instant loan apps in Nigeria

instant loan apps in Nigeria

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Need an instant loan Apps in Nigeria? Here is a list of the best loan apps in Nigeria. They all have low interest rates, pay out money quickly, and don’t bother you.

At a time when money is the most important thing Nigerians need to live, many of them have turned to instant loan apps to get out of tough financial situations. But which loan app in Nigeria is the best?

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Since COVID-19 broke out, prices for things like food and energy have gone through the roof. Because of this, there are now more instant loan apps in Nigeria that offer low-interest loans with little or no paperwork needed.

instant loan apps in Nigeria

In this article, we rank and review Nigeria’s best instant loan apps. We look at each app’s interest rate, user experience, loan repayment plans, BVN and paperwork requirements, and speed at which requests are processed.


Before signing up for one of the best loan apps on this page, it’s important to understand how loans work, what the law says, and what happens if you don’t pay back the loan on time. It’s a must to know:

which loan app gives loans without BVN, if your BVN is safe with loan apps, and if loan apps can block your BVN.

Don’t borrow more than you can pay back, and if you fall behind on payments, try to work something out with the loan platform, learn how to make money online in Nigeria, or look for a high-paying job in Nigeria.

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Here are the top 8 best low-interest instant loan apps in Nigeria:

1. Aella quick loan app

Aella is one of the best loan apps in Nigeria. It lets you borrow up to 1,000,000 NGN without putting up any collateral, which can help you pay for unexpected costs. Interest rates range from 4% to 30%, depending on the borrower’s circumstances.

As the eighth best quick loan app in Nigeria, Aella offers low-interest loans with no late fees. It lets borrowers build up their creditworthiness by paying back loans on time, so they can get bigger loans and lower rates. You will get cash back on the interest you paid on the loan if you pay it back on time.

Your loan offer is based on a lot of different factors, so it’s in your best interest to use your smartphone to send in the information needed to get the best possible loan offer.

The length of time it takes to pay back a loan depends on the borrower, but it’s usually between one and three months and costs between 1,500 and 1 million NGN.

The first best loan app in Nigeria, Aella, needs your BVN to verify that you are the owner of the given account information and to stop other people from stealing your account.

Aella is one of the best loan apps in Nigeria. It has a long history of coming up with new ideas, and it was the first digital lender to test in the biggest market in Africa.
In 2017, they were the first African lending company to get into Y Combinator. Under the brand name Aella Credit, they gave loans to consumers. By 2018, it was said that in their first year of offering B2C loans, they had more than 350,000 users.

2. Umba instant loan app

Umba is the 7th best loan app in Nigeria. It lets people apply for, get, and pay back loans. Once a person’s identity has been verified, Umba uses a risk assessment to decide whether or not to give them a loan.

Umba is a full-fledged mobile bank as well as a place to get mobile loans. Umba, which is available 24/7, gets rid of the need for paperwork, collateral, or in-person visits. This speeds up the loan process.

You can send money from your Umba loan straight to your M-Pesa account, stores, and utility companies.

Umba doesn’t charge you for being late or rolling over your loan. As you pay back your loan, you may be able to get a bigger loan, a lower interest rate, and more flexible payment terms. It uses information from your phone, like your SMS history, to verify your identity and give you a credit score. This makes it easy to get a personal loan.

instant loan app in nigeria

As one of the best loan apps in Nigeria, Umba is also one of the safest. They put your privacy first and promise to never give your information to anyone else.

Umba loans can be taken out for as little as 1,115 NGN and as much as 89,182 NGN. The maximum loan term is 62 days. The most the APR can be is 10%, and there are no fees or VAT.

Your loan offer is based on a number of automated factors. As you keep making payments, the loan amount will go up.

3. Okash loan app

The Blue Ridge Microfinance Bank’s OKash quick loan app, which is powered by OPay, is one of the best loan apps in Nigeria. The Okash instant loan app does not give loans to people under the age of 20 or over the age of 55.

In addition to age, the OKash quick loan app uses information from the borrower’s smartphone, such as the specifications, financial transaction messages, and the reason for the loan, to create a customized credit score and choose the best loan offer.

The third best loan app in Nigeria is Okash. It is one of the fastest loan apps in the country, giving Nigerians loans in minutes with a daily interest rate of 1.2% for 15-day increments.

4. QuickCheck loan app

QuickCheck is one of the best loan apps in Nigeria. It is also one of the most innovative apps in the country. Machine learning is used to predict how borrowers will behave and quickly evaluates loan applications.

PCI DSS compliance means that the Quickcheck loan app protects your information to the highest level. If you don’t pay back a loan, the National Credit Bureaus will label you as a high-risk borrower. This will make it harder for you to get credit in the future.

For the sake of its users, any change to a borrower’s account’s interest rate must be made with at least seven days’ written notice.
As a first-time user, you can borrow up to 10,000 NGN for 30 days, but if you pay back early, you can get more money and pay less interest.

The interest rate is the best thing about the QuickCheck app for loans. The QuickCheck loan app has one of the lowest interest rates on the market, at 1% per day.

But because it takes more than 24 hours to process a loan request, QuickCheck is not one of the fastest loan apps in Nigeria.

5. Palmcredit instant loan app

Everyone agrees that the Palmcredit instant loan app is the fastest loan app in Nigeria because loans can be paid out in less than 3 minutes. With the Palmcredit loan app, you can quickly get loans of up to 100,000 NGN from 2,500 to 300,000 NGN.

The length of time you have to pay back a Palmcredit loan ranges from 4 to 26 weeks, and the interest rate can be anywhere from 2% to 28%, or between 24% and 56% per year.

Palmcredit quick loan app is one of the best instant loan apps in Nigeria because it lets customers take out as many short-term loans as they want without having to wait for approval.

This top-rated instant loan app doesn’t require collateral or paperwork, and you can pay it back over 91–365 days.
Palmcredit is the fourth best loan app in Nigeria, and it doesn’t charge any hidden fees, rollover fees, or transaction costs. Only people between the ages of 18 and 60 can get a loan from them.

6. Fairmoney instant loan app

Fairmoney is third on our list of the best loan apps in Nigeria because it gives out more than 10,000 loans every day. They give out loans with terms ranging from 61 days to 18 months and amounts from 1,500 NGN to 1,000,000 NGN.

Fairmoney loan app is also one of the quickest loan apps in Nigeria. Loans can be paid out in as little as five minutes. Fairmoney is a great choice for low-interest loan apps because the APR ranges from 30% to 260%, or 2.5% to 30% per month.

Fairmoney only needs a few papers or a piece of collateral, which has helped it become known as one of the best loan apps in Nigeria.
During the loan application process, you must link your card or bank account and give your BVN information in order to authorize a payback debit.

If you try to not pay back the loan, you could lose your FairMoney account and have a bad credit report sent to CRC and FirstCentral.
Fairmoney is one of the Nigerian loan apps with the best ratings on the Google Play Store. Since it is based in Europe, it follows the European Data Protection laws.

It’s important to know that FairMoney gets information from your mobile phone and looks at it to decide whether or not to give you a mobile loan. This information is needed so that your loan can be approved right away, without you having to send in any more paperwork.

7. Branch instant loan app

The Branch instant loan app is the second best loan app in Nigeria. Like Carbon, it lets you gradually get bigger loans.

Branch’s 1.5% to 20% monthly interest rate is the best deal among the most reliable loan apps in Nigeria. The APR for the loan app is much lower than that of Fairmoney, Carbon, Palmcredit, and other mobile loan competitors. It ranges from 18% to 260%.

Branch gives out loans for 4 to 52 weeks that range from 2,000 to 500,000 NGN. Depending on the loan, the APR can be anywhere from 18 to 260 percent.

There are no late or rollover fees, and you don’t have to put up any collateral. Interest rates depend on many things, like how well you’ve paid back your loans in the past and how much it costs the branch to get money.

Branch is one of the best quick loan apps in Nigeria. To figure out if a person is eligible for a loan, it looks at the user’s smartphone data with their permission.
The loan app’s learning algorithms process thousands of data points and give personalized loan options in a matter of seconds. This makes it one of the fastest loan apps in Nigeria.

8. Carbon loan app

With Carbon, you can borrow up to a million NGN without any collateral, guarantors, or paperwork. The Carbon Loan App has been named the best loan app in Nigeria because of these unique features.

Carbon, which used to be called PayLater, is a platform based in Lagos, Nigeria, that gives users access to loans, easy ways to make payments, and high-yield investment options.

People who pay back their loans on time get cash back on the interest they pay, as well as bigger loans and lower interest rates.
The Carbon loan app doesn’t have any late fees, rollover fees, or processing costs because it is known for being reliable. Users only pay what they owe, which is a feature that users of Nigeria’s best loan apps want and expect.

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