BEST LOAN APPS IN NIGERIA 2024

 Best Loan Apps in Nigeria 2025 [CBN Highly Endorsed No. 5]

In today’s world, where financial difficulties and emergencies are inevitable, the demand for loans for personal and business needs has skyrocketed. These loan apps in Nigeria have exclusively taken responsibility for lending from commercial banks. 

The platforms, catering to personal and business needs, offer low-interest rates, hassle-free processes, and quick disbursement, ranging from N5,000 to N100,000, all accessible through user-friendly mobile apps. 

The legitimacy of these loan apps in Nigeria has been tested by various users, ensuring compliance with international standards and providing a reliable solution for individuals and businesses alike.

Despite challenges such as unethical practices and borrower non-compliance, the digital lending space in Nigeria is flourishing. 

According to the F.C.C.P.C., 201 digital lenders have been approved, comprising 161 with full approval. Notably, this figure excludes numerous unregistered platforms operating in the space.

READ ALSO: List of Fake Loan Apps in Nigeria 2025: Fully Updated List

In this article, we will discuss the following loan apps in Nigeria:

  • Carbon (formerly Pay Later)
  • Branch
  • PalmCredit
  • Renmoney
  • FairMoney
  • Umba
  • Okash
  • QuickCheck
  • Aella Credit
  • KiaKia
  • Lidya
  • New credit
  • C24
  • Specta
  • Lendigo

15 Best Loan Apps in Nigeria (Explained) 2025

Below are best loan apps in Nigeria, each with its requirements, interest rate, loan amount, repayment method, loan duration, and how to apply.

1. Carbon (formerly Pay later): 

Carbon is an innovative digital banking platform offering immediate loans to individuals and small businesses across Nigeria. It provides a seamless process without requiring extensive paperwork.

Carbon redefines the lending experience by combining simplicity, speed, and security via a user-friendly app interface. Aside from being the pioneer of online lending platforms, Carbon is one of the best loan apps in Nigeria. 

They offer additional financial services such as bill payments, investment opportunities, money transfers, and financial planning.

   Carbon Loan Features

  • Loan Amount: ₦1,500 to ₦20,000,000
  • Interest Rate: 2% – 30%
  • Loan Duration: 3 – 6months
  • Requirements: Personal Details, B.V.N. & Bank Statement
  • Repayment Methods: Wallet Fund & Bank Transfer
   Quick Steps on How to Apply for Carbon Loan

Step 1: Download the App: Head to the Play Store to download the Carbon app.

Step 2: Login and Verify: Log in using your credentials for verification purposes.

Step 3:  Loan Application: Once logged in, submit your loan application through the user-friendly interface.

Step 4:  Approval and Disbursement: Upon successful application, Carbon swiftly processes and approves your loan, disbursing the funds directly into your bank account.

 2. Branch:

 Branch is an online lending platform that offers personal loans to individuals and businesses in Nigeria. It emerged as a leading loan app that serves individuals and companies in Nigeria. The Branch ensures quick disbursements and offers a user-friendly platform for financial solutions without collateral or documentation. It is evident that branch is among the best loan apps in Nigeria.

     Branch Loan Features

  • Loan Amount: ₦2,000 to ₦500,000
  • Interest Rate: 3% – 23%
  •  Loan Duration: 2months – 1 year
  • Requirements: Personal details, Bank Details, Email and Phone number
  • Methods of Repayment: Bank transfer, Wallet balance, and Debit Card.
 Quick Steps on How to Apply for Branch Loan

Step 1: Download Branch App: Head to the Google Play Store, download the Branch app, and install it on your Android device.

Step 2: Sign Up and Loan Application: Register on the app and navigate to the “Loans” option. Fill in your details, including your phone number and mobile money account details.

Step 3: Check Eligibility and Apply: Find out the loan amount you’re eligible for and tap “Apply.” Within minutes, the funds are disbursed into your bank account.

3. PalmCredit:

  This lending platform provides fast loans with adaptable repayment terms and attractive interest rates. It gives you a loan without collateral. However, if you are a first-time borrower, they may only offer you a small loan amount. PalmCredit is a versatile and accessible loan app in Nigeria, offering a range of loan options with competitive terms. with no doubt palmCredit is among the leading loan apps in Nigeria today.

   PalmCredit Loan Features

  • Loan Amount: ₦2,500 to ₦100,000
  • Interest Rate: 8% – 24%
  • Loan Duration: 12 weeks – 6 months
  • Requirements: Personal details and Bank Details.
  • Repayment Methods: Bank transfer and Debit Card.
 Quick Steps on How to Apply for a Palmcredit Loan

Step 1:

  • Download and Sign Up: Head to the Google Play Store.
  • Download the PalmCredit app.
  • Sign up with your phone number.

Step 2: Complete Verification: Fill in accurate details, verify your phone number, and proceed to the “Loan options” section to apply.

Step 3: Approval and Disbursement: Receive approval within a short time, and choose the desired payment destination, be it your bank or mobile Money.

4. Renmoney: 

Renmoney is a prominent fintech company in Nigeria, 

Offering an array of financial services to both individuals and businesses. Renmoney operates primarily through digital channels, specializing in digital lending and providing a convenient and accessible platform for customers to access their financial services.

      Renmoney Loan Features

  • Loan Amount: ₦6,000 to ₦6,000,000.
  • Interest Rate: 2.4% – 9.33%
  • Loan Duration: 3 months – 2years
  • Requirements: Personal details, Bank Details, B.V.N., email, bank statement, government I.D., and utility bill.
  • Repayment Methods: Bank transfer, Debit Card, and Account balance.
 Quick Steps on How to Apply for a Renmoney Loan

Step 1: Download the App: Download the application from either the Play Store or the App Store.

Step 2: Step-by-Step Process: Once the app is downloaded, follow the user-friendly process to kickstart your loan application.

5. FairMoney:

Fair Money is an online platform offering swift loans to individuals to address urgent needs, cover bills, support businesses, and more. It offers you 30 free transfers monthly, discounts on airtime/data, no charges on bills, and much more. FairMoney stands out as one of the safest loan apps in Nigeria, holding a Microfinance Bank license issued by CBN and insured by N.D.I.C.

 Fair money Loan Features

  • Loan Amount: ₦1,500 to ₦5,000,000.
  • Interest Rate: 2.5% to 28%, with A.P.R.s from 28% to 260%.
  • Loan Duration: 2months – 18months
  • Requirements: Basic personal details, bank card, email, and phone number.
  • Repayment Methods: Bank transfer, Debit Card & wallet balance.
Quick Steps on How to Apply for Fairmoney Loan

Step 1: Install the app from the Android Google Play Store.

Step 2: Create an account using your phone number.

Step 3: Follow the instructions provided.

Step 4: Fill in the eligible loan amount.

Step 5: Receive credited funds in your bank account within five minutes.

6. Umba: 

Umba is a digital bank known for its user-friendly interface and unique features; Umba stands out as a reliable platform for individuals seeking hassle-free loans directly from their smartphones or computers. Users commend Umba for its no praise fees, making the borrowing experience transparent and user-friendly. Umba’s low-interest rates contribute to its popularity, particularly among first-time borrowers.

      Umba Loan Features

  • Loan Amount: ₦1,115 to ₦300,000.
  • Interest Rate: 10% to 21%.
  •  Loan Duration: 2months
  • Requirements: phone number, B.V.N. details, and bank account details.
  • Repayment Methods: Bank transfer, Debit Card & wallet balance.
Quick Steps on How to Apply for Umba Loan

Step 1: Download the App: Access the Umba Mobile app from the Google Play Store.

Step 2: Registration: Sign up and register with accurate information.

Step 3: Eligibility Check: Verify your eligibility status.

Step 4: Loan Application: Click on the “Loan” option and submit your application.

Step 5: Select Loan Amount: Choose the desired loan amount.

Step 6: Approval Process: Wait a few minutes for approval.

Step 7: Loan Disbursement: Receive the Umba Mobile loan in your wallet or bank account.

7. Okash: 

Okash is a micro-lending platform that caters to customers’ financial needs efficiently, providing a range of loan amounts and flexible repayment plans. Okash is owned and managed by Blue Ridge Microfinance Bank. Okash loan is collateral-free. OKash contributes to financial inclusion by providing accessible financial solutions to many users.

Okash Loan Features

  • Loan Amount: ₦3,000 to ₦500,000.
  • Interest Rate: 9% to 30%.
  •  Loan Duration: 1 to 12 months.
  • Requirements: phone number, B.V.N. details, and bank account details.
  • Repayment Methods: Repayments can be made via debit card or bank transfer.
Quick Steps on How to Apply for Okash Loan

Step 1: Download OKash App: Download the OKash app from the Play Store.               

 Step 2: Registration: Register an account, follow the instructions, and fill in accurate information.

Step 3:  Loan Application: Complete the loan application process with a set of questions, ensuring a paperless experience.

 Step 4: Approval and Disbursement: Wait a few minutes for approval. Once approved, the loan amount is disbursed into the chosen account within five minutes.

8. QuickCheck: 

Quickcheck is a digital lending platform that offers quick loans to individuals and businesses. The app employs machine learning to predict borrower behavior, streamlining the loan evaluation process and ensuring quick responses. Quickcheck provides collateral-free loans, eliminating the need for borrowers to pledge assets.

Quickcheck Loan Features

  • Loan Amount: ₦10,000 to ₦1,000,000.
  • Interest Rate: 2% to 30%.
  •  Loan Duration: 1 month to 12 months.
  • Requirements: Personal details and bank account details.
  • Repayment Methods: Debit card or bank transfer.
 Quick Steps on How to Apply for Quickcheck Loan

Step 1: Download the App: Obtain the QuickCheck loan app from the Google Play Store.

Step 2: Registration: Create your profile by registering on the app.

Step 3: Correct Information: Fill in accurate information and follow the provided instructions.

Step 4: Check Eligibility: Assess your eligibility and determine the qualified loan amount.

Step 5: Loan Application: Apply for the loan and await approval, usually within a few minutes.

Step 6: Loan Disbursement: Once approved, the QuickCheck loan is disbursed directly into your wallet or bank account.

9. Aella Credit: 

Aella Credit is a prominent loan app in Nigeria that offers instant loans and contributes to financial empowerment. Aella Credit focuses on employee lending, contributing to financial inclusion by providing accessible loans to a diverse user base. It does not require collateral, and the interest rate is fair compared to other loan apps in Nigeria.

Aella Credit Loan Features

  • Loan Amount: ₦2,000 to ₦5,000,000.
  • Interest Rate: 4% to 20%.
  •  Loan Duration: 1 to 3 months.
  • Requirements: Personal details and bank account details.
  • Repayment Methods: Aella Credit supports wallet fund transfers, debit card payments, and bank transfers.
 Quick Steps on How to Apply for an Aella Credit Loan

Step 1: Download the App: Access the Aella Credit app on either the App Store or the Google Play Store.

Step 2: Account Creation: Create an account by providing accurate information. Aella Credit streamlines the application process, requiring only basic details, such as a smartphone and your B.V.N.

Step 3: Eligibility Check: Assess your eligibility through the app to determine the approved loan amount.

Step 4: Loan Application: Apply for the loan directly through the app and experience a quick approval process that takes only five minutes.

Step 5:  Funds Disbursement: Upon approval, receive the loan funds directly in your bank account, ensuring swift access to your financial support.

10. Kiakia:

Kiakia is a financial technology company that offers loans to individuals and businesses in Nigeria via its app. This innovative platform provides easy access to loans and facilitates savings and lending activities through intuitive conversations. KiaKia aims to simplify the user borrowing process.

 KiaKia rewards responsible borrowers who demonstrate financial responsibility over time with trust points. Accumulating trust points enables users to access more significant loan amounts with longer tenure and more flexible interest rates.

 

Kiakia Loan Features

  • Loan Amount: ₦10,000 to ₦10,000,000.
  • Interest Rate: 15% per month.
  • Loan Duration: 1 to 3 months.
  • Requirements: personal details and bank information.
  • Repayment Methods: Wallet funds, debit card payments, and bank transfers.
Quick Steps on How to Apply for Kiakia Loan

         Step 1: Download the KiaKia Loan App or Visit their website

         Step 2: Create a KiaKia Account

        Step 3: Go to the Loan Option

        Step 4: Choose Loan Amount & Tenor

        Step 5: Provide Proof of Income

        Step 6: Link your Bank account (Optional)

        Step 7: Accept the Terms and Conditions

      Step 8: Authenticate your Bank Account

      Step 9: Loan Disbursement.

11. Lidya:

 Lydia is an online platform that provides instant loans to business owners. Lidya emerges as a financial partner dedicated to the success of businesses. Aside from giving loans, Lydia is a versatile financial platform that offers users services such as payments, current accounts, bank account connections, and more. The app facilitates bill splitting, payment reminders, and transactions at participating stores.

Lydia Loan Features

  • Loan Amount: ₦500,000 to ₦35,500,000.
  • Interest Rate: 3.5% per month.
  • Loan Duration: Dependent on the specific loan amount
  • Requirements: Own a legitimate business and provide essential personal and relevant bank details.
  • Repayment Methods: Debit card payments and wallet balance transactions.
 
Quick Steps on How to Apply for Lydia Loan

Step 1: Sign up for Lydia via the website.

Step 2: Select your preferred loan type.

Step 3: Receive your loan deposited into your Lydia account.

12. NewCredit: 

Newcredit is a fintech company that allows users to secure loans in just 5 minutes. NewCredit is a digital lending platform approved by the Central Bank of Nigeria (CBN). This distinction positions the app as a reliable and trustworthy source for instant loans. It simplifies the borrowing experience without the need for collateral or extensive paperwork. 

NewCredit ensures a streamlined and secure loan application process, prioritizing user data encryption and privacy.

 

NewCredit Loan Features

  • Loan Amount: ₦10,000 to ₦300,000.
  • Interest Rate: 4%-24% monthly and 24% – 56% annually.
  •  Loan Duration: 3 to 12 months.
  • Requirements: Nigerian citizen, 18-55, link your valid A.T.M. card and a good credit score.
  • Repayment Methods: Wallet funds, debit card payments, and bank transfers.
 Quick Steps on How to Apply for NewCredit Loan

Step 1: Download the App: Access the NewCredit Loan app conveniently from the Google Play Store and install it on your mobile device.

Step 2: Create an Account: Register with your phone number and enter accurate information to set up your NewCredit account.

Step 3:  Loan Application: Click on the “Apply for Loan” option within the app to initiate the loan application process.

Step 4: Wait for Approval: Once you’ve applied, patiently await loan approval, which typically takes just a few minutes.

Step 5: Funds Disbursement: Upon approval, NewCredit ensures swift disbursement of funds, with the Money reaching your bank account within five minutes.

13. C24: 

C24 Limited is a fintech company in Nigeria that provides loans to individuals without requiring collateral or quick and reliable financial assistance. The organization strongly emphasizes accessibility, providing services accessible online from any internet-enabled device throughout Nigeria.

 The loan application process is designed for efficiency, taking a mere five minutes to complete. C24 charges a 1% per day of default incurred for any delayed payments beyond the agreed-upon date.

C24 Loan Features

  • Loan Amount: ₦100,000 to ₦1,000,000.
  • Interest Rate: 4% monthly to 15% annually.
  • Loan Duration: 1 to 4 months.
  • Requirements: personal details and specific bank details
  • Repayment Methods: Direct debit, cheques, and P.O.S. terminals.
  Quick Steps on How to Apply for C24 Loan

Step 1. Fill in the Application Form: Visit the C24 Limited website and click “Apply Now” to kickstart your loan application process.

Step 2. Submit Documents: Choose the most convenient option for document submission at C24 outlets or opt for a hassle-free document pick-up service provided by C24 Limited.

 Step 3. Form Analysis: After submitting your application, the C24 team diligently analyzes all the information provided.

Step 4. Agent Confirmation Call: One of C24’s dedicated agents will contact you to confirm the processing of your application.

Step 5. Decision Within 24 Hours: C24 Limited is committed to efficiency. Within 24 hours, your documents and B.V.N. are thoroughly confirmed, expediting the decision-making process.

Step 6. Instant Disbursement to Your Bank: Once all the processes are concluded successfully, be prepared for instant gratification. You receive an alert confirming the disbursement of the loan to your bank account.

14. Specta:

 Specta is a loan app in Nigeria that is owned and managed by Sterling Bank. Spectra provides a collateral-free loan to individuals and businesses anytime, anywhere. Aside from quick loans, Specta offers other enticing packages, making it a versatile financial platform.

Specta Loan Features

  • Loan Amount: ₦1000 to ₦5,000,000.
  • Interest Rate: 25.5% to 28.5% annually.
  •  Loan Duration: 1 to 12 months.
  • Requirements: Personal details and some basic bank information.
  • Repayment Methods: Debit card and bank transfer.
 
  Quick Steps on How to Apply for Specta Loan

Step 1: Navigate to your web browser

Step 2:

  • Download the Salary Domiciliation Agreement.
  • Fill in the required details.
  • Email the document to [email protected].

Step 3: If operating with a savings account, 

Create an account with the Corporate Customer Salary Account to get started.

Step 4: Once your details are verified and you’re found eligible, expect approval and the disbursement of funds within minutes.

 Alternatively, you can apply through the Specta loan app by creating an account and following the straightforward application instructions.

Experience the ease of securing financial assistance with Specta, your go-to platform for quick and reliable loans.

15. Bendigo:

 Lendigo positions itself as an S.M.E. finance provider dedicated to simplifying the lending process for Nigerian small businesses. The Lendigo Loan App stands as a testament to the institution’s commitment to providing unique loan solutions for small businesses in Nigeria. By eliminating barriers to traditional bank loans, Lendigo enables S.M.E.s to thrive, ensuring financial security, liquidity, and growth. Lendigo is one the loan apps in Nigeria that support S.M.E.s.

Lendigo Loan Features

  • Loan Amount: ₦300,000 to ₦10,000,000.
  • Interest Rate: 4% monthly
  •  Loan Duration: 1 to 6 months.
  • Requirements: Essential personal details and basic bank information from S.M.E.s.
  • Repayment Methods: Debit card, bank transfer, and wallet balance.

 

Quick Steps on How to Apply for Lendigo Loan

Step 1: Apply Online: S.M.E.s can apply through Lendigo’s user-friendly mobile app to initiate the loan request. The application process is quick and straightforward.

Step 2: Get a Loan Offer: Following the submission of necessary documents, Lendigo evaluates eligibility and extends a loan offer to qualified S.M.E.s within a short timeframe.

 Step 3: Loan Disbursed: S.M.E.s receive the loan amount directly credited to their account upon accepting and signing the offer. The entire process is typically completed within 48 to 72 hours, reflecting Lendigo’s commitment to efficiency. 

Factors to put into Consideration when Choosing Loan Apps in Nigeria

The following factors should be considered when choosing loan apps in Nigeria.

  • Loan Amount and Terms: 

Ensure the loan amount meets your needs and the repayment schedule aligns with your financial situation.

  • Interest Rate:

 Compare rates and fees among loan apps to secure the most competitive terms.

  • Loan Duration: 

Compare the loan duration among the loan apps in Nigeria and choose the one that has a flexible repayment period that aligns with your financial condition. Decide whether you favor gradual repayments over an extended duration or a lump-sum settlement.

  • Requirements: 

Make sure to carefully check the eligibility requirements of each loan app to confirm that you qualify. Different apps might have specific conditions concerning your income, credit history, or job situation.

  • Security and Privacy:

 Give Preference to loan apps in Nigeria that implement strong security protocols to safeguard personal and financial data.

  • Customer Service:

 A responsive customer support system is crucial for addressing issues during the loan process. Choose an app recognized for its excellent customer support and prompt attention to queries and concerns.

  • Loan Purpose: 

Confirm if the app specializes in the type of loan that aligns with your intended purpose, personal, business, or student loans.

  • Repayment Method:

 Check for flexibility in repayment options, including multiple payment methods and penalty-free extra payments. Seek a loan app offering adaptable repayment methods that suit your financial capacity.

  • Reviews and Ratings:

 Ensure the app complies with relevant financial regulations in your region. Evaluate reviews and ratings of the loan app on app stores or online platforms. Gain insights from other users’ experiences to assess the app’s dependability and reputation.

  • Fast Approval Time: 

Prioritize apps with fast approval times, especially if you need funds urgently. Read user reviews to gauge the app’s effectiveness in swiftly delivering funds.

 Conclusion: Best Loan Apps in Nigeria

In conclusion, Nigeria’s digital lending landscape thrives, with numerous loan apps providing accessible and convenient financial solutions. Carbon, Branch, PalmCredit, Renmoney, FairMoney, Umba, Okash, QuickCheck, Aella Credit, KiaKia, Lidya, NewCredit, C24, Specta, and Lendigo are among the top players. 

Each app offers varying loan amounts, interest rates, and repayment terms. They are catering to diverse needs.

These apps leverage user-friendly interfaces and quick disbursement processes to redefine the lending experience. Despite challenges like unethical practices, the digital lending space continues to grow, with the F.C.C.P.C. reporting 201 approved digital lenders. When selecting loan apps in Nigeria, borrowers must consider factors such as loan amount, interest rate, duration, eligibility criteria, security measures, and customer service.

As the demand for quick and reliable financial assistance rises. 

Loan apps in Nigeria are essential in meeting the financial requirements of both individuals and businesses. Users should conduct comprehensive research and evaluate their options carefully to make well-informed decisions that suit their financial objectives and situation.

BEST LOAN APPS IN NIGERIA 2024

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