Like every other developing country of the world, Nigeria is recording a rise in money lending companies. The driving force of businesses is the availability of capital to run such business and securing such loans for business purposes or even personal purposes has evolved into a less tedious process. The massive desire for cash has necessitated the rise of non-banking loan companies which provide loans to individuals and businesses for interest, but not all of these companies provide reliable and secured services. The best loan services should be able to provide instant distribution, maintain a low-interest rate, reasonable repayment time frame, and options, and have good customer relationships.

Today, it is possible that anyone with a bank account, smartphone, and internet connection can request a loan and receive the money instantly. These platforms are user-friendly, reliable, and operate with a mobile app.

This article highlighted the 7 best loan apps in Nigeria, in no particular order.

7 Best Loan Apps In Nigeria

  1.   ALAT

The first on the list is ALAT, it is allegedly the first fully digital bank in Nigeria. This platform is simple and entirely digital, it grants loans instantly without any form of paperwork. It is purely digital, so one does not need to visit any physical location. The interest rate is also structured to assist users depending on their source and level of income. Civil servants can receive about N50,000  and even up to N4 million within hours and the repayment timeframe will be between 3 months to 24 months with only a 2% interest rate per month.


  1.   Carbon

Carbon was originally launched as PayLater, it gives instant credit to anyone in need of an urgent loan within minutes. Carbon only requires your  Bank Verification Number for verification, and once you are verified, you can request a loan. Carbon loans range from N1,500 to N1m  in Nigeria. The repayment timeframe  allows repayments over an apex of 64 weeks with interest ranging from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21%

  1.   Branch

Branch is a trusted loan app in Nigeria that allows you to receive up to N200,000 within 24 hours with a minimal amount of N1000. The repayment timeframe is within 4 to 40 weeks and the loan attracts fluctuating interest rates which  depends on the amount of the loan and the user’s repayment history. This app does not require any collateral or documentation before you can be granted a loan, all you need is your phone number and bank verification number, if verified and found eligible, the money will be credited to you.

  1. PalmCredit

PalmCredit is another reliable app for obtaining a loan, it is not only easy and can also be done in some swift minutes. It has a user-friendly service that allows users of the app to have access to instant loans worth N2000 to N100,000 difference. Individuals who are below 18 are restricted from obtaining loans. The app also offers bonuses to users who refer others to the loan service.

  1.   AellaCredit

AellaCredit is another platform that focuses mainly on employee lending and allows its users to receive quick loans with a monthly interest rate of 6% to 20% and fixes loan repayment timeframe within 3 months. AellaCRedit also provides other financial services like investments, bill payments, and cheap insurance services.

  1. FairMoney

FairMoney is another quick, reliable, and free Android loan app that’s available in Nigeria and India. 

It offers loan amounts between N1,500  to N500,000 with repayment periods from 61 days to 12 months at monthly interest rates between 2.5% and 30%. 

This app is accessible on Google Playstore and it claims to have 3 million users who rely on them for loans.

  1. QuickCheck

QuickCheck is another loan app that promises its users a steady flow of credit. It deploys artificial intelligence to run credit scoring and make instant loan decisions.

The loan amount is between N1,500 to N500,000 with interest rates ranging from 2% – 30%. The reimbursement timeframe runs through 30 days to 6 months, depending on the loan type.

This loan app is only available to customers in Nigeria with Android phones only.


All these loan apps started as a single fintech company, offering a single product service which is loans services but a few of them have swerved into digital banks. Companies like Carbon, Branch, and Fairmoney now offer banking services to their customers like payments, savings, investments, etc.