Best loan app in Nigeria in 2023

Best loan app in Nigeria in 2023

Your new year’s resolution would most likely not be to face more challenges, but facing challenges is a constant, especially the challenge of getting money to meet urgent needs. This can be quite difficult, especially if you lack funds and have no one to turn to for a loan.

We’ve all been in this predicament: you need money to cover an urgent need, but you don’t have anyone to turn to for assistance, and you can’t try traditional loan providers because the loan application process is cumbersome, especially if you only need a small loan for a short time. However, thanks to the fintech industry’s boom, we have seen an increase in the number of loan apps that help provide emergency funds to consumers.


Loan apps provide a flexible and convenient way to borrow money, enabling individuals to apply from their smartphones and receive funds almost immediately. However, as the number of loan apps in Nigeria increases, so do loan sharks and fake lenders who attempt to manipulate the Nigerian market by charging exorbitant interest rates and unauthorized fees increase. I and other Nigerians have fallen victim to fake loan apps, so to avoid that, here are 4 of the best loan apps you should take into account in 2023.


READ ALSO: List of Fake Loan Apps in Nigeria


Best loan apps to consider in 2023

  1. Fair money
  2. Branch
  3. Aella credit
  4. Carbon


Fair money

Fair Money, one of Nigeria’s most well-known lending apps, has amassed over ten million downloads on Google Play, and it is a personal favourite of mine. FairMoney provides a quick and simple way to obtain financial aid. Their loan amounts range from 1,500 to $1,000,000, with repayment terms ranging from 61 days to 18 months and monthly interest rates ranging from 2.5% to 30%.

Using fair money is simple because you can get affordable loans without any paperwork or collateral, in contrast to traditional banking, which requires you to go through a lengthy process before you can get a loan. The lending institution offers personal loans up to N1,000,000 and SME loans up to N5,000,000.

Personal loans, business loans, and emergency loans are just a few of the loan options that Fairmoney offers. Many borrowers in Nigeria can choose it because of its affordable price, convenient repayment options, and competitive interest rates they provide. The app is well-known for its user-friendly interface and simple application process, both of which make it simple for users to get the financial assistance they require.


There must be something that Fair Money is doing right because they have 4.4 stars out of 5 on the Google Play store. On the app store, one user, Okafor Chikaodinaka, said, ” I love this app! so friendly and easy to use. Most importantly, they don’t delay in crediting your account once you’ve made a request for a loan, and they also send you a reminder some weeks before the repayment due date…I am in love with the app”



Branch has 4.6 stars out of 5 reviews, making it one of the top loan apps in Nigeria. They are active not only in Nigeria but also in Kenya, Mexico, and India.

Branch helps to save you in times of financial difficulty by providing loans from ₦2,000 to ₦500,000 (personal cash) depending on your repayment history. Unlike other loan apps, Branch doesn’t have late fees or rollover penalties, and it also gives monthly interest rates ranging from 1% to 21% and yearly interest rates ranging from 15% to 34%.


Applying for a branch loan is quick, easy, and requires no documentation all you need is your phone number or Facebook account, bank verification number (BVN), and bank account number. They will also request access to the data on your phone in order to build your credit score. After applying for a loan, you get your money deposited directly into your bank account.

What’s more? They also make it simple for residents of Nigeria to send and receive money without incurring any fees.

Aella Credit

Aella’s offers digital loans with competitive interest rates. The company had ties to the three major credit bureaus in Nigeria, enabling it to offer its clients easy, quick, and affordable loans. The app may not be appropriate for you if you are a student because it caters to workers with reliable sources of income. The applicant’s financial profile and repayment history with the Aella loan app are two additional factors that affect each Aella loan increment amount.


In contrast to other Nigerian mobile loan apps, Aella Credit charges no late fees. It also has an interest rate that varies and a loan repayment period of between 30 and 60 days. Every time you repay your loan before the due date, you are rewarded with access to a larger loan amount.


The app can be downloaded from the Google Play Store for Android and the App Store for iOS. Keep in mind that providing incorrect information may prevent you from getting the loan, so make sure your details are accurate.


Carbon is a digital bank and one of the best loan apps in Nigeria, It was formerly called Paylater before rebranding to Carbon. The app offers customers more than just loans; it also enables investing, money transfers, buying airtime, paying bills, and much more.

READ ALSO: Best Instant Loan Without Bvn in Nigeria

In order to obtain a loan through the Carbon app, all you need to do is download the app from the Google Play store for Android and the App Store for iOS, complete your biodata and submit all of the necessary information, including your BVN. Based on the data you provide, a loan amount will be calculated and authorized for you. Unlike Aella, which only provides loans to employees, Carbon provides loans to everyone, including students, employees and even business owners.

Also keep in mind that while you may initially not be able to access large sums of money, as you make on-time payments, your credit score gradually increases, enabling you to borrow larger sums of money.


Benefits of loan apps


  1. One benefit of using loan apps to borrow money is how easy it is to do so. The entire loan application process is completed online, including the verification and disbursement of loan funds. The procedure is also quick; you will receive the loan proceeds in just a few days or minutes.
  2. In contrast to banks, loan apps make it fast to apply for loans, which can be helpful when you need money right away.
  3. When compared to borrowing from a bank, one advantage of using an online loan is that the requirements are simpler.



In conclusion, loan apps are becoming increasingly important and popular as more people become aware of how simple it is to get a loan. However, many people also fall victim to loan app scams. Well getting a loan is easy this 2023, you only need to download and register on any of the apps listed on our website in order to take advantage of their loan benefits, as they provide the most convenient loans in Nigeria.

Please note that this article doesn’t go into much detail about each loan application, so make sure you are fully aware of what the loan entails by reading through the terms and conditions before submitting your application.

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