Best personal loans in Nigeria.

Best personal loans in Nigeria.

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. 

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.

ALSO READ: 7 Fast Cash Loans in Nigeria.

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

Best personal loans in Nigeria for you

Carbon (Paylater): Best overall personal loans in Nigeria.

Kwikcash (Migo): Best for instant loans


FINT: Best peer-to-peer Lending

Zedvance: Best Payday Loans

QUickcheck: Best for instant loans

Palmcredit: Best for short term loans

Branch: Best loans for excellent credit

Sokoloan: Best for urgent loans

Best overall personal loans in Nigeria: Carbon (Paylater)

KL Rating: ⭐️⭐️⭐️⭐️⭐️

  • 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 that repay on-time at lower rates. 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>>

Best for instant loans: kwikcash (Migo)

KL Rating: ⭐️⭐️⭐️⭐️⭐️

  • 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 Mino loan.

Apply for a Migo loan here>>

Best peer-to-peer Lending: FINT

KL Rating: ⭐️⭐️⭐️⭐️⭐️

  • 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), which you’ll have to pay N3,000 for. 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. 

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>>

Best Payday Loans: Zedvance

KL Rating: ⭐️⭐️⭐️⭐️

  • Requirements: 1 Passport Photograph, a valid means of Identification, Employee ID Card, 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 provide loans 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. Zedvance offers two primary loan products. Moneypal and salary loans. Salary earners can access loans of up to  N5million and payback in up to 18months.

Apply for ZedAdvance loan here>>

Best loans for Average credit: Quickcheck

KL Rating: ⭐️⭐️⭐️⭐️

  • 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 require that you have a source of income, even selecting employment status options like a student, unemployed or retired as your employment status. And aside accessing a loan, phone airtime can also be purchased using the app.

Apply for a Quickcheck loan here>>

Best for short term loans: Palmcredit

KL Rating: ⭐️⭐️⭐️⭐️

  • 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

Loans as low as ₦15,000 and as high as ₦100,000 is available on the palm credit 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 palm pay credit app.

Apply for a Palmcredit loan here>>

Best loans for excellent credit: Branch

KL Rating: ⭐️⭐️⭐️⭐️

  • 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>>

Best for urgent loans: Sokoloan

KL Rating: ⭐️⭐️⭐️⭐️

  • Platform: Android, Web
  • Interest Rate: 5% – 34% with an equivalent monthly interest of 3% – 29%
  • Loan amounts: ₦1,000 to ₦200,000
  • Loan duration: 91 – 180 days
  • Repayment channel: Debit Card (In-App), Direct Deposit

Sokoloan offers loans for urgent needs. This loan platform packs the same features that other loan companies possess.

Apply for a Sokoloan loan here>>

The Bottom Line

A personal loan 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.

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