Best Loan Apps In Nigeria (2022)

Best Loan Apps In Nigeria (2022)

Loan apps are a new way of borrowing money for people who can’t get a bank loan or a loan from family and friends. They work in the same way as any other app, but they are different because they offer loans to users who have bad credit.
The Nigerian loan app market is booming with many new players entering the market every day. This is because the demand for loans has been increasing over the years.
There are many loan apps in Nigeria that people can use to get a loan. However, it is important to know what you should be looking for in order to find the best one for you.

Loan Apps: What to Look For

Interest rates of loan apps:

If an interest rate is too high, then the loan will not be affordable and if it’s too low, then the loan might not be financially beneficial.

Length of the repayment period:

The longer the repayment period is, the less likely you’ll have to pay back your loan. You’ll also have more time and flexibility with your money.

Repayment options:

Some loans offer different repayment options such as paying back in installments or through automatic withdrawals from your bank account.

So based on this, here are the best loan apps in Nigeria: (Alphabetical Order)


Branch is an Instant loan app offering financial products that Nigerians can access anywhere. With the permission of their customers, they analyze their smartphones to determine their loan eligibility.

Branch’s terms in Nigeria:

  • Loan Amounts: ₦2,000 – ₦500,000
  • Late/Rollover fees: None
  • Monthly Interest: 1,5%-20%
  • Loan terms: 4-52 Weeks
  • Interest range: 17% – 40%Equivalent APR: 18%-260%

Visit Branch’s Website here:

Carbon Loan App:

Carbon is a global company headquartered in Lagos, empowering individuals with access to credit, simple payment solutions, high-yield investment opportunities, and easy-to-use tools for personal financial management. They provide up to ₦1,000,000 in loans for individuals, with no collateral, no guarantors, and no paperwork. Additionally, you can get cashback on your interest paid once you repay in time.

Carbon offers fast loans to SMEs too, also with no collateral and low interest rates. You can get up to ₦20m within 48 hours to grow your business.

Visit Carbon’s Website here:


Fairmoney built a new type of credit-led digital bank. As people need loans to fund their business or for personal reasons, they offer them what they need with no collateral in order to make their lives easier.
Using Fairmoney, you can get instant loans up to ₦1 million with no collateral, as well as a bank account with free transfers, a debit card for spending, and much more.

Visit Fairmoney’s website here:


Palmcredit is one of the best loan apps in Nigeria. Similarly to the other apps, they offer instant loans with flexible payment plans and favorable interest rates:

  • Limits range from NGN10,000 to NGN 300,000.
  • Flexible repayment between 91 days to 365 days.
  • No paperwork, secure and reliable.
  • No hidden fees, no rollover charge, no transaction fees.
  • Loans interest rate:4% to 24%,Equivalent monthly interest 4% to 4.7%,the annual percentage rate (APR) on a Palmcredit loan is 24%~56%.
  • To illustrate: If you choose a 6-month loan and borrow NGN100,000, Palmcredit charges an interest rate of 4% per month. Borrow NGN interest rate:24% and the APR is 48%.180 days repayments of NGN24,000. The Total amount payment is NGN124,000.

Check out Palmcredit’s app here: Palmcredit


In like fashion, this loan app for Nigerians, helps you access instant online quick credit without collateral. According to the company, users can borrow up to ₦1,000,000 with no collateral and no guarantor.
If you live in Nigeria, and you need an urgent loan, all you have to do is:

  • Download the loan app for free
  • Sign up to create an account
  • Apply for a collateral-free loan in less than one minute
  • Credit scoring using our algorithm will be carried out (no collateral needed)
  • Therefore, If eligible, the cash loan will be credited into your account within minutes.
  • If not please apply again.

Visit QuickCheck’s website here:


You may know Flutterwave as a payment solution that has been revolutionizing the way people make and receive payments in Africa. But apparently, they are launching a loan offer for small businesses in Nigeria. Flutterwave Capital offers Nigerians quick access to flexible loans — up to $20,000 — to grow their businesses, without fussing about collaterals, cumbersome documentation, as well as other stringent terms and conditions.

Visit Flutterwave’s website: Flutterwave Capital

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In conclusion, the loan apps in Nigeria are a great way to obtain loans with ease. However, and according to multiple sources: At least seven digital loan companies operating in Nigeria were raided recently in a joint operation with the Federal Competition and Consumer Protection Commission (FCCPC) for a “possible violation” of consumer rights. So make sure to study carefully the terms and conditions before applying for a loan. Make sure to consider also the interest and the payback period, because if you are a business founder, you should be 100% certain that you can earn that money fast, so you can pay back the loan.

To summarize, here are the best loan apps in Nigeria:

  • Branch
  • Carbon Loan App
  • Fairmoney App
  • Palmcredit App
  • QuickCheck
  • Flutterwave Capital

And for the last time, we urge you to read and understand the terms before applying for a loan.

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