Top 20 Loan Apps in Nigeria for Both Business and Personal Purposes (2023)

Loan Apps in Nigeria – Loan apps are the fastest means you can use to access loans in Nigeria because the process of having access to short loans in Nigerian banks is may be prolonged and tedious for any individual that wants to be granted a small amount of loan for best a quick time frame.

Loan Apps in Nigeria

Yeah, it’s quite unfortunate that sometimes we run out of cash and therefore seek ways we can use to get quick cash like loans, be it for business or personal interest, and that’s why loan apps are made available for you to easily access loans without much stress.

So, here today, I will be listing out the top best loan apps in Nigeria that are widely used and recommended by most of its users. See the list of loan apps that are available in Nigeria below.


1. Paylater


Currently known as Carbon, Paylater is the number one choice and the most popular loan app for most people to borrow money online.

Paylater uses technology to provide loan facilities to Africa’s underserved populace. The loan app claims to provide loan decisions in less than 20 seconds and provide loans in less than 10 minutes. Paylater is also available 24/7 and new borrowers can borrow as much from 10k.

Paylater is great for short-term loans, and students, small-scale traders, and micro-entrepreneurs can make use of the Paylater app.


2. Palmcredit

Palm credit

Palmcredit is an online loan app managed by Newedge Finance Limited. It is a loan app that allows you to collect loans and access credit facilities without any collateral.

Some features of the app include:

  • The app is for persons above the age of eighteen years.
  • The loan limit is within 2,000 Naira to 100,000 Naira.
  • The duration of the loan is within 180 days.
  • Interest rate ranges from 14-24%, monthly interest equavalent is 4%-4.7%.

With the Palmcredit loan app, you can borrow ₦100,000 within minutes directly to your bank account. Download the app to learn more and see things by yourself.


3. QuickCheck

 Loan Apps in Nigeria

With the Quickcheck loan app on your device, you will be able to access a loan of up to  200,000 and you can choose when to repay.

The quick check process is quite simple and just as others, the funds will be sent directly to your bank account. Download the app to get started and see things for yourself.

The Quickcheck loan app is unique in that it uses machine language and artificial intelligence to predict the behaviour of borrowers, which means a quick loan application process.

Other features include:

– The loan limit is ₦200,000.
– Borrowers are allowed to choose their payment tenure.
– No hidden charges.
– Instant credit of account as soon as the loan is approved.
– No need for collateral or guarantor.
– Secure and reliable platform.
–  24/7 availability.




4. FairMoney

Top 12 Loan Apps in Nigeria for Both Business and Personal Purposes (2021 updates)

Fair Money offers personal loans, education loans, business loans & more to its customers. However, this loan offer has a short repayment term to help cover your urgent needs, bills, business, and much more.

Benefits of using the Fair Money App:

  • The app allows you access to credit and loan facilities worth 500,000 Naira with just mobile number and BVN. ]
  • The loan application is less than 10 minutes.
  • Data encryption and privacy protection.
  • Instant loan with no hidden charges.
  • Rewards, loans and perks.
  • Loan history and transaction tracker.
  • The platform can also be used to buy airtime and data and subscribe to cable TV.

5. Aella Credit

Aella Credit loan app is another authenticated app where you can get quick loans without any hassle or stress.

Also See: How to Get Loan Online in Nigeria

Your inquiries will be easily answered because they have very good customer relations and their helpdesk is always ready for that. Download the app to get started and see things for yourself.


6. Branch

Branch makes obtaining a personal loan easy by verifying your identification and calculating your creditworthiness using data from your smartphone, including your SMS history.

The Branch app allows you to request loans, save money, and keep track of your finances while on the go.

  1. Accessible at any time of day or night
  2. Signing up is simple and fast.
  3.  There is no need for documentation, collateral, or appointments.
  4. Put your money to work for you, whether it’s for your family or your business.
  5. Loans are free of late fees and rollover fees.
  6. Lower costs and more flexible payment periods as you pay back the loan


7. Newcredit-safe & instant loan

The Newcredit app makes it simple and stress-free for anyone to receive a loan at any time.

The Newcredit provides:

1 Loan amount ranges between $10,000 and $300,000.

2 Repayment period is extended from 91 to 365 days.

3 Obtaining a secure loan without a mortgage is simple.


8. EaseMoni—Instant loan online

The Central Bank of Nigeria has granted Easemoni a microfinance banking license, allowing them to provide fast personal cash loans in Nigeria. Millions of clients have borrowed money from them over the past six months. With no collateral required, you can apply for a loan online at any time and from any location.

Why EaseMoni?

Loan over 1,000,000 naira and above. Deposit the money into your bank account.

2. With a rate of at least 5% to 10% and an APR of 60% to 120 per cent, your credit rating can help you save a lot of money.

3.No fees or pledges are required.

4. You can complete all of the steps online. This is a seamless and online process that you can do on your phone.

5. Your information is completely secure with them. The Central Bank of Nigeria has granted them a license to operate a microfinance bank. As a result, Insurance Corporation insures all of your loans (NDIC). Without your permission, they do not disclose your information to any other parties.

6. Don’t be concerned about forgetting to pay. They’ll send you texts as a reminder.


9. Xcash-loan online & cash

Xcash is an online loan tool that provides

  • Online loans range in value from 10,000 to 50,000 Naira.
  • The loan length varies between 91 and 180 days.
  • Loans Interest Rates: 4% to 24%, Equivalent Monthly Interest Rates: 4% to 4.7 percent, Annual Percentage Rates: 4% to 24%


10. NCash-Personal and Flexible Loan in Nigeria

NCash is a Nigerian-based fast personal loan business. NCash provides customers with financial loans 7 days a week, 24 hours a day, 7 days a week, fully online. The request process takes only a few steps and requires very few personal details, and the authorized loan amount is delivered to the applicant’s bank account in a very short space of time.

Online Loan App that is easy to use and has no upfront fees.

Cash Loan approval is available 24 hours a day, 7 days a week via the Internet.

The loan amount ranges from 1,000 NGN to 100,000 NGN.

Loan duration: 91-120 days

>APR maximum: 14 percent

Overdue fee: 2.5 percent and service fee: 0


Other Loan Apps in Nigeria for Both Business and Personal Purposes

1. P2vest

2. WeCredit

3. Irorun

4. Surecredit

5. FirstNell personal loan

6. Quickbucks by Access bank

7. Ajeloan

8. Umba

9. TrueNaira

10. Renmoney

11. Kaahkash

12. icredit

13. Bg Loan


Now that you’ve seen the list of Top 10 Loan Apps in Nigeria, What’s your next line of action? Don’t you think that someone else out there might be looking for this information? Yes, there are others looking for this.

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