Top 20 Loan App in Nigeria: Get Quick Loans Without Collateral

Getting a loan in Nigeria used to be a long and stressful process, requiring endless paperwork and collateral. But today, with just a smartphone, you can easily download loan apps from the Google Play Store and access quick loans within a minute. This rise of digital lending platforms has made it easier for Nigerians to borrow money for personal and business needs.

In this article, we’ll explore the top 20 loan app in Nigeria, highlighting their features, interest rates, and how they work. Whether you need an urgent loan for emergencies, school fees, or business growth, this guide will help you find the best loan app for your needs.

Factors to Consider When Choosing a Loan App

Before you apply for a loan, it’s important to choose the right loan app. Here are some factors to consider:

• Interest Rates: Some loan apps charge high-interest rates, while others offer lower rates. Always check the total repayment amount before borrowing.
• Loan Amount & Repayment Period: Different apps offer different loan limits and repayment options. Choose an app that suits your needs.
• Security & Reliability: The loan app should be a registered one and have good customer reviews to avoid scams.
• Customer Service: A reliable loan app should have a responsive customer support system.
• Hidden Charges: Some apps have hidden fees. Read the terms and conditions before applying.

Top 20 Loan App in Nigeria

Loan apps have become an increasingly popular and convenient way for Nigerians to access quick loans without the hassle of traditional bank procedures. These apps offer various types of loans including personal, business, and student loans, and typically require only a smartphone and some basic information to get started. Here are the top 20 loan app in Nigeria that provide quick and easy loans without collateral, and what makes each of them stand out.

1. Branch

Branch is first in our list of top 20 loan apps in Nigeria, known for its simplicity and ease of use. It offers loans up to ₦200,000 with rates starting from 14% monthly. The app also supports bill payments and airtime recharge services, making it versatile.

Key Features 

• Policy: Offer loans from ₦1,000 to ₦500,000 with interest rates ranging from 15% to 34%.
• Loan Process: Requires basic details, BVN, and phone number verification. The approval process takes minutes.
• Repayment Mode: Repayment through debit card or bank transfer within 4 to 12 weeks.
• Other Information: No collateral is needed, and the app offers financial management tools.

2. Fairmoney

FairMoney is one of the top 20 best loan apps in Nigeria that provides personal loans of up to ₦500,000 with interest rates starting from 10% per month. The app is easy to use, and loans are disbursed quickly upon approval. FairMoney also supports bill payments and airtime top-ups.

Features

• Policy: Provide loans from ₦1,500 to ₦3,000,000 with interest rates from 2.5% to 30%.
• Loan Process: Requires BVN, ID verification, and bank details.
• Repayment Mode: Repay via ATM, bank transfer, or direct debit within 3 to 6 months.
• Other Information: Offers bill payments and investment options.

You can download the Fairmoney loan app from here.

3. Carbon (formerly Pay later)

Formerly known as Paylater, Carbon is one of the most widely used loan apps in Nigeria. It offers personal loans of up to ₦1,000,000 with interest rates starting from 5% per month. Carbon stands out for its fast loan disbursement, user-friendly interface, and additional services such as bill payments and investment opportunities.

Features 

• Policy: Offers up to ₦1,000,000 with no collateral.
• Loan Process: Register, upload necessary documents, and receive loan disbursement within minutes.
• Repayment Mode: Via bank transfer or automatic debit from linked accounts.
• Other Information: Provide bill payment services and credit scoring.

4. Palm credit

PalmCredit is a reliable loan app offering personal loans of up to ₦100,000. Interest rates start at 14% per month, and the app boasts a smooth interface and straightforward application process. It also includes features for paying bills and purchasing airtime.

Features

• Policy: Loans range from ₦10,000 to ₦300,000 with flexible repayment periods.
• Loan Process: Register with a phone number, input BVN, and verify account details.
• Repayment Mode: Through direct debit from linked accounts.
• Other Information: Credit score increases with prompt repayments.

5. Renmoney

Renmoney is another popular loan provider that offers personal and business loans of up to ₦4,000,000. The app features a quick application process with loans disbursed within 24 hours. Renmoney also offers savings accounts and fixed deposit options, making it more than just a loan platform.

Features

• Policy: Loans from ₦5,000 to ₦6,000,000 for salary earners and business owners.
• Loan Process: Requires proof of income and employment verification.
• Repayment Mode: Monthly installment payments.
• Other Information: Fixed interest rate and tenure of 3-24 months.

See Also: Federal Government Grant and Loan

6. Okash (by Opay)

Okash is a widely used loan app in Nigeria that provides fast and convenient personal loans to individuals directly through their smartphones. Okash (by Opay) allows users to access instant loans without the need for complex paperwork or collateral. Loan amounts typically range from ₦3,000 to ₦500,000, with flexible repayment periods between 91 to 365 days. Interest rates vary depending on the borrower’s profile, ranging from 0.1% to 1% per day. The app features a straightforward registration and loan application process, requiring basic personal and financial information. Once approved, funds are disbursed instantly to the user’s bank account. Okash also prioritizes data privacy and ensures that all user information is kept secure. Its quick approval process, flexible loan terms, and easy-to-use interface make it a popular choice for Nigerians seeking short-term financial support.

Features

• Policy: Provide loans from ₦3,000 to ₦1,000,000.
• Loan Process: Verification via BVN and ID card.
• Repayment Mode: Auto-debit from bank accounts.
• Other Information: Part of Opay financial services.

See Also:

• 5 Best Loan App Without BVN in Nigeria
• How to Borrow Money from OPay

7. Aella Credit

Aella Credit offers loans of up to ₦1,000,000 with interest rates from 4% per month. Loans are typically disbursed within 24 hours. Aella Credit also provides additional services such as bill payments and investment options.

Features:

• Policy: Loans up to ₦1,500,000 for individuals and businesses.
• Loan Process: No collateral required, just ID and bank verification.
• Repayment Mode: Via linked bank accounts.
• Other Information: Provides insurance and investment services.

8. QuickCheck

QuickCheck gives personal loans up to ₦500,000, with interest starting from 1% per day. The app is user-friendly, and the application process is efficient. Users can also access features like airtime purchase and bill payments.

Features:

• Policy: Offers instant loans up to ₦500,000.
• Loan Process: Requires an active bank account and BVN.
• Repayment Mode: Direct debit or bank transfer. Other Information: Uses AI for credit scoring.

9. MoneyPal (by Zedvance)

MoneyPal by Zedvance offers both personal and business loans up to ₦5,000,000 with interest rates starting from 4% per month. It has a smooth application process and includes services like bill payments and savings plans.

10. Kiakia

KiaKia offers personal loans of up to ₦200,000 with interest rates starting from 5.6% per month. It uses a unique credit scoring system to determine eligibility and rates. Besides loans, KiaKia provides savings and investment services.

Features:

• Policy: Loans from ₦10,000 to ₦100,000,000.
• Loan Process: Requires business or employment verification.
• Repayment Mode: Flexible installment payments.

See Also: List of Fake Loan Apps in Nigeria 2025

11. Umba

Umba offers interest-free loans for first-time borrowers, making it a great option for new users.

Features:

• Policy: Smart loan system with lower interest rates.
• Loan Process: Simple registration and approval in minutes.
• Repayment Mode: Direct debit and bank transfer.

12. Alat by Wema

Alat by Wema Bank provides digital banking services along with instant loan options.

Feature:

• Policy: Loans for salary earners and business owners.
• Loan Process: Requires account verification and steady income proof.
• Repayment Mode: Monthly deductions.
• Other Information: Digital banking services.

13. Specta (by Sterling Bank)

Specta provides both personal and business loans of up to ₦5,000,000, with low interest rates starting from 0.5% per month. The app is designed for speed, with loan disbursements taking as little as five minutes.

Features:

• Offers loans up to ₦5 million without collateral.
• Available for salary earners and business owners.
• Instant disbursement once approved.
• Flexible repayment options up to 12 months.
• Requires a Sterling Bank account for access.

14. Lidya

Lidya is tailored for businesses and offers loans up to ₦5,000,000 with interest rates starting from 3.5%. Loan approval takes up to 48 hours. It also features savings and investment services.

Features:

• Focuses on SME loans to support small businesses.
• No collateral required.
• Uses AI-driven credit assessment for fast loan approval.
• Loan amounts range based on business performance.
• Ideal for business expansion and working capital.

15. Page Financials Loan App

Page Financials offers personal and business loans of up to ₦5,000,000 with interest rates starting from 3.5% monthly. The app processes loans within 24 hours and also provides bill payment and investment services.

Features:

• Policy: Personal loans from ₦200,000 to ₦5,000,000.
• Loan Process: Quick approval based on income proof.
• Repayment Mode: Monthly deductions.

16. CreditVille

Creditville provides salary-based loans and personal loans up to ₦2,500,000 with interest from 3.5% monthly. It’s known for a smooth application experience and also provides savings and investment options.

Features:

• Specializes in salary-based loans.
• Offers loans with competitive interest rates.
• Repayment is deducted directly from salary.
• Provides business loans and asset financing.
• Requires proof of stable income.

17. Migo

Migo offers short-term loans without requiring an app download. Loans are accessed via USSD codes or partner banks.

Features:

• Offers short-term loans without requiring an app download.
• Accessible via USSD codes or partner banks.
• No paperwork or collateral required.
• Loan amount increases with good repayment history.
• Charges a one-time service fee instead of traditional interest.

18. Sokoloan

Sokoloan provides instant loans with minimal documentation.

Features:

• Provides instant personal loans with minimal documentation.
• Requires BVN for verification.
• Loan amounts are small but increase with good repayment behavior.
• Fast approval and disbursement.
• Higher interest rates for first-time users.

19. Newcredit

NewCredit is one of the best loan app in the loan app market in Nigeria. It provides quick loans with interest rates starting from 2.5% per month. Users can apply via a mobile app, with disbursement typically happening within hours. With flexible repayment terms of 3 to 12 months, no hidden charges, and 24/7 customer support, NewCredit is a best alternative for both individuals and businesses.

Features:

• Offers personal loans up to ₦300,000.
• Simple and straightforward application process.
• Requires BVN for loan eligibility.
• Loan terms vary based on creditworthiness.
• Funds are disbursed within minutes.

20. GTBank Quick Credit

GTBank Quick Credit allows GTBank customers to borrow up to ₦5 million instantly with low interest rates.

Features:

• Available only to GTBank account holders.
• Loans up to ₦5 million with low interest rates.
• No collateral required.
• Flexible repayment plan up to 12 months.
• Requires a good banking history and credit rating.

Read more: Top 20 Best Hand work in Nigeria for Lucrative Income in 2025

Disclaimer:

The information provided in this blog post is for informational purposes only and does not constitute financial advice
Interest rates, loan amounts, and approval times mentioned in this post may vary based on the lender’s policies and individual eligibility. We recommend that users conduct their own research and read the terms and conditions of each loan app before applying. We are not affiliated with any of the mentioned loan providers and do not receive compensation for including them in this list.

4. Xcash

• Policy: Loans from ₦10,000 to ₦100,000.
• Loan Process: Fast approval with BVN.
• Repayment Mode: Bank transfer.

5. Wecredit

• Policy: Loans up to ₦200,000.
• Loan Process: Requires phone number and BVN.
• Repayment Mode: Monthly installments.

6. QuickBucks by Access Bank

• Policy: Special loans for Access Bank customers.
• Loan Process: Simple bank account verification.
• Repayment Mode: Deduction from salary.

7. Lendigo

• Policy: Business loans up to ₦10,000,000.
• Loan Process: Requires business documentation.
• Repayment Mode: Flexible repayment plans.

8. Kuda Bank

• Policy: Personal loans up to ₦150,000.
• Loan Process: Requires credit score assessment.
• Repayment Mode: Direct deduction from Kuda account.
• Other Information: No hidden fees.

How to Apply for a Loan Using These Apps

Applying for a loan through these apps is simple:

1. Download the app from Google Play Store or Apple Store.
2. Sign up with your phone number and email.
3. Provide personal details, including your BVN and bank account.
4. Choose loan amount and repayment duration.
5. Submit your application and wait for approval.
6. Receive funds in your bank account within minutes.

Pros and Cons of Loan App in Nigeria

Pros:

• Easy Access to Credit: Loan apps provide quick financial support to individuals and businesses without the need for extensive paperwork or long approval processes. They are especially useful for people who may not qualify for traditional bank loans.
• Convenience & Speed: Borrowers can apply for loans from anywhere at any time using their smartphones. Most loan apps offer instant approval and disbursement, making them ideal for emergencies.
• Financial Inclusion: They help bridge the gap for the unbanked and underbanked populations, giving them access to credit facilities.
• Minimal Documentation: Unlike traditional banks that require multiple documents and guarantors, loan apps often need just a phone number, BVN, and a valid ID.
• Flexible Loan Options: Users can choose from different loan amounts, repayment periods, and interest rates based on their needs and financial capacity.
• Credit Building: Timely repayment of loans from these apps can improve a user’s credit score, making it easier to access larger loans in the future.
• Business Support: Small businesses and entrepreneurs can access quick funding to manage cash flow, buy inventory, or expand their operations.
• Lower Operational Costs: Loan apps reduce the costs associated with traditional lending institutions, making loans more affordable.
• Transparency & Digital Records: Transactions are digitally recorded, ensuring transparency in loan agreements, repayment schedules, and interest calculations.
• Encourages Financial Discipline: Many loan apps provide reminders and automatic deductions, helping users manage their finances and build responsible borrowing habits.

Cons:

❌ High-interest rates
❌ Short repayment periods
❌ Privacy concerns due to access to personal data

However, it is essential to read their terms and conditions carefully, particularly interest rates and repayment periods, to avoid high penalties.

However, choosing the right loan app depends on your specific financial needs:

• Best for quick and small loans: Branch, FairMoney, Palmcredit.
• Best for higher loan amounts: Carbon, Renmoney, Page Financials.
• Best for business loans: Lendigo, Kiakia.
• Best for salary advances: QuickBucks by Access Bank, ALAT by Wema.

Smart Loan Tips:

• Always read and understand the loan terms, including interest rates and repayment periods.
• Borrow only what you can afford to repay to avoid financial distress.
• Ensure timely repayments to build a good credit score and access better loan offers in the future.

FAQs About top 20 Loan App in Nigeria

1. Which loan app gives the highest amount in Nigeria?

Specta and GTBank Quick Credit offer some of the highest loan amounts, up to ₦5 million.

2. Can I get a loan without BVN in Nigeria?

Most loan apps require BVN for verification. However, some platforms, like Migo, allow USSD-based loans without BVN.

3. Which loan app has the lowest interest rate in Nigeria?

Umba offers interest-free loans for first-time users, while Carbon and FairMoney have competitive interest rates.

4. Are loan apps in Nigeria safe to use?

Yes, but it’s important to use only reputable and licensed loan apps to avoid scams and data breaches.

5. Can I get a loan without a job in Nigeria?

Yes, some apps provide loans to freelancers and small business owners without requiring proof of employment.

Conclusion

Loan apps have transformed how Nigerians access credit, making it easier to get funds without collateral. Whether you need money for emergencies, business, or daily expenses, the top 20 loan app in Nigeria listed above offer convenient and fast solutions.

Read more: List of Fake Loan Apps in Nigeria 2025

However, always read the terms carefully, compare interest rates, and ensure timely repayments to avoid penalties. Choose wisely and borrow responsibly!