Top 20 Loan Apps in Nigeria Without Collateral & Low Interest Rate

top 20 loan apps in nigeria

Updated on January 19, 2024

Are you looking to get a quick loan using your smartphone in Nigeria? Well, your next loan is a few taps away.

These top loan apps in Nigeria offer the best collateral-free loans and the best rates and terms you can find for loans in Nigeria.

You can get cash in a few minutes in Nigeria using a loan app.

But we’ll be honest, the interest rates on loans in Nigeria can be better for borrowers and we hope it does soon.

These trusted and reliable loan platforms and lending apps require no over-the-top documentation or collateral.

You can apply for a loan from any of them and get the loan credit to your account instantly.

Top 20 Loan Apps in Nigeria without Collateral & Lowest Interest Rate

Here are the top 20 loan apps in Nigeria without collateral:

  1. Carbon
  2. Fair money
  3. Branch
  4. Migo
  5. Palmcredit
  6. Alat
  7. Aella App
  8. Specta loan
  9. Palmpay
  10. Umba Loan
  11. QuickCheck
  12. P2vest
  13. Okash
  14. Jumiapay
  15. Page Financials
  16. Blocka Cash
  17. Kuda
  18. Kredi
  19. Yescredit
  20. Irorun

Top 20 Loan Apps in Nigeria without Collateral & Low Interest Rate


Carbon Paylater reivew

Carbon is a digital bank that not only gives you access to loans but provides options for investment, allows you to send and receive money, pay bills and so much more.

To get a Carbon Loan, you’ll need to download the Carbon app from the Play Store If you haven’t already. Apply for a Carbon loan by submitting all the necessary details, including your BVN, and based on the provided information, a loan amount will be calculated and approved for you.

To repay your Carbon loan, on or before your due date, you simply fund your Carbon wallet using either a bank transfer or the USSD option on the app.

Checkout: List of Fake Loan Apps in Nigeria


fairmoney quick loan in nigeria

With the FairMoney loan app, you can access a loan in 5 minutes. You can get personal loans of up to N3 Million Naira from Fairmoney. You can get an instant loan for up to 2 months (2 years) from fair money at competitive interest rates.

All that is required is:

  • Bank verification Number (BVN)
  • Proof of employment (Salaried, self-employed, student)
  • Monthly income of a minimum salary of ₦10000
  • Good Credit History

For more information, visit Fairmoney.

Branch Loan App


One reason Branch is on this list of top 20 loan apps in Nigeria is its longevity and dependability. Nigerians have been using Branch long time to assess quick loans.

You can get a minimum loan of ₦1,000 Naira and a Maximum loan of ₦200,000 from the Branch app. This loan app has no late/rollover fees.

Monthly interest rates for a Branch loan are 3% – 21%, and an annual Interest range of 15% – 34%.

For more information, check out the Branch loan app.


migo loan

Formerly Kwikmoney, the Migo loan app is a very popular loan company in Nigeria. You can get a mobile loan in Nigeria of up to N500,000 with Migo in less than 2 minutes.

Over N40 billion Naira has been borrowed from Migo. The interest rate for a Mogo loan is 5 % to 15%. 

Checkout: How to Pay Migo Loan


Palmcredit loan app - Palcredit ussd code Interest rates

PalmCredit is a very popular loan app among Nigerians that offers instant loans of up to ₦300,000.

The amount of time for paying back a Palmcredit loan is between 91 days to 180 days. Interest Rate is between 14% to 24%. This means if you apply for a 6-month loan of ₦100,000, the total repayment amount is ₦124,000.

The PalmCredit loan app is available for download in Playstore or you could check any PalmCredit social media platform for more details.

Alat Loan


The Alat app is a Wema bank product that gives you access to instant loans without paperwork or the need to visit the bank branch.

You can borrow up to ₦2,000,000 from the ALAT app. The Alat loan app is available for download on Google Play or the App Store and has loads of information on the Alat website.

Specta Loan App

specta loan

Just like Alat, Specta is owned and managed by Sterling Bank, a commercial bank in Nigeria. Getting a loan from Specta does not require any collateral, guarantor, or bank visit.

Irrespective of your occupation or bank, you can access a Specta loan amount of up to ₦5,000,000.

The Specta app can be downloaded on Playstore and has other interesting packages for you.

Also See: Best Business Loans in Nigeria

Palmpay Loan

palmpay app

You can borrow money from the Palmpay app in under 5 minutes. You can get a loan of up to N200,000 from PalmPay without any paperwork or collateral.

Depending on your credit score, and the loan amount you want, the interest rate for a Palmpay loan can range between 15% to 30%.

It is important to note that Palmpay charges a high interest rate and gives a short repayment period for first-time borrowers. However, as you continue to borrow and repay on time, rates and loan terms will be better.

See: Palmpay POS Machine Price in Nigeria

Aella Credit

aella credit

Another one of the top loan apps in Nigeria that guarantees quick loans is Aella Credit, which gives loans of up to N1 Million Naira, with a loan interest rate of 6% to 20%, and a loan tenure of 1 – 3 months with no late/rollover fees.

You can download the app from Playstore (Android), or App Store (iOS) or check Aella Credit for more information.


quickcheck loan

Quickcheck is a loan app offering business loans to people in Nigeria. You can get business loans of up to N1 Million Naira from Quickcheck

However, being a first-time user, you can access a ₦30,000 loan for 30 days. Once your loan has been repaid, you” be able to get higher loan amounts.  

To get more information, kindly check the Quickcheck Website, and you can download the app from Playstore.


okash loan app

Presently, Okash is one of the top standalone loan apps in Nigeria. With an Okash loan, you can get a loan of up to ₦50,000 with no collateral, although, the maximum loan amount you could receive differs.

So, if you want more information about this lending platform, please check out the Okash website.


p2vest loan app

P2Vest is one of the promising new loan apps in Nigeria, that offers people alternative loans.

P2Vest is a peer-to-peer lending platform that connects screened borrowers to lenders and investors who are looking for better returns on their capital, compared to savings accounts and fixed deposits.

P2Vest loan amounts are within the range of N5,000 Naira to N2,000,000 Naira with a loan tenure of 12 months.

P2Vest also has a B2B loan platform called P2VFB for businesses to manage their money lending activities. P2Vest is available on iOS and Android.


jumia pay loan

Another top loan app in Nigeria is JumiaPay, which is a product of Jumia.

The JumiaPay app doesn’t just give instant loans to users, you can also get all your daily needs in one place like airtime, utility bills, and shopping.

You could download the JumiaPay app on Playstore, create your account, scroll down to the ‘Financial Services’ section, and click ‘Loans’ to apply for a quick loan.

Find more details here.

Page Financials

page financials loan

Page Financials is a financial company licensed by the CBN that offers personal loans in Nigeria. Getting a loan from Page Financials is smooth and easy and they use a flexible documentation process.

A Page Financials loan amount is between N100,000 Naira – and N5,000,000 Naira with an Interest rate of 3.76% – Charged Flat Per Month, an Annual Percentage Rate (APR) of 29% – 120%, and a loan tenure of 60 – 180 days.

The Page Financial app is available on only the iOS /App Store. Loan repayment for a Page Financials loan happens manually or via the auto-debit service

15. Blocka Cash

blocka cash loan app

Blocka Cash makes our list of top 20 loan apps as it provides easy and hassle-free loans in Nigeria.

You can access fast short-term loans on Blocka from N5,000 Naira up to N50,000 Naira depending on your credit score with an interest rate of 3% to 10% per month and an Annual Percentage Rate (APR) of 36% to 120%.

Blocka loans are valid for 60 to 180 days and can be repaid via Debit Card, Quickteller, and direct transfer.

To get a Blocka cash loan, you must be at least 21 years of age and you’ll need to provide a valid Government.

Blocka Cash is both available on the Android app store and the Apple app store.

Kuda Loan


Kuda Bank is one of the most popular digital banks in Nigeria and it offers users an overdraft (loans) of up to N50,000 at 0.3% daily interest.

The loan amount you can get from Kuda can increase based on your usage of the Kuda app.

Kredi Loan

kredi bank loan savings

Kredi is another digital bank on the rise in Nigeria that also offers loans in Nigeria. Kredi offers 4 types of loans; Kredi SME Loan, Kredi Nano Loan & Kredi Salary-backed loan & Kredi collateral-backed loan.

The amount you can borrow with Kredi depends on the amount you are eligible and qualified for based on the customer tier you are in.

YesCredit Loan

yescredit loan app

YesCredit is one of the loan apps for iPhones in Nigeria that offers quick loans to anyone in Nigeria in a space of a few minutes.

YesCredit gives loans between N5,000 to N50,000 with an interest rate of 4.5% – 35% with an equivalent monthly interest of 5%- 29% and an Annual Percentage Rate (APR) of 29% – 120%.

YesCredit loan duration is between 60 to 180 days. You increase your loan limit every time you repay your YesCredit loan. Repayment of your YesCredit loan can happen via debit/ATM card, and direct transfer.

YesCredit requires no collateral, guarantors, or documents for them to grant you the loan. Just make sure over 21 years old. But for loans beyond certain amounts, YesCredit will need additional documentation.

You can contact Yescredit please contact us at


irorun loan app

Irorun is one of the new loan apps for iPhones in Nigeria offering small quick loans that can be disbursed to you in a matter of minutes. 

Irorun offers loans from N2,500 Naira to N50,000 Naira at an interest rate of 4.5% – 35%, and a monthly interest of 5%- 29%, with an Annual Percentage Rate (APR) of 29% – 120%.

YesCredit Loan tenure is between 60 to 180 days and can be repaid Manually or via the auto-debit service.


umba loan app

Umba Bank is becoming one of the more popular digital banks in Nigeria offering loans as well as the rewards and bonuses its users get.

With an Umba bank account, you can easily spend, pay bills, get loans, and even cash back all from your phone using the Umba mobile app.

Umba also offers zero-fee and unlimited transfers to its users as well.

The Umba loan app is one of the new loan apps in Nigeria offering personal loans. Umba loans start at N1,115 Naira up to N89,182 Naira at a 10% interest rate for a loan duration of 62 days.

Best Loan Apps in Nigeria

  1. Carbon
  2. Fair money
  3. Branch
  4. Migo
  5. Aella App
  6. Specta loan
  7. Palmpay
  8. Umba Loan
  9. QuickCheck
  10. P2vest
  11. Kuda
  12. Kredi
  13. Yescredit
  14. Irorun

Top Loan Apps in Nigeria without BVN

  1. Aella
  2. Fairmoney
  3. Carbon
  4. Okash
  5. Jumia Pay
  6. Quickteller
  7. Eyowo

Top Loan Apps on iPhone in Nigeria

  1. Carbon
  2. Aella
  3. p2vest
  4. Blocka Cash
  5. YesCredit
  6. Irorun
  7. Page Financials
  8. Quick Bucks
  9. Kiakia
  10. NodCredit
  11. Credpal
  12. Hometown App

Key Takeaways

These top 20 loan apps in Nigeria will likely request your bank account details and BVN. Don’t give false information. 

Only borrow what you can repay, so you don’t get stuck while meeting your goal. Early loan repayment guarantees a good credit score for higher amounts and lower interest rates for future loan requests.

Ensure you review the attached terms and conditions before applying for any loan. Only include your bank details on verified loan apps.

Our pics for the best loan apps to use in Nigeria are Carbon, Fairmoney, Palmpay, Migo, PalmCredit, Alat & Specta.

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