Personal Loans in Nigeria

last Updated on October 23, 2023

Are you interested in personal loans in Nigeria? Imagine what you could achieve if you always had access to cash.

Whether it’s that business venture you’ve been dreaming of, your passion for further education, or turning your house into a dream home, personal loans can make it happen.

Personal loans in Nigeria are a great way to access the money that you don’t currently have, but one you need immediately. You can save money when looking for a loan by comparing loan options in advance, and also protect your credit from unnecessary hard inquiries, which can lower your credit score.  

According to this study, personal loans are a great way for millions of consumers to access funding. So researching online personal loans in Nigeria is a good move, as you’ll be able to see the different lenders and interest rates. 

See: Best Loan Apps in Nigeria

While there are different types of companies offering personal loans in Nigeria, it is very important to check out the interest rates and know which one would be the best value and fit for you.

When looking for a personal loan in Nigeria, You’ll also need to make sure you are eligible for the loan, as the interest rates advertised may not apply to you. You also need to think about fees as well as interest rates before you commit to a loan.
This enables you to work out how much you want to borrow and the type of loan you want such as a short-term arrangement.

We’ve researched some personal loan options and compared their interest rates, fees, qualification requirements, and other features. Below you’ll find a list of our top picks for a number of categories.

Related: How to Qualify for an ALAT Loan

Best Quick Personal Loans in Nigeria

Depending on your situation and why you need to borrow money, one of these personal loans might be best for you.

If you’re interested in how to get the best personal loans in Nigeria. Here are the best personal loans in Nigeria with low interest rates:

1. Carbon

Best Overall Personal Loan in Nigeria.

• Requirements: Bank Verification Number (BVN), account number and a working debit ATM card).
• Platform: Android, Web
• Loan Amounts: N1,500 – N1,000,000
• Interest rate: 2% to 30%, depending on credit rating, with an equivalent monthly interest rate of 1 – 21%
• Loan tenure: 1 – 16 months
• Fees: None
• Repayment channels: Debit Card, Quickteller, and direct transfer

A carbon loan attracts interest rates starting from as low as 5% monthly on the first loan. It is intended to meet urgent, short-term cash needs. Carbon offers higher credit limits to users who repay on time at lower rates.

Also See: New Loan Apps in Nigeria to Consider

Their rates are competitive and vary depending on how many points you have earned, with loan repayments spread out over monthly instalments. 

You can re-apply for another loan immediately after your loan amount is fully paid off. The company also offers other financial products like smart investments, payments, bills and free credit reports to its users.

Apply to Carbon here>>

2. Migo

Best Instant Loan in Nigeria.

• Requirements: Phone number USSD: *561#.
• Platform: Web
• Loan Amounts: N500 – N500,000
• Interest rate: 5% -15%
• Loan tenure: 14 – 30 days
• Repayment channels: USSD code

Kwikcash also known as Kwikmoney now goes by the name Migo. Migo offers a loan process that is quick and easy. With only your phone number, you can get a Migo loan.

Apply for a Migo loan here>>

3. FINT

Best P2P Loan

• Requirements:  Bank Statements of at least 6 months, Proof of Employment/ Company ID, Proof of Identity (Passport, National ID, Drivers License
• Platform: Web
• Loan Amounts: N20,000 – N1,000,000
• Interest rate: as low as 8% (Based on risk score)
• Loan tenure: 3, 6 & 12 months
• Multiple loans at a time: No
• Repayment channel(s): Automated deductions from a bank account.

FINT is a loan marketplace that connects creditworthy borrowers to lenders. Borrowers get access to loans at affordable rates and lenders get their money back with interest.

You can apply for a loan on FINT by answering the FINT Risk Assessment and Investors (Lenders), in which you’ll have to pay N3,000. Once your loan has been funded it will take 2-5 business days for your account to be funded.

Borrowers on FINT can gain access to loans at as low as 2% per month. 

Also See: Fast Cash Loans in Nigeria For Any Emergencies

Once a lender has funded your loan application you’ll have to pay 8% of the loan as your commitment fee for the loan to be sent to your bank account.

Apply for a Fint loan here>>

4. Zedvance

Best Payday Loans

• Requirements: 1 Passport Photograph, a valid means of Identification, an Employee ID Card, an Employment Letter and NUBAN Cheques or Direct Debit Mandate.
• Platform: Web, Whatsapp
• Loan amounts: ~ ₦5,000,000
• Interest Rate: 4% – 20%. Zedavance applies risk-based pricing to determine repayment on loans
• Loan tenure: 3 to 18 months
• Multiple loans at a time: No
• Repayment channel: Via ChatbotCheques or Direct Debit mandate

Zedvance is a consumer finance company that provides personal loans in Nigeria to individuals. They also give credit to groups and offer point-of-sale finance for consumer goods and appliances in partnership with retailers across Lagos.

See: List of Fake Loan Apps in Nigeria You Should Avoid

Zedvance offers two primary loan products. Moneypal and salary loans. Salary earners can access loans of up to  N5 million and a payback period of up to 18 months.

Apply for ZedAdvance loan here>>

5. Quickcheck

Best Loan for Average Credit.

• Platform: Android
• Interest Rate: 1% daily
• Loan tenure: 5 to 30 days
• Multiple loans at a time: No
• Repayment channel: Debit Card, Direct Deposit

Applying for a loan on QuickCheck requires that you have a source of income, even selecting employment status options like a student, unemployed or retired as your employment status. Aside from accessing a loan, phone airtime can also be purchased using the app.

Apply for a Quickcheck loan here>>

6. Palmcredit

Best for Short-term loans

• Platform: Android
• Interest Rate: 14% – 24%, Monthly interest of 4.6%
• Loan tenure:14 days to 180 days
• Multiple loans at a time: No
• Repayment channel: Debit Card (In-App), Direct Deposit

Personal Loans in Nigeria as low as ₦15,000 and as high as ₦100,000 are available on the Palmcredit app. The process of getting a loan via palm credit is similar to other loan companies in Nigeria. You can also choose your loan duration on the Palmcredit app.

Apply for a Palmcredit loan here>>

7. Branch

Best loans for Excellent Credit

• Platform: Android
• Interest Rate: 5% – 34% with an equivalent monthly interest of 3% – 21%
• Loan amounts: ₦1,000 to ₦200,000
• Repayment channel: Debit Card (In-App), Direct Deposit

Branch allows you to steadily build your credit score as you take loans and repay them. This enables you to unlock larger loan amounts. Branch loans are usually approved within 24 hours. There are no late or rollover fees with this company.

Apply for a Branch here>>

The Bottom Line on Unsecured Personal Loans in Nigeria

Personal loans in Nigeria can help you cover unplanned expenses or an essential need if used the right way. 

Making it important for you to assess your ability to pay back the loan. Since taking on a debt is a serious decision. You can check out other loan apps in Nigeria if this list doesn’t suit you.

Where Can I Borrow Money Easily in Nigeria

You can easily borrow money from loan apps in Nigeria such as Carbon, Kiakia, Palmcredit, ZedAdvance, and Fint as well as some Nigerian banks like GTbank, UBA and Sterling Bank.