Best Loan Apps for Instant Loans in Nigeria (2022)

Best Loan Apps in Nigeria

Best loan apps for instant loans in Nigeria

Whether during financial difficulty or emergencies, many individuals today seek loans for personal use and business purposes. Sometimes the need might be too urgent and too pressing that there is need for immediate response. And in such cases going through the hassles to process bank loans will definitely not be an option.

Fortunately, today, loans have fallen out of the exclusive reserve and responsibilities of banks. Many lending platforms and institutions now offer quick and easy access to small and medium size loans. Some of these platforms can help you process a loan as as fast as 30 minutes.  The best loan apps in Nigeria are known to be very safe, reliable and easy to access.

Today, I want to share with you the best loan apps in Nigeria so that you can avoid falling victim of fake loan apps in Nigeria.

What are loan Apps?

Loan apps are web/mobile platforms that specialize in processing and offering quick loans to individuals. They are sometimes referred to as quick loan platforms. From that name it is obvious that these apps or platforms disburse their loans very fast. And the process of accessing the loan is relatively easy.

Why Go for a Loan App?

There are several outcries against most of the loan apps in Nigeria vis-a-vis their modus operandi. But despite all of that the platforms are even becoming more popular on a daily basis. In fact new platforms seems to spring up each month. Some of the loan apps are fake while others are genuine. In this post I will share with you some of the best loan apps in Nigeria. But the question to ask is why do so many people run to loan apps on a daily basis despite the many complaints against them.

It is difficult to say precisely why people go for loan apps as it differs from person to person.  But from my interaction with some members of the public seeking loans and also my review of some of these loan apps they tend to have some advantages.

Advantages of Loan Apps in Nigeria

1. Quick Disbursal

One of the motivations to go with loan apps is the speed with which one can process the loan. Some of them can take less than 30 minutes to complete the application.  Then the processing and approval don’t take so much time either. Overall, you can get the money disbursed same day you start the application all things been equal. This is a sharp contrast to some bank loans that take days, weeks and sometimes months to get.

2. It does not involve paper work

From the comfort of your home and with just your mobile phone you can process a loan of as much as 5 million naira. You do this without needing to submit any document. Who wouldn’t want to go for this?

3. No collateral

Perhaps the biggest obstacle to accessing loan for SMEs and other small businesses is the insistence of commercial banks that they bring collateral. Most SMEs don’t have what could qualify as acceptable collateral by banks. And for that reason their loan applications are often denied. However, most of the loan apps don’t demand collateral before issuing loan to individuals or businesses.

4. No guarantor required

Just like in the case of collateral most banks also demand for guarantor. Even intervention loans from government agencies sometimes also insist on guarantors before they can approve loans for individuals or SMEs. But most loan apps also waive this.

5. 24/7 Availability

Loan app is available on google play store and apple app store 24/7. You can download the app and get access anytime you want. So it comes very handy in case of emergency.

6. User Convenience

You can apply for a personal loan from any part of the world and at any given time. You can get a loan sitting at home or at your office.

7. No Physical Submission or Contact

You don’t have to visit any bank or branch when you deal with online loan app. All the required documents can be submitted by uploading on the loan app from your smartphone itself.

8. Small Cash Loans Available

I don’t know how many banks you can work into and request a loan of urgent 2k. But with loan apps you can request almost any amount you need. You can request as low as 1,000 naira and subject to your eligibility it will be approved.

9. Flexible Loan Amount And Duration

One can take a loan from online loan app starting from 1,000 naira to 5 million naira. Depending on your eligibility you can avail a loan amount of your own choice. Same goes with the duration of the loan. You can take a loan and choose to repay after 1 month, 2 months, 6 months or 2 years ad the case may be.

10. Flexible Reason

Most banks will demand the exact reasons you are applying for a loan and even evidence to that effect before they listen to you.

But with loan apps the reason for applying for a personal loan can be flexible. You don’t have to specify any details. You can take a loan from an online loan app for medical emergencies or buy any large asset. The reason can be kept private.

These are the major 10 advantages which most of the personal loan app offer. Loan app can be a savior in emergency situations because of the fast speed and minimum documentation. It can get you out of crisis within a few hours if you have good credit records. You don’t have to visit or deal with multiple people in the process of dealing with the online loan app.

Disadvantages of Loan Apps

1. It can become addictive

Honestly I advise anyone who cares to listen to only go for loan app (even if it is among the best loan apps in Nigeria) only when it is necessary. If you want to take advantage of the fact that it is easy to access you might get yourself to an addictive stage where you will always not have enough. And because you have a place to go each time you need extra money you keep going until you can’t stop.

2. It can attract high interest rate.

8 out of every 10 loan apps charge interest rates higher than the usual or acceptable rates. This is why most people refer to them as loan sharks. Even though they disguise their actual rates by charging a monthly interest, but by the time you sum them up you discover that the annual rate is unbearable.

3. Defaulting might have severe consequence

If there is any reason you should stay away from loan apps it is this particular reason. More often than not they have zero tolerance for default. In fact, for most of them you don’t even need to default before receiving verbal abuse and all manner of threats from them.

Some go as far as defaming their customers and labeling them as criminals if they fail to return the money on the exact repayment date.

Requirements of Loan Apps 

This is one question in the mouth of most people. The loan apps claim that they won’t demand any guarantor nor collateral. Some of them even offer to waive all forms of documentation. They promise to approve your loan in a matter of minutes. The question then is ‘how can they give a loan to a total stranger without demanding anything?’

But the truth is that they demand something.  They have their own requirements and you will not get any loan if you don’t meet them.

Here are the main requirements of some of the best loan apps in Nigeria.

1. Your personal details

2. Your bank account details

3. Your BVN (this is the most important requirement to them).

4. A selfie (not all of them demand this)

5. Your digital signature (some of them don’t ask of this).

Best Loan Apps in Nigeria as at July 2022

The following are the best loan apps in Nigeria in no particular order.

1. Alat – Best Loan Apps in Nigeria

Alat is Nigeria’s first-ever fully digital bank and it is the first on this list of best loan apps in Nigeria. This is a simple, and entirely digital platform that grants quick and instant loans without any form of paperwork. ALAT does not require a visit to a physical location and the response time between loan acceptance and loan disbursement is in minutes.

How to access quick loan through Alat

  • Download the app from Play Store or App store
  • Sign up and
  • Click on the loan option from the menu.
  • Fill in your details including BVN and signature
  • The app will run an evaluation of your risk score using AI and a range of loan offers will be presented to you along with the applicable duration and interest rate.
  • Click on your preferred loan offer and accept it.
  • Your account will be credited. With this platform, you can borrow as much as 2 Million Naira without collateral.

Alat also has a special loan for salary earners where they can receive about N50,000 and even up to 4 million within hours. And they will have between 3 months to 24 months to pay back. And the interest rate per month is only 2% on a reducing balance basis.

2. Carbon (PayLater) – Best Loan Apps in Nigeria

Carbon, formally known as PayLater is the second on our list of best loan apps in Nigeria and could easily have been first.

The platform borrows money to anyone, working or not working. Even students can take loans from Carbon. Of course, even if you are an entrepreneur carbon is there for you when you need to get fast loan to support your business.

They make access to credit easy. No need for guarantorsNo need for collateral for you to use carbon. It is so easy that you can apply for a loan 24/7 and receive funds into your account within minutes.

One thing about Carbon is that you have to start from a point. Then as you repay your loans on time the more chance you have to get higher loans from the platform.

With Carbon, you can borrow up to a million naira without collateral, guarantors, or paperwork. As you prove yourself further you can access as much as 20 million naira.

With Carbon, there are no late fees, rollover fees, or processing expenses. Users only pay what they owe, a much sought-after feature expected of all of Nigeria’s best loan apps. I can attest that Carbon is a very dependable platform.

How to access quick loan through Carbon

  • Install the Carbon application from the Google Play Store or the App Store.
  • Sign up
  • Enter your personal details including BVN
  • Carbon will evaluate your application and inform you of your eligibility when you’ve specified the amount you want to borrow.
  • Once accepted, Carbon will immediately deposit the cash into your account.

3. Aella Credit – Best Loan Apps in Nigeria

As far as getting quick loans is concerned, Aella Credit is one of the best loan apps in Nigeria. It provides loans of up to N1,000,000 without collateral to help ease the blow of unexpected costs.

Aella offers loans at low-interest rates, demands no late fees, and allows you to build your creditworthiness via prompt loan repayment. And once you do this, you automatically qualify for larger loan amounts and reductions. In exchange for timely loan repayment, you will get cash back on the interest paid.

Aella offers loans ranging in size from N1,500 to N1,000,000 for a start. Numerous variables influence your loan offer; therefore, it is in your best interest to utilize your smartphone and submit the necessary information to acquire the best potential loan offer.

The platform requires your BVN to authenticate that you are the owner of the given account information. This guarantees someone else cannot use your information to apply for a loan in your name.

Instant loans from Aella do not need paperwork since the procedure is fully paperless. The only requirements are your smart phone, a data connection, a legitimate form of identity, and valid bank information.

As one of the best loan apps in Nigeria, Aella has a rich history of innovation. According to their website, they were the first digital lender to pilot in Africa’s biggest market.

Also in 2017, they became the first African lending firm accepted into Y Combinator and issued B2C loans under the Aella Credit brand. In their first year of offering B2C loans, they reportedly attracted more than 350,000 users by 2018.

How to access quick loan through Aella Credit

  • Install the Aella App
  • Register an account
  • Complete all relevant fields with the necessary data
  • Click the “Check Eligibility” button to find out how much you may borrow.
  • Apply for a loan that meets your needs.
  • Obtain money in your Aella Wallet.



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4. FairMoney – Best Loan Apps in Nigeria

FairMoney is in the list of the best bank apps in Nigeria due to their excellent services. And also the fact that it adheres with European Data Security requirements. So this makes people not to overthink the fact that their interest rate is quite high.

The platform offers over 10,000 loans per day. They provide loans ranging from N1,500 to N1,000,000. The payback time ranges from 61 days to 18 months.

Fairmoney is also one of the fastest loan apps in Nigeria as they complete disbursement in few minutes. Unfortunately their interest rate can be high depending on your loan offer. But that does not remove anything from their reliability.

Because they are based in Europe, Fairmoney has a higher reliability rating than the majority of the applications in the instant loan sector as they adhere to European data security requirements. In fact, Fairmoney is, one of the highest-rated Nigerian loan apps on the Google Play Store. 

How to access quick loan through Fairmoney

  • Visit the Google Play Store and download FairMoney on your phone or tablet.
  • To get a loan offer, you’ll need to register using the phone number connected to your BVN
  • Answer a few questions.
  • If you agree to it, your loan will be sent directly into your bank account of choice.

5. Branch – Best Loan Apps in Nigeria

Branch is another reliable loan app that allows you to receive up to N200,000 loan within 24 hours.  And the  minimum amount one can apply for is N1000. Repayment is up to 40 weeks and loan attracts varying interest rates depending on the amount of the loan and the user’s repayment history.

As usual, no collateral or documentation is needed to access a loan with this platform – all you need is your phone number and bank verification number and you are good to go.

Branch, like the other loan apps described above, does not demand any type of collateral in order to obtain loans. To get a loan, all you need is your phone number or Facebook account, as well as your bank verification number and account information.

If you’re worried about the loan sharks and their usual bullying attitude then Branch should be for you. They have a promise not to condone abusive debt collection techniques such as public humiliation.

As one of the best loan apps in Nigeria, Branch analyses smartphone data with the full approval of consumers to evaluate loan eligibility.

How to access quick loan through Branch

  • Download Branch on your Android device from the Google Play store.
  • Fill out the short form and send it in for a rapid evaluation to create your account.
  • When you fill out an application for a loan, the money will be paid directly to your bank account or mobile money within minutes.
  • Repay the loan using your smartphone and improve your credit score to access more significant loans in the future.

6. PalmCredit – Best Loan Apps in Nigeria

Borrowing from the PalmCredit app is easy and can be done in some quick minutes. It has a straightforward service that allows users of the app to have access to instant loans worth N2,000 to N100,000 hassle. Individuals who will qualify for the loans must however be 18 years old and above. The app also offers rewards to users who refer others to the loan service.

With just a few steps then you have everything in your control to get the loan you want.

All you need to do is download the PalmCredit App on Google Play store, fill in your details, you can sign up using your phone number or your Facebook account, and you will be able to complete the registration in a few minutes.

With user experiences pinning payout at under three minutes, PalmCredit is, by all accounts, vompetes as one of the fastest loan app in Nigeria..

Because it allows customers to take out as many short-term loans as they need without having to wait for approval, PalmCredit has become a popular mobile loan option in Nigeria and is one of the best loan apps in Nigeria.

How to access quick loan through PalmCredit

  • Download PalmCredit and create a user account.
  • Submit the form by filling in all the required blanks.
  • The amount you want to withdraw and how you want to pay it back may be entered on the withdrawal page.
  • After visiting the withdrawal page, enter the withdrawal amount and repayment method to initiate a withdrawal request.
  • The platform will not lend until you have applied.

7. QuickCheck – Best Loan Apps in Nigeria

With the QuickCheck app on your phone anytime any day you can get instant loans straight into your bank account. This is one of the best loan apps in Nigeria and this is because their mode of borrowing money is really a great one.

You get to access quick cash loans at single-digit interest rates, anywhere, anytime. This loan app for Nigerians helps Nigerians access instant online quick loans without collateral and it work seamlessly.

Using the app is as simple as other Loan apps we have talked about just that after signing up and you have applied for a loan the will run a credit scoring using an algorithm within a few seconds.

How to access quick loans through QuickCheck

  • Download the app from the Play Store.
  • Create a profile by registering for an account on QuickCheck.
  • Upload all necessary data
  • QuickCheck will immediately check your credit score when you apply for a loan and use machine learning to determine your eligibility.
  • If authorized, funds will be sent to your bank account within minutes.

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8. OKash – Best Loan Apps in Nigeria

OKash is a Blue Ridge Microfinance Bank micro-lending program powered by OPay and is among the best loan apps in Nigeria. The Okash instant loan app excludes borrowers under the age of 20 and those over 55 from receiving loans.

In addition to your age, OKash uses information from your smartphone, such as the specifications, financial transaction messages, and the reason for your loan, to create a customised credit score and select the most suitable loan offer for you. Also taken into account is your OKash repayment history.

How to access quick loan through Okash

  • Launch the OKash or OPay app.
  • Sign up or create an account
  • Locate “loan” and begin the loan application procedure.
  • If you are eligible for a loan you will get it after approval

9. Umba – Best Loan Apps in Nigeria

The last on my list of best loan apps in Nigeria is Umba, which enables users to apply, drawdown, and repay loans. Once a person’s identity has been confirmed, Umba uses a risk assessment to make loan choices.

In addition to mobile loans, Umba is also a full-fledged mobile bank. To expedite loan disbursement, Umba, available 24/7, eliminates the need for documentation, collateral, or in-person visits.

Umba does not impose late fees or rollover costs, and you may have access to larger loans, reduced rates, and more flexible payment terms as you repay. It uses your phone’s data, including your SMS history, to authenticate your identity and generate a credit score, making obtaining a personal loan straightforward.

As one of the best loan apps in Nigeria, Umba also ranks among Nigeria’s most secure, as they prioritize your privacy and pledge never to share your information with other parties.

How to access quick loan through Umba

  • Register an account.
  • Apply within minutes.
  • Receive an Umba Loan
  • Increase your borrowing limit whenever a loan is repaid on time.


I sincerely wanted to complete this listing 10, but I couldn’t.  I couldn’t find a 10th company that impressed me to the point of regarding them as one of the best loan apps in Nigeria.

However, the 9 I have listed above are the ones I am sure you can rely on. They are never likely to disappoint you. Though some of them have relative high interest rate, but that is probably the only weakness they have.

In summary, you can count on Alat, Carbon, Aella Credit, FairMoney,  Branch, PalmCredit, Quick Check, OKash and Umba as among the best loan apps in Nigeria. Moreover you can rely on them not to scam you nor take undue advantage of your information.

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