10 Best Loan Apps in Nigeria 2022

Loan apps in Nigeria help you get loans quickly with little to no paperwork and immediately once you meet their requirements. The requirement involves providing your correct data like Bank Details, BVN, Valid ID, and sometimes salary account statement or your business CAC certificate.


Considering the tiresome process, documentation, and high-interest rate associated with most banks, there is no doubt loan app is an excellent way to provide safe, stress-free, and almost immediate cash loans in Nigeria.

best loan apps in nigeria
Photocredit: Economic Times

However, there are lots of fake loan apps in Nigeria claiming to be genuine, so if you are looking for the best loan apps in Nigeria for personal or business purposes, then you will go right with our top 10 list of best loan apps in Nigeria 2022.

Carbon loan

Carbon is a loan app and one of the best loan apps in Nigeria with low interest and instant payment that offers simple payment solutions, high-yield investment opportunities, and easy-to-use tools for personal financial management.

It is a legit and very reliable loan app in Nigeria today that you can carry out all your banking transactions, from investments to loan applications and bill payments in Carbon loan, you can access up to 1,000,000 Naira with no collateral, guarantor, or any paperwork, and if you pay back on time, you get cash back and will unlock higher loan amounts and lower interest rates. The interest rate ranges from 5% – 30% per month.

RECOMMENDED: 10 Best Personal Loans of 2022 – Pros and Cons


Branch Loan Nigeria

Brand loan Nigeria is one of the best loan apps in Nigeria that provides access to instant loans with no physical paperwork or collateral. They provide single-payment loans, installment loans, and payroll loans for borrowers.

You can access up to 500,000 Naira in loans in Brand loan Nigeria, but it greatly depends on your credit scores. Branch loan Nigeria created an algorithmic approach through machine learning to determine credit worthiness via customers’ smartphones, which makes it easy to offer instant loans. The interest rate ranges from 1.5% to 20% a month and 40% for 4-52 weeks loan terms.

RECOMMENDED: 10 Best Private Student Loans



QuickCheck is one of the best loan apps in Nigeria, with low-interest rates and instant loan approval once you meet their requirements. You can access loan amounts between N1,500 – N500,000 with an interest rate ranging from 2% to 30% with no collateral or paperwork.

QuickCheck uses machine learning to foretell borrowers’ behavior and instantly evaluate loan applications, making it easy to get an instant loan.

RECOMMENDED: Top 10 Best Car Insurance Companies In USA


Kiakia is one of the best Nigeria loan apps in Nigeria. It is an investment marketplace that brings lenders and borrowers together for loan and investment opportunities.


Kiakia connects individuals or businesses who wish to lend money as an investment with the best match from the group of people who need to borrow money. You can access up to 100,000 within 2 hours with a 15% interest rate without collateral or excess documentation.

Loan tenure for first-time borrowers is 30 days; however, loan tenure can be increased based on your credit scores and trust points.

RECOMMENDED: 10 Best International Student Loans In The USA


Migo company was formally known as KwikCash before it changed to Kwickmoney, and now Migo, to portray itself as a global company. Migo is one of the best loan apps in Nigeria that offer loans to individuals and businesses without paperwork, collateral, or documentation. It requires your phone number that is associated with a BVN.


You can also use the Migo web app to buy your favorite item and pay later through their partners. You can access from 500 Naira to over 500,000 depending on your credit score, and the interest rates range from 5% to 25% depending on your transaction history and creditworthiness.

RECOMMENDED: How To Pay Off Student Loans Fast – 10 Proven Strategy For Struggling Students


FairMoney loan app was formally a loan app before it was upgraded to a Microfinance Bank. It gives a loan ranging from ₦1,500 to ₦1,000,000 with durations ranging from 60 days up to 18 months with a monthly interest rate between 10%-30%. It enables you to apply for another loan even before you pay back the first one, but this depends on your credit scores.


PalmCredit Loan

PalmCredit is one of the best loan apps in Nigeria, with low-interest rates and fast processing. They are among the few companies that offer instant online loans in Nigeria. You can access up to 100,000 Naira instantly without paperwork or a guarantor, and with good repayment performance, the loan amount will be increased accordingly. The parent Company, Newedge Finance Ltd, is licensed by CBN to perform as a finance company in Nigeria.

The Loans range from 2,500 Naira to 300,000 with loan repayment duration of 4-26 weeks and equivalent monthly interest, which ranges from 5%-28%.

RECOMMENDED: Where and How to Buy Pyromatic Token – Is Pyromatic Token Legit?

Aella Credit

Aella Credit is one of the best loan apps in Nigeria, with fast processing, usually within 5 minutes, and no paperwork. You can access up to 1,000,000 Naira without any collateral. Aella App’s interest rate ranges from 6% to 20% per month, and for every loan repayment on time, a cashback is given on interest paid and access to higher loan amounts.


RECOMMENDED: How To Buy NPC Coin – Complete Guide


EaseMoni is owned by BlueRidge, a Microfinance bank registered with CBN. EaseMoni is one of Nigeria’s top best loan apps that offer Nigerians up to 1,000,000 Naira in personal or business loans.

Applying for the loan requires your BVN-associated phone and no documentation or collateral. EaseMoni utilizes Artificial Intelligence to analyze and determine your eligibility worthiness, making it easy to offer instant loans.

The EaseMoni interest rate ranges from 5% to 10% monthly, with an annual interest rate of not more than 100%.

RECOMMENDED: How to Buy Ufo Gaming Coin- Is Ufo Gaming Coin a Good Investment

Alat by Wema Bank 

Alat is part of Wema Bank Plc, which provides complete digital banking systems like instant loans and investment opportunities. Alat is one of the best loan apps in Nigeria that provides quick and instant loans with no collateral.

To use Alat, you will have to download the Alat App and sign up or use your Wema Bank Account if you are an existing customer. Loan on Alat App is designed for Salary Earners, Goal Oriented, or Business purposes, and you can access up to 2,000,000 naira instantly. Alat is suitable for salary earners as they can access up to 4,000,000 Naira with a repayment interest rate of 2% and a duration of up to 12 months.


Please remember that you can get a loan quickly doesn’t mean you should apply for a loan all the time. Please apply for a loan when you need it, and you will be able to pay it back. Unable to pay back a loan can affect your credit score, affecting your reputation online and, in other instances attracting legal action. Typically, your chances of getting an approved loan are determined by your credit score, which is further determined by AI and data you input in a brief question.

We hope this guide is helpful to you. Kindly drop your view on the best loan apps in Nigeria in the comment section.


Leave a Comment