In Nigeria today, access to loans has historically been limited, particularly for individuals without collateral or corporate bodies without strong credibility or influence. However, the rise of mobile technology has opened up new opportunities for lending, with mobile loan apps in Nigeria becoming increasingly popular.
These apps offer quick and easy access to loans, with minimal paperwork and no need for collateral or guarantors.
While there are many loan apps available in Nigeria, this resource guide focuses on the top 10 best loan apps you can rely on with consideration for interest rates, loan amounts, repayment periods, and overall user experience which you will get to find out below
As a user of any of these apps, you can easily access loans using your smartphone or USSD code anytime you desire.
…you might also like: 47 USSD Code For Loans in Nigeria (2024)
List of The Top 10 Loan Apps in Nigeria
1. Carbon Loan App
Carbon is a reliable and user-friendly loan app in Nigeria that offers loans of up to N1 million with flexible repayment options.
The app has competitive interest rates and allows users to build their credit history over time to access larger loan amounts.
Aside from instant loans, you can also use the Carbon loan app to pay bills, transfer money and enjoy high-interest savings.
Licensed by the Central Bank and insured by NDIC, your money is indeed safe.
Key Takeaway
- Interest Rates: 3% to 12.5% per month
- Loan Amounts: up to N1 million
- Repayment Periods: 2 weeks to 6 months
- Additional Features: bill payment, airtime purchase, and investment opportunities
2. FairMoney
FairMoney is a legit loan app that offers loans up to N1,000,000 for individuals and up to N5,000,000 for businesses at competitive interest rates.
As a Microfinance bank, it is licensed by CBN to operate to offer banking services to underbanked people in emerging markets. It also offers a range of other financial services, including bill payment and airtime purchases.
Key Takeaway
- Interest Rates: 2.5% to 30%
- Loan Amounts: up to N1,000,000
- Repayment Periods: from 61 days to 180 days
- Additional Features: bill payment and airtime purchase services
3. Renmoney
Renmoney is a loading loan app that offers instant loans to individuals or businesses up to the tune of N6 million with no paperwork or collateral and flexible repayment options.
Irrespective of the financial situation, they offer loans that suit different needs at competitive interest rates and a quick application process.
Through your account, you can send and receive money, Pay one-time or recurring bills & buy airtime or data from MTN, Airtel, Glo & 9mobile, and Make payments & transact anywhere in Nigeria
Key Takeaway
- Interest Rates: 2.5% to 9% per month
- Loan Amounts: up to N6 million
- Repayment Periods: from 3 months to 24 months
- Additional Features: investment opportunities and savings plans
4. Palmcredit
Palmcredit is a reliable loan app in Nigeria from Newedgefinance that offers instant loans with an installment repayment policy
The app is user-friendly and loved with competitive interest rates and offers rewards for timely repayment.
Key Takeaway
- Interest Rates: 8% to 24% per month
- Loan Amounts: up to N100,000
- Repayment Periods: from 91 days to 365 days
- Additional Features: rewards for timely repayment
5. Aella Credit
Aella Credit is a credible loan app that offers quick loans up to N1 million with competitive interest rates and flexible repayment options.
With this app, you can enjoy insurance and investment opportunities to grow your money
Aella Credit offers financial education and savings plans to help users manage their finances faster and smarter.
Key Takeaway
- Interest Rates: 20% to 27% per annum
- Loan Amounts: up to N1 million
- Repayment Periods: from 1 month to 6 months
- Additional Features: financial education and savings plans
6. Kiakia
Kiakia is a leading Peer-to-peer loan Marketplace built to bring borrowers and lenders together for loans of up to N10,000,000 with competitive interest rates.
Through Kiakia you can either get a loan or fund a loan if you have the money
The app also offers various other financial services, including investment opportunities and insurance products.
Key Takeaway
- Interest Rates: 12% to 40%
- Loan Amounts: up to N10M
- Repayment Periods: from 7 days, 30 days 6 months, 12 months, and 36 months
- Additional Features: investment opportunities and insurance products
7. QuickCheck
QuickCheck is a loan app that uses machine learning to determine loan amounts to N200,000 with interest rates as low as 1% per day.
Once access it, you get an instant loan with flexible repayment options.
Key Takeaway
- Interest Rates: 1% Per day
- Loan Amounts: up to N200,000
- Repayment Periods: 15 days to 30 days
- Additional Features: flexible repayment options
8. Specta
Specta is a loan app that offers personal loans up to N5 million with competitive interest rates and flexible repayment options.
They also offer the buy now pay later payment up to 2,0000,000 spending limit using the PayWithSpecta
The app also provides investment opportunities and other financial services.
Services are rendered by Sterling Bank
Key Takeaway
- Interest Rates: 26% to 30% per annum
- Loan Amounts: up to N5 million
- Repayment Periods: from 1 month to 12 months
- Additional Features: investment opportunities and other financial services
9. Migo
Kwikmoney now Migo is another best lending apps in Nigeria that offers loans up to N500,000 with competitive interest rates and flexible repayment options.
The app also offers various other financial services, including insurance products and investment opportunities.
You can also Buy now and pay later when you pay with Migo-supported merchants
To qualify for a Migo loan, you need to check your creditworthiness which is carried out by machine learning and the loan disburses within minutes once you accept repayment terms
You can use the code *561# from your phone to access the Migo loan
Key Takeaway
- Interest Rates: 2.5% to 15% per month
- Loan Amounts: up to N500,000
- Repayment Periods: from 14 days to 180 days
- Additional Features: insurance products and investment opportunities
10. Branch
The branch is a loan app that offers loans up to N500,000 with competitive interest rates and flexible repayment options.
The app also offers financial education resources and rewards for timely repayment.
These loan apps are all popular and reliable options for accessing credit through an iPhone in Nigeria. However, it’s important to carefully review the terms and conditions of each app before applying for a loan and to borrow responsibly.
Key Takeaway
- Interest Rates: 14% to 28% per month
- Loan Amounts: up to N500,000
- Repayment Periods: from 4 weeks to 20 weeks
- Additional Features: financial education resources and rewards for timely repayment
Comparison of The Top 10 Loan Apps in Nigeria
Company | Loan Amount Upto | Interest Rate | Repayment Period | Extra Features |
| Carbon | N1 million | 3% to 12.5% Per Month | 2 Weeks to 6 Months | Flexible repayment options Bill payment Investment opportunities |
| FairMoney | N1 million | 2.5% to 30% Per Month | 61 days to 180 days | Savings Bill payment Airtime purchase services |
| Renmoney | N6 million | 2.5% to 9% per month | 3 months to 24 months | Investment opportunities Savings plans Transfer money |
| Palmcredit | N100,000 | 8% to 24% per month | 91 days to 365 days | Rewards for timely Referral program |
| Aella Credit | N1 million | 20% to 27% per annum | 1 month to 6 months | Financial education Savings plans |
| Kiakia | N10 Million | 12% to 40% Per month | 30 days, 6 months & 12motths | High loan amount investment opportunities insurance products |
| QuickCheck | N200,000 | 1% per day | 15 days to 30 days | Flexible repayment options |
| Specta | N5 million | 26% to 30% per annum | 1 month to 12 months | Investment opportunities Other financial services |
| Migo | N500,000 | 2.5% to 15% per month | 14 days to 180 days | Insurance products and Investment opportunities |
| Branch | N500,000 | 14% to 28% per month | 4 weeks to 20 weeks | Pay bills Transfer money Investment opportunities |
Conclusion
Overall, each loan app has its strengths and weaknesses, and the best app for an individual will depend on their specific needs and financial situation.
However, some apps offer higher loan limits, and others more flexible repayment options, and additional services, making them a suitable choice based on individual needs.
Notwithstanding, these are the best loan apps in Nigeria today you can explore with confidence