Top 10 Best Loan Apps In Nigeria (2023)

This article is about the top 10 best loan apps in Nigeria this 2023. If you have always wondered how possible it is to borrow money online in the country through trusted mobile apps, this article is for you as we will intimate you on the leading apps to borrow money easily and conveniently online instead of going through the stress of endless queues at today’s banking halls. Kindly note that these online money lenders have certain interest rates attached to their various loan plans and you should do well to check first before applying.

Top 10 Best Loan Apps In Nigeria

There are certain times in our lives when we need money urgently for personal reasons or to finance certain projects and while there are different types of loans available in Nigeria via the numerous banks that we are familiar with, many people might opt to go through trusted online platforms as they are just one click of the button away from securing these loans in record time and the stress levels are lesser as it is done in the comfort of one’s home as opposed to when visiting an offline bank.

Many people need loans for different reasons ranging from medical emergencies, to starting a new business or for other purposes as they see fit, and the best and quickest way to get the funds available can simply be through loan apps under certain terms and conditions which must be adhered to by the borrower so as not to be seen as fraudulent. A good number of the companies running these loan apps have specific interest rates one must pay together with the loan principal at a specified time frame and it is very important that the borrower keeps this in mind so as not to be found wanting.

Having said that, if you want to know what the best loan apps in Nigeria are currently, where you can easily borrow money in no time, the information below will give you all the necessary details that you need about this subject matter. Kindly continue reading this article to find out what they are.


The following are the 10 best and most popular loan apps in Nigeria for borrowing money easily and conveniently this 2023:


Carbon is a financial service provided by Carbon Finance & Investments Limited, licensed and regulated by the Central Bank of Nigeria (CBN). The company empowers individuals with credit, simple payments solutions, high-yield investment opportunities, and easy-to-use tools for personal financial management. It is a global company of over 90 employees with a presence in Mauritius, Nigeria, the United Kingdom, United States, Canada, South Africa, and Kenya.

The Carbon loan app has evolved over the years and was until very recently, known as Paylater and it is one of the very first loan apps that comes to mind when people want to borrow money online in Nigeria. In 2012, One Credit was founded in Lagos, Nigeria. The company provided loans to salary earners only, using a paper based application process that required supporting documentation.

The company broadened its service offering, leveraging a network of agents on the ground to get lending services in the hands of thousands of Nigerians under the OneFi brand in 2015. The Paylater mobile app was launched in May 2016. It was the first service of its kind. A fully digital consumer lending experience, available 24/7, that can get borrowed funds into a person’s account in minutes. After just 2 years in market, the Paylater mobile app was downloaded by over 1 million users.

As the suite of financial services offered in the app expanded from just loans and into payments, investments and personal finance management, the name ‘Paylater’ became a little limiting. Carbon represents the company’s intent to offer the most diverse digital finance platform, anywhere. With the app, you can access up to ₦500,000 loan with no collateral.

As soon as your application is approved, you can receive your loan within 1 – 3 working days. Making repayments as at when due can grant you access to higher credit limits for your next loan. If you want to know more about Carbon loans, kindly click the link provided.


Renmoney is also another leading Nigerian company that gives impressive loans via their mobile apps. It is one of the country’s most convenient lending companies that delivers outstanding services. Everyday, Renmoney strives to understand their customers and leverage technology, data and innovation to deliver top notch services. Renmoney microfinance bank through their mobile app, gives both personal and micro-business loans ranging from ₦50,000 – ₦6 million.

The loan app fast-tracks loan applications and credit disbursements, collecting information seamlessly, verifying loan applications, and disbursing the money within 24 hours should the borrower meet certain requirements. The Renmoney loan app is available on Android playstore only, and if you want to know more about the Renmoney loan offers, kindly click on the link provided.


PalmCredit is yet another leading loan app in Nigeria that is trusted by the general public. Their virtual credit card helps to make it very easy for you to access a loan anytime and anywhere. PalmCredit is only for people who are 18 years and above and the loans limit range from ₦2,000 – ₦100,000, with the loan duration ranging from anything between 91 days – 180 days.

Getting a loan easily and conveniently is very simple with the PalmCredit loan app, and you can apply for your credit limit within minutes, after which you can take as many instant loans as you need without stress, and this is subject to approval. Repaying on time ensures that your credit score is updated,allowing your credit limit to grow up to ₦100,000. The PalmCredit loan app is available to android users on Google playstore.


With the FairMoney loan app, you can get a loan of up to ₦500,000 for 12 months in 5 minutes, and the more you use this particular loan app to source for and repay loans, the better your FairMoney loans get. The beauty of using FairMoney microfinance bank to source for loans is that you can get an extension on your loan if you fail to pay at the due date as a result of certain unforeseen circumstances. With this particular loan app, you do not need any paperwork or collateral and it is 100% stress-free. You can visit the FairMoney website to know more about their loan application or download the application on Google playstore.


The Branch loan app is a leading loan platform in Nigeria that is very secure and trustworthy. It presently ranks among the best loan platforms in the country. Branch is a financial company that not only operates in Nigeria but also in other countries like Kenya, Tanzania, and India. The Branch loan app makes it very easy for you to access loans anywhere, anytime.You can sign up within minutes and apply for a loan which if you are given the all clear, will receive your money straight to your account. It is that fast, convenient, and reliable. On this loan platform, you can borrow loans from as low as ₦1000 to as high as ₦200,000, and pay back with little interest. For more information, kindly visit the Branch website.


Migo is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps. Migo builds proprietary ML algorithms to assess credit risk using the company’s data then automates credit facilities via cutting-edge cloud infrastructure, simplifying the complex world of lending with a simple API. Migo 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. Migo is headquartered in San Francisco and currently operates in Nigeria and Brazil.

Simply put, Migo is quite unique in the sense that you do not really need an app to get loans. The only thing you need is your smart device and Your registered SIM card that is linked to your bank account. Also, with Migo, you do not need any documentation to get your loans out in few minutes and the earlier you repay the loan you borrowed, the higher the loans you can borrow the next time you wish to do so on the platform. For more information on how the Migo loan works, visit the Migo official website to find out more.


The Kiakia loan app that was established in 2015 by two visionary people namely Chimeziem Anyadike and Olajide Abiola. Like the name of the app implies, ‘Kiakia’ is a Yoruba word for ‘quick’ or ‘fast’, little wonder the speed in which people access loans from the app. This money lending platform was developed to promote financial inclusion in Nigeria and make finances accessible to people who are considered ineligible by traditional financial institutions.

The Kiakia loan platform is uniquely different from many of the loan apps featured in this list of the best loan platforms in Nigeria in the sense that it is a peer-to-peer (P2P) lending platform. Individuals and businesses who wish to lend out money as an investment are paired with the best match from the pool of people who need to borrow money. The app uses a credit scoring algorithm to analyze people’s financial history and determine their credit-worthiness. Kiakia loan app is available to android users on Google playstore.


Specta is one of Nigeria’s fastest lending platforms which gives you access to loans up to ₦5 Million in one transaction and all in 5 minutes. The goal of this online money lending platform is to create a simple, convenient and bespoke experience for their numerous customers using proprietary data and analytics to review applications.

With Specta, you do not need collaterals, guarantors or a visit to any office to get your loan approved and funds disbursed. Once application is complete, scoring is instant, and disbursement done in less than 5 Minutes. Specta is opened to everyone irrespective of occupation and bank. For more information on how this loan app works, kindly visit the Specta official website.


QuickCheck is a loan app in Nigeria that uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications. The company aims to offer digital financial services to help customers get closer to their personal and business goals.

The QuickCheck app on your mobile device can help you get instant loans straight into your bank account without collaterals, and you can get access to quick cash loans at single-digit interest rates, anywhere, anytime. More information on this loan app is available at the QuickCheck website for your perusal.


The Aella Credit loan app is very good and borrowing money on the platform involves zero hassles. The app is available to iOS and Android users via Appstore and Google playstore and once downloaded, all you need do is to fill in all of the required information needed for you to gain access to instant loans anywhere you are in the country.

Other worthy mentions include the following:

  • Alat Loan App
  • Quickteller Loan App
  • SokoLoan App
  • Okash Loan App
  • CreditVille Loan App
  • Abeg Loan App

The Author

Maduawuchi Obialo

Maduawuchi Obialo is the founder of Nigerian Guide and the Editor-in-Chief at Nigerian Infopedia. He is a professional Web Content Developer and a Biochemist.

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