6 Best Loan Apps in Nigeria that Are Reliable


Best Loan Apps in Nigeria that Are Reliable – Things to consider when choosing a loan app include interest rates, repayment term flexibility, loan amount range, ease of access to funds and transparency around fees and charges. The apps listed above are generally fast, convenient and don’t require collateral.

1. Carbon

Loan Apps in Nigeria that Are Reliable

An app-based lending platform that provides quick loans ranging from N1,000 to N1 million. Repayment term ranges from 7 days to 18 months with interest rates from 2.5% per month.

Carbon is rated 4.5 out of 5 stars by over 18,000 users. This positions it as one of the best loan apps in Nigeria. Carbon offers loans without collateral, from ₦1,500 to ₦1 million, with a repayment period of up to 64 weeks.

For a 3-month loan of ₦50,000, you’ll pay 2% monthly interest, making the total repayment ₦53,000 after 90 days.

We noticed a delay in confirming repayment while testing the Carbon app. You may notice that you keep getting notified to repay your loan even after you have done so.

2. CredPal

Best Loan Apps in Nigeria that Are Reliable

CredPal is rated 4.4 out of 5 stars by over 2,000 users. You can get a collateral-free loan of up to ₦500,000 for up to 180 days at interest rates between 4-9%.

They also offer a Buy Now Pay Later service for items with a limit amount of ₦100,000, and a limit term of 2 months.

3. Renmoney

Best Loan Apps in Nigeria that Are Reliable

Offers flexible loans from N3,000 to N750,000, with repayment term of up to 24 months and interest rates starting from 1.5% per month. Fast processing and no collateral required.

Renmoney is rated 3.7 out of 5 stars by over 2,000 users. You can borrow up to ₦6,000,000 without collateral and repay in 3 – 24 months.

If you take a loan of ₦2,000,000 for a 12-month tenure, you’ll pay back ₦214,667 monthly. And by the 12th month, you’d have paid back ₦2,567,000.

4. FairMoney

Best Loan Apps in Nigeria that Are Reliable

Allows you borrow from N2,000 to N500,000 for up to 30 days. Interest rates are transparent and reasonable. Repayment schedules are flexible.

FairMoney is rated 2.3 out of 5 stars by over 1,000 users. You can take collateral-free loans between ₦1,500 to as much as ₦3,000,000 within 5 minutes.

Their interest rates are quite reasonable. If you take a FairMoney loan of ₦10,000 for a period of 2 months, you’ll pay back a total of ₦10,301.

5. QuickCredit

Best Loan Apps in Nigeria that Are Reliable

Offers short term loans from N2,500 to N5 million. Interest rate is 6% monthly flat with repayment terms up to 6 months. No collateral or guarantor required.

6. Branch

Best Loan Apps in Nigeria that Are Reliable

Provides loans from N1,000 to N500,000 for terms as short as a week or as long as a year. Competitive interest rates and no paperwork or collateral required.

Requirement of Getting Loan in Nigerian

Here are some of the common requirements for getting a loan in Nigeria:

1. Identification Documents – Most lenders will ask for valid ID documents like national ID card, voters card, driver’s license or international passport to confirm your identity.

2. Proof of Income – You’ll need to provide documents to show your income sources and ability to repay the loan. Pay slips, bank statements, tax returns or audited accounts may be required.

3. Collateral – Some loans require an asset that can be sold to recover the loan if you default. Collateral can include land title documents, shares or cash cover. Not all loans require collateral though.

4. Guarantors – A loan guarantor takes responsibility for loan repayment if you default. Some lenders may require 1-2 guarantors who are salaried workers or homeowners before approving a loan.

5. Strong Credit History – Having a good credit history with past loans repaid on time can make it easier to qualify and get better loan terms from lenders. First time borrowers though can still access loans.

6. Residency – You’ll need to show residency status in Nigeria via utility bills, tenancy agreement etc. Some loans are restricted to Nigerian citizens only.

Meeting the loan requirements gives lenders confidence in your ability to repay. Understanding and preparing them beforehand helps facilitate a quicker loan processing.

Note: Using every loan app you come across will put you at risk of exposing valuable data like your BVN to hackers. This is why I have created this list so you can have a guide on the safest apps to apply for loans on.


In conclusion, there are several digital loan platforms in Nigeria that provide quick and convenient access to financing for both individuals and businesses. Top options like Carbon, Renmoney, Branch, FairMoney and QuickCredit make it easy to apply for and receive short-term loans ranging from a few thousand Naira up to millions of Naira.

Key advantages of these leading lending apps are fast approvals, flexible repayment terms adjustable from 1 week to 2 years, no collateral requirements, and reasonable interest rates starting as low as 1.5% per month. Loan amounts on offer range from microloans under N10,000 to larger sums over N1 million.

When selecting a loan app in Nigeria, key considerations include loan amount needed, repayment period, interest rates charged, ease of application, disbursement timelines, and any fees outside of the stated interest rates. Doing research and comparing the best loan apps can help borrowers find financing solutions tailored to their budget and circumstances. The top platforms provide transparent terms, quick access to capital, and convenience through mobile apps.

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