Top 10 Best Loan Apps In Nigeria (2022)

Top 10 Best Loan Apps In Nigeria (2022)—This post will discuss the top ten best loan apps available in Nigeria in 2022. If you’ve ever wondered how easy it is to borrow money online in the country via trusted mobile apps, this article is for you because we’ll inform you on the leading apps for borrowing money easily and conveniently online rather than dealing with the stress of endless queues at today’s banking halls. Please keep in mind that these online money lenders have specific interest rates associated with their various lending plans, which you should verify before applying.

There are times in our lives when we require money urgently for personal reasons or to finance certain projects, and while there are numerous types of loans available in Nigeria through the numerous banks that we are familiar with, many people may prefer to go through trusted online platforms because they are just one click away from securing these loans in record time and with less stress than when done in a bank.

Many people require loans for a variety of reasons, from medical emergencies to starting a new business or for other personal reasons, and the simplest and quickest way to obtain the funds available is through loan apps, subject to certain terms and conditions that the borrower must adhere to in order to avoid being viewed as fraudulent. Numerous organizations that operate these lending apps have certain interest rates that must be paid in addition to the loan principal over a specified time period, and it is critical that the borrower keeps this in mind to avoid being found wanting.

Having said that, if you’re interested in learning about the greatest loan apps available in Nigeria right now, where you can simply borrow money in a matter of minutes, the information below will provide you with all the required details. Please continue reading this post to learn more about them.


The following are the top ten most popular loan applications in Nigeria for effortlessly and conveniently borrowing money in 2022:


Carbon loan app is a very popular loan application and it remains in the league of the top 10 best loan apps in Nigeria. Carbon is a financial service offered by Carbon Finance & Investments Limited, a company regulated and approved by the Nigerian Central Bank (CBN). Individuals are empowered through credit, simple payment options, high-yield investment choices, and simple-to-use financial management tools. It is a multinational corporation with over 90 employees in Mauritius, Nigeria, the United Kingdom, the United States of America, Canada, South Africa, and Kenya.

Carbon has changed over the years and was previously known as Paylater. It is one of the first lending apps that come to mind when individuals in Nigeria seek to borrow money online. One Credit was formed in 2012 in Lagos, Nigeria. The company made loans only to wage earners and required accompanying evidence through a paper-based application process.

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In 2015, the company expanded its service offering by leveraging a network of local agents to deliver lending services to thousands of Nigerians under the OneFi brand. Paylater released its smartphone application in May 2016. It was a first-of-its-kind service. A totally digital consumer lending experience that is available 24 hours a day, 7 days a week, and can deposit borrowed monies into a person’s account within minutes. After just two years on the market, the Paylater mobile app has surpassed one million downloads.

As the app’s portfolio of financial services extended beyond loans to include payments, investments, and personal finance management, the label ‘Paylater’ became somewhat restrictive. Carbon embodies the company’s goal of providing the most varied digital banking platform available anywhere. You can use the app to obtain a loan of up to $500,000 with no collateral.

After your application is approved, you can expect to receive your loan within one to three business days. Making timely repayments may entitle you to increased credit limits on your future loan. If you’re interested in learning more about carbon loans, please click the provided link.


Renmoney is another well-known Nigerian company that offers excellent loans through its mobile applications and is ranked among the top 10 best loan apps in Nigeria. It is one of the most convenient loan organizations in the country, providing exceptional service. Every day, Renmoney works to better understand its consumers and to deliver superior services via the use of technology, analytics, and innovation. Renmoney microfinance bank offers personal and micro-business loans ranging from $50,000 to $6 million via their mobile app.

Loan applications and credit disbursements are expedited using the loan app, which collects information effortlessly, verifies loan applications, and disburses funds within 24 hours provided the borrower meets specific standards. The Renmoney loan app is exclusively available on the Google Play Store, and if you’re interested in learning more about the Renmoney loan offers, please click on the linked link.


PalmCredit is another popular loan application in Nigeria that is widely trusted by the public. Their virtual credit card makes it extremely simple for you to obtain a loan at any time and from any location. PalmCredit is available to individuals aged 18 and above, with loan limits ranging from $2,000 to $100,000 and loan terms ranging from 91 to 180 days.

With the PalmCredit loan app, obtaining a loan is quick and convenient. You may apply for a credit limit in minutes and then take as many immediate loans as you need without stress, subject to approval. Repayment on time updates your credit score, allowing your credit limit to increase to $100,000. Android users can download the PalmCredit loan application from the Google Play Store.


You may acquire a loan of up to 500,000 for 12 months in 5 minutes with the FairMoney loan app, and the more you use this loan app to source for and repay loans, the better your FairMoney loans get. The advantage of obtaining loans from FairMoney microfinance bank is that you can obtain an extension on your loan if you are unable to pay on time due to unforeseen circumstances. This loan application does not require any papers or collateral and is completely stress-free. You may learn more about FairMoney’s loan application by visiting their website or by downloading the application from the Google Playstore.


The Branch loan application is Nigeria’s largest loan platform, and it is extremely secure and trustworthy. It is currently ranked among the country’s best loan platforms. Branch is a financial services organization that works not just in Nigeria but also in Kenya, Tanzania, and India. The Branch loan app makes it incredibly simple to access loans from any location, at any time. You may sign up in minutes and apply for a loan, which if approved, will deposit the funds directly into your account. That is how quick, convenient, and dependable it is. On this loan platform, you may borrow amounts ranging from $1,000 to $200,000 and repay them with minimal interest. Please visit the Branch website for additional information.


Migo is an embedded lending platform that enables enterprises to issue loans to consumers and small businesses directly from within their own applications. Migo develops patented machine learning algorithms to analyze credit risk using company data and then automates credit facilities using cutting-edge cloud infrastructure, simplifying the complex world of lending through a simple API. Additionally, Migo broadens economic access by extending credit to populations previously disregarded by traditional credit agencies, often delivering life-changing chances to low-income customers. Migo is based in San Francisco and operates in Nigeria and Brazil at the moment.

Simply said, Migo is fairly unique in that it does not require the use of an app to obtain loans. All you need is a smartphone and a registered SIM card linked to your bank account. Additionally, with Migo, you do not need any documentation to receive your loans in a matter of minutes, and the sooner you repay your loan, the greater the loan amount you can borrow the next time you visit the platform. To learn more about how the Migo loan works, visit the Migo official website.


Kiakia is a loan application that was founded in 2015 by two visionaries, Chimeziem Anyadike and Olajide Abiola. As the app’s name implies, ‘Kiakia’ is a Yoruba term for ‘rapid’ or ‘quickly,’ which explains the ease with which users can acquire loans through the app. This money lending platform was created to advance financial inclusion in Nigeria and to make credit available to those who are deemed ineligible by traditional financial institutions.

The Kiakia loan platform is unlike many of the other loan apps on this list of the finest loan platforms in Nigeria in that it is a peer-to-peer (P2P) lending platform. Individuals and corporations interested in lending money as an investment are matched with the finest candidates from a pool of persons in need of credit. The software analyzes users’ financial histories and determines their creditworthiness using a credit-rating algorithm. Android users can download the Kiakia loan application from the Google Play Store.


Specta is one of Nigeria’s fastest lending platforms, offering loans of up to $5 million in a single transaction and all within five minutes. The purpose of this online money lending platform is to provide an easy, convenient, and tailored experience for their countless consumers by reviewing applications with proprietary data and analytics.

With Specta, there is no requirement for collateral, guarantors, or a visit to any office to get your loan approved and funds disbursed. Once an application is submitted, scoring occurs immediately, and disbursement occurs in less than five minutes. Specta is open to everybody, regardless of occupation or bank. To learn more about how this loan application works, please visit the Specta official website.


QuickCheck is a Nigerian loan app that uses machine learning to forecast borrower behavior and immediately analyze loan applications. The company’s mission is to provide digital financial services that assist consumers in achieving their personal and commercial objectives.

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The QuickCheck app for your mobile device can assist you in obtaining immediate loans directly into your bank account without the need for collateral, and you can obtain quick cash loans at low-interest rates anywhere and at any time. Additional information about this loan application is accessible on the QuickCheck website.


The Aella Credit loan application is excellent, and borrowing money on the platform is completely hassle-free. The app is available for iOS and Android users through the Appstore and Google Playstore, and once downloaded, all you need to do is fill in the appropriate information to gain access to immediate loans anywhere in the country.


In this article, we have been able to discuss the top 10 best loan apps in Nigeria. Also, note that these loan applications may ask for your bank account information as well as your BVN. Don’t mislead anyone with false information. Only borrow what you can afford to repay in order to avoid becoming stranded in the process of achieving your goal.

Early loan repayment ensures a good credit score, which allows for higher loan amounts and lowers interest rates in the future.

Before applying for any loan, please ensure that you have read and understood the terms and conditions attached. Only use your bank account information on loan applications that have been verified.

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