Updated on October 25, 2023
Looking for a fast way to get money in Nigeria without dealing with complicated stuff? You’re in luck! In this guide, we’ll show you how to get a quick loan in Nigeria without any hassles.
If you need money for an emergency, starting a business, or personal things, we’ve got your back. We’ll tell you about the fastest ways to get a quick loan, explain how to apply, and give you tips to make it easier. Say goodbye to waiting around and dealing with lots of forms.
These days, getting a fast loan in Nigeria is way easier than it was five or six years ago. Thanks to smartphones, you can use digital apps to get money sent right to your bank account. No need for collateral or for you to be a salary earner.
You can even get a quick loan in Nigeria in just a few hours, and sometimes even faster. We’ve put together a list of the loan apps in Nigeria that do this. The companies on our list don’t all give the same amount of money or the same interest rates to everyone, so keep that in mind.
Apps for Quick Loan in Nigeria without Collateral & Salary
Here are the best apps to get an online quick loan in Nigeria:
1. Carbon Loan
Formerly called Paylater, Carbon was Nigeria’s pioneer digital loan You can access a Carbon loan within minutes. The loans Carbon offers are mostly personal loans. So you can use Carbon loans to cover personal needs.
Carbon offers loans up to N20 million all based on your credit history. To access a Carbon loan you need to use its website or its app. The Carbon app is available on Android and iOS.
Carbon loan interest rates tend to range between 5-15%, depending on the loan duration and the loan amount. You can also use Carbon to pay bills, send and receive money and almost every other thing a bank app does.
2. Branch Loan
Branch is another loan company where you can get a quick loan in Nigeria. This company offers loan amounts ranging from ₦1000 to ₦200,000. Their loan duration is between 1 – 9 months.
Branch dispenses its loans within 24 hours. While the interest rates for Branch loans can vary, the rates tend to be between 15% to 34%.
To access a Branch loan you’d have to download the branch app. Branch is a great option for a quick loan in Nigeria.
3. Renmoney Loan
If you’re looking for a quick loan in Nigeria for your business, then you need to check out Renmoney. They provide business loans for SMEs as well as Individuals.
Renmoney offers as low as N50,000 and as high as N6 million for loans. Renmoney also offers a free loan calculator for knowing the exact interest rate and loan duration you’ll receive on a particular Renmoney loan amount.
ALSO SEE: How to Borrow Money from Umba Bank
4. Kiakia Loan
KiaKia is another good lending company to get a quick loan in Nigeria. Kiakia is a peer-to-peer loan marketplace in Nigeria. On this platform, people can invest money by loaning their money to other people.
To get a loan from Kiakia, you’ll have to use its chatbot called “Mr K”. Loan amounts on Kiakia are capped at N200,000 for early users of the platform.
Responsible borrowers on the Kiakia platform can receive more than that. First-time borrowers on Kiakia have a 30-day period to repay their Kiakia loan.
5. Migo Loan
You might remember Kwikmoney, a very popular loan service in Nigeria. Now they’ve rebranded to Migo.
Migo says anyone can get a quick loan in Nigeria from them in just 60 seconds. Migo offers up to N500,000 instant collateral-free loans.
You can access these loans via its website, its app or by using the Migo Ussd code. The interest rate on Migo loans is around 5 -15% with a repayment period of 14 – 30 days.
Migo is a great loan platform for people in Nigeria looking for personal loans to sort out urgent needs.
6. Fairmoney Loan
FairMoney is a licensed online loan company that gives loans to Nigerians through an android app. With Fairmoney you can receive a quick loan in Nigeria without collateral.
All you need is your BVN and a debit card. You can get a Fairmoney loan that ranges from N1,500 to N500,000. The loan duration for Fairmoney loans is one to three months.
A better credit history means more access to larger loans and longer loan periods. If you Pay a Fairmoney loan before its due date, then you might repay at a lesser interest rate.
7. Specta Loan
Specta is a dedicated loan service by Sterling Bank.
They offer personal loans, salary advance loans and Business loans. You can access these loans through the Specta Android app. You can get a quick loan in Nigeria from Specta of up to about N5m.
Specta has different loan packages available, they include SpectaBasic, Specta Alawee, Specta Prime, Specta Xtreme, Specta Quick Cash and Specta4business. Interest rates for Specta loans are between 20% – 30% per annum with a loan tenure of 1 to 4 years.