Top 10 Loan Apps in Nigeria 2024

Loan Apps in Nigeria 2024

Let’s talk about the Top 10 Loan Apps in Nigeria. Whether it’s for personal needs, educational, business and family needs, loans have become a fast means of solving immediate financial issues of a lot of Nigerians both in Nigeria and in diaspora.

While these loan apps are becoming accessible everyday to more and more Nigerians, it can be very complex to determine which ones are reputable and offer low interest rates. In this article, I will review 10 loan apps that can offer you low interest rates in 2024 putting into consideration loan amounts, and eligibility requirements. Follow through this article to learn which apps lead as the best loan services in 2024.

What are Loan Apps?

Loan Apps are your pocket-sized Loan providers, they are basically mobile applications that allow you to apply for and receive loans straight from your smart device offering you Convenience, Promptness, Accessibility and Flexible Amount Options. 

Different Types of Loan Apps

There are several types of Loans that cater to different needs putting into consideration accessibility and duration to mention a few. 

  • Payday Loans : These are small, short term loans that are intended to offset unexpected costs, bills or expenses until your next paycheck.
  • Personal Loans : These are larger loans with longer repayment terms for various purposes that are mostly costlier than taking a small short loan for example for medical bills
  • Instalment Loans : These loans are usually fixed for a duration; weekly, monthly etc, to be repaid in instalments over agreed duration.
  • Line of Credit : These are loans that provide access to a revolving credit line you can borrow from and repay as needed.

Factors to Consider When Choosing a Loan App 

To use a Loan App, especially in 2024 there are some considerable factors that should be considered from affordability of paying back the loans to the duration of each loan offering, here are some factors:

  • Interest Rate and Fees – This is the most considered factor and at best, the reason why you are reading this article. Loan apps are best known for high interest rates compared to traditional lenders. It is important to read all terms and conditions as it relates to the interest rates before accepting a loan from a loan app to understand the total cost.
  • Eligibility Requirements – Some loan apps have outstanding restrictions depending on the type of loan, in essence, not everyone qualifies for a loan using a loan app. It is advised to always check the eligibility requirements/criteria before going for a loan.
  • Reputation – Choose wisely and factor in the reputation on a Loan app Brand before borrowing.
  • Your Financial Situation – Before borrowing it is important to put into consideration your financial situation and only borrow what you can pay back conveniently. Some loan apps may trick you to believe you may have time but once you can’t pay back it will become a problem for you and those who know you.

Top 10 Loan Apps in Nigeria in 2024

Loan Apps in Nigeria 2024

Determining the best Loan apps in Nigeria currently is solely based on the popularity of these Applications by Nigerians and the credibility of their loan offerings from data collection to policies to mention a few. In no particular order, here are the Top 10 Loan Apps in Nigeria currently : 

Opay : Opay offers instant loans to Nigerians without collateral required. Once interested in getting a Loan from them, you make a request, they review you application and once approved, you can receive it in your opay wallet or bank account. Loan comes with a 3% interest rate for short term loans while it’s 15% for long term loans.

Branch : Branch also offers personal loans both short and long term with competitive interest rates and flexible repayment options. Loans range from N2000 to N500,000 with repayment periods of 61 – 180 days.

Carbon : Carbon which was formerly known as PayLater, has a reputation for quick loan approval processes. They offer loan amounts of up to 1 Million Naira however this comes with shorter repayment terms.

Fair Money : As a Loan application, they are Popular for instant loans up to N1 million in 5 minutes, with transparent fees and flexible repayment options.

Okash : Okash is unique for facilitating loans from N3000 up to N500,000. It is managed by a licensed Microfinance Bank and it’s low has one of the best competitive interest rates and repayment periods of up to 365 days

RenMoney : Renmoney offers loans, investments, and savings products. They have a physical presence in addition to their online platform. Renmoney caters to diverse loan needs offering amounts from N6000 to N6,000,000 with repayment periods spanning through 730 days.

QuickCheck : QuickCheck offers loans that require zero collaterals, it’s also unique for having a user-friendly application, machine learning for loan evaluations, providing access to fast loans from N1,500 to N500,000 with interest rates starting at 5%.

AellaCredit : Though it may require more documentation to get a loan from AellaCredit, they offer loans up to 1 Million Naira with longer repayment periods from 1 – 3 Months.

Alat : This amazing App by Wema Bank is targeted towards their more on-the-go Customers and as a Digital Bank provides loans with competitive interest rates and also convenient banking integration. 

PalmPay : PalmPay provides loans from N2,000 to N300,000 with minimal documentation and fast disbursement, with interest rates of 15-30%

Pros and Cons of using Loan Apps in Nigeria

There are many good reasons why you should use the fast rising loan apps in Nigeria as well as there could be bad reasons why you should avoid them, while Life happens and these apps can come to the rescue, these pros and cons can help you manage your expectations as regards using loan apps.


1. Convenience and Speed : Loan apps offer quick and easy access to credit right from your phone. You can apply for and receive funds within minutes, making them ideal for unexpected expenses or urgent needs in Nigeria.

2. Accessibility : Compared to traditional banks in Nigeria, loan apps have less stringent requirements and cater to a wider range of borrowers, including those with low credit scores or limited financial history.

3. Flexibility: Some loan apps offer flexible loan amounts and repayment terms, allowing you to tailor the loan to your specific needs and financial capacity. 

4. Financial Inclusion: Loan apps can be a valuable tool for financial inclusion, providing credit access to unbanked or underbanked individuals and fostering financial literacy.

5. Building Credit Score: Responsible borrowing and timely repayment through loan apps can help build your credit score, improving your future access to traditional loans.


1. High Interest Rates: Loan apps, particularly payday lenders, often charge significantly higher interest rates than traditional banks. These rates can trap borrowers in a cycle of debt if not managed carefully.

2. Hidden Fees and Charges: Be aware of hidden fees and charges associated with certain loan apps, such as late payment penalties, processing fees, and maintenance charges. Always seek out the Agreements, Terms and Conditions, if possible go through the legalities.

3. Hostile Lending Practices: Some problematic loan apps engage in very hostile lending practices, targeting vulnerable individuals with unfair terms and aggressive collection tactics

4. Over-borrowing Risk: The ease of access to credit through loan apps can lead to overborrowing, potentially jeopardising your financial stability. Only borrow what you can afford to repay comfortably.

5. Data Privacy Concerns: Loan apps require access to your personal data, including financial information and contacts. It is important to consider this as a lot of improper information is passed to contacts of an individual or embarrassing scenarios created in order for these loan apps to get back their loans.

How to Get Your Loan Approved Quickly

There are a few ways to get your loan immediately approved, although these usually require a lot on your part. These are ;

1. Credit Score – Ensure you have a great credit score, aim for a score above average as loan apps always review good creditworthiness and consider credit repair if needed.

2. Debt-to-Income Ratio – Ensure to reduce your Debt to Income ratio by paying down existing debts to decrease your ratio.

Top Ten Loan Apps for People with Bad Credit Scores 

While some of these Loan Apps were previously mentioned, it is of note to consider that they help people with bad credit scores. These are;

1. FairMoney: Offers loans from N5,000 to N1 million with flexible repayment terms, focusing on alternative credit scoring methods beyond traditional credit with conditions of working to improve the score.

2. Carbon : Provides quick loans up to N1 million with shorter repayment periods, leveraging alternative data sources for credit assessment and this poses a chance for borrowers with bad credit to get loans.

3. Branch : While traditionally not focused on bad credit, Branch might consider alternative data sources if you have low credit scores.

4. AellaCredit : Offers larger loans (up to N1 million) but may require more documentation and a guarantor for individuals with bad credit.

5. Okash : Managed by a licensed microfinance bank, offers loans from N3,000 to N500,000 while requiring your BVN and bank statement for eligibility if you have a bad credit score, and goes further to ensure your credit is closely monitored.

6. Palmcredit : Offers loans from N2,000 to N300,000 with minimal documentation and fast disbursement, although interest rates can be high, it permits users with a Bad Credit

7. QuickCheck : Uses machine learning for loan evaluations which validates users with bad credit scores, providing access to fast loans from N1,500 to N500,000 with interest rates starting at 5%.

8. Migo : With Social lending features that help users with bad credit scores, Migo is another popular app for small loans (N1,000 to N100,000) with flexible repayment schedules.

9. Renmoney: Caters to diverse loan needs, offering amounts from N6,000 to N6 million with repayment periods up to 730 days. While they consider BVN and credit history requirements, borrowers with a bad credit score can be rest assured to get loans also.

10. KiaKia : While they take credit scoring very seriously using psychrometric processes, KiaKia assists borrowers with bad credit scores.

Loan Apps for Self-Employed Individuals

Securing loans as a self-employed individual can be challenging, but several loan apps cater specifically to your needs. Here are some top options in Nigeria:

1. FundQuest: Offers loans from N50,000 to N10 million for self-employed individuals with flexible repayment terms. Requires business financial statements and personal financial records.

2. Lendigo Nigeria: Provides small business loans of up to N5 million without collateral, focusing on business performance and cash flow analysis.

3. Carbon (formerly PayLater): While primarily consumer-focused, Carbon offers “Business Plus” loans up to N1 million for self-employed individuals with established businesses and good financial habits.

4. Okash: Though aimed at salaried individuals, Okash considers alternative data like bank statements and transaction history, potentially making it accessible for self-employed individuals with strong financial activity.

5. FairMoney: Similar to Carbon, FairMoney’s focus on alternative credit scoring might provide opportunities for self-employed individuals with limited traditional credit history.

6. Renmoney: Offers larger loans (up to N6 million) for self-employed individuals with established businesses and a strong financial track record.

7. Zedvance: Provides secured and unsecured loans up to N5 million for various business needs, requiring collateral or guarantors for larger amounts.

8. KiaKia: Targets micro-businesses with small loans (up to N250,000) requiring minimal documentation and focusing on business activities and network connections.

9. Specta by Sterling Bank: A digital bank platform offering business loans for established businesses based on financial performance and historical data.

Are Loan Apps Safe and Secure?

This does seem like a relative question but while it does it is important to know. While Loan apps can be safe and secure, there might be some features that can breach some security. Anyway let’s look at some highlights of Loan Apps being both safe and unsafe:

Regulation – Many loan apps in Nigeria are operated by licensed lenders and regulated by the Central Bank of Nigeria (CBN). These apps implement security measures like data encryption and fraud prevention protocols.

Transparency – Most reputable apps offer easy access to loan terms and conditions, including interest rates, fees, and repayment schedules. This transparency allows you to make informed decisions.

Data privacy – Loan apps require access to sensitive personal and financial information. Choose apps with strong data security practices and read their privacy policies carefully.

Scams and fraud – Fake loan apps exist to steal your personal information or money. Only download apps from trusted sources and avoid clicking on suspicious links or messages.

List of fake loan apps in Nigeria

Fake Loan Apps have been on the rise recently in Nigeria exploiting the poor and vulnerable with aggressive marketing via spam calls etc. These scammers operate under the guise of legitimate lending platforms, offering large sums of money with low interest rates, only to engage in fraudulent activities.

These fake loan apps, also known as loan sharks, have become a significant problem in Nigeria due to their aggressive collection methods and privacy violations.These apps are listed below according to Koboline

  • KashKash
  • GoCash
  • Cash Mall
  • CashLion
  • FastMoney
  • LendCash
  • BorrowNow
  • LCredit
  • NairaPlus
  • 9ja Cash
  • Cash Wallet
  • Creditwise
  • BGloan
  • Sokoloan
  • Maxi Credit
  • Here4U
  • EasyCredit
  • Speedy Choice
  • Easy Moni


Which loan app is the best in Nigeria?

RenMoney according to InvoiceNG is believed to be the best loan app in Nigeria, It is described here as the most convenient online lending company for businesses and individuals in Nigeria with known physical presence.

Which loan app has the lowest interest rate in Nigeria ?

NairaMetrics points out that QuickCheck Loan App has the lowest interest rate. QuickCheck offers loans without collateral and has interest rates starting from as low as 5% monthly on the first loan. The loans range from 1,500 to 500k with terms from 91 days to 1 year. The interest ranges from 2% to 30%, with an equivalent monthly interest rate of 1% to 21%. 

How to report a loan app in Nigeria 

If you encounter issues with a loan app in Nigeria and need to report it, the major step is to Contact Regulatory Agencies. You can report the loan app to regulatory agencies such as the Central Bank of Nigeria (CBN) or the National Data Protection Bureau (NDPB). These agencies work to investigate the activities of online financial loan companies and take action against fraudulent or unethical practices

Which loan app is the most reliable in Nigeria ?

NairaMetrics suggests Branch as the most reliable Loan App in Nigeria. Branch’s combination of a large user base, quick loan disbursement, and positive customer service makes it a reliable option for individuals seeking loans in Nigeria.

Which loan app gives 50,000 instantly? 

Most of the loan apps can give you 50,000 Naira Instantly, from Carbon to Branch to RenMoney. The very important thing is to ensure you are eligible for such and most times usually this is based on your credit score. As stated above, QuickCheck, FairMoney and Branch amongst a few will consider overlooking a Bad Credit Score.

Which loan app gives unto 300k in Nigeria ?

RenMoney gives up to 6 Million Naira, Branch gives up to 500,000 Naira and a lot more give up to 300k. While several loan apps in Nigeria offer loans up to 300,000 Naira, it’s important to choose wisely based on your individual needs and financial situation.


It is important to note that before committing to any Loan App or using their service you should be able to pay back, fast and in due time. Consider eligibility, interest rates and fees, repayment period, the reputation and security of using the app, finally make sure that’s your last resort and borrow wisely.


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