Best Loan App in Nigeria 2023 | Low Interest Rate, No BVN, No ATM

Are you’re in need of urgent money to solve a problem or sort a bill? Have you been searching for Loan App in Nigeria? Well, there are numerous loan apps in Nigeria that are open to instant loans. It takes only minutes and few requirements to get loans from these loan apps. You’ll also need to have the app installed on your smartphone to use the app and apply for loan.

In this article, I’ll be walking you through the most updated best loan app in Nigeria. One you can use to easily apply for quick funds in minutes. We’ll also be looking into the requirements to apply for loans on these loan apps, the repayment rate and all you need to know about each loan app.

Even students can use most of this loan apps to get with cash for personal use it commercial purposes. Using these loan apps does not require going to see anybody in an office; you only need your smartphone, an internet connection and a few other requirements then you can apply for loans from the comfort of your home.

In Nigeria today, aside from getting loan from loan app, you can also get loans from bank or from a friend. Loans from banks and friends is quite difficult to get considering the requirements and the efforts needed to eventually get the loan. You may also need to wait for a longer period of time before you complete the loan application process at the bank.

However, with the advances in technology, you can now obtain mobile loans to meet personal and school needs within 24 hours by utilizing a smartphone, a mobile app, and an internet connection.

That is one reason getting loan from loan app is one of the best option because of its ease of access and the little efforts required.

Without further ado, let’s dive straight to the the list of “best loan apps in Nigeria”. But first, let’s look at a typical definition of what Loan app is.

Loan App

Loan apps is an app (mobile app) that serve as a tools designed to allow you apply for loan without setting your foot in a bank. Whether you need loan to you to help pay a bill or finance a project, there are numerous loan app in Nigeria that can help you achieve that.

How do loan apps work?

Loan app involves you getting the app installed on your phone and then creating an account on the app, proceed to apply for loan section, submit your personal information as well as other documents, input the amount you want to borrow and finally go through the loan terms and conditions and you’re good to go.

Some of the required details to include in your loan application generally include your name, contact information, Social Security number, annual income and your desired loan amount.

Credit scores is one of the factors that can affect the interest rate you’ll get for most loans. Strong credit scores means lower risk and that you’ll pay on time.

So once the loan application is approved on the app, your account will be credited in due time.

Having known that, let’s now see the best loan apps in Nigeria.

Best Loan Apps in Nigeria

Here is the list of the loan apps in Nigeria suitable for instant loans or urgent fund.

READ ALSO:  Step by Step ways to get a loan on Palmcredit.

1. Carbon

Carbon Loan app


Carbon is a digital bank that not only provides access to loans but can also be used to send money, invest, recharge any Nigerian network, pay bills for your services and many more. Carbon has a website and a mobile app where you can easily apply for loan.

To apply for loan on carbon, all you have to do is to download the mobil app from play store or access their Official Website through a web browser.

Tap on sign up if you have an account. Fill in your personal details and submit other required information including your BVN. Navigate to the loan section and fill in the loan amount. Carbon will accept all the submitted information and computer it then give you feed back on information you’ve provided.

Whether you’re a student or an employee, or an entrepreneur, you’re eligible to get loan from carbon. It is quite easy and you’ll get the money credited to your account within minutes.

Carbon do NOT require you having a collateral or bringing a guarantor. Simply input your details and submit the necessary requirements and you’re good to go. You can apply for loan on carbon anytime any day. Carbon is always available for you when you need it and the loan process is quick. Some of the fine qualities of carbon as a loan app in Nigeria is that;

  • They facilitate easy credit availability.
  • No collateral or guarantors are required
  • It is so simple to apply for a loan

However, note that you have to start with certain amount and then payback on time to boost your chances next time you want to apply for loan.

2.  FairMoney

FairMoney Loan app

FairMoney is one of the best loan apps in Nigeria. It is a secure and reliable means of getting instant loans. All you need to do is to download the all from play store and commence your loan application process. To begin, simply register with the phone number associated with your BVN (an OTP will be sent to the registered number for verification), then you’re good to go.

You must also fill in your contact information, as with any other loan application and any other details asked for before cash will be deposited into your account. They make getting loans and paying bills fast and easy.

You may apply for loans up to ₦150,000 with FairMoney, and no need for any documentation, or collateral. It is completely stress-free to use. They also allows you to stretch your repayments across numerous instalments, giving you more flexibility and making the software and services easier to use. Your chances of receiving extra advantages increase when you pay off your loan on time.

In addition, you can use the app to pay your bills, buy airtime at a discount of up to 5% and do many more.

3. Branch

Branch loan app

Branch is also another loan platform in Nigeria that students or even employee can use to get quick loans. The good thing about branch is that it also operates in Kenya, Mexico, India and Mexico aside from Nigeria. This shows the level of trust on Branch worldwide.

Getting loan from Branch is quite simple and takes little efforts to get the loan application process done. You can apply for loan at any time and from any where.

If you don’t have an account with Branch, simply download the app on play store and create an account. Commence the loan application process by submitting your details and other information. You may borrow loans as low as ₦1000 and as much as ₦200,000 via the Branch loan app.

It’s a quick, easy, and dependable method to get instant cash, even in emergency situations. The amount of interest you pay back on whatever money you borrow varies depending on the nation you are in and the amount of loan.

READ ALSO:  Top 10 Student Loan Apps In Nigeria (2023)

However, note that this loan app features no late/rollover penalties, monthly interest rates ranging from 3% to 21%, and yearly interest rates ranging from 15% to 34%.

4. Aella Credit

You can apply for loan on Aella credit easily by Just downloading the app from play store, creating an account and then commence the loan application process. It is one of the best loan app in Nigeria as it offers loans up to 1 million with interest rates ranging from 6% to 20%.

Fill in all the necessary information to use the app, and then you’re on your way to getting the loan in no time. Ensure to input your valid details and correctly and must correspond to the information you provide. Note that you may not be able to get the loan with incorrect details.

They offer excellent customer service, and their customer care service is available and ready to respond to your questions at any time. The loan duration is 1–3 months with no late/rollover penalties.

5. PalmCredit

PalmCredit one of the best loan apps in Nigeria. Palmcredit allows you to receive a loan as low as ₦2,000 and as much as ₦100,000 directly from the app without stress. Simply download the app from play store to get started.

Its loans interest ranges from 14% to 24% and within 91 to 180 days. This means that if you request a $100,000 loan for six months, your total payback amount will be $124,000.

Getting quick online loans on Palmcredit is very simple and takes almost no time. You have complete power to secure the loan you want with just a few simple actions.

6. QuickCheck

Quickcheck is aimed at providing financial service to people and help people achieve business goals. With the QuickCheck app on your phone, you can apply for immediate loans directly into your bank account at any time of day or night.

Simply download the app from play store and create an account with your valid details. The app allows you to get loans without collateral.

Upon creating the account, Quickcheck will determine your credit score using an algorithm. This will determine the amount of loan the company can give you.

7. Alat

Alat by Wema provides you with access to rapid loans without the need for documentation or a visit to a bank.

Despite the fact that it is owned and managed by Wema bank, you can borrow up to ₦2,000,000 subject to specific restrictions and limitations.

8. Okash

Okash is an Opay subsidiary. Opay is has an app where you could do transactions, purchase airtime, pay bills, and lots more.

Okash is now an independent loan application in Nigeria, which means you can get the software from the Playstore (Android), the App Store (iOS), Fill out all of the required information to utilize the app and have access to fast loans.

Okash gives you access to loan sums of up to ₦50,000 with no collateral, while the maximum loan amount varies. They offer flexible payback plans ranging from 91 days to 365 days.

9. KwikMoney (MIGO)

Do you know that with KwikMoney, you can apply and get loans without using the app? Well, now you know.

You can also get loans via the KwikMoney website as well as the app. You can visit their official website at to complete the loan in seconds using only your phone number and have the money deposited directly into your bank account.
The app is also available for download on play store.

You don’t need any proof to have your loans approved in a matter of minutes. The sooner you return your loan, the greater the interest rate you can borrow the next time you use the site.

READ ALSO:  Step by Step ways to get a loan on Palmcredit.

You won’t be charged any interest if you pay back the loan before the 14th day but not that if it exceed 14 days, you’ll have to pay with interest.

10. SokoLoan

SokoLoan is a microfinance institution with the aim of creating chances for anybody to access financial services by offering financial services to low-income businesses, loan to students, and others.

SokoLoan app is available on play store and is easy-to-use. You can use it at anytime of the day to get loans. The sooner you pay off your loan, the higher your loan limitations will be.

11. KiaKia Loan

KiaKia is a yourba language term that literally means “fast fast” in English Language (Nigeria). This means getting a loan from KiaKia Loan is fast and takes no time.

You can get loan from KiaKia Loan via their proprietors Sterling Bank, by dialling *822# on your cell phone. The app is available on play store for download. You can also visit the website ( to apply for loan at any time.

12. CreditVille

This is another loan app in Nigeria. CreditVille is another money lending application for working students in Nigeria. They provide cash loans to address immediate demands in any area.

You can get loan offers ranging from from ₦100,000 to ₦4,000,000 and can be paid back in up to 18 months with no collateral.

To apply for a loan at CreditVille, you can visit their official website and create an account and then commence the loan application process. Once you meet the necessary requirements, you’re good to go.

13. Blocka Cash

Blocka Cash offers simple and convenient loans for students in Nigeria. Blocka Cash is accessible in both the Android Playstore and the Apple App Store.

You could get a short-term loan on Blocka for as little as ₦5,000 and as much as ₦50,000, depending on your payment history.

However, you should be at least 21 years old to apply and participate. You may also be. You may be required to show a valid government ID. You may be required to show a valid government ID.

14. Lidya

Lidya is a nigerian loan application that offers secure and fast online loan to small and medium scale enterprise. You can get loans ranging from ₦500 to ₦50,000.

Lydia evaluates the capital adequacy of any individual or company seeking a loan. This evaluation is used to provide a credit score that is unique to each organization. This implies that students who wants to apply for loan on Lidya, must have or own a business.

Lydia also makes loans available within 24 hours or less. The loan tenure depends loan amount. Note that multiple loans cannot be given at once.

Payment methods include debit cards and direct deposit.

15. Page Financials

Page Financials is a CBN-licensed financial firm that provides personal loans in Nigeria.

The organization states that obtaining a loan from them is simple and straightforward and that they employ a flexible paperwork process.

Loan amounts range from ₦100,000 to ₦5,000,000, and monthly interest rates ranging from 3.76 per cent to 120 per cent. Annual percentage rates ranging from 29 per cent to 120 per cent.

Repayment methods are either manually entered or charged through the auto-debit service.

Note: Pay close attention to loan terms like interest rates and fees, including any prepayment penalty for paying off your loan early before applying for any loan.

Final Thoughts

Most of the above listed best loan apps in Nigeria are open to students who need quick cash, business owners, employees who needs instant fund and even entrepreneurs. If you want to apply for loan, simply download the official all on play store and commence your application. You can also visit their website to apply for loan and know more about how it works, the repayment method/plan and general information about the company.

I hope you find this article helpful.

Hurry Up!

Add a Comment

Your email address will not be published. Required fields are marked *