Top 20 Loan Apps in Nigeria 2023

loan apps in nigeria

Last Updated on June 7, 2023

You may be wondering how to get quick loans, with no collateral and minimal interest rate, from the comfort of your home or office. There are now lots of loan apps in Nigeria that offer loans at different interest rates. Some rates are friendly, others not exactly

I remember back then when people had to queue for a loan application, even when it was just a 5-digit figure 😥.

Sometimes the loan process could take up to a month or even more. But thanks to technology😊, we can now get mobile loans to sort out personal and business needs using a smartphone, a mobile app, and an internet connection within 24 hours. 

So, in no particular order, let’s review the 10 best loan apps in Nigeria.

See: List of Fake Loan Apps in Nigeria

Best Loan Apps in Nigeria 2023

Here’s a list of the top loan apps in Nigeria available right now:

1. Carbon

Carbon Paylater reivew

Based on a recent update, Carbon is now a digital bank and one we hope stays longer in Nigeria, because it not only gives you access to loans, it also provides options for investment, funds transfer, airtime purchase, bills payment and so much more.

All you need to do is download the app from the Play store. Fill in your Biodata, submit all the necessary details, including your BVN and based on the provided information, a loan amount will be calculated and approved for you.

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

2. P2Vest

p2vest loan app

P2Vest is one of the popular P2P new loan apps in Nigeria, offering people alternative loans.

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

P2Vest also has a B2B loan platform called P2VFB for businesses to manage their money lending activities.

P2Vest is available on iOS and Android. This P2P loan platform offers loan amounts of N5,000 to N2,000,000 with a loan tenure of 12 months.

3. FairMoney

With FairMoney loan app, you can access loans in minutes, buy airtime and pay bills using your registered account.

To get started, simply register using the phone number attached to your BVN (an OTP will be sent to the registered number for verification) Just like every other loan app, you are required to fill in your contact details.

For more information, you could visit Fairmoney.

4. Branch

Branch is one of the loan apps in Nigeria that is also available in other countries.

Branch loan amounts range from ₦1,000 – ₦200,000. The loans from this lending company have no late/rollover fees, monthly interest is 3% – 21%, and an annual Interest range 15% – 34%.

Simply download and install the mobile app from the Play store, then, follow the instructions. For more information, check out the Branch review.

5. Aella Credit

Another one of the top loan apps in Nigeria that guarantees quick loans is Aella Credit, which gives loans of up to 1M, an 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), App Store (iOS) or check Aella for more information.

6. PalmCredit

Palmcredit loan app - Palcredit ussd code Interest rates

PalmCredit is very popular among Nigerians and promises to put a smile on your face with a quick loan of up to ₦300,000.

Its loan duration ranges from 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.

7. QuickCheck


Quickcheck aims at providing financial services to meet personal and business goals.

However, being a first-time user, you can access a ₦10,000 loan for a period of 30 days. 

Should you decide to get more information, kindly check the FAQ page on and you can download the app from Playstore.

8. Alat Loan


Alat by Wema gives you access to instant loans without paperwork or visiting the bank branch.


Even though it’s owned and managed by a bank, you can borrow up to ₦2,000,000 based on certain terms and conditions.

The Alat loan app is available for download on Google Play or the App store and has loads of information on the Alat website.

9. Specta

specta loan

Just like Alat, Specta is owned and managed by a financial institution, Sterling and does not require any collateral, guarantor or bank visit to access quick loans.

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

The app could be downloaded on Playstore and has other interesting packages for you.  For more details about Specta loans check out our review of Specta Loan.

Also See: Best Business loans in Nigeria

10. Okash

okash loan app

Remember the popular Opay app, where you could make transactions, buy airtime, pay bills and still book a ride? Okash is a subsidiary of Opay and was once included in the Opay app.

Presently, Okash is one of the standalone loan apps in Nigeria, which means you could download and install just this loan app in Nigeria via Playstore.

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.

11. JumiaPay

jumia pay loan

The last of the loan apps in Nigeria to review is JumiaPay, a product of Jumia, which gives instant loans to users.

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

Details are displayed on the Jumia website.

12. Lidya Loan


Lidya is one of the first loan apps in Nigeria that started providing small and medium-sized businesses access to an unsecured instant online loan in Nigeria. This platform offers businesses credit between N500,000 and N35,500,000.

Lydia assesses the credit risk of every business seeking a loan. It uses this assessment to create a credit score unique to each business. Lydia also disburses loans in 24 hours or less.

  • Requirements: Own a business.
  • Platform: Web
  • Interest Rate; Unspecified (The company claims they are affordable)
  • Loan tenure: Depends on the loan amount
  • Multiple loans at a time: No
  • Repayment channel: Debit Card, Direct Deposit.

13. Migo Loan App

migo loan

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

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

See: How to Repay a Migo Loan

14. Page Financials

Page financials is a financial company licensed by the CBN that offers personal loans in Nigeria. The company claims that getting a loan from them is smooth and easy and that they use a flexible documentation process.

  • Platform: iOS
  • Loan Amounts: N100,000 – N5,000,000
  • Interest rate:  (3.76%) – Charged Flat Per Month
  • Annual Percentage Rate (APR):   29% – 120%
  • Loan tenure: 60 – 180 days.
  • Repayment channels: Manually or via the auto-debit service.

15. Blocka Cash

blocka cash loan app

Blocka Cash provides easy and hassle-free loans in Nigeria. Blocka cash is both available on the Android app store and Apple app store.

You can access short-term loans on Blocka from at least N5,000 and up to N50,000 depending on your credit score.

The requirements for a Blocka cash loan include:

  • You must be at least 21 years of age. 
  • You might need to provide a valid Government

Other features of Blocka cash loans are:

  • Platform: iOS, Android,
  • Loan Amounts: N5,000 – N50,000
  • Interest rate:  3% per month – of 10% per month
  • Annual Percentage Rate (APR):  36% to 120%.
  • Loan tenure: 60 to 180 days
  • Repayment channels: Debit Card, Quickteller, and direct transfer

Blocka cash considers several factors when assessing if you are eligible for a loan. Factors like past loan performance and credit score. Blocka Cash app is powered by James Crown Credit Limited, which has a money lender license issued by the Ogun State Government of Nigeria. You can contact Blockacash at [email protected]

16. Kuda Loan

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

However, your loan amount can increase based on your usage of the Kuda app.

17. 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.

18. Yescredit Loan

yescredit loan app

YesCredit is one of the loan apps for iPhone in Nigeria that offers a low loan amount.

Their loans range from N5,000 to N50,000. To access a YesCredit loan can take only a few minutes and you can receive it into your wallet and transfer it into your bank account immediately.

 You increase your loan limit every time you repay your YesCredit loan back.

  • Platform: iOS
  • Loan Amounts: ₦5,000 to  ₦50,000
  • Interest rate:  4.5% – 35% with an equivalent monthly interest of 5%- 29%
  • Annual Percentage Rate (APR):   29% – 120%
  • Loan tenure: 60 – 180 days.
  • Repayment channels: 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.

YesCredit is a product of YesCredit Limited, which is a licensed money lender by the Lagos State Government of Nigeria.

You can contact Yescredit please contact us at [email protected].

19. Irorun

irorun loan app

Irorun is one of the new loan apps for iPhone in Nigeria. You can sign up on the Irorun app and request for a loan and have it disbursed to you in a matter of minutes. 

If you want to access mobile loans in Nigeria with peace of mind, Irorun says they should be your choice. Irorun is more of a micro-credit platform. Basically, they’re focused on small loans.

  • Platform: iOS
  • Loan Amounts: N2,500 – N50,000
  • Interest rate:  4.5% – 35% monthly interest of 5%- 29%
  • Annual Percentage Rate (APR):   29% – 120%
  • Loan tenure: 60 – 180 days.
  • Repayment channels: Manually or via the auto-debit service.

20. Umba Loan

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 Umb mobile app.

Umba also offers zero -fees 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 N1115 up to N89182 Naira at a 10% interest rate for a loan duration of 62 days.

Important Points to Note About Loan Apps in Nigeria

These loan apps could request for 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.

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