10 Best Loan Apps In Nigeria

Before introducing loan apps, loan or credit advancement in Nigeria was one of the most difficult tasks to achieve. It is obvious that returns made from loans are one of the income of financial institutions, but the barrier that poses a great obstacle is the interest rate that accompanies this loan; instead of helping a business to stand, servicing these loans ends up rendering the business insolvent and also bring about loss of assets. It is practically difficult to get soft loans directly from the bank as the interest rate becomes unpayable. Also the time it consumes for the loan to be approved contributed to discouraging individuals from depending on commercial banks for soft loans.

The advent of technology in banking and other financial institutions helped in solving the problems of long procedures and accessibility as there are Loan apps available for the public to make use of in requesting soft loans. Loan applications are software designed and managed by financial institutions to provide financial advancement to support large purchases, pay outstanding bills, or help clear out immediate debts. It is a personal mobile software that gives access to funds without being present to any bank. Most of these loan apps run a credit score on the individuals to access the risks associated with borrowing out the fund.

Benefits Of Using Loan Apps In Nigeria

There are numerous benefits of using the loan apps instead of going through the bank’s stressful means of accessing loans. Below are the outlined benefits:

  • The loan apps don’t demand any collateral like the banks do before giving out loans.
  • The loan apps are available at any time of the day to use, unlike the banks that can not offer you their services during weekends and even on holidays.
  • It doesn’t require any paperwork.
  • The app is always available on your phone, doesn’t require you to be present in the banking hall.
  • The loan app also provides flexible repayment options before approving your loan request.
  • It is very quick and important during emergencies.

Disadvantages Of Using Loan Apps

Inasmuch as there are benefits of using the loan apps in getting credit advancements in Nigeria, there are very important demerits associated with using these loan apps, which, if neglected, can lead to serious and lasting financial damages.

  • It often comes with hiding additional interest charges: In the event of difficulties in repayment, some of these loan applications run compound interest repayment plans. This repayment plan, in most cases, is hidden from the user; thus, causing more damage in the future.
  • Loan Apps get to be addictive to users: Because it is very stress-free to access, users unknowingly find themselves using this as a regular means of getting quick funds, not considering the repayment interest rates.
  • Your bank information can fall into the wrong hands: Fraudsters design loan apps to get the bank details of their target victims. Some of these fraudsters get to the extent of giving out these loans and then placing a watch on the account when they get funded.

10 Most Reliable Loan Apps in Nigeria 

A loan app’s reliability depends strictly on the user if the services they gain from using the loan app are satisfactory. Most users judge reliability on the time of processing their request, others on the minimum amount they can access.

Below is a list of available loan apps in Nigeria:

1. Branch

This is one of the best online lending channels that has provided fast and reliable credit advancements to Nigerians over the years. The loan app uses credit score techniques that involve your phone number, SMS messages, bank details, and the extent of functionality of your bank account to determine the creditworthiness of individuals.

How To Download The Branch Loan App

To have access to Branch loans, it is mandatory to download the loan app from Google Play Store. Below are the steps to download the Application on your Android phone.

  • Log into the Google PlayStore website or click here.
  • If the Branch Loan App is not on the download list, go to the search option and input the name Branch Loan.
  • Select the option with Branch – Personal Finance App.
  • Click on install to start the downloading process.
  • In a few minutes, the loan app is fully downloaded and installed on your phone.

How to Apply for Loan Using Branch Loan App

There are a few steps required to apply for a loan through the branch loan app, and they are:

  1. Log into your Branch App already installed on your phone.
  2. Have your branch account created with the use of your phone number.
  3. Have your online form filled. This form will require your name, country, national ID number, date of birth, etc.
  4. Click on submit for a proper review which will take just a few seconds.
  5. The app will redirect you to the loan page, where you can access the different loan options.

Other Important Features of the Branch Loan App 

  • The loan app offers a minimum loan advancement of N2,000 and a maximum of N500,000.
  • Branch loan goes with interest rates ranging from 17%-40% and a monthly interest of 1.5%-20%. Depending on the type of loan one subscribed for, there is an APR ranging from 18%-260%.
  • There is a provision for loan duration ranging from 4-52 weeks.
  • There is an existing standard charge on SMS and data in the process of making use of the Loan app.
  • The repayment method of the loans is flexible; Branch accepts debit cards process of repayment, or one can pay back through their account with Guarantee Trust Bank.
  • The branch loan app does not have any late or rollover charges and will never demand collateral.

Terms and Conditions of Branch Loans

It is advised that all customers go through the terms and conditions to understand the existing disclaimers and facts in the company’s services. Customers can read through the terms and conditions by clicking here.

2. Carbon

This is one of the best loan apps in Nigeria, previously known as PayLater. They have a quick loan response time and is known to have the capacity of extending credit advancements to business or organizations. Like other loan apps available, Carbon does not demand any paper documentation and collaterals before they approve the loan that is applied for. Their loan app offers other services like sending money, receiving money, paying bills, and recharging airtime.

How to download Carbon Loan App

It is an important requirement to have the Carbon loan app downloaded to your smartphone before you can request a credit advancement. The download process is very simple and fast and must be done through Google Play Store.

  • Log into the Google Play Store website or click here.
  • If the Carbon loan app didn’t show up on the screen, go to the search option and type Carbon loan app and click on enter.
  • Tap on the Carbon loan app, and you will be directed to the download page.
  • Select the install button to start the downloading process.
  • In a few minutes, the Loan app will be fully downloaded and installed on your phone.

How To Apply For Loan Using The Carbon Loan App

After downloading and installing the Carbon loan app on your smartphone, the following are the few steps required to successfully request a loan.

  • Create your personal account using the Carbon loan app and choose your username and password.
  • Ensure that the app shows the four unique features of the app: the loan section, payment section, financial tools section, and transaction section.
  • Tap the transaction section.
  • You will be required to give the following details Name, Phone number, Email, etc.
  • The app demands that you upload your photo before granting access to the request loan page.
  • Tap the request loan page.
  • Have patience, as your loan request will take a few minutes for approval.
  • Immediately the loan request is approved, you will be required to provide your card details for payment.

Other Important Features Of The Carbon Loan App

  • As one of the best loan apps in Nigeria, a customer can access from N5,000 for a start and up to N1,000,000.
  • Carbon offers an interest rate of as low as 11% on the maximum amount, but it is dependent on the loan duration.
  • They run a loan repayment period of 2 weeks to 3months period, which is dependent on the amount borrowed.
  • There is a cashback on interest paid back on time.
  • Making use of their wallets in running other financial transactions attracts rewards.

Terms And Conditions Of Carbon PayLater Loans

The organization provided comprehensive terms and conditions, which enables their operations to serve their customers appropriately. Before going through the financial agreement with Carbon loans, kindly read through their terms and conditions by clicking here.

3. RenMoney

This is another loan service rendering organization owned and managed by RenMoney Microfinance Bank. It is one of the best loan apps in Nigeria that is keen on making a difference in this line of financial service rendering. They apply a lot of energy in publicity, and technological advancements, which have in a long way placed them in a better position among other credit providers. It is known to be trusted by many and has gotten a great customer base in a short period.

How To Download RenMoney Loan App

  • Log into the Google Play Store website or click here.
  • Move to the search option and type RenMoney loan app.
  • Click on the selected options to start the download process.
  • Make sure the application is well installed for use.

How To Apply For Loan Using The RenMoney Loan App

After downloading the RenMoney loan app on your mobile device, the following steps are important to note to achieve a successful loan application using the RenMoney loan app.

  • Registration with the RenMoney mobile app is the next step, and this is done by filling in the provided information and clicking on the register option.
  • The mobile app will demand access to your location; continue your process by putting on your location.
  • A security pattern that will require an answer to a question. The answer can serve as your access in any event of difficulties accessing your loan app.
  • The next step is OTP which will be sent to your mobile phone number.
  • This will take you to BVN verification.
  • Also, the bank details provided, the name of the bank holder, will be the same as the name seen in the BVN verification process.
  • After successfully crossing this stage, the loan amount requested will be credited to your account.

Other Important Features Of the RenMoney Loan App

  • The RenMoney loan app offers loans of a minimum of N5,000 and a maximum of N6,000,000.
  • The loan app runs an interest rate ranging from 32%-132%, depending on the type of loan and the duration involved. A loan of N2,000,000 with a duration of 12 months attracts an interest rate of 2.9%
  • It is one of the best loan apps in Nigeria, with a payback duration of a minimum of 3 months and a maximum of 24 months.

Terms and Conditions of RenMoney Loans

The terms and conditions of RenMoney Loan App cut across the following categories:

  • Acceptance of terms
  • Age
  • No warranty
  • Viruses
  • Limitation of liability
  • Indemnity
  • Authorized Use
  • Links to the website
  • Copyrights and trademarks
  • Prohibited activity
  • Security
  • User representation
  • Dispute resolution
  • Governing laws

Customers are advised to carefully read through the content of the above-mentioned categories before engaging in any financial activity with Renmoney. Details of the terms and conditions can be found by clicking here.

4. FairMoney

This is one of the leading digital banks which started its operations in Nigeria in 2017. They have, over the years, built a customer base of above 5 million users. They operate a FairMoney Microfinance Bank but are widely known as the FairMoney Loan app. The FairMoney loan app also offers other services like sending money, paying bills, recharging airtime, etc.

How To Download FairMoney Loan App

The following steps help you successfully download the FairMoney loan app on your smartphone. It is the easiest means of requesting a loan in FairMoney Microfinance Bank.

  • Log into your mobile phone Google Play Store or click here.
  • Go straight to the search option and type FairMoney loan app Nigeria.
  • Select the first app provided from the list of options.
  • Click on the App to commence download and installation.

How To Apply For Loan Using The FairMoney Loan App

The bank provided very short, simple steps for applying for FairMoney Loan. Below is a successful means of applying for and receiving a loan from FairMoney.

  • After downloading the loan app on your smartphone.
  • The next step is to sign up with the app. This process is also made to be faster as you can sign up using your Facebook account if you have one.
  • The next stage is to answer a few security questions. This question helps evaluate your credit score to ascertain the amount that can be released that will be convenient to repay.
  • After the assessment, a loan offer will be given, and once it is ok for you, you click on accept the loan offer.
  • The next stage is to get a credit alert on your registered account number.
  • If your loan application is rejected, you have 15 days open window to reapply.

Other Important Features Of The FairMoney Loan App

  • FairMoney offers a minimum amount of N1,500 and a maximum of N150,000. This amount gets increased as you endeavor to pay back your loan on time.
  • The loan app offers a flexible interest rate within the range of 2% to 28%. They run a maximum APR of 13% annually.
  • The FairMoney loan app has a running duration that ranges from 4 weeks to 24 weeks, depending on the loan approved.
  • The repayment method can be done using the same loan App. Fund the loan app wallet and click on payment; it will automatically repay the debt. The customer can walk into any Stanbic IBTC and repay the loan using the following bank details:
    • Account Name: MyCredit
    • Bank Name: Stanbic IBTC
    • Account Number: 0023462495

Terms And Conditions Of FairMoney Loans

FairMoney loan app stipulated their terms and conditions very clear to achieve the best service delivery goal. Customers are advised to read through the terms and conditions before going through the business engagement. Click here to read through FairMoney’s terms and conditions.

5. Aella Credit

This is one of the best loan apps in Nigeria. Founded by Akin Jones and Akanbi Wale in 2015, they intended to lend over N600 million to Nigerians. Due to the rapid growth experienced, the organization announced a further $10 million funding which will also be loaned out to Nigerians. They invested their capital in maintaining and advancing their loan apps. The loan app also offers other services like sending funds, recharging airtime, paying bills, minor insurance plans, peer-to-peer donations, etc.

How to download Aella Credit Loan App

The download process of Aella Credit is a very simple step that anyone can afford to understand. It is always preferable to download the loan app from Google Play Store to avoid downloading viruses.

  • Log into the Google Play Store with your smartphone or click here.
  • Scroll to the search and enter the Aella Credit loan app.
  • Select from the provided options the one with the latest version.
  • Click on download to start downloading and installation process.

How To Apply For Loan Using Aella Credit Loan App

The application process of Aella Credit is designed to be the fastest and not to exceed 5 minutes from the time of checking eligibility. After downloading the app on your smartphone, it takes four important steps for one to receive money from Aella Credit.

  • Create an Account: This is a process that demands a customer to sign up with the loan app using personal details.
  • Check Eligibility: Eligibility is a process that runs a creditworthy check on the customer; it involves answering some questions that will pass through certain reviews.
  • Apply for Loan: The app allows the customer to indicate the amount needed.
  • Receive Funds: Immediately the request is received and the amount approved, the customer will be credited.

Other Important Features Of The Aella Credit Loan App

  • Aella Credit loan gives a minimum of N1,500 and a maximum of N1,000,000.
  • The interest rate of the loan app is between the range of 4% to 30%, and it is dependent on the profile of the borrower with the amount borrowed.
  • There is a loan tenure of one month to three months duration before payback; it is also apportioned based on the amount borrowed.
  • It is one of the best loan apps in Nigeria as the process requires no paperwork, and it also doesn’t need any form of collateral.

Terms And Conditions Of Aella Credit Loans

The organization explained the terms of service delivery and their stand on the engagement, and likewise their recovery patterns. It is in the customer’s interest to read through the terms and conditions to know if there is any objection. Click here to read through the Aella Credit terms and conditions.

6. Migo

This is a loan app that was previously known as Kwikmoney or kwikcash. They extend their lending capacity not only to individuals in need of short-term loans but to also individuals in need of long-term loans. They don’t have any hidden interest rate plan and maintain a speedy lending platform.

How To Download Migo Loan App

Before one can venture into borrowing from Migo, the Migo loan app is a requirement that must be met. Customers are to download the Migo loan app before they can be eligible to apply for loans, and those using smartphones are to download from Google Play Store. Likewise, those using iPhones can download from the Apple store.

  • Log in to the google play store, click here for smartphone users, or click here for iPhone users.
  • Scroll towards the search angle and enter Migo Loan App, and press enter.
  • Click on the option provided by the search engine.
  • Select the app for immediate download and installation.
  • Confirm through your mobile phone app lists to know if the application is successfully installed.

How To Apply For Loan Using Migo Loan App

The download and installation is the first phase of the loan application process. Other necessary steps are explained below:

  • Register with the Migo loan app by including some of your personal information.
  • Get your Email and phone numbers confirmed.
  • Input the verification code that will be sent to your confirmed phone number
  • Scroll to the menu option and click on the ‘Check Loan Offer.’
  • Select the loan that is best for you from the loan option available.
  • For immediate payment, add your bank details.

Other Important Features Of The Migo Loan App

  • Migo offers a minimum credit advancement of N500 and a maximum credit advancement of N500,000. You get an increased amount on your timely repayment.
  • Depending on the amount borrowed and the repayment duration, Migo offers an interest rate that ranges from 5% to 25%. Your repayment history can attract a reduced interest rate and increase the amount in the borrowable options.
  • It is one of the best loan apps in Nigeria that offers flexible repayment durations. Migo has a duration for payback is from 2 weeks to 12 months depending on the amount borrowed.

Terms And Conditions Of Migo Loans

Migo is a loan company that values its terms and conditions of engagement to avoid disputes between the parties. That is why they laid down all agreement instructions, which are expected to be read by customers before requesting a loan. Some of the important categories they rested on in the terms and conditions include the right to enforce collection, use of your personal data, and authorization to comply. Click here to get the full terms and conditions of Migo loans.

7. QuickCheck

This is one of the leading techno-driving lending App in Nigeria that was launched in 2017 by Luis Rodrigues to solve the basic financial problems of Nigerians. They maintain that their credit extension is open to Nigerians with good credit scores and doesn’t require any paper documentation before approving a loan application.

How To Download QuickCheck Loan App

This is one of the easiest loan apps to download as the process remains normal while downloading from the Google Play Store with your smartphone.

  • Log in to Google Play Store with your android phone or click here
  • Scroll to the search section and type in the Quick check loan app.
  • Click on the app to commence download and installation.
  • Check the download from the list of the app on your smartphone.

How To Apply for Loan Using QuickCheck Loan App

Loan application with QuickCheck loan app started from the above-listed steps down to the signup, and verification process explained below.

  • Register or sign up with the QuickCheck loan app. This will help determine if the customer meets the requirement for membership in the loan app.
  • Scroll through the dashboard to the angle with Apply for Loan.
  • Fill in the information required and click on submit.
  • The app will run a credit score based on the information provided.
  • If successful with the credit score the app will present a borrowable amount, which is based on the credit score and other assessments
  • The next step is the bank details that will receive the loan.

Other Important Features Of The QuickCheck Loan App

  • QuickCkeck provides a minimum credit limit of N10,000 for new users. This amount gets to be increased as the borrower pays back on time.
  • They run an interest rate that is as low as 2%. Depending on the amount and good repayment history, one can get a higher amount that can attract a maximum of 30% interest rate.
  • QuickCheck runs a payback duration which is from 30 days to 6 months.

Terms And Conditions Of QuickCheck Loans

The terms and conditions of QuickCheck loans comprise of 9 important categories, which include the following:

  • Introduction
  • Eligibility
  • Repayment
  • Mode of payment
  • Credit reference
  • Notices
  • Event of default
  • General
  • Declaration by borrower

To gain the full details of the above-listed categories, click here to access the QuickCheck terms and conditions.

8. LCredit

LCredit is a lending company managed by Credit Direct Limited that bases its operations in Nigeria. It is one of the best loan apps in Nigeria that is keen on technologically improving the lending services in Nigeria, which they do in line with the stipulated standards by the Central Bank of Nigeria. The company strives towards achieving a credit advancement approval of not more than 10 minutes. The major requirements to get the loan is just the BVN and an android phone; no paper documentation is required.

How To Download LCredit Loan App

The company has a designed user-friendly loan app downloadable through Google Play Store or the Apple Store for iPhone users. To access a loan from LCredit, one must download the app using a smartphone. Below are the steps required to download the LCredit loan app

  • Log into the google play store through your mobile device or click here for quick access.
  • Scroll to the search area of the play store and type in LCredit loan application.
  • Select from the provided options and press enter.
  • Click on the application to commence immediate download and installation.
  • Confirm if the application is successfully downloaded by going through the applications on your smartphone.

How to Apply for Loan Using LCredit Loan App

The above step is the first step in applying for a loan through the LCredit loan app, and the remaining steps are simplified in a structured system that eliminates delay.

  • The loan app will demand registration to help them gain some of the personal information that will aid the process.
  • Create your personal login information.
  • Add your phone number and the BVN.
  • Add the OTP That will be sent to the provided phone number.
  • The next stage is information verification and loan eligibility analysis.
  • After the loan eligibility, the app will provide the approved amount LCredit can give out with detailed interest accruable and the duration to pay back.
  • Then the amount will be credited to the account details provided.

Other Important Features Of The LCredit Loan App

  • As one of the best loan apps in Nigeria, it provides a minimum amount of N5,000 and a maximum of N50,000 for a first-time user. The amount depends on the person’s previous credit, which can be accessed from the credit bureau.
  • The loan app offers a minimum interest rate of 0.1% to 1% in a loan that lasts from 91 to 180 days. They provide an annual interest rate in the range of 36.5% to 300%.
  • Payback duration for LCredit loans depends on the amount borrowed. Some can last for 3 months, others for 6 months and 12 months as the application is approved.

Terms And Conditions Of LCredit Loans

To confirm their transparency, LCredit provided the same terms and conditions as their parent company Credit Direct Limited. Customers are advised to read through the terms and conditions to avoid surprises. Click here to access the terms and conditions of the LCredit lending company.

9. Palmcredit

Palmcredit is a Nigerian mobile lending platform that gives you easy access to flexible loans with no forms to fill out or collateral requirements. It offers short-term loans that can be paid back in installments with attractive rates. The application process is simple and convenient. The company’s loan app eliminates the worry about going through the hassle of visiting a bank branch and rigorous form processes. It is one of the best loan apps in Nigeria that gives you get fast access to cash on your smartphone 24/7.

How To Download Palmcredit Loan App

The Palmcredit app requires about 8MB of storage to install. The installation takes between 3 to 5 minutes, depending on how fast your connection is. Customers are advised to get the PalmCredit loan app from Google Play Store to avoid the risk of downloading viruses from unprotected sites.

  • Log in to the Google Play Store or click here to download the loan app.
  • Scroll towards the search angle and type in the PalmCredit loan app in Nigeria.
  • A list of options will be provided.
  • Select the option with the blue Palmcredit logo.
  • Click on install to commence download and installation
  • Confirm the download from your device.

How To Apply for Loan Using Palmcredit Loan App

After downloading and installing the loan app on your device, the application process and approval takes less than 10 minutes if one carefully follows the steps provided below.

  • The registration process: The Palmcredit loan app will demand some information that will be given through the app.
  • Phone number verification: A verification code will be sent to the number you provided during registration. It is required that you type in the numbers on the space provided.
  • Loan Application: The application is a very simple demand process where you are required to give the amount you earn, the company you work with, and the amount you wish to get from Palmcredit.
  • Credit Eligibility Analysis: Palmcredit, through the information provided, runs a credit eligibility test on your profile to ascertain your creditworthiness before your request moves to the approval stage or rejection stage, depending on their findings.
  • Approval process: Immediately your request is approved, you will get a notice confirming your loan approval, and the provided account number will be credited by Palmcredit.

Other Important Features Of The Palmcredit App

  • Palmcredit offers new users a credit advance at the range of N5,000 to N300,000. This is dependent on your creditworthiness analytical score.
  • The loan app offers one of the best interest rates. Their interest rate ranges from 4% to 24%. This will result in a monthly interest rate of 4% to 4.7%. They provide an annual percentage rate on huge loans at the rate of 24% to 56%.
  • Palmcredit offers a very flexible loan duration for payback. They give a payback period ranging from 3 months to one year. Customers enjoy a better loan payback duration as they endeavor to pay back their previous loans before the payback period.

Terms And Conditions Of Palmcredit Loans

Palmcredit loan as a lending organization stipulated its terms and conditions, which shows the system set in place to encourage a clear understanding between the parties involved. They provided their legal right to use the personal information provided and systems put in place to protect your information from getting to the wrong hands. Click here to read through the terms and conditions of Palmcredit.

10. Okash

The Okash is one of the best loan apps in Nigeria. They are the loan segment of the Opay company. They base their lending capacity on individual loans. Okash tries to make the accessibility of quick loans easy and fast. The service has no time restrictions as customers can access this loan app anytime. Getting a loan from Okash doesn’t require any paperwork. It takes less than 20 minutes to access a loan using the Okash loan app.

How To Download Okash Loan App

The process involved in downloading the Okash loan app is straightforward for a new user. Users are advised to get the loan app from Google Play Store to avoid going through the risk of downloading viruses from other unprotected sites. The app is user-friendly. Below is the step required to successfully download the Okash loan app.

  • Log in to Google Play Store or click here for redirect to the play store.
  • Scroll to the search angle on the play store and type Okash loan app Nigeria.
  • Select from the list of options provided and click on the one with Okash loan app Nigeria.
  • Click on the App with the green color Okash logo under it is 2021. That is the most recent version.
  • Click on install to have the app downloaded and installed on your mobile device.
  • Go through your downloaded app to confirm if it is successfully downloaded.

How To Apply For Loan Using Okash Loan App

Like other loan apps, the Okash loan apps loan application process starts from the download stage down to the loan verification stage.

  • Register with the Okash loan app by creating an account.
  • Login to the created account and fill up the forms provided in the loan app.
  • Confirm your loan limit and select an amount that will not exceed the loan limit.
  • Select your loan duration that will be convenient for easy payback.
  • Have patience as your loan is going through review. You will be notified when the loan process is done with the notification.
  • After the review, the account you added during your registration will be credited with the approved amount.

Other Important Features Of The Okash App

  • Okash has a lending capacity to new customers amount in the range of N3,000 to N500,000. This amount is subject to increase as customers pay back before the payback period.
  • The loan app offers interest rates in the range of 0.1% to 1%, and it is a daily percentage that is applied to the principal. They also run an annual percentage rate of 36.5% to 360%.
  • Okash provides a flexible payback duration of 3 months to 12 months. This duration depends on the amount applied for and the suggested amount by the loan app.

Terms And Conditions Of Okash Loans

The agreement between Okash and the borrow is deemed a contract agreement, and for that reason, it requires a stipulated contract deed upon which the parties must consent to. It is assumed for going further in engaging in borrowing activities with Okash that the borrower has read through the terms and conditions. Click here to carefully read through the Okash terms and conditions.


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