Top Loan Apps in Nigeria 2022

The process of getting a loan for either business or personal reasons has become easier via the use of a smartphone or access to the internet. With a good web connection, anyone with a bank account can apply for instant loan on any of the available platforms. And in most circumstances, instantaneously receive it. Some lenders allow borrowing via USSD codes.

Like any other growing economy, Nigeria is seeing an increase in the number of commercial loan companies.  However, some of these platforms do not offer dependable and secure services. A good loan platform should offer instant disbursement, a reasonable interest rate, ample options for repayment and a long list of positive customer reviews.

Anyone who simply needs a small amount of loan for a brief duration would find the process of obtaining instant loans in Nigerian banks to be quite time-consuming and laborious, compared to instant lending services that disburse funds within minutes of approval.

Instant loan services are making it easier for businesses and individuals to have easy and quick access to loans when needed thanks to the Fintech boom in Nigeria. Here are the  top instant loan apps in Nigeria.


Carbon is an accessible and completely online lending platform. It was originally launched as ‘Paylater’.

You can get a loan of up to 500,000 Naira using Carbon without putting up any collateral. Funds are normally sent within 1 to 3 business days after your application has been approved. You might be able to get a loan with a greater credit limit if you make on-time payments.

Carbon operates in Nigeria and Kenya. Although the loans are quick to access, a new user must earn the platform's trust and show good signs of creditworthiness before they can access Carbon's loans.

In Nigeria, Carbon loans range from N1,500 to N1 million; in Kenya, they range from Ksh 500 to Ksh 30,000.  Loan repayment terms are up to 64 weeks, with interest rates ranging from 1.75 percent to 30 percent (equal to 1 to 21 percent each month).

To obtain rapid loans with plenty of flexibility at reasonable rates, use the Carbon app.


PalmCredit is an online loan platform powered by Oneedge Finance. It allows instant loans within a few minutes of approval, at whatever time of the day. Loans can be easily accessed via the PalmCredit mobile app available only on Google Playstore. The PalmCredit app is not yet available on iOS.

Obtaining a mobile loan with PalmCredit is simple. Apply for a loan [limited to your credit limit] in a few minutes, you'll get disbursed to your preferred account once approved.

The app automatically upgrades your credit score and limit as soon as you make the repayment, especially early repayments. You stand a chance of growing your limit to N100,000 once you repay on time.

The average loan amount is from N5,000 to N300,000. The interest rate for PalmCredit ranges from 4% to 24%. Users can choose between the 91-day and 365-day flexible repayment options offered by the app.

There are no rollover fees or transaction fees at PalmCredit. Customers that pay back their loans on time are also rewarded with strong credit scores and lower interest rates.


Branch is an instant loan service that offers loans via its app with an easy interface that makes applying for a personal loan straightforward. Branch builds a credit score and verifies identity using the user's phone data, including SMS history.

It has operations in Nigeria, Kenya, Tanzania, and India, and the loan and interest rates vary in each of those countries.

Based on the loan principal and repayment history, monthly interest rates in Nigeria range from 1.6 percent to 23 percent for loans between N1,000 and N200,000. In Tanzania, loans range between Tsh 5,000 to Tsh 700,000 with monthly interest rates ranging from 4 to 27 percent based on the same factors.

Each loan comes with the option of repaying it in a minimum of 60 days, but Branch customers have the choice of payback terms for up to 336 days.


QuickCheck is a contemporary lending platform for both individuals and small enterprises.  This instant loan service makes it possible for borrowers to acquire financial assistance through smartphones and tablets.

The platform claims that customers can quickly and easily obtain loans up to N30,000 for either a 15- or 30-day term without putting up any collateral.

Credit scoring is carried out by artificial intelligence, and quick loan decisions are made using it.

The interest rates on the loans range from 2 percent to 30 percent, with loan amounts ranging from N1,500 to N500,000. Depending on the type of loan, repayment can take anywhere from 30 days to 6 months.

The QuickCheck App is available on the Google Playstore.

Aella Credit

Aella Credit is developing platform that make it simpler for Africans to acquire loans. The organization, which primarily specialized in employee financing and empowerment, was associated with Nigeria's three major credit bureau companies to offer its clients quick, reasonable loans with no paperwork.

To assess a user's creditworthiness, Aella Credit employs a unique credit score system. The algorithm evaluates a borrower's eligibility for a loan by taking into account social and demographic aspects as well as their debt to income ratio. It was developed after the team gathered and analyzed market data for more than five years.

To access loans, download the Aella Credit App on the Google Playstore.


Another quick, dependable, and cost-free Android-based lending software that is accessible in Nigeria and India is FairMoney.

In order to aid with urgent necessities, bills, company expenses, and much more, FairMoney offers short-term loans. It provide access to loans at any time and from any location in just five minutes.

Personal loans, education loans, business loans, and more are all included in FairMoney packages. The platform offers all its valued customers a quick and effective loan application because to the efficient use of technology.

FairMoney offers loans in the range of N1,500 to N500,000 with terms ranging from 61 days to a year and interest rates between 2.5 and 30 percent per month.

This app, which is accessible on Google Play, states that 3 million users depend on it for loans.


Note: Online fast loans can be useful when a situation is extremely urgent. Before using these platforms, there are a few things to keep in mind. The most crucial one is being prepared with the repayment money in advance to prevent embarrassment. They have access to your personal information and phone contacts because the majority of these networks are no-collateral platforms. They go to humiliating lengths, such as calling your contacts to let them know you owe the platform. They will use whatever strategy to recover their money, even if it means disclosing your personal information.

Contact the service via a customer care agent or another available method if you are unable to make a timely repayment. Inform them that you will be unable to meet the deadline. You would receive a time extension in exchange for paying more daily interests. Customers can make repayments in two batches of 70% and 30% on some platforms, like PalmCredit.

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