In this article, I will be reviewing the top 13 best loan apps in Nigeria where individuals and business professionals can borrow money immediately and get instant approval and cash disbursement into their bank account in few minutes. These lending facility are for short term loan advances and are approved quickly to help you meet unexpect expenses and pay back when you collect your next salary.
If you need to borrow money quickly, you will need to patronize only these trusted and reputable loan apps in Nigeria that have been very responsive to customer lending requests over a long period of time. These lending platforms can give you emergency cash loan within a few minutes without documentation, collateral, paperwork or physical visit to any office. With your internet enabled smartphone, you are good to apply at the comfort of your house and conclude the loan process within 5 minutes.
Top 13 Best Loan Apps in Nigeria To Borrow Money Instantly
Some of the best online loan apps in Nigeria to borrow money right now with the fastest approvals include Branch app, Carbon app, FairMoney app, Aella Credit app, Umba App, QuickCheck App, GTB Quick Credit App, ALAT by Wema App among other reputable platforms.
These lending applications we present below protect their customers data privacy and approve loan in minutes with lowest interest without collateral, documentation or paperwork. Please do not patronize fake loan apps that are always sending defamatory and shame messages to your phone contacts and family members.
Branch app is one of the best loan apps in Nigeria where customers can borrow money with very low interest rate and very quick approval time. Branch interest ranges from 2.5% to 20% monthly and APR from 18% to 260%. The platform has over 10 million users due to its very fast loan processing making it easy for borrowers to get cash credit of up to ₦500,000 in the quick loan industry.
A major quality of the Branch app is that it does not charge extra fees on late payments like other loan apps. To access Branch loan, you just need your active phone number, BVN, bank account number, and Facebook account.
Carbon, formerly known as Paylater, is another legit loan app in Nigeria best for customers wanting to build credit score. The app disburses cash within few minutes of application without requiring collateral, documentation, or guarantors.
With this platform, interest rate ranges from 2% to 20% depending on the loan repayment period and it has gathered over 1 million users on Google Play Store. Carbon allows you to borrow up to N1,000,000 without any paperwork or physical office visit with a monthly payment between 1 to 12 months.
FairMoney is yet another reliable and among the best loan apps In Nigeria because of its seamless lending procedures, fast approval rating and excellent customer service.
FairMoney allows you to have access to funds ranging from N15,000 to N1,000,000 for a monthly interest rate of 2.5% to 30% which translate to an APR of 30% to 260%. The monthly repayment for FairMoney is between 2 months to 18 months.
4. Aella Credit
Aella Credit app is well reputed as one of the best online loan apps in Nigeria to borrow money right now because of its respect for customer data privacy. The platform allows you to quickly borrow urgent cash loan either for personal or professional use without documentation or collateral of any sort. Aella Credit app has a monthly interest rate of 2% to 20% and APR of 22% to 264% per year. Loan amount ranges from N2,000 to N1,500,000 while monthly payments range between 2 months to 12 months.
When it comes to the list of reputable loan apps in Nigeria to borrow money with instant approvals and low interest, Umba can be counted. It’s hosted on both Google Play Store and Apple Store and prides itself as the leading digital bank in Africa. The app allows users to apply, draw down and repay loans directly from their smartphone or desktop computer. Once an individual is verified, it makes lending decisions based on an assigned risk rating.
Umba does not impose late fees or rollover costs, and you may have access to larger loans, reduced rates, and more flexible payment terms as you repay. It uses your phone’s data, including your SMS history, to authenticate your identity and generate a credit score, making obtaining a personal loan straightforward. Loan amount is N30,000 which can be approved within a few minutes and funds disbursed into your bank account.
With very low interest rates, Renmoney is still one of the best loan apps in Nigeria and also one of the oldest, most reliable, and most reputable online microfinance platform. It is managed by a group of technology and finance enthusiasts who are passionate about making financial inclusion count in Nigeria.
With Renmoney, you can apply for a conventional loan to meet needs like growing your small business, renovating your home, buying a new car, paying rent, school fees, medical bills, etc. The app allows you to borrow from ₦6,000 to ₦6,000,000 and repay in 3 to 24 months.
QuickCheck is one of the top 10 loan apps in Nigeria that have gained a prominence for excellent customer data privacy. The application allows you to borrow money with your smartphone and repay back easily without issues. It respects your data privacy online unlike the illegal loan apps that invade your contacts. Loans range from ₦1,500 to ₦500k with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. (APRs from 30% to 260%).
8. Alat By Wema
Alat by Wema is a trusted and reliable lending app in Nigeria offering easy access to quick and emergency cash loans without paperwork or collateral or documentation. Loans are available to all Alat customers via Alat App or the website.
As with everything else on ALAT, you can now apply for a quick loan without collateral or paperwork, no visitation to any physical location, and the response time between acceptance of the offer and loan disbursement is in minutes. You can now borrow as much as N2,000,000 (Two million naira) without collateral.
Lendigo is last on our list of best loan apps in Nigeria and its loan is dedicated for small businesses. At the moment, Lendigo business app gives the higest digital loan amount instantly to small and medium scale organizations. You can get between 300,000 – ₦10,000,000 loan amount per invoice and credit line with 1% processing fee and commitment fee of loan facility. Interest rates is 4% per month on borrowed amount. Loan tenure is between 1 – 6 Months.
To borrow money from Lendigo, download the app from Google Play Store with your smartphone, register and complete your personal profile, submit your business and financial details, make a loan request. If you qualify, your loan will be approved in few minutes and you will get a loan offer based on your details. Once you accept the loan offer, your account will be credited.
Lidya is a USA holding financial institution though operating its arm in Nigeria while providing instant small business loans without collateral across the country. The company is spread across 3 continents and 5 countries which are USA, Portugal, Nigeria, Poland and Czech Republic. Lidya grants instant loan in Nigeria between N50,000 to N30m to small businesses in 24 hours.
SukFin is yet another trusted and reliable instant loan app for small qualified businesses in Nigeria. The organization employs the use of technology and expertise to match small business customers with a variety of lenders — giving access to a number of funding products across Nigeria. It’s easy to apply and as long as you provide them with requested information, funds can be in your account quickly and instantly.
Migo (formerly kwikmoney) is one of the best cloud-based lending app in Nigeria for instant cash and quick lending decisions. The app strives to ensure your online loan request enters your account (or the account of the merchant you are paying) right after you complete your application session and get approval. Migo loan amounts range from N10,000 to over N500,000 but limited to N50,000 for a new customer. You do not need any collateral, guarantor or documentation to request a Migo loan.
13. GTWorld Quick Credit
With GTWorld our last on our list of best loan apps in Nigeria for instant cash, you have a reputable banking loan app for instant cash, designed to cater for your banking and money needs. However to enjoy its services, you first have to open an account with the bank. The platform is best for bank account holders seeking instant loan apps in Nigeria.
What loan app has the lowest interest rate?
Branch platform is the best loan apps In Nigeria for quick lending and approval processes and gives fastest access to loans up to ₦500,000, to transfer money for free, and enjoy investment yields of 20% per annum. Branch has the lowest interest rate of 2.5% in the quick loan industry.
How much can I get from Renmoney Loan app?
With Renmoney, you can apply for a conventional loan of between N6,000 to N6,000,000 either for personal or professional purposes such as to grow your small business, renovate your home, buy a new car, pay your rent or settle a medical bill, etc.
How Much does Fairmoney app gives? What is FairMoney Interest Rate?
FairMoney is yet another loan platform with seamless lending procedures, superfast approval and excellent customer service. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)
What app is best for small business loan in Nigeria?
Lendigo Loan App. Lendigo prides itself as Nigeria’s best small business loan provider, and one of the best in the list of top 20 lending platforms in Nigeria. It is generally regarded as the go to option for small business loans up to N10 million.
List of Top 20 Loan Apps in Nigeria 2023 [Superfast Approval, Lowest Interest Rates, Instant Disbursement]
The following are the top 20 loan apps in Nigeria in 2023 for instant loan and disbursement: Branch Loan App, Carbon loan App, FairMoney Loan App, Aella Loan App, Umba Loan App, Renmoney, QuickCheck and Lendigo Loan App among other reliable and legit online lenders. Their loan approval process is very quick, superfast and need no collateral, documentation or guarantor, as is common with conventional money deposit banks.
What is the best loan app in Nigeria for fastest loan approval 2023?
Money In Minutes, Branch and Carbon are some of the fast and best loan apps in Nigeria that can give you loan amount from N5000 and above. Your repayment options are also very flexible with Migo loan which uses algorithm based technology to pre-approve loans and gives the opportunity to extend your loan repayment. Most of these lending apps now give loan in minutes and allows monthly payments with guaranteed quick cash loans.
How much loan can I get from Migo Loan application?
Migo being cloud-based digital lender, enables access to instant loans and if willing, to make purchases from merchants or withdraw cash without the need for a smartphone, point-of-sale hardware, or plastic cards. Loan amounts range from N500 to over N500,000.
Who owns Moneypal loan app?
MoneyPal (Zedvance) is owned and managed by Zedvance Limited, a consumer finance company that offers loan packages that cater to all your financial needs regardless of what they may be. An eligible individual or small business can get up to N5 million quick loan in 5 hours. Customers can enjoy loan tenors for up to 24 months at an annual Percentage Rate (APR) of 34.8% – 365%. Little wonder MoneyPal is regarded as a reliable top 20 loan app in Nigeria.
Is GTBank quick Credit a loan app?
With Gtbank quick Credit, you have a top mobile and banking loan app for instant cash, designed to cater for your banking and money needs. However to enjoy its services, you first have to open an account with the bank. The platform is best for bank account holders seeking instant funding.
Which app can borrow me up to a loan of 5 Million Naira?
Specta Loan App. Specta is an online lending platform that gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork, and no visit to any office required. It is one of the top 20 best loan apps In Nigeria with very low interest and superfast lending processes.
With Specta, you can take care of urgent personal and business needs anywhere, anytime. The Specta4individuals package is particularly tailored towards accessing a personal loan of up to N5 Million without collateral in 5 minutes.
The best loan apps in Nigeria to borrow money in 2023 right now with the fastest loan processing and guaranteed approval include: Branch App, Carbon App, FairMoney App, Aella Credit, Umba Lending App, QuickCheck, ALAT By Wema, Money in Minutes App among other reputable platforms. These lending applications protect their customers data privacy, guarantee quick lending and low interest without collateral, documentation or paperwork.