Top 10 Best Loan App in Nigeria; Are looking to access a quick and easy online loan in Nigeria to support an urgent financial need?
If this feels like you, financial pressure is said to be as old as man, there’s an uncontrolled circumstance that makes it reoccurring at every step of the way.
On this account, you are not standing alone, virtually every other person is undergoing financial stress, not necessarily peculiar to you, so don’t panic.
Digital lenders have continued to play a pivotal role in the Nigeria’s credit ecosystem, despite concerns over their operational practices.
The growing number of Nigerians patronizing them has led to a steady rise in the number of companies offering the services.
Interestingly, in May 2025, the number of companies licensed to offer digital lending services through mobile apps have risen to 425.
Including firms that have either secure approval from the (FCCPC) or obtained license from the Central Bank of Nigeria.
This guide covers top 10 best loan app in Nigeria, you will learn how to get loans fast in the most seamless ways using online loan apps.
Understanding online loan apps in Nigeria
The advent of online loan apps has made accessing facility a lot easier, it’s no classified information that not every class of borrower can access secured loans from the traditional financial institutions like the commercial banks.
Having identified the lapses, the need to serve an underserved market who are found to be numerous in their numbers gave birth to quick online loan apps.
Even though, running to these apps frequently for financial succor is not the best of idea. Here’s the hot take, don’t get addicted to them, they could spell a huge financial embarrassment.
Online loan apps are lending companies who leverage on the use of internet technology/application to provide financial credit/loan service to the underserved Nigerian market.
What to look out for in a loan app in Nigeria
As a potential borrower, it’s key that you look out for some metrics upon which should inform your preference to borrow from an app.
Ultimately, variety is a spice of borrowing, having said that, the availability of several loan apps entail you should make some necessary findings so as to be in perspective before borrowing.
Here are some factors you should know before borrowing from an online app in Nigeria;
Check customer reviews: Customer reviews provide a snippet of what users who have borrowed from the loan app have to say.
Their experience is bare in reviews, following and weighing good and honest review will give you a fair idea of what to expect from a lender.
Having done this, it’s up to you to proceed with your loan application or back out.
Application process: How seamless an application process of a lender is must be factored before you decide to borrow.
Some lenders have an application process that’ll aid your application with seamless experience, this cannot be said about most lenders.
As you are aware, there’s no leisure of time to spare, whoever you must borrow from should not stress and must save your time.
Responsive customer support: Quality and responsive customer support from a lender cannot be underestimated.
A survey reveals that businesses who have responsive customer service record much more patronage than those who offer poor customer service.
As a customer, there are times you need to ask questions, make inquiry, or complaints to someone, a good customer support will make your burden lighter and pacify your patronage even more.
Assuming you are making a repayment and got debited due to network glitch and your loan is still showing not paid.
To make the matter worse, you reach out to the customer service but they could not provide necessary support to pacify you before the situation gets rectified.
Your money is at stake, your loan is not cleared, by implication, you incur extra charges for late payment.
On account of this, a responsive customer support should be able to provide succor.
Hidden charges: Nothing kills trust with a lender like making hidden charges unnoticed or at the late minute.
Whatever charge that applies to the loan contract should be clearly spelt at the time of collection of such loan.
Legitimacy: Rest assured you are looking to borrow from a legitimate lender, lenders who are licensed by the CBN are legitimate, and will most likely play within spelt ambit of the law, and credit providing standard.
Considerate interest rate: This is the mother of them all. Most loan apps are looking to extort you with astronomical interest rates.
Some of them go from as high as double digit rate to more. Be sure to check other providers and compare their rates given the duration of such facility.
Repayment plan: Given how pressing your financial pressure may be, it’s only reasonable enough that get a loan that gives you enough time before repayment date.
However, kindly understand that the longer the repayment duration, the higher the rate.
The idea is to borrow what you can pay back within a reasonable time frame.
Having said that, here are;
Top best 10 loan app in Nigeria for quick and easy loans.
1. EaseMoni
EaseMoni digital lending company is a money solution owned by Blue Ridge Microfinance Bank, has become one of the most downloaded loan apps with over five million downloads on the Google Play Store.
According to EaseMoni, it now serves over six million customers who consistently take loans from the platform.
It offers loans from N3,000 to about N2,000,000 at a minimum interest rate of 5% to 10%, with an annual percentage rate of 60% to 120%.
2. Carbon
Carbon is a money lending solution that provides a range of financial services, including personal loans, business loans, payments, funds transfer, credit scoring, savings and investments.
Carbon IS found to have been downloaded over 5 million times, thus one of the favorites of Nigerians looking to receive instant loans.
Loan amounts range from between N2,500 to N1 million naira, with repayment periods from 61 days to 12 months at monthly interest rates ranging from 4.5% to 30%.
3. Okash
Okash is one of the top instant loan apps for Nigerian borrowers, owned by Blue Ridge Microfinance Bank Limited.
Okash has been downloaded over 10 million times, loan application process takes just a few steps with minimal documentation, and the approved loan amount hits the borrowers bank account instantly.
Okash offers loan ranging from N3,000 to N1,000,000, and repayment plan is from 91 days to 365 days.
It has an interest rate ranging from 3% to 15%. Kindly be informed that the interest rate is calculated daily, amounting to an annual APR of between 36.5% to 360%.
4. Palmcredit
Palmcredit is a money solution app downloaded over 10 million times by Nigerian borrowers, this apparently puts it as one of the top 10 best loan app in Nigeria.
Palmcredit can provide a quick loan of up to N300,000in less than 3 minutes without collateral.
You can borrow between N10,000 to N300,000 quick loan, if your documentation is complete within a business day.
The Annual Percentage Rate (APR) ranges from 24% to 56%.
5. Branch
Branch is a money solution online app in Nigeria that offers quick online loans in Nigeria, by far one of the most downloaded apps on Google Play Store with over 10 million downloads.
Branch determines loan eligibility and personalized loan offer using the users’ smartphone data. The monthly interest rate ranges from 17% to 40% subject to the risk profile of the customer.
There are provisions for personal loans from N2,000 to N1,000,000 within 12 hours, though depends on your repayment history.
6. Fairmoney
Fairmoney is one of the top 10 best loan app in Nigeria with over 10 million downloads on Google Play Store and counting.
It offers fast loan within 10 minutes with no documentation or collateral required, the loan amount varies based on your smartphone data and repayment history.
You can receive loan amount from N1,500 to N3,000,000 usually from initial borrower to returning or existing borrower.
Repayment periods is from 61 days to about 18 months at monthly interest rates ranging from 2.5% to 30%.
Here’s a detailed FairMoney review to help you understand how it works.
7. Newcredit
Newcredit is an instant loan app in Nigeria that has been downloaded by over 5 million users, just like its competitors, Newcredit gives Nigerians collateral free loans of up to N300,000.
This app uses artificial intelligence to analyze your financial record as a potential borrower, theses records include but are not limited to;
- Your bank transactions
- SMS
- Your credit worthiness from other lenders.
New borrowers can access a loan amount of about N10,000, while returning borrowers may access up to N300,000 with repayment plan spanning across 91 days to 365 days, it has a monthly interest rate of 4%.
8. Renmoney
Renmoney is a fintech company in Nigeria that offers personal and business loans, savings, investment, and several banking services.
Renmoney requires more documentation compare to other loan apps, with over 1 million downloads, Renmoney has a good rating.
Minimum and maximum loan tenure of 3 to 24 months, minimum and maximum Annual Percentage Rate (APR) 30% to 90%.
You can apply for quick loan of up to N200, 000, though it starts from N5,000 to N10,000 for new users.
9. Kuda
Kuda is a leading online loan app offering loans as part of its suite of financial services, highly trusted and easy to use.
Kuda is been downloaded over 10 million times on Google Play Store.
Kuda offers personal loans up to N150,000 with repayment period of 1 -3 months, no collateral.
The interest rates fare variable, however, the rate on your loan will be stated in the loan offer which you will either accept or decline.
10. Palmpay
Palmpay is one of the top 10 best loan app in Nigeria known to offer loans with varying limits and terms based on your repayment history, with repayment period ranging from 7 days to 4 months.
The interest rates are dynamic between 0.6% and 1.5% depending on the loan size and user activity.
Loan amount being qualified for is dependent on your payment history and credit consistency.
Comparing top 10 best loan app in Nigeria
| Loan app | Amount | Rate | Tenure |
| Easemoni | N3k – N2 m | 5% – 10% | 30 days – 365 days |
| Carbon | N2,500 – N1m | 4.5% – 30% | 60 days – 365 |
| Okash | N3k – N1m | 35 – 15% | 91 days – 365 days |
| Palmcredit | N10K – N300K | 2% – 5% | 30 days – 365 days |
| Branch | N2K – N1m | 2% – 4% | 30 days – 365 days |
| Fairmoney | N1,500 – n300K | 2.5% – 30% | 61 days to 18 months |
| Newcredit | N10K – N300k | 4% | 91 days – 365 days |
| Renmoney | N5k – N100k | 3% – 9% | 91 days – 365 days |
| Kuda | N5K – N150k | Interest rate is variable | 31 days – 91 days |
| Palmpay | N5k – N100k | 0.6% – 1.5% | 7 days to 4 months |
Common Reasons Nigerian Lenders decline your loan application
- Bad credit score: Some of you have had their credit ratings damaged with late repayment or loan default, such cases are usually reported to the credit Bureau and will damage and affect your ability to get further loans with other providers.
- Unstable cashflow: If you have an inconsistent cashflow, it’s a huge red flag for a credit institution looking to review and consider your loan application. Avoid having a scanty business account with huge credit intermittently.
- Requesting loan above your threshold: Every lender has a risk appetite on how much they are a willing and ready to risk out as a loan. Be sure to request an amount within your financial operational threshold and repayment ability with no stress.
- You have unpaid loan elsewhere: If you are owing another credit institution, it’s considered very unreasonable of you to seek out a fresh loan with a different lender. You are creating a situation of a financial mess and credit rascality.
- Poor documentation: Be sure to provide documents required for a loan where it’s a secured loan, failing to provide accurate document that stands out could have your loan application decline.
- High risk business: Some businesses are considered high risk, as such not every class of lender will be willing provide such loans.
- No collateral: Your inability to provide a security for a loan is likely going to ensure you do not access such a loan. There’s no free loan anywhere.
Loan apps without BVN in Nigeria
So you are looking to receive a loan without having to provide your BVN right, if this feels like you, here’s something for you to walk away with.
There are a few reasons you are looking to receive a loan without having to provide your BVN, this include but are not limited to any of the following;
- Privacy concerns, you don’t want to be known for some reasons
- You probably do not have a bank account
- You want speed in accessing a loan
- You probably are a first-time borrower.
Well, while this is an upside to it, there are a few body pains that come such loans just so you know what you are subscribing to.
- Such loans have high interest rates
- You are usually a loan amount lower than you may require
- There’s an undue loan recovery pressure in case you fail to meet up with the due date.
- Your information may be misused by some shady apps.
Now you understand what’s is in for you with such loans.
Here are loan apps without BVN;
- KashNow
- FairMoney usually for first time users
- KashZilla
- GoCash
- LendCash, etc,. are a just a few of them.
Be sure to carry out your due diligence before you decide to apply and receive such loan.
Which loan app can borrow me N50k for the first time
For your first loan of N50k, loan apps like Quickcheck, FairMoney, SnapCash, and Kuda can be suitable alternative.
However, your eligibility depends on your creditworthiness and specific requirements.
Can a loan app blacklist my BVN
The answer is NO. A loan app cannot blacklist your BVN or prevent it from being used by other credit institutions, however, a loan app can report you to the Nigerian Credit Bureau such as the Credit Registry, or First Central for defaulting a loan.
It becomes a negative information recorded on your report and makes it harder for you to get future loans from banks and other credit institutions.
Does Palmcrdeit require BVN?
Yes, Palmcredit generally requires your Bank Verification Number to apply for a loan, it’s listed as a basic requirement for new users for verification during the application process.
Where to borrow N20k in Nigeria
Renmoney can lend you such amount, FairMoney, palmcredit, EaseMoni, etc., and a host of other online loan apps can lend you such amount.
Does Opay give loans?
Yes, Opay offers loans through two primary channels, Okash for personal loans, and the Opay merchant for app for business loans.
How do I remove my name from Credit Bureau?
The quest is how did your name get to the credit bureau in the first place; this usually occurs when you default on a loan and refused to pay back.
Your details are reported and filed with the CRB to ensure you have difficulty receiving further loans with other financial institutions.
However, paying back such loan is also not enough to remove or get your name cleared from the credit records.
You will need to seek help from legal practitioners to assist you in approaching your creditors for consent to remove such listings.
Conclusion
Top 10 best loan app in Nigeria are Digital lenders who have continued to play a pivotal role in the Nigeria’s credit ecosystem, despite concerns over their operational practices.
The growing number of Nigerians patronizing them has led to a steady rise in the number of companies offering the services.
Did you have further questions regarding loans and credit in Nigeria, let’s hear you in the comment section.