Best Mobile Loan Apps in Nigeria [cy] (Mobile Loan in Nigeria)

mobile loan in nigeria by koboline

In Nigeria, securing a loan from traditional banks can be quite tiring. The complex procedures and long waiting times often leave you in a financial bind. But fear not, for a lifesaver is here – mobile loan in Nigeria!

Imagine you’re living paycheck to paycheck, with barely anything left for savings or emergencies. A sudden financial hurdle can throw you off balance. But fret not, because mobile loan apps in Nigeria have your back.

There are many banks in Nigeria that offer loans but it can be tricky obtaining a loan from a bank in Nigeria. A solution to this issue is loan companies that offer mobile loan in Nigeria.

Whether it’s for bridging financial gaps or seizing an opportunity, these apps offer quick, hassle-free loans that can be a game-changer. So, if you’re on the lookout for the best mobile loan apps in Nigeria, you’re in the right place. We’ve got you covered.

mobile loan apps in nigeria mobile loan in nigeria

Mobile Apps Loan in Nigeria (Mobile Loan in Nigeria)

Here are the best loan apps for a mobile loan in Nigeria:

1. Carbon

Carbon Paylater reivew

With Carbon, you get to access mobile loans in Nigeria as well as investment options. You can also pay bills with this mobile app. Carbon offers personal loans in Nigeria in minutes. 

Based on how credit-worthy you’re you can access loans of up to N20 million on this platform. The interest rates for Carbon loans range from 5 to 15%. This depends on how long you’ll ta the loan for and of course the loan amount you’re taking. 

The Carbon Loan app is available on iOS and Android.

2. P2Vest

p2vest loan app

P2Vest is one of the new apps for mobile loan 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.

See: P2Vest App Review: P2P Loan Platform for Borrowers, Lenders & Businesses

3. Branch


Branch offers instant online loans in Nigeria without collateral. You can access loan amounts from ₦1,000 – ₦200,000. This lending company claims to have no late/rollover fees. 

The monthly interest on the Branch loan app is 3% – 21% with loan tenures of 30 to 300 days.

4. Quickcheck

quickcheck loan

As the name suggests, Quickcheck offers quick loans in Nigeria. Using the Quickcheck app you can access instant loans from anywhere in Nigeria if you have a good credit score.

Interest rates on Quickcheck loans are around 2% – 30%. With a monthly interest rate of 1% – 21%.  With loan terms ranging from 91% to 12 months. 

Read: Best Loan Apps in Nigeria

5. Paycredit

Paycredit is a lending platform that offers mobile loan in Nigeria through its app. The type of loans they provide includes business and salary loans. 

They also offer good repayment terms. Where you get to choose to repay at a minimum of 60 days. 

Paycredts loan amount is from N1,000 to N100,000. Their Annual Percentage Rate (APR) is 30% to 261%.

💡 Tip: APR (Annual percentage rate) is the annual cost of a loan that is charged to borrowers or paid to investors. APRs are expressed in percentages like interest rates. APR includes other charges or fees like mortgage insurance, closing costs, discount points and loan origination fees.

6. Irorun Loan

If you want to access mobile loans in Nigeria with peace of mind, Iroroun says they should be your choice. Irorun is more of a micro-credit platform. Basically, they’re focused on small loans.N5000 to N50,000.

 Loan durations on Irorun range from 60 days to 180 days. 

Also See: Best New Loan Apps in Nigeria

7. Kiakia

kiakia loan

Kiakia is a peer-to-peer lending and investing platform in Nigeria where you can get a mobile loan in Nigeria. They offer personal loans and business loans to anyone in Nigeria. 

In essence, Kiakia puts together all the funds of people who want to invest with its platform and offer it to those looking to borrow money. They offer loans between N10,000 and N100 Million.

While the interest rate on Kiakia loans is 15% per month. With loan tenures between 30 days to 24 months. Kiakia loan  Annual Percentage Rate (APR) is at a maximum of 180%.

8. Migo Loan

Migo loan

Formerly Kwikmoney, Migo 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 on Migo. The interest rate for a Mogo loan is 5 % to 15%. 

Also See: How to Repay a Migo Loan

9. FairMoney

fairmoney loan app

Fairmoney is a loan app that offers mobile loans in Nigeria. You can get a loan of N1500 to N500,000 in 5 minutes without collateral on the Fairmoney loan app.

The loan repayment period for a Fairmoney loan is 61 to 12 months at interest rates of  2.5% to 30%.

10. Specta Loan App

specta loan

Specta is an Access bank loan product that offers mobile loans in Nigeria up to the tune of N5 million without any collateral. The interest rate for a specta loan is 25.5% to 28.5% as well as a one-time insurance payment of 2.5% and a management fee of 1%.

Specta loans are repayable between 1-12 months period. And default on a loan repayment attracts a penalty fee of 1%. 

Checkout: Access Bank Loan: How to Get Loan from Access Bank

11. LendMe

Lendme offers loans in Nigeria from as low as N2,000 and up to  N20,000 without any collateral or any other applicable fees. However, Lendme is only available to android users in Nigeria. 

The repayment plan for a LendMe loan is 60 to 180 days with monthly interest rates of 12% to 36%. And an APR of 12% to 216%.

12. Renmoney Loan

quick loan in Nigeria -renmoney

Renmoney can offer personal loans as much as ₦5,000,000 for a loan tenure of 3 to 12 months.

Renmoney also provides loan services to both employed individuals and business (small and medium business) owners in Nigeria. 

These loans do not require collateral or a guarantor.

To apply for a loan on Renmoney loan, you’ll have to use the Renmoney loan calculator. Where you input the loan amount you want and the duration of time you want to pay it back.

Also See: Best Business Loans in Nigeria Without Collateral

13. Okash

okash loan

OPay short for “Opera Pay”, is a mobile app in Nigeria that offers different services to consumers. Some of these services include payments (buying airtime, buying data, subscribing to Pay TV, paying electric bills), offering access to transport and delivery services, food and grocery deliveries, a listing service (Olists/Oleads), an investment service (OWealth), and its lending services (OKash loan).

Opay loan or its various loan products: CreditMe, EaseMoni and OKash offer fast loans without any need for collateral or deposit requirements.

The maximum loan amount you can apply for with OKash is N50,000, while the lowest is N3,000 Naira. Opay loans incur a daily interest rate between 0.1% to 1%, with an annual interest rate between 36.5% and 360%.

You might also have to pay an origination fee ranging from N1299 to N6000 for your Opay loan. The duration of the Okash loan is 91 days to 365 days.

14. Jumia Loan

jumia online shopping website

Jumia loans are loans provided by arguably Nigeria’s biggest e-commerce company; Jumia.

Jumia grants access to fast and easy short–term working capital to individuals and businesses through the JumiaPay Andriod App.

Jumia’s loan interest rates are around 3.5% to 4% per month with a one-off processing fee of 0.5% upfront.

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