How to Get a Quick Loan in Nigeria

Last Updated on July 5, 2023

Looking for a quick solution to your financial needs? Look no further! In this ultimate guide, we’ll show you how to get a quick loan in Nigeria without the hassle and stress.

Whether you need funds for an emergency, a business venture, or personal expenses, we’ve got you covered. Discover the fastest loan options available, explore the application process, and learn how to increase your chances of approval.

With our expert tips and insights, you’ll be well-equipped to navigate the world of quick loans and secure the funds you need in no time. Say goodbye to long waits and complex paperwork – get ready to unlock the power of quick loans and take control of your financial future.

Getting a quick loan in Nigeria is not as hard as it used to be 5-6 years ago. With the arrival of smartphones on the African continent, anyone can get access to digital finance solutions. Most importantly anyone can get a loan paid into their bank account, without any collateral and at friendly interest rates.

You can get a quick loan in Nigeria within hours and in some cases, minutes. We’ve put together a comprehensive list of the leading companies that offer quick loans in Nigeria.

This list has no particular order and the loan apps in Nigeria listed might give different loan amounts at different interest rates to different people.

See: Best Loan Apps for iPhone in Nigeria

Top 7 Apps to Get a Quick Loan in Nigeria

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.

Read: How to Use the Zenith Bank Quick Loan Code

2. Branch Loan

Branch is another loan company you can get a quick loan in Nigeria from. 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.

The interest rate for Kiakia loans is  15% for loans due to be paid back before 14 days, and 20% for loans to be paid back within 30 days.  Kiakia loans also have a processing fee of N800 Naira.

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.

See: How to Repay a Migo Loan

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.

See: How to Qualify for an ALAT Loan

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.