[Fresh!] 11 Mobile Loan Apps In Nigeria 2020

loan apps in Nigeria

Whoever thought it was going to be so easy to get loans online with Loan apps in Nigeria?What if I told you that you can grab quick online loans in Nigeria instantly without collateral would you agree? That’s why we have the top 10 best loan apps in Nigeria today.

Mobile loan apps in Nigeria and their loan sites can help you meet your personal loan or small business loans need.

Peer to peer lending in Nigeria is in vogue as online lending companies (I mean loan givers in Nigeria) are popping out to help students, employees and small business owners to grab fast cash loans.

Yes, student loans, car loans, personal loans, credit loans, business loans, emergency loans, just name it!

loan apps in nigeria

Come to think of it, almost every day we spend money to make money. In busy states like Rivers and Lagos, you’ll definitely need loans to pay bills, settle debts, etc.

So, how can you get an instant online loan in Nigeria in a matter of 24 hours?

All you need is a smartphone, internet connection, install any of the best loan apps in Nigeria I’ll share with you, a valid bank account number, and your BVN.

Related: How to link your NIN to your mobile number

Yes, I call it the 24hrs loan in Nigeria package on your smartphone.

Although micro-finance banks lend money to people with some stress involved, with these 24hrs loan apps in Nigeria, you can borrow money online in a maximum of 5 minutes once you’re setup!

Loan companies in Nigeria behind these platforms give you quick online loans without collateral;

  • No paperwork
  • No charges
  • All for free with a friendly schedule for your loan repayment.

Now, let’s get to the real deal of the loan apps for fast loans in Nigeria.

Top 11 Mobile Loan Apps In Nigeria

Disclaimer: To borrow money online in Nigeria today is as easy as ABC, accessing credit facilities is less difficult than it used to be.

I definitely cannot give a list of all loan apps in Nigeria but have tried quite a few android loan app in Nigeria and I had a smooth experience.

Still, you have to go through the Terms and Agreement of each of the loan apps in Nigeria that made it to the list.

This list of instant loan app in Nigeria information purposes only.

Most of these free loan websites give unsecured loans. An unsecured loan is a loan that is issued and supported only by the borrower’s creditworthiness, rather than by any type of collateral. … Borrowers must generally have high credit ratings to be approved for certain unsecured loans.

Related: Latest update on Sem Ishiba Grant disbursement date

So, let me take you through each of the best instant loan applications in Nigeria for surest loans in no time.

1. Carbon Loan App 

Surprising but true! I wanted to test the services of these loan apps in Nigeria and I started with Paylater loans – the fastest loan app in Nigeria, though the name of the company is now Carbon.

I got my first loan disbursed into my bank account in 3 minutes! Let me explain.

carbon new loan apps in nigeria
You can choose a 15 day or 30 day repayment schedule. Interest rates are 15% and 20% respectively, depending on your repayment plan

You’ll have to Download the PayLater Loan app on Playstore, install, start registration.

This will include providing your names, date of birth, gender, email, type of residence, education, employment status, source of income, your bank details, and BVN.

Once you’re done, you can now request a loan. Once you request a loan, you’ll be required to drop the details of your Atm Card. Why? PayLater needs this in order to receive your loan repayments on your due date.

That’s sensitive information you’d say, so PayLater has taken all available precautions and secured its platform with world-class encryption and security technology to protect your data via Secure Socket Layer SSL.

That’s exactly what I did and I got my first loan in maximum of 5 minutes, disbursed into my account.

The best loan app in Nigeria is PayLater and I’d call it the best student loan app in Nigeria.

Did you know that you can make some extra earnings if you invest money with PayVest – one of Paylater’s features. The interest can yield up to 15.5% every year.

Also, you can send cash to friends and family, recharge airtime on your mobile phone and pay for utility bills such as GoTV, DSTV, LCC, Bet9ja or set up transactions to occur at a future date.

For more information, you can visit the PayLater FAQs page on their website.

2. Branch Loan

The next on the list of loan apps in Nigeria is Branch App for personal loans. Not quite long, I made a post about the Branch loan app in Nigeria for easy loans. You should check it out.

Branch International is leading has given over 100,000 loans and disbursed over 1 billion Naira in just over a year of operations.

It also has over a million downloads and rave reviews on the Google play store. Yes, the Branch app is the second-best loan app in Nigeria without collateral.

All you need to do is download the app, create an account, apply for the loan that matches your needs, receive loans into your bank account.

branch loan app
Interest rate is 20%

Do you know what’s interesting? It takes a maximum of 60 seconds to create an account and you’ll be presented straight away with loan amounts that you qualify for as seen in the image above.

In my experience, it takes a maximum of 1 hour to receive money into your bank account immediately you select a loan amount.

Loan repayment spans across 4 weeks, where you have the option to pay certain amounts every week.

To me, I’d say the Branch app is the easiest loan app in Nigeria.

For more information visit the official website of branch international.

3. Kiakia Online Loans

Another loan giving company is called Kiakia loans. It is another money emergency loan lending hub for businesses in Nigeria.

Have you got hot business ideas and want a fast loan to run the business? Kiakia loans got your back.

kiakia loans

Kiakia is a Yoruba language meaning “Fast fast”. The Kiakia loan app is for easy disbursement of funds to individuals and small-medium enterprises without any credit information required.

If you’re looking for quick loans in Lagos hit Mr. K at Kiakia loans. The interest rate? It ranges from 0.4% to 0.8% per day as seen in the image above.

For more information, visit the Kiakia official website for more information.

4. Fair Money Loans

Talk about student loans at minimal rates, lowest business loans, or personal loans to be sent to you in just 5 minutes, then you also need fair money.

Fair money is one of the reliable loan apps in Nigeria providing credit and making funds readily available to all.

fairmoney loan
The interest rate is between 15% – 30%.

All you need to do for a fast and easy application process is download the app on your Google Play Store, receive your money (up to 40,0000 in your first request without collateral), repay between a period of 15 days and 1 month, or right after your salary entry date.

For more information, visit the official website of Fair Money to download Fair Money mobile loan app in Nigeria and you’ll have all you need.

You can also check out our post on Federal Government Trader Money Initiative for small petty traders to get loans.

If you want to borrow money online, there are definitely more loan companies providing credit funding to individuals through loan apps in Nigeria.

Yes. you can get loans in Nigeria without collateral and the Next is Snap credit.

5. QuickCheck App For Loans In Nigeria

On my list of loan giving apps in Nigeria, I have QuickCheck loan. QuickCheck is a Nigerian Fintech Startup that aims to provide banking services to the under-served.

Quick check

According to this online loan site, borrowers can receive instant funds of 30,000 Naira without any collateral exchange. Interestingly their repayment period is either 15 days or 30 days.

QuickCheck money loan app in Nigeria uses machine learning to predict user behavior and evaluate loan applications. For more information visit http://www.quickcheck.ng/

6. Snap Credit

Snap credit is another money loan app in Nigeria. If you’re thinking about acquiring a loan in Nigeria online, you can try out Snap Credit – regulated direct moneylender based in Lagos.

Snap credit loan
Fast cash loans

Here’s how it all works; apply online either on your smartphone or PC, get your money sent into your bank account and when it comes to repayment, it is done by the employer in the form of monthly deductions from the employee’s salary.

For more information, visit SnapCredit via https://www.snapcredit.ng/Info/Contact

7. CreditVille

Another lending platform for fast money and quick loan processing is CreditVille.

So, when it comes to quick loans in Nigeria, they’ve also made it to our list of online loan apps in Nigeria.

Creditville - Online loan site
Creditville Loans rates are extremely low. As low as 5% to 6.5% interest

With CreditVille, you can access three categories of loans namely; cab lease loan (car loan via higher purchase with installment payments), business loans and payday loan (a loan for salary earners).

This mobile lending platform offers a maximum online loan amount of #250,000 over a loan duration of 12 months. For more information visit CreditVille’s website.

You know what? Every of these loan platforms has one limitation or the other from a potential borrower standpoint; this means you have to go with the one that best suits you.

For example, on Palm credit, if you don’t make your loan repayment on the due date, funds to be repaid increases, but this is not the case on PayLater and Branch.

Asides the varying interest rates, Branch App doesn’t offer a 15 day repayment schedule while Fair Money and PayLater do so.

So if you ask me which is Nigeria’s best and fast loan platform, first I’ll go with ones with cheapest loan apps (apps with lowest interest rate), and with terms and conditions that suit me the most.

So, let’s move to the last on the list of genuine loan apps in Nigeria.

8. Palm Credit For Emergency Loans

One of the latest loan app without collateral in Nigeria is Palm Credit. Once you download the palm credit app on Google Play Store, all you need to do is access the App with your phone number or Facebook.

quick loan apps in Nigeria - palm credit

Palm credit is part of the Transsnet Financial group. Palm Credit claims 2 minutes approval of your loan, 98% pass and 3 steps to apply and get your loan.

9. Aella Credit

Aella Credit Another mobile loan app in Nigeria. Their loan site and app make Africans gain access to financing.

Aella credit targets employees and their lending empowerment programme are affiliated with credit bureau agencies to provide affordable loans without collateral to individuals.

Download Aella Credit loan app on GooglePlay Store to get started.

10. Soko Loan

sokoloan app

Adding to the top list of best online loan apps in Nigeria is Sokoloan. SokoLoan is an easy to use, and simple online lending platform that provides short term loans in Nigeria. si

It is a Chinese Internet Marketing/Lending company based in Lekki Phase 1, Lagos State, with the mission to provide private individuals with easy loans to help cover unexpected expenses or urgent cash needs.

Also, they provide SMEs with loans for their business and also large companies with Internet PR and market research.

To use Sokoloan app, go to Google Play Store, download the app, install and follow the form instructions to get a collateral-free loan.

11. Alat

Another money-lender of quick cash is Alat. Alat is somewhat a digitized bank where you can get loans instantly with no paperwork, no collateral, and the loan is disbursed in minutes.

Alat mobile money app in Nigeria

Alat loan as high as N200,000 can be credited into your account without any initial saving or collateral requirements.

Visit Alat website via www.alat.ng

Quick Loan Apps In Nigeria (Summary)

There you go, the list of top 11 best quick loan apps in Nigeria for loans without any collateral, no paperwork, and you have money in your account in minutes.

Please note that this list of legit guaranteed loan apps in Nigeria is based on personal thoughts (what I’ve tried out).

Getting a loan could be so easy and fast! Try Branch and receive the funds today. Unlock larger loans as you complete your loan payments.

All you have to do is download the android loan apps,  install,  create an Account,  apply and receive cash in 3 minutes.

Whatever you do, be sure to check out the terms and conditions of these mobile loan platforms in Nigeria.

Also, check the interest rate, payback period and repayment schedule to see if it suits you.

If you’ve tried any of these 11 top loan apps in Nigeria, let’s have your comments, what’s your experience or difficulties you’re experiencing?

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  1. For the past one year I have registered for the free Grant and I have collected my certificate ,but I haven’t heard any further information?

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