April 23, 2024
loan apps in Nigeria

The introduction of loan apps in Nigeria has helped many people in urgent need. You can now collect loans within a few minutes to meet dire needs.

In the past, you would have to go to a bank or contact a rich friend or relative to get loans in Nigeria.

Fortunately, the narrative has changed, to access a loan within a short period you will need to fill in your details and submit your information.

Some of the items required of you are your BVN (Bank Verification Number), ATM card details, next of kin information, place of work etc.

After submission and filling of your details, it will take just a few minutes to verify your information and ascertain the amount they can give you, after which the money will be disbursed into your account when you accept the amount calculated for you.

What are loan apps in Nigeria? 

Loan apps in Nigeria are applications that allow people to access loans within a short period. In most of the loan apps that request collateral, your next of kin details and personal information are enough.

Why do you need loan apps in Nigeria?

1. Emergency

There are times when a need you didn’t envisage or plan for will arise, what do you do in such cases?

For example, people don’t plan to get sick or be involved in an accident or have a car break down. It just happens.

These loan apps can help you solve this kind of need swiftly.

2. Education

School can be demanding at times, lecture materials, practical materials and instruments, and sometimes even lack of foodstuff are situations that make you collect loans.

3. Business

It could be that an opportunity for expanding your business arises and you don’t have enough money to take advantage of the opportunity.

These loan apps come in handy in such situations, since you are expecting profit from the venture you want to go into.

Who needs loan apps in Nigeria?

The people that need these loan apps in Nigeria are working-class or business people in urgent need.

A student with no steady source of incoming has nothing collecting loans because it will be difficult for him or her to repay.

Loan apps in Nigeria

1. Branch

Branch is a loan app in Nigeria that has disbursed 6 million dollars in credit, lent out to 4 million-plus people and given out 21 million loans.

The  CEO and co-founder of Branch is Matt Flannery and the managing Director in Nigeria is Dayo Ademola.

When you collect a loan from them, your personal information is secured and they don’t condone any aggressive form of debt collection or debt shaming.

They don’t charge late fees or rollover fees, they also don’t put restrictions on how you spend your money, and their customer support team is available 24/7.

You can also invest in Branch and get a 20 percent interest per annum. 

Use the following steps to receive a loan from Branch

  1.  Download the Branch app

Use your Android phone to download Branch from the Google Play store.

  1. 2. Create your account

Fill out a simple form in under 30 seconds and submit for a quick review.

  1.  Apply for the loan that meets your needs

Loans are conveniently sent to your mobile money or bank account in minutes.

  1.  Receive the loan into your account

 Repay with your mobile account. Build your credit to unlock larger loans.

2. Easemoni

Easemoni is a market-competitive credit loan and consumer financial services in Nigeria, Egypt, Pakistan, Indonesia , Mexico, Colombia and other places, and meets people’s needs with safe and efficient products and services.

It has a microfinance banking license from the Central Bank of Nigeria.

Easemoni uses data from your phone including your handset details and financial transaction messages, and your reason for borrowing.

They also combine the above information together with your loan repayment history to build an individualised credit score and determine the suitable loan offer for you.

It is compulsory for you to link your debit card to your account because that’s how you repay the loan you collected from them.

Another good thing about Easemoni is that they give you the opportunity to extend your loan payment date if you are unable to meet the initial date after you pay a small extension fee.


XCredit loan app is an app that makes it easy for people in Nigeria to access a loan, anytime, anywhere. They have an office in Lagos, Nigeria and only operate in Nigeria as at the time of writing this article.

Their Interest rates are determined by a number of factors, including your repayment history with XCredit and the cost of lending for us. Depending on these factors, the origination fee is charged 12% for a term of 180 days.

If you fail to repay your loan on time you incur an automatic interest rate of 2% per day and If you are very late on your payments, they will report you to the First Central Credit Bureau. Reporting you will affect your ability to collect loans from other lenders.

The loan amount you can get from them ranges from 5,000 Naira to 500,000 naira.


It is a financial technology company that seeks to provide accessible financial services to people in Nigeria.

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The loan amount they offer ranges from 5,000 Naira to 100,000 Naira only. The expected interest rate is from 5-30 % per month.

The loan is only for Nigerians that are between 20 to 60 years. To access the loan you must also have a viable source of monthly income.


LCredit is a digital loan app powered by CASHIGO that helps people meet all their quick personal finance requirements with just a few simple clicks.

The steps to take a loan from them are simple

  1. Install the LCredit app from Google Play Store.
  2. Login, and enter a few details.
  3. Get real-time credit assessment done.
  4. Get instant disbursal during business hours.

They offer loans from 5,000 Naira to 50,000 Naira depending on several factors, including your age, net monthly income, existing financial obligations, etc.

Their interest rate is from 12% to 36% for salary earners and business owners.

6. Cashlion

Cashlion is a personal loan app in Nigeria that meets people’s personal needs like marriage, children’s fees, vacations, emergency health issues and unexpected expenses.

They don’t have any restrictions on the people that can use their loan app, as long as your age falls between 20 and 60 years, you can apply for a loan from them.

The loan amount they offer is up to 250,000 Naira. Failure to pay back your loan will incur a daily interest of 2% and if you fail to pay after 30 days you will be reported to the credit bureau.


iMoney is a loan app in Nigeria that gives people access to quick loans. They support MTN AIRTEL GLO AND 9mobile only, you are not eligible if you don’t use any of the above networks.

Their Interest rates are determined by some factors, including your repayment history with them and the cost of lending to them. Depending on these factors, the origination fee is charged 15% for a term of 120 days.

8. Kashnow

KashNow is a digital loan product of UC Plus Advance Limited that allows users to initiate and access instant credit facilities to meet small cash needs through a secured and reliable platform.

You can access their loan through the web and USSD. Their USSD code is *5077#.

The minimum amount you can receive from them is 10,000 Naira and the maximum is 50,000 Naira.

However, you must be an employee of any organization, Federal, state or private, whose payment is made through Remita payment to be eligible for their loans.

9. XCross Cash

Xcross Cash is a loan app in Nigeria that gives you the opportunity to borrow quickly and the chance to level up your credit limit in different ways, which means enjoying a higher limit, lower interest, and more flexible tenor.

Their loan amount is from 10,000 Naira to 50, 000 Naira with a payment duration of 91 to 180 days.

They charge an interest rate of 4 to 4.7% monthly and 24% to 56 % per year.

Your age range must fall between 20 and 5& years and you must be a resident of Nigeria to be eligible for their loan

10. iCredit

iCredit is a loan app in Nigeria that offers loans from N10,000 to N50,000 with an interest rate of 5 to 30% per month.

iCredit makes loan decisions simply by using the data on your phone including your SMS history to verify your identity and create a credit score.

11. Migo

Migo is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their apps.

It also expands economic access by enabling credit for populations ignored by traditional credit bureaus, in many cases providing life-changing opportunities to lower-income customers.

Their head office is in San Francisco and they currently operate in Nigeria and Brazil.

You can get a personal loan on Migo through their website. It just takes three steps to access loans on their platform.

  1. Enter and verify your phone number
  2. Choose the best fitting loan offer 
  3. Add your banking information

After these three steps, the money will be disbursed into your account. As with other loan apps too, the more you repay the more the loan amount that will be offered to you.

12. Renmoney

Renmoney is powered by a group of technology and finance enthusiasts who are passionate about making financial inclusion count. 

You must meet the following requirements for you to qualify for a loan from them.

  • Be between 22 – 59 years old
  • Have a verifiable source of income
  • Live and/or work in cities where we operate
  • Have a savings or current bank account with any commercial bank

Unlike other loan apps in Nigeria Ren money requires you to submit more than the BVN and personal details, you will have to submit your bank statement, a government-issued ID card and utility bill (optional).

You can receive a loan for up to 6 million Naira with a monthly interest rate of 2.9% and an annual percentage rate of 44.17%.

13. Fast Money

Fast Money is a loan app that gives people loans online whenever they have a need.

You need to have a stable source of income, fall between the ages of 20 – 55 years, have a bank account,  and submit your BVN to be qualified.

The loan amount is from 5,000 Naira to 300, 000 Naira only. They have a monthly interest rate of 4.5 to 34 %.

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14. Newcredit

New Credit is a personal loan app in Nigeria that you can use to collect loans for different purposes.

You can collect a loan from 5,000 to 3000,000 Naira for a duration of 91 to 365 days to meet your financial needs.

The monthly interest rate ranges from 4 to 24 %. While registering on their platform you must submit details of two next of kin, bind your ATM card, have a monthly source of income and have a good credit score.

15. Quicknaira

Quick is an instant loan application and credit platform for young professionals in Nigeria.

The loan amount you can get from them is from ₦1,000 to ₦50,000 with a daily interest rate of 0.067%, a monthly interest rate of 2.038%

And an annual interest rate (APR) of  24.46%.

They also have a short-term duration of 6 months and a long-term duration of 1 year.

16. 9credit

9Credit is a money lending platform that gives credit to people within a few minutes.

The minimum and maximum amounts they loan out are 3,000 Naira and 100,000 Naira with an interstate of 0.07% per month and 25% per annum.

You must have been a worker between the age of 18 – 56 age to receive the loan.

17. Okash

OKash is a Micro-lending product which is provided by Blue Ridge Microfinance bank

OKash does not limit your work, income, or other conditions. So long as you are 20-55 years old, all you need is an Android device, a data connection, a means of identification, as well a valid bank account and card.

The loan amount given by Okash is determined by the information you give them access to which in turn be used to determine your credit score.

18. Palmcredit

Palmcredit is a loan app in Nigeria owned by Newedge that offers loans at low interest to businesses and individuals.

They can give you a loan of up to 100,000 naira with an interest rate of 4 to 4.7% monthly. The loan term is from 18 – 91 days.

19. Lendigo

Lendigo is an SME finance provider that gives loans to Small and medium enterprises and businesses in Nigeria.

They give loans from 300 thousand Naira to 10 million Naira to businesses.

They have given up to 6 billion Naira to businesses in Nigeria.

Examples of businesses they give loans to are Small business owners, E-commerce merchants, distributors and POS agents.

20. Aella-credit

Aella-Credit is a lending company with a team of innovators building products to help foster financial inclusion in the African continent.

You can access loans of up to a million without collateral from them.

21. Gocash

Gocash is a loan app in Nigeria that helps people settle urgent needs with ease.

You can get a loan from 5,000 to 300,000 with a service interest of 20 to 30%.

For you to be eligible for their loan, you must be a Nigerian between the age of 20 to 55 years.

22. Quickbucks

QuickBucks is a Mobile Banking Application for digital loans. It is a holistic platform for all loan products aimed at improving people’s borrowing experience for retail Loans, Credit Card, Debit Card, Consumer Durable Loans and Device Financing loan requests.

This loan app is powered by Acces bank.

The types of loans that can be accessed on Quickbucks are 

  • Payday Loan
  • Salary Advance
  • Small Ticket Personal Loan
  • Device Financing

23.  Quickcredit

Quick credit is a simple, technologically deployed lending platform that provides micro-loans for short- terms duration to help meet and cover emergency expenses and urgent cash needs.

You can access their loan through their website, their Moneypal app or by chatting with Zee on WhatsApp.

The amount of loans presented to you varies based on the information you supply to them.

24. Easycredit

Easycredit is an online lending platform in Nigeria that borrows money to individuals without collateral

The loan people money from 3000 Naira to 100, 000 Naira with an interest rate of 3.1% and a processing fee of 9.1%.

You must be a resident of Nigeria within the age of 20 to 60 years with a monthly salary to be eligible for their loan.

25. Fairmoney

Fair Money is the loan app of a micro finance company that lends money to people in Nigeria and India.

You can access loans of up to 1 million Naira on their platform to build your business or meet your needs.

You will only need to share your BVN details during the loan application and connect your card or bank account to authorize them to debit your account for the repayment.

26. Carbon

Carbon is a loan app in Nigeria that believes access to credit and quality financial services is a human right. They have a mission to empower all people with the financial access they need to pursue a life of dignity and prosperity.

You can access up to 1 million Naira on their platform, however, you would have proven your credibility over time by faithful repayment of the loan.

They even have cashback ranging from 10 to 100% for people who pay back loans on time.

27. Page Financials

Page Financials is one of the loan apps in Nigeria that aims to be a one-stop-shop when anyone needs urgent cash, extra income or any other financial services.

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You will need your employment or offer letter, evidence of your six months’ salary and a valid means of identification to access a loan on their platform.

You can top up your loan after 3 months if you still have financial needs but cannot collect more than one loan at a time.

28. Money in Minutes

Money in minutes is a UK-originated finance company with a presence across three (3) continents that has been enabling lives and businesses for over twenty years now.

They offer loans for individuals and businesses, ranging from 5000 Naira to 5 Million Naira with an interest rate as low as 3%.

29. 9jaCash

9jacash is a loan app in Nigeria that provides its customers fast loans and quick loans without collateral.

Their interest rate ranges from 1% to 34% for a loan amount of 2,000 to 300, 000 Naira. 

You must be a Nigerian resident between the age of 20 – 55 years to access a loan from them.

30. Creditville

Credit Ville is an online money lending platform in Nigeria that provides payroll-based consumer loans to eligible individuals through their employees.

They can give you up to 50% of your salary to pay back within 3 months to a year. A business person that wants to scale their business can access loans from 200, 000 to 2 million Naira.

The following are the eligibility requirements

  • You should be between 25 and 60 years
  • You must run a current account with a commercial bank in Nigeria
  • You should be resident within the states of their operation
  • You must have a verifiable monthly salary income
  • You must have a clear credit report
  • You must not have a history of returned cheques in your account

And it also requires you to have a guarantor. The types of guarantors are 

  • A guarantor who is a staff of any commercial bank
  • A guarantor who is a senior management staff of a blue-chip(quoted)company
  • A guarantor who is a senior civil servant from grade level 14 and above.

31. Sokoloan

Sokoloan is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs.

They give money from 5,000 to 100, 000 Naira with terms from 91 – 190 days. Their interest and service fee ranges from 4.5% – 34% with an equivalent monthly interest of 3% – 29% and APR of 29% – 365%.

32. Blocka cash

Blocka Cash is a lending app designed with the intention of making the lending process easy. The application grants you easy access to loans with just a few clicks.

The information you are to submit before accessing a loan from them is your personal details, your employment details and a functional debit card.

For the first time, you will be given a loan of 5,000. Your loan eligibility increases as they get to know you better.

33. Lidya 

Lidya is a USA-holding financial institution that provides access to credit and finance across frontier and emerging markets. Their team is spread across 3 continents and 5 countries which are the USA, Portugal, Nigeria, Poland and the Czech Republic.

To access this loan, you will need to upload your bank statements. Also, your loan applications are processed within 48 hours and, if approved, disbursed within the same day.

Their focus is on giving loans to businesses and not individuals, they use the cash flow in your account to ascertain the money that will be given to you.

34. Quick chek

Quick chek is among the loan apps in Nigeria that lend people money online.

It offers an interest rate of 5% per month for loans from 1500 to 500,000 Naira.

For first users, the loan amount and interest are usually small but will increase as you keep building a good reputation by paying back your loan each time you collect.

What to consider before choosing  loan apps in Nigeria

1. Interest rate

You need to consider carefully the interest rate of the loan app you want to collect a loan from. Don’t allow yourself to be carried away by the amount you will be given.

Because you may end up buying more than you can chew.

2. Loan tenure

If the loan tenure is very short, let’s say 1 week,  it will end up becoming a burden because the likelihood of having the amount to pay back within that time is slim.

3. The security of your data

You should be sure that your information won’t get leaked because if it does, it may end up harming you.

Fraudsters can use it to hack into your account, blackmail you or do any dubious thing with it 

How to avoid being harassed by loan apps agents in Nigeria

If you want to avoid being harassed try to pay back your loan on time. That’s why it is important to consider carefully if your income can pay back the loan you are collecting within the loan tenure.

If you know you can’t pay back, look for other alternatives because it may backfire on you.


There are still other loan apps in Nigeria we didn’t discuss but these are some of the best you can find around.

Do well to verify the interest rate, security of your data and loan tenure before applying for a loan.

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