The Top 7 Best Instant Personal Loan Apps in Nigeria

The best loan services provide instant payment, have a low annual interest rate, and sufficient repayment time frame.

In Nigeria today, many financial loan lending platforms offer services to people and businesses across all levels. However, of the many loan platforms in Nigeria, not all provide reliable and rewarding services for their customers.

The best loan services provide instant payment, have a low annual interest rate, and sufficient repayment time frame. Most importantly, they are safe and have instant approval of loan requests.

Using data from Google Play Store only, here are some of the best instant loan apps in Nigeria providing financial credit services to people, established businesses, and most importantly, the often-ignored small-medium enterprises SMEs.

Best Instant Personal Loan Apps in Nigeria

Branch – (10 million+ downloads)

Branch App

The Branch Loan is another reliable lending platform in Nigeria. With this platform, users can receive loans amounting to ₦200,000 from a minimal amount of ₦1000 within 24 hours, and customers are expected to make loan repayment within 4 to 40 weeks.

Receiving a loan attracts 15 to 34%, which depends on several conditions, including the customer’s repayment history and the amount of lending.

To qualify for this loan, you require no collateral or substantial assets. You have to enter your details on the Branch Mobile App to see if you are eligible.

Fairmoney – (5 million+ downloads)

FairMoney Microfinance Bank unveils Toyin Abraham as new Brand Ambassador.

FairMoney is an automated online moneylender that provides single payment loans, instalment loans and payroll loans for borrowers. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30%.

PalmCredit (5 million+ downloads)

Palmcredit App

PalmCredit enables customers to access loans using a virtual credit card.

This loan service is straightforward, and within minutes, you can get up to ₦100,000 worth of loans using the mobile app.

To qualify and receive a loan, you only have to follow three easy steps of registering a PalmCredit account, getting approved, and finally, receiving payment to your account.

Each time you repay your existing loan, your loan limit increases to the ₦100,000 mark.

Carbon (1 million+ downloads)

Carbon App

Carbon, formerly PayLater, gives access to anyone in need of loans within minutes. Users urgently in need of loans can request and receive them instantly and effortlessly.

Like the many other loan firms in Nigeria, Carbon requires customers’ Bank Verification Number (BVN) to ascertain their loan credit. Users can receive up to ₦20 million with an interest rate ranging from 5-15%, depending on the repayment time frame and the amount of loan received.

With Carbon, users can get loans ranging from ₦1,500 to ₦1million (Nigeria)

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

Aella Credit (1 million+ downloads)

Aella credit

Aella Credit presently operates in Nigeria, Ghana, and the Philippines, allows users, particularly employees, to receive loans from ₦2000 to ₦100,000,000. It attracts a monthly interest rate of 6% to 20% and requires customers to make loan payments within three months.

This firm simplifies and creates financial inclusion in all emerging markets. Apart from loans, it provides services in investments, payments, micro-insurance, and peer-to-peer money transfers.

To qualify and receive a loan, you have to download the Mobile App, create an account, then update your profile. On updating your profile, if you are eligible for a loan, you will be able to receive funds in your bank account within minutes.

Okash (1 million+ downloads)

OKash loan app nigeria

Okash is Opay’s automated lending service focused on increasing access to credit to financially under-served/excluded individuals in Nigeria. Loan decisions are provided within 15 seconds, and if approved, the applicant receives funds within 5 minutes—24 hours a day, 7 days a week.

  • Tenure: OKash requires repayment from 91 days to 365 days*.
  • Loan Amount: from NGN 3,000 to NGN 500,000.
  • Interest Rate: With a minimum of 0.1% up to 1%
  • Their interest rate is calculated daily. Annual Percentage Rate(APR) from 36.5% to 360%.

QuickCheck

QuickCheck launches new app to help build financial inclusion in Nigeria

QuickCheck is a popular loan platform in Nigeria that gives Nigerians loans without collateral. QuickCheck loan is disbursed through the mobile app, which users can download, install and apply for a loan. A QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. Loans range from ₦1,500 to ₦500,000 with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. (APRs from 30% to 260%)