12 Best Loan Apps to Get Loans in Nigeria in 2022

Loan Apps in Nigeria

Have you heard of mobile apps for a quick loan? Do you want to know any of the best loan apps in Nigeria when you need to meet some urgent financial obligations? 

Getting loans has always been stressful. You must belong to a cooperative group or have a bank account where you want to obtain a loan.

Not only that, there is a lot of paperwork to fill out, which makes obtaining loans for individuals and small businesses a technical matter when using the traditional means we are used to.

But thanks to technology, there are fintech start-ups created to lend to small business owners and individuals. Interestingly, some loan apps give you loans within 24 hours of the application.

They are there to provide you with quick loans to meet your immediate needs or business needs.

In this article, I will share with you the best loan apps in Nigeria.

List of the Best Loan Apps in Nigeria

1. OKash


Okash is a sub-section of Opay and is one of the best quick loan apps. While Okash has always been in the Opay app, it has now moved to a standalone app on the Google Play Store.

Okash started working in Kenya in 2018 before expanding to Nigeria.

To apply for a loan through the Okash app, you must first download the mobile app from the Google Playstore, open the app, register with your phone number, fill in your personal information after signing up, and then apply for the loan. So it is easy to apply for a loan with Okash.

Features of OKash Loan App

  • For starters, Okash offers a maximum of N50,000 (the more you borrow and pay back, the more your limit will increase)
  • You can apply for a loan using your credit card
  • Okash offers a 91-day to 365-day refund plan (this is a flexible day-based payment)
  • Provides a yearly interest rate of 36.5% to 360%

Download for Android 

2. Kwikmoney (MIGO)

migo Kwikmoney

Kwikmoney is a quick loan app that has now been renamed Migo. Migo offers a simple platform that allows users to apply for loans through its website.

To get a loan on Migo, visit the Migo loan portal and enter your phone number, after which you will be asked for the loan amount you are applying for, then enter your bank details for a simple deposit.

This is also easy to use and does not require downloading any apps. All procedures will be carried out on the website.

Migo also offers an easier way to get a loan by simply dialing a code the same way you need credit through your sim card.

You can apply for a loan from MTN, GLO, and Etisalat sim card by dialing *564# or dialing *554*561# on Airtel.

Features of KwikMoney (Migo)

  • The apps offer two flexible ways to get credit through USSD codes and their website.
  • Kwikmoney (Migo) does not have a mobile app but has a customizable website for the app.
  • You don’t need insurance to get loans from Migo
  • Migo offers loans from N500 to N500,000 (the maximum limit increases as you continue to borrow and repay your loans)
  • The interest rate varies between 5% and 25% on the loans requested.
  • Migo loan terms vary from 14 to 30 days (this varies depending on your participation on the platform)
  • It has an associated system that rewards you with a lower interest rate on loans when you refer a friend.

Download for Android

3. RenMoney


RenMoney is also on the list of loan apps in Nigeria. The service was established under license from a microfinance bank.

It offers affordable loan services as well as other financial services such as investment services.

By investing in RenMoney, you can save your money and at the same time add additional interest to your capital investment.

To be eligible for a RenMoney loan, you must be between 25 and 59 years old, have a verifiable and legal source of income, have a savings account, and ultimately, must live or work in the cities where you operate.

Features of RenMoney

  • It offers a loan of up to 4 million naira
  • The RenMoney loan lasts a maximum of 12 months
  • Offers an interest rate of 35.76%
  • RenMoney has an application through which you can use its services

Download for Android

4. Palmcredit

Palmcredit is an Android loan app that provides loans to individuals and businesses. This is different from other loan apps on this platform which has a website where you can apply for loans.

Besides downloading the app, there is no other way to apply for loans from Palmcredit, making their service insufficiently flexible for users who do not have an Android phone.

The Palmcredit loan is limited to 18 years or older, and the loan amount ranges from N2,000 to N100,000.

Features of Palmcredit

  • Must be over 18 years old
  • Loan limit of NGN 2000 to NGN 100,000
  • The loan term is 91 to 180 days
  • The loan’s interest rate is between 14% and 24%, while the annual interest rate on the loan is between 48% and 56%
  • Registration is done via the mobile application
  • The app is available for only Android phone

Download for Android

5. Paylater (Carbon)

carbon Paylater

Paylater, also known as carbon, is a loan app that allows you to easily control financing with just a few clicks by making loans to individuals and small business owners and making it easy for people to invest money online.

Carbon is one of the fintech companies that also saves you money on all the banking transactions you do.

In addition to providing loans to individuals, the PayLater app also allows you to make payments by cards, bills, including your NEPA account and other services.

This is one of the characteristics that makes Paylater unique in its own way.

Features of Paylater(carbon)

  • PayLater has a mobile application to use its services
  • Provides loans without collateral
  • It allows you to earn money by using your wallet for various transactions
  • Loan repayment can be made with a carbon wallet, debit card, quick account, and direct transfer
  • It offers a loan of up to one million NGN naira 
  • For now, PayLater offers her services in Nigeria and 
  • Kenya
  • PayLater offers an interest rate of 1.75% – 30%

Download for Android

6. Branch Loan

branch loan

Branch Loan is a rapid loan network platform that offers fast loans to users of branch loan app. Like the other loan applications listed here, Branch does not need any collateral to secure the loans.

All you need in order to get a Branch loan is your phone number or Facebook account, bank verification number, and bank account number.

Branch uses your phone information, text messages, bank account information, and account activity to decide whether or not to grant you a loan.

Features of Branch Loan

  • It offers loans of 1,000 NGN to 200,000 NGN
  • Branch offers a loan period between 4 weeks and 15 months
  • The interest rate is between 14% and 28%, and the monthly between 1% and 20%
  • It offers flexible loan repayment methods. Loans can be paid by debit card in cash at a GT bank branch
  • Branch has an affiliate program where you get a bonus every time you refer a friend
  • Branch loan services are limited in Lagos

Download for Android

7. Quickcheck


Quickcheck is one of the best loan apps in Nigeria for getting quick loans, as the name suggests. You can get a quick loan if your account is approved within 24 hours.

To start processing a loan in Quickcheck, the first step is to download the mobile app, log in with your Facebook account information and fill in the required data in the box provided.

Quickcheck doesn’t offer small business loans, only for people who need the cash to survive until the next payment.

Features of Quickcheck.

  • It offers instant loans to clients
  • It has a mobile application providing access to all loan services
  • It has a friendly and easy to use interface both in the app and in the web app
  • Quickcheck offers loans of up to NGN 10,000 to new customers for a period of 30 days.

Download for Android

8. Aella Credit


The Aella credit is a financial solution for individuals and small businesses. The application offers the following products and services; loans, investments, bill payments, micro-insurance schemes, and P2P donations.

The products offered by Aella Credit are different from other loan applications. Aella is not just a loan application but a complete financial company with various financial products and solutions.

However, Aella credit products are accessible through its apps. 

Features of Aella credit

  • It offers a loan amount ranging from NGN 1,000 to NGN 4,000,000
  • Loan conditions vary from 1 to 2 months and from 2 to 6 months for network users.
  • Interest rates vary from 4% to 30%, depending on the profile of the debtor
  • Aella Credit is currently only available on Android devices 

Download for Android

9. Fairmoney


Fairmoney is another of the best quick loan apps in Nigeria for clients interested in small, short-term loans. Loans are not suitable for business owners but for paid employees who want to be paid before the end of the month.

Fairmoney offers a quick, reliable, and free mobile app through which your loan service is performed.

It offers a loan of up to NGN500,000 without insurance with no additional loan processing fees.

In addition to loans, FairMoney also offers top-ups and bill payments in its app.

Features of Fairmoney

  • It offers outstanding loans ranging from 1,500 NGN to 500,000 NGN
  • The loan term is 180 days
  • Fairmoney offers an interest rate ranging from 10% to 30%
  • You have an affiliate program through which you can earn a program every time you refer a friend
  • It offers flexible loan repayment in installments

Download for Android

10. Sokoloan

Sokoloan is another app that cannot be skipped when listing the best apps for quick loans. The loan app was created primarily to provide loans to individuals.

Sokoloan is a product of a microfinance institution, Soko Loan Company Limited, with the aim of increasing financial opportunities for the poor.

Sokoloans are made up of passionate people who seek profit and pursue the goal of solving the poor’s financial problems.

To access this opportunity, you must first download the sokoloan app, then fill in the required information and receive a loan on your account, provided your account is approved.

Features of Sokoloan

  • The Sokoloan app is currently available on Android devices
  • It offers loans ranging from 5,000 NGN to 100,000 NGN
  • Interest rate from 4.5% to 34%
  • It offers a loan period of 7 days to 190 days

Download for Android

11. KiaKia loan


Kiakia is a mobile web application that offers instant loans to small businesses and individuals. This is what your business brand represents. It would be inequitable not to mention the Kiakia loan application on the list of quick loan apps in Nigeria.

One unique aspect of KiaKia is the two-way system. It is a platform for users to get loans, as well as users who approve loans.

You can be a borrower or a lender. This is a significant financial solution that makes it scalable because the more donors there are, the more people can provide KiaKia loans.

So, for the scalable model, KiaKia makes use of big data, machine learning, a psychometric algorithm for credit risk management and credit scoring. This psychometric algorithm helps them reduce the risk of the financial solutions products they offer.

Main characteristics

  • It is a two-way system that enables users to take out loans or grant loans to others.
  • The program uses big data and a machine learning algorithm for credit score.
  • It has a user interface for the users.
  • It offers a paperless solution. They don’t need any documents or credentials.
  • Use a chatbot to help you use their services which ask for your email address

Download for Android

12. Jumia One

Jumia One is a product of Jumia. It offers you instant access to microcredit accessible via a Jumia One loan application. 

Jumia One is one of the reliable loan apps in Nigeria due to its parent company brand Jumia.

To get a Jumia One loan, you need to download the mobile app, register and apply, provide all the necessary information and wait a specific time before approving your application.

This is a top-notch online loan app, but it also has its issues as the service is only available through the mobile app.

Features of Jumia One

  • It has a mobile application through which it coordinates its service
  • It offers an outstanding loan
  • No insurance is required to get a loan

Download for Android


Thanks to the growing number of online financial service platforms, it is now possible to get fast and instant loans in Nigeria without any insurance. Considering our times and the importance of Covid 19, fluctuations in oil prices and certain federal government policies have affected the Nigerian economy; these low-interest loans have been useful. Thanks to technology, the old financial services institutions now have problems with innovative digital services that make the borrowing process in Nigeria more effortless and more convenient.

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