan app in Nigeria, emerged in Kenya in 2015 and expanded to Nigeria in 2017. Currently helmed by Nigerian Managing Director Dayo Odulate-Ademola, it boasts over 10 million downloads. Offering swift online loans ranging from ₦2,000 to ₦500,000, their repayment period spans 30-180 days. Accessible through the Branch app, these loans require no documentation. Branch forms individualized credit scores, influenced by repayment history using your phone data, including handset details and SMS messages. 

Renmoney

Renmoney, a Nigerian fintech founded by Stephen Jennings in 2012, provides a range of financial services, including personal and business loans, savings, and investments. Their major investor is Mr. Gbenga Oyebode, who is also a philanthropist. Eligibility criteria for loans include being aged 18-59, having a verifiable income source, residing or working in operational cities, and possessing a savings or current bank account. Loan amounts range from ₦50,000 to ₦6,000,000, while savings and investment options start at ₦1,000 and ₦10,000 respectively, allowing users to work towards various goals.

FairMoney

FairMoney, led by CEO Laurin Hainy, offers collateral-free personal loans and free bank transfers, it stands out as an automated online moneylender. Borrowers access single payment, instalment, and payroll loans with a minimum of N10,000 and a maximum of ₦3,000,000. Depending on the selected loan plan, repayment has an upper limit of 24 months, and no collateral or guarantor is necessary. Interest rates, ranging from 2.5% to 30% per month, vary based on profiles. With Laurin Hainy at the helm, FairMoney exemplifies financial inclusivity with APRs spanning 30% to 260%.

PalmCredit

Palmcredit stands out as a hassle-free loan solution. With an appealingly low-interest rate, the Palmcredit app streamlines the loan application process. Borrowers can secure instant loans with flexible repayment plans ranging from N10,000 to N300,000, spanning 12 to 26 weeks. Owned by Newedge Finance, Palmcredit simplifies mobile lending, requiring only BVN and personal information for swift approval. This mobile loan app exemplifies a seamless and secure financial solution for Nigerians.

QuickCheck

QuickCheck offers flexible loans up to N1,000,000 for emergencies or business growth, empowering borrowers in Nigeria. With a user-friendly approach, it allows convenient repayment plans, ensuring transparency with no hidden charges. The automated lending service prioritizes accessibility and speed, contributing to improved credit access for individuals.

Kuda

Kuda loans offer a convenient financial solution with a one-time payment into your account, repayable in fixed monthly instalments with interest. Users can access loans up to N150,000 by following simple steps: Open Kuda, navigate to Borrow account, select Get Your Overdraft, input the desired amount, confirm with PIN, fingerprint, or Face ID, and finally, tap Okay to access funds for immediate use. This streamlined process enhances financial accessibility for users, empowering them to meet their financial needs effectively.

Aella Credit

The CEO of Aella Credit is Akin Jones, with a robust financial background. He was a General Partner at Gluwal Capital before he established Aella Credit. Aella Credit offers non-collateralized loans up to N1,000,000, prioritizing affordability. No late fees are charged; early repayment builds credibility, unlocking higher amounts and discounts. The Aella app facilitates instant loans and bill payments, eliminating the need for collateral or prolonged processing.

Specta

Specta, Sterling Bank’s digital lending platform, ensures a swift lending process with instant scoring and disbursement within 5 minutes of completing the application. It caters to everyone regardless of your bank, offering personal loans up to N2 million. Sterling Community members can access up to N5 million on Specta. Interest rates range from 25.5% to 28.5%, with a one-time 2.5% insurance fee and a 1% management fee. Requirements include a valid ID, optional Sterling bank account, BVN, email address, and a BVN-linked phone number.

Lidya

Lidya Loans, introduced in Nigeria in November 2016, is an online loan service for individuals and small businesses. It features variable fees ranging from 2.44% to 4% and fixed fees between 3% and 4%, tied to the loan amount. The APR peaks at 21.09%, with a repayment period spanning 3 to 36 months. Individuals or SMEs must maintain a minimum monthly turnover of N500,000 (Average of your Total Debit and Total Credit on your Bank Statement). 

Notably, Lidya allows loan cancellation within a 14-day window post-confirmation. Beyond lending, Lidya serves as a digital partner for SMEs, offering a digital account for customer database management.

Page Financials

Page Financials provides quick online loans of up to 5 million without collateral anywhere in Nigeria. Segun Akintemi is the CEO of the company which started operations in 2014. Page financials has a code for financial operations, quickly dial *258*3# to get started.

Umba

Umba offers loans from N3,000 to N300,000 with varying interest rates of 10% to 21%. Timely repayments increase future loan offers. The mobile app facilitates easy application, drawdown, and repayment. Lending decisions rely on risk ratings after user verification. Founded by Barry O’Mahony and Tiernan Kennedy, Umba provides a swift, mobile-based loan experience.

PalmPay

PalmPay, a Nigerian mobile money lending platform, is co-owned by Transsion Holdings and NetEase. PalmPay enhances financial accessibility in Nigeria and facilitates money transfers, bill payments, and airtime top-ups. It features StartCredits, a loan service requiring no BVN. Applications are swiftly reviewed, providing approved within five minutes. Upon approval, funds are deposited into the user’s bank account within one business day. 

KiaKia

KiaKia is a licensed lender operating in Nigeria, providing carefully selected individuals and businesses with loans. Committed to being the country’s safest and most liquid peer-to-peer platform, KiaKia uses a dedicated app for individuals over 18 with legitimate income to fund loans and earn varying interest rates. Through peer-to-peer loans, the platform connects credible borrowers with lenders, offering affordable rates. This marketplace provides flexibility for lenders to choose competitive lending rates, ensuring good returns on investments.

SnapCredit

Snapcredit is an online moneylender offering retail loans to consumers through their employer. Borrowers can access amounts ranging from N10,000 to N1,500,000, with repayments deducted from their monthly salary. This innovative model provides convenient financial solutions for individuals in need.

Quick Credit

QuickCredit is a Central Bank of Nigeria-licensed digital lending platform under GTB, offering technologically facilitated micro-loans for short-term needs. To qualify, customers need a minimum monthly lodgement or net salary, a clean cheque history, satisfactory credit reports, and no unpaid obligations. This innovative service aims to assist individuals in covering unexpected bills efficiently.

OKash

OKash is a Micro-lending product by Blue Ridge Microfinance Bank, providing hassle-free loans from NGN 3,000 to NGN 500,000. Available 24/7, the online process only requires an Android device, a data connection, a valid ID, and a bank account. Ideal for individuals aged 20-55, it offers flexibility without restricting work or income conditions. Simply download the app, fulfil requirements, and submit information for quick access to funds.

C24

C24, a retail loan provider, caters to consumers seeking quick financial solutions. Loan amounts range from N40,000 to N1,000,000, depending on the borrower’s assessed capacity to repay, considering verifiable income and other criteria.

Mini Credit

Mini Credit is an unsecured lender in Nigeria, offering loans without collateral or guarantor. No paperwork is required, but basic information like BVN, bank account, email, and phone number is needed for KYC. Age eligibility is 20-60. Maximum loan is #200,000, minimum #3,000. Higher limits are accessible after a year of app usage. Defaulting may lead to using the provided info for location. Loan amounts increase with the frequency of borrowing.

ALAT by Wema

Wema Bank’s Alat offers easy loans with no paperwork or physical visits. Apply instantly using *945*65#, and experience swift responses with loan disbursement in minutes. 

Conclusion

With loan apps, many people can meet up to their financial responsibilities. However, it is important to thoroughly research the loan apps you use. Some of them have high interest rates which may burden the borrower. 

Due to personal observations, I advise Individuals to consider the Branch loan app for emergency funds. 

Which one of these loan apps is your favourite loan platform? Let us know in the comments section.