best loan apps in nigeria

We present to you the most precise list of the 10 best loan apps in Nigeria that have high downloads on the Google play store through which you can gain access to instant credit for business or personal use. Yes, you can access any of these best loan apps listed on this page through your mobile phone and tablet, whether Android or iOS devices.

Despite growing concerns about their methods of operation in terms of loan recovery in Nigeria, These best Loan apps in Nigeria listed on this page, have come to remain in Nigeria. The amount of Nigerians using these loan apps is increasing daily and leaves no one to doubt there are actually, some good benefits to the apps.

These loan app companies are attempting to offer loans without collateral, that banks traditionally do not attempt to. The speed at which loans are distributed, the flexibility of repayment plans, and less documentation make loan apps the most suitable option for Nigerians in urgent need of naira.

Now that several of these apps have received approval from the Central Bank of Nigeria (CBN) to provide loan services, they are also being accused of violating the country’s National Data Protection Regulation (NDPR) on a rising number of occasions. examines the number of downloads of these apps available on the Google Play Store and iOS app store, which will give a decent picture of the apps that are most commonly utilized by Nigerians. While some of these apps are accessible through the Apple Store, many of them aren’t, which is the reason why the Google Play Store is being used as the only way to measure the popularity of these apps.

In the majority of cases, individuals and business owners may require cash to deal with certain financial problems. When all avenues to obtain money have failed, the best option is to think about obtaining the quickest and most accessible loan online.

The process of obtaining quick loans at Nigerian banks today can be quite long and difficult for anyone who is looking for a tiny amount of money for an hour or so.

Due to the Fintech revolution taking place in Nigeria, online borrowers are making it easier for both individuals and businesses to access instant loans whenever they need them.

List of Best Loan Apps in Nigeria

Here are the top Best loan apps in Nigeria on Google play store as of this year 2024 that can give you instant 100 thousand naira and above.

Branch Loan App ( 10 Million Downloads)

Branch is an online platform that gives quick loans online in Nigeria. In this year 2022, this branch app is the most downloaded loan application in Nigeria that has reached 10 million downloads on the google play store with 756k reviews and a 4.5-star rating.

The app determines eligibility for loans and personalizes loan offers based on the information from the smartphone of the user. The interest rates vary between 1.7% to 22% depending on the risk profile of the customer. It is possible to get loans ranging from 100 thousand naira to N200,000 within 24 hours dependent on your repayment history. You will have a period of 4 to 40 weeks for repayment.

Branch is more than just an instant loan application. Digital Banking app in Nigeria that allows you to make secure transfers, earn cash-back of 5% for every bill you make, and invest for as much as 21% in returns.

To be eligible for loans to receive your loans, download the Branch App through the Google Play Store and fill in your bank and personal details.

Palmcredit Loan App (5 Million Downloads)

Palmcredit is second only to Branch with regards to downloads, but it is still among the top used loan applications in Nigeria. The platform has over 5 million downloads 172K reviews and a 4.3-star rating on the google play store and claims it can offer a speedy loan of up to N100,000 to 300, 000 naira loan in just 3 minutes with no collateral.

You can get a loan and if the documentation is correct and complete you will receive your money within one business day. Rate of interest on loans: 4 to 24%, Equivalent monthly interest between 4% and 4.7%, the annual rate (APR) for the Palmcredit loan is 24%/56 percent.

Fairmoney Loan App (5 Million Downloads)

FairMoney claims to provide quick loans in just five minutes, with no documents or collateral needed. The amount of the loan varies depending on the information you have stored on your smartphone and your repayment history.

Loan amounts range from N1,500 to 1 million naira and the repayment period ranges from 61 days to 18 months, with monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%). It is, without doubt, among the most frequently used apps by Nigerians because it has been downloaded over 5 million times, has 447K reviews, 4.4 app rating, and is still growing.

Read Also:  Cashnow Loan App: How to Apply, Requirements and Benefits

Carbon Loan App (1 Million Downloads)

Carbon is an online financial service platform that offers various financial services like business loans, personal loans, payments, fund credits savings, and investments.

This app has gotten up to 1 million downloads on the google play store with 127k reviews and a 4.4-star rating. Carbon procedure for applying for a loan generally is less than five minutes to finish.  Interest ranges from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21%.

Quickcheck Loan App (1 Million Downloads)

QuickCheck is a simple loan application that utilizes machine learning to anticipate borrower behavior and immediately assess the loan application. The app is among the best loan applications in Nigeria which have surpassed 1 million downloads with a 4.5-star google play store rating and 143k reviews. The company claims it is aimed to offer digital financial services that can aid people to achieve their goals in business and personal life. It also offers instant online quick credit without collateral.

QuickCheck gives you access to Borrow up to ₦1,000,000 and also chooses your payment tenure. They offer 5% monthly on the first loan. And their loans range from ₦1,500 to ₦500k with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. (APRs from 30% to 260%).

To start, simply create your account, apply for a loan and receive the money in your bank account instantly. A good credit score improves the chances of your loan getting approved.

Newcredit Loan App (1 Million Downloads)

Newcredit is another app for quick loans in Nigeria that has gotten a 4.3-star rating, with 73k reviews, and surpassed the 1 million mark of downloads. They offer Loan amounts starting from ₦10,000 to ₦300,000 with repayment from 91days to 365days.

The monthly interest is 4%~24%, and the annual percentage rate (APR) on Newcredit is 24%~56%. The app employs Artificial Intelligence (AI) to examine the financial records of prospective customers which include bank transaction SMS sent to their mobiles as well as their creditworthiness when compared to other lenders.

Okash Loan App (1 Million Downloads)

Okash is a simple, quick online loan platform that is available to Nigerian mobile users, managed by Blue Ridge Microfinance Bank Limited. OKash fulfills financial needs 24/7. The interest rate with a minimum of 0.1% up to 1%. and it is calculated on a daily basis. Annual Percentage Rate(APR) from 36.5% to 360%.

This app has gotten up to 1 million downloads on the google play store with 92.7K reviews and a 4.3-star rating. The process of applying for a loan is just two steps, requiring only minimal documentation, and the loan amount is transferred into the bank account of the applicant. The app allows loans that range from N3,000 to N500,000, and the repayment plans range between 91 and the full calendar year.

Easycredit Loan App (1 Million Downloads)

EasyCredit is known as a safe and reliable online loan application in Nigeria. With over one million downloads, a 4.0-star rating, and 60.1k reviews.

The app offers instant loans ranging from 3,000 NGN to 100,000 NGN with the lending term 91 days – 365 days. The interest rates range from 0.1 percent to 1.1%. The one-time processing fees range from N1,256 up to N6,000 and the maximum annual rate (APR) of 40 percent.

Aella Credit Loan App (1 Million Downloads)

Aella credit boasts that it is an all-in-one shop for financial needs. They provide personal loans for the short term which vary between N1500 to N1,000,000 with a tenor of 60 days to 180 days.

Aella credit monthly interest rate ranges from 2% – 20% and APR from 22% – 264%/annum.. The app is a huge hit with Nigerians since they have downloaded it more than 1 million times through the Play Store and it has gotten up to 34K reviews and a 3.8-star rating.

Umba Loan App (1 Million Downloads)

Umba lets users apply, draw down and pay back loans from their smartphones as well as their desktop computers. Once a person has been confirmed, they decide to lend them money in accordance with the risk rating assigned to them.

The Umba app has gotten over 1 million downloads on the google play store with a good star rating of 3.8 and 23k reviews. Umba loans have a maximum and minimum duration of 62 days. Credit amount from ₦ 2000 to ₦ 30,000 and Maximum annual interest rate of 10% and 0% commissions).


The above article is a comprehensive list of the best instant loan apps in Nigeria. We hope this article helps you make the best choice why choosing the loan app that meets your requirements. Please make sure you read and understand the terms and conditions before applying for any of these best loan apps in Nigeria. Thank you for having the time to read this article about the best loan apps in Nigeria to the end.