Preferable Loan Apps In Nigeria

Preferable Loan Apps In Nigeria

Are you looking for the best loan apps in Nigeria where you can get loan with fair interest rate and convenient repayment period?

Are you looking to see where you can get instant loan to meet up with some financial needs?

Then you saw this article right in time as we are going to reveal to you some of the best loan app in Nigeria where you could get instant loan to handling financial difficulties.

Getting loans in Nigeria can be so tedious and frustrating and with the introduction of fintech in Nigeria, people can now assess loans online either for their personal use or business purposes.


These lending platforms offer quick and instant loans with low interest rate and convenient repayment period. They are also safe and reliable as you can assess loan anywhere and anytime.

In this write up, we will be looking at the best loan apps in Nigeria.

Let’s proceed…

The Best Loan Apps In Nigera


This is one of the most popular loan apps among Nigerians and just like the others; it offers loans without collateral and paperwork.

All you will have to do is download the app on Play Store or App Store and apply for a loan. You can assess loan amount from N1,500 to N500,000 with interest rate ranging from 2% to 30% and repayment period of about 91 days to 365 days.


This is the first ever fully digital bank in Nigeria ad it is own by Wema Bank. This is one of the simplest digital platforms that grant quick and instant loans. One interesting thing about this platform is that you don’t need any paperwork.

How to use alat

  • Download the app from Play Store or App Store
  • Sign up
  • Click on the loan option on the menu
  • After you must have completed all necessary documentation, an evaluation of your risk store will be conducted and you will be offered a range of loans with interest rate and duration.
  • You will have to choose your preferred loan offer and then your account will be credited.

This lending platform offer loan up to N2 million without collateral and it also offers services like Device lending offer and the Goal-based loan. The interest rate is really low.

As a salary earner, you could receive from N50,000 to N4 million loan amount and will be required to pay between 3 to 24 months with only 2% interest rate per month.


This is an online money lender that provides range of loans like single payment loans, payroll loans and instalmental loans. You could access loan amount up to N1 million with interest rate ranging between 2.5% to 30% and repayment periods of 61 days to 18 months.

KwikMoney (MIGO)

This is not really an app but it is also an easy way to get instant loans as you just need your smartphone and the number you registered with your bank account.

With KwikMoney, you don’t need any paperwork or documentation as you get your loan in few minutes. One thing with this lending platform is that when you repay the loan early, you stand a better chance of getting another loan when you apply.

You can visit their website at to process the loan and this doesn’t take time provided you have sound internet connection. The money goes straight to your bank account.

It has a repayment period of 14 days to 30 days and if you pay the money before the due date, you will not pay any interest.


With PalmCredit, you could get loan in minutes. The app offers easy service to its users as it allows them to assess instant loans of about N2,000 to N100,000 without stress.

For you to be eligible for the loan, you must be 18 years old. One interesting thing about this app is that when you refer someone to use the loan service, you will be rewarded.


This is a reliable loan app where you can receive loan amount up to N200,000 within 24 hours. You get to repay the loan within 4 to 40 weeks and the interest rate depends on the loan amount and the repayment history of the user.

You don’t need collateral to access the loan as all you need is your BVN and phone number.


This was formerly called PayLater and it offer you loan in minutes. This lending platform offers short-term loans that will help you meet up with immediate expenses.

You don’t need any documentation as all they need is your BVN to ascertain the loan credit. You could receive up to N20 million with interest rates between 5% to 15%.

Fast Money

This is a reliable loan app that offers instant loans to its users. You could collect loan up to N300,000 without collateral. They offer loans with low interest rate and convenient repayment period. They are fast and reliable when it comes to giving out loans.


AellaCredit is majorly for employees as it allows them to receive instant loans with a monthly interest of 6% to 20% and the repayment period is within 3 months. this app also offers other financial services like bill payments, affordable insurance services and investments.

SEE ALSO: 12 Best Ways To Get A 50000 Instant Loan In Nigeria


This is a lending app that allows you to assess personal and small business loans. You can also save money on the platform and lend it out at negotiated interests through intuitive conversations.

This app is very reliable as it uses big data, machine learning, psychometry and digital forensics for its risk score assessment to provide direct and peered personal and business loans to its users without credit information.


The list of best loan apps in Nigeria will not be complete if we don’t mention SokoLoan. This is a very convenient app that you can assess anytime and any day.

It offers short-term loans to its user as it is focused on increasing the opportunities for the poor to assess financial services by providing financial services to students and low-income entrepreneurs.


This loan app offers loans to salary earners and business owners to meet up with expenses and emergencies. You can get between N100,000 to N4,000,000 loan amount without collateral with a repayment period of 18 months.

Salary earners could assess the Payday Loan as it is a quick loan for salary earners.

You can visit their website to fill out the application form and apply for the loan without stress.

Frequently Asked Questions

  • Are loan apps registered with CBN?

For those loan apps to be able to open as money lenders, they must be licensed and regulated by the Central Bank of Nigeria.

  • What are the benefits of using loan apps in Nigeria?

You get access to loan 24 hours in 7 days meaning that you assess the loan anywhere and anytime.

You don’t need collateral to access the loan and it is very fast as you receive the money directly into your bank account.

Final Note

These are the best loan apps in Nigeria and mind you, we didn’t arrange them in any perking order as they all have their unique features that made them earn a place on the list of the best loan apps in Nigeria.

They offer large loan amount without any paperwork and collateral with low interest rates and convenient repayment periods. So you see that these loan apps as here to stay as Nigerians, don’t like to go through stress especially when it comes to assessing loans.

With these loan apps, you can access loans even at the comfort of your home and receive the loan in your bank account; so what are you waiting for? Start your application now.


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