Top best instant loan apps in Nigeria

Are you in need of an instant loan in Nigeria? Here is a list of the best loan apps in Nigeria with low interest rates, fast disbursement, and possibly no BVN requirements.

Best loan apps in Nigeria: Naira notes in #200 and #500 denominations

At a time when money is the most crucial necessity for daily survival in the country, many are resorting to instant loan apps to fix their financial predicaments in Nigeria.

Inflation has risen drastically since the pandemic as seen in the current prices of food and energy. In the wake of this, the number of instant loan apps in Nigeria has increased, offering citizens quick and instant loans with low-interest rates and with or without BVN requirements and paper-works.

In this article, we list and analyse the top, instant and best loan apps in Nigeria. The article discusses each loan app's interest rate, user experience, loan repayment plans, BVN and paperwork requirements, and how quickly requests are processed.

Before signing up with one of the best loan apps listed on this page, it is worthwhile to understand the intricacies surrounding loans, the legal requirements, and what comes next if loan repayment is not made when due.

Below are the top 8 best instant loan apps in Nigeria

8.Aella quick loan app

Aella is one of the best instant loan apps in Nigeria and ranks 8 in Clacified's list of top best quick loan apps in Nigeria. Aella provides non-collateralized loans of up to 1,000,000 NGN.

Aella instant loan app offers loans from 1500 to 1 million NGN at low-interest rates ranging from 4-30% and charges no late loan repayment fees.

It allows you to build your creditworthiness via prompt loan repayment to qualify for more significant loan amounts and reductions. In exchange for timely loan repayment, you will get cash back on the interest paid. 

At Aella, Loan repayment terms vary per borrower but often range between 1-3 months, depending on the borrower's characteristics.

TIP: Consider requesting your employer to integrate with the Aella instant loan app to get a cheaper interest rate and favourable repayment plan.

Aella, the 8th best instant loan app in Nigeria, requires your BVN during the application process to guarantee that you are the owner of the account information provided and to prevent account imposters.

How to get a loan from the Aella loan app

  1. Install the using the installation button above
  2. Create an account
  3. Complete all relevant fields with valid and pertinent data.
  4. Click the Check Eligibility button to find out how much you may borrow.
  5. Apply for a loan that meets your needs.
  6. Obtain money in your Aella Wallet.

7.Umba instant loan app

Umba is Nigeria's 7th best instant loan app and one of the fastest loan apps in Nigeria, enabling Nigerians to apply, draw down and repay loans. Umba is also a full-fledged mobile bank and uses a risk assessment program to make loan decisions.

You may use your Umba loan to transfer funds straight to your M-Pesa account, retailers, and utility service providers.

Umba does not impose late fees or rollover costs, and you may have access to larger loans, reduced rates, and more flexible payment terms as you repay.

It uses your phone's data, including your SMS history, to authenticate your identity and generate a credit score, making obtaining a personal loan straightforward. 

As one of the best loan apps in Nigeria, Umba also ranks among Nigeria's most secure loan apps, as it prioritises user privacy and pledges never to share user information with third parties.

There is a maximum term of 62 days for Umba loans, with a minimum loan amount of 1,115 NGN and a maximum sum of 89,182 NGN. The maximum Annual Percentage Rate (APR) is 10% with no commission.

How to borrow from the Umba instant loan app

  1. Install the using the installation button above
  2. Create an account
  3. Apply within minutes. 
  4. Receive an Umba Loan
  5. Increase your borrowing limit whenever a loan is repaid on time.

6.Okash loan app

OKash quick loan app is a micro-lending program powered by OPay and is one of the best loan apps in Nigeria. The Okash instant loan app excludes borrowers under the age of 20 and those over 55 from receiving loans.

In addition to age, OKash uses information obtained from the user's smartphone, such as the phone specifications, and financial transaction messages to create a customised credit score and select the most suitable loan offer for borrowers.

Okash, the 6th best loan app in Nigeria, is one of the fastest loan apps in the country, crediting loans in minutes to Nigerians with a daily interest rate of 1.2% for a set duration of 15-day increment. 

How to borrow from the Okash instant loan app

  • Install and Launch the OKash mobile app using the Get App button above.
  • Locate "loan" and begin the loan application procedure. 

5.QuickCheck loan app

QuickCheck instant loan app is one of Nigeria's best quick loan apps and offers loans up to 10 000 NGN to first-time app users. QuickCheck loan app ranks as Clacified's 5th best loan app in Nigeria.

QuickCheck is one of Nigeria's most innovative loan apps, as loan applications are promptly evaluated using machine learning algorithms to forecast borrowers' credit scores and repayment behaviour.

The Quickcheck loan app is PCI DSS-compliant to provide borrowers with the highest levels of data protection.

The interest rate is the biggest strength and benefit of using the QuickCheck loan app. QuickCheck loan app offers one of the lowest interest rates in the market at 1% per day.

However, it takes over 24 hours to process a loan request making it one of the least fast loan apps in Nigeria.

How to borrow from the QuickCheck loan app

  • Download the app from the Play Store using the GET APP button above
  • Create a profile by registering for an account on Quickcheck.
  • Quickcheck will immediately check your credit score when you apply for a loan and use machine learning to determine your eligibility. If authorised, funds will be sent to your bank account within minutes.

4.Palmcredit loan app

Palmcredit loan app is, by all accounts, the fastest loan app in Nigeria offering loan payouts in under 3 minutes. Palmcredit loan app gives fast access to loans from 2500 to 300000 NGN of up to 100,000 NGN within minutes.

Palmcredit loan repayment terms range from 4-26 weeks with interest rates ranging from 5-28% at an annualized rate of between 24-56%.

Because it allows customers to take out as many short-term loans as possible without the need to wait for approval, Palmcredit has become a popular mobile loan app option in Nigeria and is one of the best instant loan apps in Nigeria

This top-rated instant loan app requires no collateral or documentation and offers a payback duration of 91 to 365 days.

Palmcredit is the 4th best loan app in Nigeria and imposes no hidden fees, rollover fees, or transaction costs. Individuals aged 18 to 60 are the only ones eligible for their loan offerings.

How to borrow from the Palmcredit instant loan app

  1. Download and install the Palmcredit loan app using the GET APP button above.
  2. Launch the app and create an account 
  3. Submit the form by filling in all the required blanks.
  4. The amount you want to withdraw and how you want to pay it back may be entered on the withdrawal page.
  5. After visiting the withdrawal page, enter the withdrawal amount and repayment method to initiate a withdrawal request.
  6. The platform will not lend until you have applied.

3.Fairmoney loan app

Offering over 10,000 loans daily, Fairmoney ranks 3rd on our list of best loan apps in Nigeria. They provide loans ranging from 1,500 NGN to 1,000,000 NGN, with payback terms ranging from 61 days to 18 months.

Fairmoney loan app is also one of the fastest loan apps in Nigeria, completing loan disbursement within five minutes. The APR ranges from 30% to 260%, or a monthly interest rate of 2.5 per cent to 30 per cent, making Fairmoney a top option for low-interest loan apps.

Fairmoney asks for nothing more than a few papers or a piece of collateral, which has bolstered its reputation as one of the best loan apps in Nigeria.

Fairmoney is one of the highest-rated Nigerian loan apps on the Google Play Store and adheres to the European Data protection laws since it is based in Europe.

It's important to note that FairMoney gathers and analyses data from your mobile phone to make a lending decision for mobile loans. This information is required to authorise your loan in real-time without requesting more documents from you.

How to borrow from the Fairmoney instant loan app

  • Download and install the app using the installation buttons above
  • To get a loan offer, you'll need to register using the phone number connected to your BVN and answer a few questions.
  • If you agree to it, your loan will be sent directly into your bank account of choice.

2.Branch loan app

The branch instant loan app is the 2nd best loan app in Nigeria and, like Carbon, progressively unlocks more significant loan amounts.

The branch provides loans ranging from 2,000 to 500,000 NGN for 4 to 52 weeks. The APR runs from 18 to 260 per cent, depending on your loan, with an equal monthly interest rate of 1.5 per cent to 20 per cent.

No late or rollover fees apply, and no collateral is required. Interest rates are influenced by several variables, including your repayment history and the branch's cost of funds.

As one of the best quick loan apps in Nigeria, Branch analyses smartphone data with the full approval of consumers to evaluate loan eligibility.

Thousands of data points are processed by the loan app's learning algorithms, which provide personalised loan alternatives in a matter of seconds, making it one of the fastest loan apps in Nigeria.

How to borrow from the Branch instant loan app

  • Download Branch on your Android device from the Google Play store using the button above
  • Please fill out the short form and send it in for a rapid evaluation to create your account.
  • When you fill out an application for a loan, the money will be paid directly to your bank account or mobile money within minutes.
  • Repay the loan using your smartphone and improve your credit score to access more significant loans in the future.

1.Carbon loan app

With Carbon, you can borrow up to a million NGN without collateral, guarantors, or paperwork. Citing these unique characteristics, the Carbon Loan App has earned the coveted title of Best Loan App in Nigeria.

Carbon, Formerly known as PayLater, is a Lagos, Nigeria-based platform that provides users access to finance, convenient payment solutions, and high-yield investment options.

Those who pay off their loans on time are eligible for cashback on the interest they pay, as well as more significant loan amounts and cheaper interest rates.

Because of its reputation for dependability, there are no late fees, rollover fees, or processing expenses with the Carbon loan app. Users only pay what they owe, a much sought-after feature expected of all of Nigeria's best loan apps.

How to borrow from the Carbon loan app

  • Install the Carbon application from the Google Play Store or the App Store.
  • By giving your information, you get closer to gaining access to financing. It is secure and safe.
  • Carbon will evaluate your application and inform you of your eligibility when you've specified the amount you want to borrow.
  • Once accepted, Carbon will immediately deposit the cash into your account.