Top 7 Most-Downloaded Loan Apps in Nigeria as of May 2025 — Who’s Leading the Digital Lending Race?

Digital lending platforms—commonly known as loan apps—have become a major force in Nigeria’s fast-evolving credit ecosystem. Despite ongoing scrutiny around their interest rates and recovery tactics, millions of Nigerians continue to rely on these apps for fast, collateral-free loans.

The rise in demand has spurred massive growth in the number of licensed digital lenders. As of May 2025, Nigeria boasts 425 licensed digital lending firms—up from 320 in the previous year—according to data from the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN). Of these, 362 lenders have received full approval, 42 hold conditional licenses, and 21 are CBN-certified.

While this boom has improved financial access, it has also fueled concerns about over-indebtedness, as borrowers often juggle multiple loans across different apps. Still, some apps stand out as consumer favorites based on sheer download volume on the Google Play Store.

Here are the Top 7 Most-Downloaded Loan Apps in Nigeria as of May 2025:

1. Branch – 10 Million+ Downloads

Branch leads the pack with over 10 million downloads. It offers fast, unsecured personal loans from ₦2,000 to ₦1,000,000. Loan eligibility is determined via smartphone data and user history. Monthly interest rates range from 17% to 40%, with disbursement typically within 12 hours.

2. FairMoney – 10 Million+ Downloads

FairMoney is another crowd favorite with over 10 million downloads. It promises quick loans within five minutes, without documentation or collateral. Users can access ₦1,500 to ₦3 million, repayable over 61 days to 18 months. Monthly interest rates range from 2.5% to 30%.

3. Palmcredit – 10 Million+ Downloads

Palmcredit has gained traction with over 10 million downloads. It provides loans up to ₦300,000 in under three minutes—no collateral needed. APR ranges from 24% to 56%. For instance, borrowing ₦100,000 for six months at 4% monthly interest brings a total repayment of ₦124,000.

4. OKash – 10 Million+ Downloads

Owned by Blue Ridge Microfinance Bank, OKash offers quick online loans ranging from ₦3,000 to ₦1,000,000. With over 10 million downloads, it features daily-calculated interest rates between 3% and 15%, which translates to an APR of 36.5% to 360%.

5. Carbon – 5 Million+ Downloads

Carbon is a full-service digital finance platform with over 5 million downloads. Loans range from ₦2,500 to ₦1 million, repayable over 61 days to 12 months. Monthly interest rates vary between 4.5% and 30%. A ₦1 million loan over 12 months totals ₦1.54 million repayment.

6. Newcredit – 5 Million+ Downloads

Newcredit offers AI-driven personal loans without collateral, up to ₦300,000. The app analyzes bank transaction SMS and credit history for eligibility. Loans span 91 to 365 days, with a 4% monthly interest rate. It has exceeded 5 million downloads.

7. EaseMoni – 5 Million+ Downloads

Also operated by Blue Ridge Microfinance Bank, EaseMoni has crossed the 5 million download mark. The platform serves over 6 million users, offering loans from ₦3,000 to ₦2 million with APRs ranging from 60% to 120%. Monthly interest rates sit between 5% and 10%.

Final Note

While many other loan apps in Nigeria have surpassed the 1 million download milestone, these seven stand out for surpassing the 5 million mark—with some already doubling that figure. As digital credit continues to evolve, these platforms are shaping how Nigerians access short-term financing.