Top Nigeria instant personal loan apps with low-interest rates

As we advance in technology there seems to be more opening in various sectors of the economy and the financial sector is not left out.

With a constant increase of smartphones in the hands of a million Nigerians, various businesses have been able to spring up to offer products and services with a few clicks from your phone anywhere you are.

Bills can now be paid from the comfort of your home and you get to enjoy certain services as well.

Once upon a time, one who is in need of urgent cash would have to make calls to friends and family for a quick loan, but will not likely get any.

Today, all that has changed. With a smartphone, loans have become more accessible than they ever have and there are different companies offering such loans via mobile applications.

However, not all of them supply their consumers with dependable and profitable services. Instant payment, low annual interest rates, and a reasonable repayment period are all features of the best loan services.

Here are the top instant personal loan apps in Nigeria, without any form of ranking.

Fair Money

FairMoney is an automated online lender that offers borrowers single-payment, installment, and payroll loans.

With FairMoney, you don't need any documentation, no collateral, and getting a loan with the FairMoney Loan App is completely stress-free.

FairMoney also allows you to split your payments into many installments, giving you more options. The software and services are much more user-friendly. When you settle your credit bill on time, you increase your chances of receiving additional advantages.

They offer loans ranging from ₦1,500 to ₦1,000,000 which have a repayment period from 61 days to 18 months at monthly interest rates from 2.5% to 30%.

Carbon (Pay Later)

Carbon which is also known as PayLater is another loan app that customers in search of loans love to take advantage of. Within a few minutes, after you make a loan request, you can get credited with the amount you requested.

They make it simple to obtain credit. For you to use carbon, there is no requirement for guarantors or collateral.

Carbon, like many other lending companies in Nigeria, demands customers to provide their Bank Verification Number (BVN) in order to determine their loan credit.

Something to note about Carbon is that you must begin at a certain point, and when you pay back your debts in due time, you will have a better possibility of receiving larger sums from the platform.

Carbon is not just a loan app but can be used to pay bills, recharge your phones and make transfers. With Carbon, those seeking loans can receive loans ranging from ₦1,500 to ₦1,000,000.

The Interest ranges from 1.75%  to 30%, with an equivalent monthly interest rate of 1 to 21%.


Newedge Finance Limited owns PalmCredit, a loan app in Nigeria that allows you to receive a loan without putting up any collateral. 

The company takes advantage of the interwoven links between itself, telecommunication companies, and banks to offer its customers quick and instant loans without the need for documentation or collateral.

You may receive a loan from PalmCredit for as little as ₦2,000 and as much as ₦100,000 right from the app.

They offer an interest rate ranging from 14% to 24%, with an equivalent monthly interest rate of 4% to 4.7 percent. A Palmcredit loan's annual percentage rate (APR) is 48% to 56%. The loan period ranges from 14 to 180 days.


Branch is another top lending app being used by Nigerians. It is not only active in Nigeria; it is also active in Kenya, Mexico, and India.

Users on this platform can begin to obtain a loan from a minimal amount of ₦2,000 to ₦100,000 within a 24-hour period, and customers are supposed to return their loans between 4 to 40 weeks.

You don't need any collateral or big assets to qualify for this loan. To discover if you are qualified, you must first enter your information into the Branch Mobile App.

Depending on the customer's risk profile, monthly interest rates range from 1.7% to 22%.


Okash is Opay's computerized lending solution aimed at providing loans to Nigerians who are financially disadvantaged or excluded.

Loan decisions are made in 15 seconds, and if accepted, funds are sent to the applicant in about 5 minutes, they operate 24 hours a day, 7 days a week.

They offer loans ranging from ₦3,000 to ₦500,000. With an interest rate of 0.1% to 1%, requiring payment from 91 days to 365 days.

Their interest rate is determined on a daily basis. From 36.5% to 360% Annual Percentage Rate (APR).


QuickCheck is a prominent loan platform in Nigeria that offers no-collateral loans to Nigerians.

Those who intend to get a loan from QuickCheck can download the mobile app, install it and apply for a loan. On the first credit, interest rates on a QuickCheck loan go as low as 5% per month.

Loan amounts range from ₦1,500 to ₦500,000. Terms range from 91 days to one year.

Interest rates range from 2% to 30%, with an equivalent monthly interest rate of 1% to 21%. The APRs range from 30% to 260%.

Fast Money

The fast money loan app was developed to come to the aid of those who will be needing quick cash in the form of loans.

Loan benefits include no-mortgage loans up to ₦300,000, a low-interest rate, and a long repayment period.

Fast Money charges a monthly interest rate of 4.4% if a consumer picks a 6-month loan and borrows  ₦1,000. 

The interest rate is then 26.4%, and they will charge ₦263 for the 6-month repayment period’s interest. And the entire repayment amount would be ₦1,263.

Due Diligence

When it comes to cash transactions, especially when it concerns making transactions over the internet or via a mobile app.

You will have to do your due diligence to ensure you are on the right platform and you do not carelessly give out your banking details and information.

Anyone can design a mobile app just to have access to the bank details of unsuspecting customers.

Don’t be quick to jump on loan platforms, no matter how you might be in desperate need of financial assistance.

Run your audits and checks to ensure that you are transacting with a reputable company, to avoid being a victim of bank fraud, and the rest.

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