7 Best New Loan Apps in Nigeria 2023

Best Nigeria loan app - New loan apps in Nigeria

Last Updated on January 15, 2023

You may be wondering how to get quick loans from new loan apps in Nigeria, 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 friendly.

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

See: Fake Loan Apps in Nigeria to Avoid

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. 

Some are tired of using the same old boring loan apps to get a loan in Nigeria, new loan apps are here to rescue you.

Read: How to Check NIRSAL Loan with BVN

Let’s review the new loan apps in Nigeria that you can use alongside some of the best loan apps.

List of New Loan Apps in Nigeria 2022

Here are the Top New loan Apps in Nigeria you can borrow money from:

1. P2Vest

p2vest loan app

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

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.

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

2. Blocka Cash

Blocka Cash is one of the new loan apps in Nigeria that 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]

Also See: Zenith Bank Quick Loan Code Guide

3. Kuda Loan

Kuda bank is one of the most popular new loan apps cum 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.

4. Kredi Loan

kredi bank loan savings

Kredi is another one of the new loan apps in Nigeria that is a digital bank on the rise in Nigeria.

Kredi offers instant loans in Nigeria to borrowers. 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.

5. 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.

6. 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.

 Yescredit is one of the new loan apps in Nigeria that increases your loan limit every time you repay your 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]

7. Irorun Loan

irorun loan app

Irorun is one of the new loan apps in Nigeria for iPhone users. 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.

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.

List of Best Loan Apps in Nigeria

While seeking New loan apps in Nigeria is great if you want to try out fresh options, some of the older best loan apps in Nigeria are still very good options, here are some of them

8. Carbon Loan App

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, bill 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.

9. FairMoney Loan App

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

To get started, simply register using your 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.

10. Branch Loan App

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 of 15% – 34%.

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

11. Aella Credit

Another loan app in Nigeria that guarantees quick loans is Aella Credit, which gives loans up to N1 million, an Interest range of 6% – 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.

12. 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 91days to 180days. 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.

13. QuickCheck

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 Quickcheck Website and you can download the app from Playstore.

14. ALAT by Wema Bank

alat

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 app is available for download on Google Play or the App store and has loads of information about the ALAT loan process.

15. Specta Loan

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.

16. 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 the loan app via Playstore.

It provides access to loan amounts 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 ng.o-kash.com/web/faqEn.html

17. JumiaPay

jumia pay loan

Another loan app 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 website: pay.jumia.com.ng/services/loans.

18. Lidya Loan

Lidya

Lidya is one of the first loan apps in Nigeria that started providing SME loans in Nigeria. The platform offers businesses credit of $500 and $50,000.

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.

19. Migo Loan App

migo loan

Formerly Kwikmoney, the 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%. 

20 People are Reading: How to Pay a Migo Loan

20. 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.

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.

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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