Top 20 Loan Apps in Nigeria
13 December 2023

Top 20 Loan Apps in Nigeria

By Moses Enang

Top 20 Loan Apps in Nigeria – When you need money urgently and feel reluctant to borrow from friends or family members, a personal loan is the recommended solution for comfortable borrowing. with this type of loan, you borrow money directly from a bank or financial institution and repay the consented amount plus interest at a given period. However, you have to be eligible first before the loan can be approved, the criteria could be satisfying a particular income history or degree.

In Nigeria, there are various online financial platforms offering loans to people and businesses fondly referred to as “Loan Apps. These loan platforms (apps) renders quick loan payment in the country for low-interest rates and reasonable repayment spans. Moreover, not all of them render reliable and rewarding services, but some offer quickly approved loan applications.

In this article, we are taking you on the best 20 loan apps in Nigeria, listed in no particular order. These platforms offer financial credit services to renowned businesses, individuals, and small and midsize enterprises (SMEs).

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Top 20 Loan Apps in Nigeria: Top Loan Apps in Nigeria

1.  Carbon

Top of our list is a renowned financial platform that provides instant loans, savings, and Buy Now Pay Later. Furthermore, as a new customer, you can borrow from ₦30,000 to ₦1,000,000 depending on whether you have satisfied requirements.

2.  FairMoney

Actually, in this instant loan servicing industry, Fairmoney is a household name. This financial platform stands out for its substantial first-time loan limit of ₦40,000, minimum amount of  ₦ 10,000, maximum of ₦ 3,000,000, and a user-friendly repayment plan of twenty-four (24) months without any collateral needed.

3. Aella Credit

Aella Credit founded in 2015 by Akin Jones has gained popularity in the Fintech/Banking industry courtesy of its instant and easy approval of loans which has justified its slogan “More Than Leading. Therefore, qualifies it to be among the best 20 lending apps in the country. Finally, Aella services loans from ₦2,000 up to ₦ 1,000,000 (One Million Naira) with a monthly interest rate of 2 – 20%, and an APR of 22-264% Annum.6 Best Free Budgeting Apps

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4. Palmcredit

PalmCredit also deserves a spot on this list as one of the loan apps that renders easy, accessible and instant loans compared to commercial financial institutions across the country. Palmcredit has surpassed 5 million downloads with over 1 million active users. Its loan amount ranges from ₦10,000 to a maximum of ₦300,000, and its emphasizing user-friendly repayment tenure of 3-12 months can’t go unnoticed.

5. Renmoney

Renmoney is known for its low-interest options in personal and business loan services. Renmoney offers investment and some other finance packages, this app gives you instant access to loans, investment and savings plans for a competitive interest fee. Its business and personal loan starts from ₦6,000 to ₦6,000, 000  determined by your eligibility without any collateral and a repayment duration of 3-24 months.

6.  KiaKia:

KiaKia is a licensed loan provider and P2P marketplace in Nigeria. They offer first-timers amounts from ₦10,000 to ₦200,000 with interest rates from 5,6% to 24%. Additionally, you don’t need any collateral to get a loan from KiaKia but you should meet the requirements of 21 years of age and residence in Nigeria. Top Loan Apps in Nigeria

7. Branch

Branch is a simple loan app offering up to ₦500,000 without needing collateral. You can pay back in 4 to 20 weeks and even invest or save through the app. Keep in mind that the interest rates might be a bit on the higher side.

8. Kwikmoney

Kwikmoney is one of the leading automated loan servicing apps in Nigeria, that originated in partnership with banks, mobile networks and telecommunication companies. Kwikmoney makes this list because of its accessibility, instant, affordable interest rate and fast loan service. With Kwikmoney, you can borrow as little as  ₦500 and up to ₦500,000 without collateral just with your BVN and account number. The interest rate ranges from 10% to 25% for 14 to 30 days.

9.     Quickcheck

Quickcheck is a lending app that allows you access to personal and business loans without collateral. You can borrow from Quickcheck with a flexible monthly repayment plan anywhere in the country with a single-digit interest rate. The minimum amount starts from ₦1,500 and runs up to ₦500,000 with a term of 91 days to one year. A good repayment history could increase your chance of getting the maximum ₦ 500,000 or any other higher amount. Lastly, they offer an affordable interest rate of 2 – 30%.6 Best Free Budgeting Apps

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10.  Specta

Specta is a loan app owned by  Sterling Bank Plc, that offers significant loan amount that arrives at your account in less than 5 minutes. With Specta you can borrow a personal loan amount up to ₦2,000,000 and ₦5,000,000 as a member of the Sterling community with no collateral needed. However, it comes with conditions not limited to irreplaceable undertaking stating clearly that you shall ready the funds in your account for the repayment purpose.

11.  Lidya

Lidya specialises mainly in Small and medium-sized enterprises, servicing loans from 150,000 and above with an interest rate of 3.5% monthly. You can’t borrow from any bank in the country without collateral but it reversed in Lidya’s case, but submission of your last three months bank statement is sacrosanct. The repayment period starts from 3 months and extends up to 3 years

12.  Rosabon FinanceTop Loan Apps in Nigeria

Rosabon deserves the list, it has been in the financial industry for over 28 years, from tracking transactions, creating an investment portfolio, and withdrawing with less stress to servicing collateral-free business and personal loans.
Rosabon offers instant loans through its official lending app up to ₦3,000,000 featuring a repayment plan extension of 12 to 24 months with an affordable interest rate. Moreover, there are requirements and criteria you must meet to be eligible to borrow up to the maximum rendered amount.How much is 1 Dollar to Naira

13.  Credit Direct Limited

Credit Direct has been operating and servicing financial services for more than 10 years across 25 states in the country. Credit Direct Limited offers personal and business loan services through its mobile app amounting to ₦4,000, 000 or more. However, to qualify for this loan, you must be 22 – 58 years of age, have a good credit history in the last 12 months, operate either a savings or current account in any commercial bank in the country, possess a government-recognized ID card, etc.

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14.  OKash

Okash as the name implies, gives you access to funds any day, and at any time. Okash has gained popularity across the country through its quick and/or instant personal loans. Furthermore, Okash provided a loan worth over $250,000,000 equivalent in 3 months alone in 2019. Okash is the official lending platform of one of the most popular and user-friendly Fintech companies, Opay. Okash services personal loans starting from ₦3,000 to ₦500,00 with interest rate calculated daily and APR of 36.5 % to 360%.

15.  Easy Moni

Indeed, Easy Moni is one of the influential personal lending platforms in Nigeria. Fully recognized and licensed by the Central Bank of Nigeria (CBN). You can borrow from 3,000 up to 1,000, 000 with just the Easy Moni mobile lending app.  Moreover, the loan approval would be determined by your credit evaluation and agreement to the repayment plan. The repayment tenure ranges from 91 days and runs to about 365 days with an interest rate of 5-10% monthly based on your credit score. If for instance, you borrowed 3,000; the interest would be like 273 totaling 3,273 in the first month.

16.  GTB Quick CreditTop Loan Apps in Nigeria

Quick Credit offers salary and nonsalary account holders owned by GT Bank. Furthermore, It’s a GT Bank loan app that services loans at a minimum of ₦10,000. You can get a loan up to ₦500,000 as a non-salary and ₦5,000,000 (Five million) as a salary account holder.How much is 1 Dollar to Naira

17.  Page Financials

This financial lending company stand out by servicing loan starting from ₦100, 000 and running out at a maximum of ₦5,000,000 without any collateral in the country (Nigeria). Indeed, Page is not just a lending platform but other financial services like Investment and paying bills or making payments through the mobile app. Page Finance also shoulders above other platforms due to their menial interest rate. Credit9 Credit Score Requirements

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18.  Sycamore

You can get your personal loan and business loan from the Sycamore lending app without collateral from friends. Furthermore, they offer financial and investment services like managing and tracking your loan, borrowing from friends, transferring and paying bills anywhere in the country. Finally, you can get a loan with an interest rate of 3.5 – 5% and a repayment duration of about 3-9 months.Top 7 Best Debit Cards for Kids in United States

19.  ZedvanceTop Loan Apps in Nigeria

Zedvance offers salary-based, one-credit, instant, student loans, asset financing, etc. You can access a salary-based loan of up to ₦5,000,000 on a repayment plan or duration of eighteen (18) months. Zedvance interest rate is generally accepted by all the applicants all over the nation. Their instant loan interest is 3.5% monthly, very low and acceptable.

20.  Jumiapay

The last in the list but never the least; is Jumiapay, an instant lending platform launched by Jumia in 2017. Undoubtedly, with Jumiapay you can borrow up to ₦500, 000 directly with your Android or iOS gadgets without collateral. But, we advise you should check and review the app before downloading it to avoid getting the malicious one. Top Loan Apps in Nigeria

Summary:  Top Loan Apps in Nigeria

In Nigeria, popular loan apps like Fairmoney and Carbon offer sizeable and instant loans. Furthermore, apps like Kwikmoney and Branch have distinctive features, including how user-friendly they are and their interest rates.  Rosabon Finance and Libya focuses more on helping small businesses (SMEs), while Quickmoney makes getting a loan look or seem easy. Remember to check and understand their terms before choosing any of them.

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