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Top 10 Loan Apps in Nigeria

top 10 best loan apps in nigeria


Top 10 Loan Apps in Nigeria

Originally posted 2022-12-17 21:48:08.

Most times, we might need some extra cash to take care of some personal and business-related problems. It is during this time that online loans become our best alternative, because accessing loans from banks in Nigeria is a very stressful and time-consuming process, especially if you are looking to access a small amount for a short period of time.

Loan Apps has made it very easy to get easy access to cash in an emergency situation. Here is a list of the top loan Apps in Nigeria:

1. Branch:

With over 10 million downloads on Google Play Store, the branch is the most popular loan app in Nigeria. Your credit score (the amount they can loan you) depends on your phone’s data. The branch offers loans from #1,000 – #200,000 within 24 hours into your bank account, depending on your credit score. Branch interest rates range from 14% – 34% and a loan repayment period of 28 – 280 days depending on your loan amount.


Formerly known as pay later is a Fintech platform that offers different financial services like personal and business loans up to one million naira(#1 m), savings and investment, payment of bills etc.. With over 1 million downloads on the Google Play Store, carbon loan application process, and takes less than 5 minutes. Their interest rate varies depending on the loan duration and the amount of money you wish to borrow, but it is always between (2- 30% ). Immediately your loan application is approved, you receive the loan amount to your bank account within 1-3 working days.

3.Fair Money

Fair money is one of the most renowned loan Apps in Nigeria with over 5 million downloads on Google Play Store. They claim to offer fast loans without documentation or collateral. They offer loans from #1,500 – #500,000 based on your smart phones’ data and your loan repayment history. Their interest rate ranges from 10% to 30%, with a repayment period of 61 – 180 days.

4.Palm Credit

Palm Credit is another very popular loan app in Nigeria with over 5 million downloads on Google Play Store. Plan credit claims to offer a loan of #300,000 within 3 minutes without any collateral, provided that your documentations are accurate. Palm credit loan amount is from #2,000 – #300,000.


Easycredit claims to be safe, reliable, and secured loan app. Easycredit has over 1 million downloads on Google Play Store. With an interest rate of between 0.1% – 1% and a  one time processing fee that ranges from #1,256 – #6,000 depending on the loan amount, they offer an instant loan amount of #3,000 – #100,000. Their repayment period is between 91 days – 365 days. They charge an Annual percentage rate (APR) of 40%

6.New credit

New credit is another loan app with over 1 million downloads on Google Play Store. They make of use of your phones data (Financial records, Sms from your bank, and your loan history with other loan Apps) to offer you a loan amount up to #300,000, without a collateral.


With over 1 million downloads on Play Store, Okash managed by Blue ridge microfinance bank limited, offers loans that ranges from #3,000 to #500,000, with a repayment period if 91 – 365 days. Okash loan application process takes less than 5 minutes and requires few documentations.

8.Aella Credit:

With over 1 million downloads, Aella credit loan app deals with business loans more than individual loan. They offer fast and affordable loans with no documentation. They make use of a unique algorithm they have built over time to determine your credit worthiness. They offer loan amount from #2,000 – #1,000,000 with a repayment period of 28 – 90 days, with an interest rate of 6 – 20 % depending on your loan amount.


With 1 million plus downloads on play store, Umba prides itself as one of the leading digital financial platforms in Nigeria. They offer loans based on an assigned risk rating.

10.Alat by Wema:

Alat is a digital financial platform owned by Wema bank, they offer loans up to #2,000,000 without a collateral, paperwork or demanding your physical appearance. You can apply for loans on Alat either on their App or their website. You have an added advantage of having a high credit score if you are a Wema bank customer.

Apart from this top loan Apps, there are others like:

Ease money


Money in minutes


Page financials


Access more

Migo(Kwik money)

Easy naira

Express loans

Fair loans


Quick credit




Fair credit and lots more.

Which loan app has the lowest interest rate?

The interest rate of loan Apps are not uniformed, some are higher than others. Some of the loan Apps with low interest rates are:



Kuda, and loan Apps managed by commercial banks.

Which loan app is the best in Nigeria?

There are lots of loan Apps in Nigeria, but our top five loan Apps are:



Fair money

Palm Credit


Kia kia loan

ALSO, READ How to Make Money Online In Nigeria

Which loan app gives the highest amount of loan?

Loan apps that gives the highest amount of loan in Nigeria are:



Fair money

Aella Credit

Palm Credit

Can a Loan App block my BVN?

A loan app cannot block your BVN, they can only restrict you from getting loans from their loan app and other loan Apps.

Which loan Apps gives instant loan?

These loan apps gives you instant loan:


Fair money

Ease money



Where can I get a loan of 100k in Nigeria?

Your loan amount, depends on your credit score, and your repayment rates. Some of the loan apps that gives you a loan of up to 100k in Nigeria are:





9ja cash

Fair money

What happens if I cannot pay my loans?

Immediately after your loan repayment date, the loan company begins to add a particular amount of your loan amount as interest. If you added your credit card details to the app, they will try to automatically debit you. Some loan Apps will start calling you everyday to remind you, while others will start sending harassment calls and text messages to your contacts.

Will I go to jail if I don’t repay my loan?

No, no loan app can send you to jail. They need their money back and you cannot provide it from jail. Although some of them threaten you with lawyers and jail.

What do loan Apps need my BVN for?

Your BVN is unique to only you and all your financial transactions. These loan Apps use your BVN to know if you are oweing any loan app, and your credit score.

How do I stop a loan app from taking money from my bank account?

You can block a loan app from automatically debiting you, by blocking or deactivating your ATM card. You can do this through your bank app, or you can go to your bank.

One thing these loan apps have in common is that they require some of your details to register you or approve you for a loan. Some of these details might include: Your phone number, BVN, Bank account number, and access to your phone(contact, message, camera, e.t.c). The faster you repay your loan, the higher your credit score.

You should also know that most of this loan apps might harass you if you do not repay your loan on time.

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