Best Loan Apps In Nigeria
20 mins read

Best Loan Apps In Nigeria

The best loan apps in Nigeria are the loan apps that are easy to register on, have great customer service, and offer high amounts with low interest over a long period.

A lot of apps claim to offer all these but not all of them are true. In this post, I will suggest some of the best loan apps that you should consider.

Loans can be a blessing if you know what you’re getting into. So, i will be giving you a little introduction to the whole loan business.

What is a loan

In layman’s terms, a loan is money granted to an individual, corporation, or organization with the expectation that the borrower will repay the money borrowed plus interest over a set period of time.

A loan is often a quantity of money provided to an individual or organization with the agreement that it would be repaid at a later period, with or without interest. Loans can be made on other properties such as land, machinery, and buildings.

In most loan agreements, the following are involved:

  1.     Principal: the amount of money lent or borrowed.
  2. Interest Rate: This is the agreed-upon rate charged for borrowing money. An interest rate is typically calculated as an annual percentage of the principle. It is computed by multiplying the interest rate by the principal amount. For example, if a lender (such as a bank) charges a customer 20% interest in a year (per annum) on a loan of N1,000,000.00, the interest to be paid would be N1,000,000 X 20/100 X 1year = N200,000 (per year).

3. Date of Repayment – When the principle and interest must be returned. Defaulting typically          increases the interest rate and may result in penalties.


Importance of Loans

Both personal necessities and the realization of company ideas require money. A person or business might approach a financial institution to borrow money when such requirements and ideas arise. People take out loans for a variety of purposes, including buying homes, cars, pursuing higher education, and—most significantly—for business expansion.

Things to consider when taking a loan:

An individual or company should consider:

  •       The purpose for the loan
  •       The loan amount needed
  •       The capability to pay principal and interest over the repayment period
  •       The financial institution to approach
  •       The collateral (guarantee) for the loan
  •       The complete Terms and Conditions of the loan


Types of Loans

There are two major types of loan:

          Secured Loan

A secured loan is one in which the borrower pledges assets as security, or a guarantee, for the loan amount. Promised assets are always worth more than the whole amount of the loan and may be reclaimed by the lender in the event that the borrower defaults on the loan under the terms and conditions set forth.


Secured Loans include:

  •       A term loan – is a loan that has a set amount, payback terms, and an interest rate that can be fixed or variable that is provided by banks and other financial institutions.
  •       A mortgage loan is a type of loan that banks and other financial organizations provide to people who want to buy real estate. These loans often have a set interest rate and repayment schedule. The property itself provides security for it. After all debts are paid in full and all requirements are fulfilled, ownership of the property is passed to the borrower. Foreclosure (seizing of the property) will follow a default.


          Unsecured Loan

An unsecured loan is one in which the borrower does not commit any asset as security (guarantee). Because this sort of loan carries more risk for lenders, interest rates are often higher than those for secured loans.

Unsecured Loans include:

  •       Credit Card Loan – An electronic card issued by banks and other financial organizations that allows the holder to spend more than his account balance but within an agreed-upon limit. Regular checks and reconciliations are performed at regular intervals to balance the account and claim interest, charges, and principle in accordance with the terms and conditions.
  •       Personal Loan – A loan made to an individual for home or other personal purposes. Banks and other financial organizations make these loans depending on the borrower’s credit history and ability to repay the loan using personal income. It is also known as a consumer loan.


          Sources of Loan

 Banks and Other Financial Institutions

The Central Bank of Nigeria licenses banks and other financial entities to provide loans. Customers of these institutions have access to these facilities.

Cooperative Societies

A cooperative society is a collection of people who pool their finances to make loans to their members on specific terms and circumstances.


Eligibility for Loans

To be considered eligible for loans, the borrower must:

  •       Have a bank account
  •       Be mentally fit
  •       Be of legal age
  •       Be credible
  •       Have good credit rating
  •       Meet Know Your Customer (KYC) requirement
  •       Be able to repay

Consequences of Defaulting on your loan

Where a borrower fails to meet the terms and conditions of the loan, the following are consequences of the default:

  •       Loss of collateral
  •       Naming and shaming
  •       Poor credit rating
  •       Prosecution under the law
  •       Loss of business. etc


Best Loan apps in Nigerian 2023

  • Branch: Loan & Online Banking
  • PalmPay – Transfers, Bills
  • Palmcredit-instant loan online
  • Renmoney – Instant Cash Loans
  • Carbon: Mobile Banking & Loans
  • FairMoney Microfinance Bank
  • OKash: Safe and reliable loan
  • EaseMoni—Instant loan online


Branch: Loan & Online Banking

The branch loan app is much more than just an internet lending tool for borrowing quick cash. It provides personal cash loans ranging from ₦1,000 to ₦500,000.

Tenure: 7 days to 1 year. Monthly interest rates from 3% to 23% depending on the risk profile of the customer.


Borrow ₦60,000 at APR of 181% (per annum) with a tenure of 62 days

Interest amount = (₦60,000 * (181% / 365)) * 62 = ₦18,400

The total loan amount disbursed will be ₦60,000

Total loan amount to repay will be ₦78,400 (₦60,000 + ₦18,400)

Two monthly payments of ₦39,200

Some customers may be charged a late fee.

branch features:

  • Loan Amounts: ₦1,000 to ₦500,000
  • Instant credit
  • 62 days to 1-year Repayment periods
  • Monthly interest rates range from 3% to 23%
  • APR from 34% to 271% per annum

Flexible payment plans

There are no loan origination or processing fees, nor are there any hidden costs.


Two free transfers each month. We charge only ₦10 from the third monthly transaction.

Bill payment

Pay bills for free and earn 2% cash back whenever you buy airtime, data, or pay for power, examinations, and cable TV bills.

Top-up bonus when you make deposits to your Branch wallet.

Invest easily

When you lock your assets for a minimum of 30 days with Fixed Investment, you will get a 15% annual interest rate, while Flexi Investment will pay you 10%.

The Central Bank of Nigeria licenses and regulates branches.


PalmPay – Transfers, Bills

PalmPay is an online banking program that allows you to open an account, transfer money, pay bills, and get a loan. PalmPay is completely licensed and regulated as a Mobile Money Operator by the Central Bank of Nigeria, guaranteed by the NDIC, and relied on by millions of customers.


Palmpay features include:


– Repayment periods from 61 days to 6 months

– Loan amount from N2000 to N500000

– APR from 36% to 300% per annum

*For example; N1000 is given for 90 day loan term,

*Interest: N90(9%rate)

*Total amount payable: N1090

*Representative: 36%APR



– 90+ free transfers every month.

– Instant transfer to over 500 financial institutions.



– Flex your savings with super fantastic daily interest at 16% p.a., available at any time!

– Enjoy better yields with fixed savings, and lock your assets to earn up to 20% each year!


Airtime Purchases

– Provide support for five telecom providers: Smile, MTN, Airtel, GLO, and 9Mobile.

Every Tuesday, receive a 20% discount on airtime.

– To help you recharge automatically and prevent downtime, use Schedule Top-up.


Data Bundle

– Every Friday, receive 10% off purchases of data bundles.

– Get 1GB of data for just N250 with MTN’s Exclusive Data Social Plan.



Palmcredit-instant loan online

Borrow money online with the Palmcredit app. Apply for an immediate loan with a flexible repayment schedule and low interest rates. Palmcredit is only a loan app, unlike the others, but it is an excellent option for consumers looking for a quick and easy way to receive a loan.

Why choose Palmcredit?

1 Limit range: NGN10,000 to NGN300,000.

2 Flexible repayment terms ranging from 91 days to 365 days.

3 No collateral, no paperwork, safe and dependable.

4. There are no hidden fees, rollover charges, or transaction costs.

5 Repay your loans on time or complete increase limit chores to increase your credit limit and lower your interest rate.

-The annual percentage rate (APR) ranges from 24% to 56%.

For example, if you take out a 6-month loan for NGN100,000, Plamcredit will charge you 4% per month in interest. Borrow NGN at a % interest rate, with an APR of 48%.NGN24,000 repayments are due in 180 days. The total amount of payment is NGN124,000.


Steps to get your loan

1 Download and create an account.

2 Fill out the basic information and submit.

3 Apply for a loan online and easily be authorized.

4 Get your loan paid into your bank account.


Loan applicant requirement

✔︎Nigeria resident

✔︎18-60 years old


Renmoney – Instant Cash Loans

Get an immediate cash loan with ease and convenience! The Renmoney mobile app offers fast and dependable loan services to assist you with unexpected bills and financial situations. We offer loans of varying sizes to meet your needs. With a few clicks, you can request for a loan and have the funds transferred directly to your bank account.

Renmoney is a Nigeria-based fintech that provides digital banking products. They offer loans up to ₦6,000,000 and competitive interest rates on savings, bill payments, airtime, and money transfers. They are supervised by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation.

Key features:

  • Loan application takes only 4 minutes
  • Approved online
  • Money disbursed immediately
  • Personal information is secure and encrypted
  • Loan alternatives are flexible to meet your needs.
  • Repayment terms that suit your budget

Loan amounts range from ₦5,000 to ₦1,000,000, with repayment durations ranging from 91 days to 12 months. Monthly interest rates range from 2.12% to 2.65%.

Representative example: Borrowing ₦2,000,000 for 12 months. Monthly interest rate: 2.49%. The total sum payable is ₦2,338,275. APR: 29.88%. 1% management fee.

Tips on  Renmoney loans

– If you pay on time, you get lower rates and a longer time to repay on your next loan

– No paperwork, collateral, or guarantor is needed

– No hidden charges, you always see your loan terms before you commit

– Minimum loan repayment period is 3 months

– Maximum loan repayment period is 12 months

– Minimum APR is 25.44%

– Maximum APR is 31.8%


Carbon: Mobile Banking & Loans

You can have complete control over your finances! Carbon, a credit-led pan-African digital bank, is your all-in-one app for simple money management. Carbon’s digital banking services aim to transform the way you bank, pay, spend, and earn.

Change how you earn with carbon.

With Carbon, your money is constantly working for you. Save wisely and earn up to 15.5% interest per year on your savings.

Change how you reach your goals.

We’ve made loans simply accessible to you so you can achieve your goals and maintain control.

*What you should know about our loans:

  • Loan amounts range from ₦2,500 to ₦1,000,000, with repayment terms of 61 days to 12 months and monthly interest rates ranging from 4.5% to 30%.
  • Maximum APR of 195% per year • No collateral or guarantor required • No hidden fees
  • You unlock higher loan amounts by repaying early and carrying out other transactions on the app.

*Representative example: Loan amount of ₦1,000,000 borrowed for 12 months. Monthly Interest Rate: 4.5%. Total amount payable: ₦1,540,000. APR: 54%.

0.03333% per day late fee

Instant Loans are available 24/7

Get the best loans in Nigeria with our safe bank loans. There is no need for collateral or a guarantor because we are available around the clock. You can get instant loans anytime you need them. We’ve made loans simply accessible to you so you can achieve your goals and maintain control. Pay off your loan early and complete additional app transactions to unlock larger loan amounts.

No hidden fees ever.

You can rely on our transparency. Carbon provides a detailed breakdown of your transactions.

Real-time alerts.

Where your money goes does not have to remain a mystery. Get quick notifications for all incoming and outgoing transactions.

Fast, simple, and secure payments

Transact in seconds, send and receive instant bank transfers, and get instant reversals for failed transactions..

Reliable customer support

Concentrate on having fun. We have a great customer support team for urgent queries, so we’re always available. You can always contact us to ask questions or learn more about our services through our many support channels. We would love to hear from you!

Safe and secure banking

Deposits are NDIC-insured. Carbon Microfinance Bank is licensed and regulated by the Central Bank of Nigeria under the RC number 1642222.

Join the nearly 3 million consumers who trust Carbon to save, spend, and manage their money on the go. Start banking with Carbon today.


FairMoney Microfinance Bank

FairMoney is an online banking app that allows you to open an account, transfer money, pay bills, and get a loan. FairMoney is completely licensed and regulated as a Mobile Money Operator by the Central Bank of Nigeria, guaranteed by the NDIC, and relied on by millions of customers.

Do you need a quick loan or funding for your business? Apply for a loan in Nigeria with FairMoney, which offers convenient quick loans. You can borrow up to NGN 3 million without any collateral.

Loan amounts range from ₦1,500 to ₦3,000,000, with repayment durations from 61 days to 18 months with monthly low interest rates ranging from 2.5% to 30% (APRs from 30% to 260%).

Loan characteristics:

  • Online loans range from ₦1,500 to ₦3,000,000.
  • No collateral required.
  • 100% digital application and timely loan disbursements.
  • Repayment terms range from 61 days to 18 months.
  • APR ranges from 30% to 260% annually.
  • Early repayment might result in interest savings of up to 90%.
  • There are no hidden fees.

An example of a FairMoney loan

  • Borrow ₦100,000 over 3 months
  • Interest (total cost of the loan): ₦30,000 (30% rate)
  • Three monthly repayments: ₦43,333
  • Total amount payable: ₦130,000
  • Representative: 120% APR

FairMoney MFB App Features

  • Manage your finances for business and domestic purposes from one app
  • Utilize our safe and secure savings platforms and get up to 18% interest P.A
  • Access loans up to NGN 3 million from the comfort of your phone, with no collateral needed.
  • Pay bills at zero (0) service charge.
  • Request your FairMoney MFB ATM card and get it delivered nationwide
  • Enjoy 30 free bank transfers to Nigerian banks.
  • Buy airtime and data at a 3% discount.

How to get started:

  • Download the FairMoney MFB app
  • Complete the registration
  • Manage your finances with ease without unnecessary maintenance charges.


OKash: Safe and reliable loan

OKash is a Convenient Personal Loan Platform for Nigerian Mobile Users. Presented by Blue Ridge Microfinance Bank Limited, which is fully licensed by the Central Bank of Nigeria (CBN).

OKash meets customers’ financial needs 24 hours a day, seven days a week, fully online. The application process takes only a few steps and requires little documentation, and the approved loan amount is deposited to the applicant’s bank account.


An example of an OKash loan

For 91-day loan payment terms, the interest rate is 9.1%. For the loan with a principal of NGN 3,000, the interest would be NGN 273, and the total amount owed would be NGN 3,237. The whole amount due in the first month would be N1,093, with an interest of N93; in the second month, the total amount due would be N1,090, with an interest of N90; and in the third month, the total amount payable would be N1,090, with an interest rate of N90.

Why OKash?

  1. You can apply for a loan by your credit. Don’t need any deposits or guarantees.
  2. Up to NGN500,000. Disburse to your bank account.
  3. Paperless and digital process on your mobile. All the steps can be done online.
  4. We do not share your data with any third parties without your consent. Your data is totally safe with us.
  5. Don’t worry about forgetting repayment. We’ll send messages to remind you.

How to get your loan

  1. Download the OKash app from the Play Store.
  2. Create an account.
  3. Choose whatever product you want to apply for.
  4. Fill out your basic details and apply.
  5. After submitting your information, you may receive a verification call. The final application result will be displayed in the APP, and you will be notified via SMS if it is approved.
  6. Upon approval, e-sign the loan agreement.
  7. Following the E-sign, the authorized loan amount will be deposited into your account shortly, and you will receive an SMS message.


  1. Nigeria Resident.
  2. 20-55 years old.
  3. Source of a monthly income.


EaseMoni—Instant loan online

Easemoni is an instant personal cash borrowing app in Nigeria that holds a Central Bank of Nigeria microfinance banking license.

Loan Products:

Loan Amount: from NGN 3,000 to NGN 1,000,000.

Tenure: We will require your repayment from 91 days to 365 days*.

Interest Rate: 5% to10% monthly , APR60%-120%,

We will give you a fair money amount due to your credit evaluation. No other hidden fee in the whole process.

For example, 91-day loan payment terms have an interest fee of 5% monthly. For the loan processed with a principal amount of ₦3,000; the interest would be ₦273; the total amount due would be ₦3,273. The first month’s repayment would be ₦1091, repayment of the second month would be ₦1091, and the third month’s repayment would also be ₦1091.

Why EaseMoni?

  1. Up to NGN1,000,000. Disburse to your bank account.

2.Rate of minimum 5% to 10%, APR60%-120%, your credit rating could help you save a lot.

3.No need any deposits or guarantees.

  1. All the steps can be done online. Paperless and digital process on your mobile.
  2. Your data is totally safe with us. We own a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your loans are insured by an Insurance Corporation. We do not share your data with any third parties without your consent.
  3. Don’t worry about forgetting repayment. We’ll send messages to remind you.

Leave a Reply

Your email address will not be published. Required fields are marked *