Updated on November 7, 2023
Do you need a fast loan for an emergency? Here are the best apps and banks that gives instant loan in Nigeria.
There are various options available for obtaining an instant loan right here in Nigeria. However, with so many lenders and loan types, finding the right place to get an instant loan can be a daunting task.
Ready to get that fast loan in Nigeria? Here are the best apps and banks that you can get an online instant loan from in Nigeria.
1. Carbon
Best App for Instant Online Loan Without Collateral
Interest rates for an instant loan in Nigeria from Carbon are competitive and vary depending on how many points you have earned, with loan repayments spread out over monthly instalments. You can re-apply for another loan immediately after your loan amount is fully paid off and may qualify for higher credit at a lower rate.
Also, you can’t request a new loan if you still have one pending that has not been paid back.
Carbon offers a discount program that allows you to earn money for referring a friend – when the friend repays their first loan on time back to Carbon. When you bring in a good borrower to Carbon they reward you with a discount on your next loan. Just click the ‘Use Discount’ button that becomes available on the Loan Details page and check it before submitting an application.
Requirements for an instant loan from Carbon are:
- Bank Verification Number (BVN),
- An active Bank account number
- and a working debit ATM card).
Carbon Loan features:
- Loan Amounts: N7,500 – N1,000,000
- Interest rate: 1.75% – 30%, depending on credit rating
- Loan tenure: 15 days to 6 months
- Annual percentage rate (APR): 23 – 60.8%
- Multiple loans at a time: No
- Repayment channels: Debit Card, Quickteller, and direct transfer
2. Branch Loan
Top App for Instant Online Loans in Nigeria
Branch is another great app for getting an instant loan in Nigeria. The app makes use of some information on your phone to make lending decisions; like the loan amount applicable to you.
Loans from Branch are repaid in four weekly instalments. As you build your credit history with Branch, your fees dramatically decrease and you unlock larger loans and more flexible terms.
The requirements for getting a quick loan from the Branch app are:
- A Facebook Account
- BVN,
- and valid bank details
Branch loan features are:
- Loan Amounts: N1,500 – N150,000
- Interest rate: 3% – 21%
- Loan tenure: 30 – 300 days
- Multiple loans at a time: No
- Repayment channels: Debit card, auto-debit, mobile banking app.
3. Aella Credit
Aella Credit has two options for an instant online loan in Nigeria; in-network — for users whose company is registered on the platform — and out-of-network, which caters to people whose company is not registered. The in-network option promises higher loan amounts at lower interest rates.
Part of the information requested on registration includes details of your next of kin, and there’s a processing fee of ₦30.
Requirements for Aella credit loan are:
- Valid bank details
- BVN
- Proof of Employment/ Company ID
- Proof of Identity (Passport, National ID, Drivers License.
Aella credit loan features:
- Interest rate: 6% – 20%
- Multiple loans at a time: No
- Loan tenure: 30 – 90 days
- Repayment channel(s): Debit card
4. QuickCheck
Applying for an instant loan on QuickCheck requires that you have a source of income, even selecting employment status options like a student, unemployed or retired as your employment status.
Quickcheck loan requirements are:
- Facebook account
- valid and active phone number
- bank details and source of income
Some features of a Quickcheck loan are:
- Interest Rate: 2% – 30%%
- Loan tenure: 80 to 365 days
- Multiple loans at a time: No
- Repayment channel: Debit Card, Direct Deposit
5. Renmoney Loan
Renmoney provides financial services to both employed individuals and business (small and medium business) owners. The company offers loans of up to N4,000,000. The loans do not require collateral or a guarantor.
Renmoney only offers loans to employed and self-employed individuals. To apply for a loan Renmoney Loan, you’ll use the Renmoney loan calculator. Where you input the loan amount you want and the duration of time you want to pay it back.
Renmoney loan requirements are:
- Passport Photograph
- a valid means of Identification
- bank statement
- staff/work identification card depending on your loan type.
Renmoney loan features:
- Loan amounts: ~ ₦5,000,000
- Interest Rate: Not fixed.
- Loan tenure: 3 to 12 months
- Multiple loans at a time: No
- Repayment channels: QUICKTELLER, CHEQUE, CASH, POS, ONLINE
Related: Top 20 Legit Loan Apps in Nigeria
6. Kiakia
KiaKia is a loan company that provides access to personal and small business loans through a chatbot.
Kiakia also enables savers to lend out funds at mutually agreed interest rates through intuitive conversations.
They offer instant online loans from N10,000 and N200,000 for a minimum duration of 30 days and a maximum of 18 months.
Kiakia loan requirements are:
- A valid ID card
- email address
- and a bank account
Kiakia loan features:
- Loan amounts: ₦10,000 to ₦200,000.
- Interest Rate: 5.6% – 24%
- Loan tenure: 30 days to 18 months
- Multiple loans at a time: No
- Repayment channel: Via Chatbot
7. Fairmoney Loan
FairMoney is a licensed online lender, that provides an instant online loan in Nigeria to meet up urgent cash needs.
With Fairmoney you can get a loan instantly in 5 Minutes, from anywhere in Nigeria. There are also no hidden charges on Fairmoney loans.
Fairmoney loan requirements are:
- BVN
- connect your ATM card to the app.
Fairmoney loan features:
- Loan amounts: ~ ₦150,000
- Interest Rate: 10% to 30%
- Loan tenure: 1 – 3 months
- Multiple loans at a time: No
- Repayment channel: ATM card, Bank transfer
Related: How to get GTBank Loan for Non Salary Earners
8. Commercial Banks
One of the most common places to get an instant loan in Nigeria is through commercial banks. Some of the best banks offering instant loans are GTBank loan, First Bank loan, Access Bank loan, and Zenith Bank loan, and Sterling Bank loan. They offer different types of loans such as personal loans, salary advances, and overdrafts.
Personal loans: This is a type of loan that allows you to borrow a fixed amount of money and pay it back over a set period with interest. Most banks require you to have a salary account with them and meet certain eligibility criteria to qualify for a personal loan.
Salary advance: This type of loan is offered to employees who need a short-term loan to cover unexpected expenses before their next payday. The loan amount is usually a percentage of their monthly salary.
Overdraft: An overdraft is a loan facility that allows you to overdraw your account up to a certain limit. The interest is charged on the amount you overdraw and the repayment period is usually within 30 days.
Also See: Top Instant Loan App without BVN in Nigeria
9. Microfinance Banks
Microfinance banks are financial institutions that provide financial services such as loans, savings, and insurance to low-income individuals and small businesses. In Nigeria, microfinance banks such as LAPO, Accion, and Fortis MFB offer instant loans to their customers.
Microfinance banks are known to offer quick loans with flexible repayment terms. However, the interest rates on their loans can be higher compared to commercial banks.
10. Loan Apps
With the advent of technology, it is now possible to apply for an instant loan online. Renmoney, Carbon, and Branch offer quick loans.
You can get an instant loan in Nigeria without collateral from legit loan apps in Nigeria like Renmoney, Carbon, Branch, Fairmoney and a host of other lending apps in Nigeria.
To apply for a loan with an online lender, you need to visit their website, create an account, and fill out an application form. The loan amount and repayment terms vary depending on the lender.
11. Credit Unions
Credit unions are member-owned financial cooperatives that provide financial services to their members. In Nigeria, credit unions such as the Nigerian Police Credit Union and the Nigerian Air Force Credit Union offer instant loans to their members.
To be eligible for a loan from a credit union, you must be a member and have contributed to the union’s savings scheme for a certain period. Credit unions offer low-interest loans with flexible repayment terms.
12. Peer-to-peer (P2P) Lending Platforms
Peer-to-peer (P2P) lending platforms connect borrowers with investors who are willing to lend money for a return on investment. In Nigeria, peer-to-peer lending platforms like Paylater and Kiakia connect borrowers with lenders.
To apply for a loan on a peer-to-peer lending platform, you need to create an account and fill out an application form. The interest rates on loans from peer-to-peer lending platforms vary depending on the lender.
Final Thoughts on getting an Instant Loan in Nigeria
Before applying for an instant loan, here are some things you need to consider:
- Interest rates: The interest rate is the amount charged by the lender for borrowing money. Different lenders offer different interest rates, so it’s important to compare rates before applying for a loan.
- Repayment terms: The repayment term is the period within which you’re expected to repay the loan. Different lenders offer different repayment terms, so it’s important to choose a repayment term that works for you.
- Eligibility criteria: Lenders have different eligibility criteria for their loans. Before applying for a loan, make sure you meet the lender’s eligibility criteria.
- Loan amount: Different lenders offer different loan amounts. Before applying for a loan, make sure the loan amount you’re applying for is sufficient to meet your needs.
- Collateral: Some lenders require collateral before they can give you a loan. If you don’t have collateral, you can consider applying for a loan from lenders that offer unsecured loans.
- Processing time: The processing time is the period within which the lender will review your application and disburse the loan. If you need the money urgently, it’s important to choose a lender that offers quick loan processing.
In conclusion, getting an instant loan in Nigeria is possible with various options available. Whether you choose to apply with a commercial bank, a microfinance bank, an online loan app, a credit union, or a peer-to-peer lending platform,
It’s important to consider the interest rates, repayment terms, eligibility criteria, loan amount, collateral, and processing time before applying. With the right information, you can make an informed decision and get the instant loan you need.
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