30 best loan app in nigeria 2025

Finding the best loan app in Nigeria can be overwhelming with so many loan apps available in the Google Play Store, Apple Store, and the internet. Knowing the best among them will save you from stress when you need an emergency loan, business capital, or personal cash advance, and is crucial.

Here, we will give you the list of the best loan apps in Nigeria, based on their reputation, regulatory approval, and user feedback. The Federal Competition and Consumer Protection Commission (FCCPC) has approved many digital lending apps. Let’s focus on the best ones and then explain how you can go about it.

Read to the end as we explore the top 30 loan apps in Nigeria that offer quick, easy, and secure loans. These apps are known for their fair interest rates, quick approvals, and user-friendly interfaces.

30 Best Loan App in Nigeria – Top Options

Here’s 30 best loan apps in Nigeria that are regulated by the FCCPC and the Central Bank of Nigeria (CBN) and known for quick disbursement and accessibility.

1. FairMoney

FairMoney is one of the best digital lending platforms in Nigeria that offers quick loans of up to ₦3,000,000. The app is popular and well-known for its quick disbursement process, ensuring that users receive funds within minutes of approval.

With an interest rate ranging between 5% and 28% APR, FairMoney remains competitive in the Nigerian lending market. Borrowers can choose repayment terms between 30 and 180 days, making it a flexible option for both short-term and medium-term financing.

Additional Features:

Bill payments for electricity, airtime, and internet services
Loan offers improve over time with timely repayments.
No need for collateral or guarantors
Over 10 million downloads with a 4.2-star rating

You can download the Fairmoney loan app here

2. Carbon (formerly Paylater)

Carbon is more than just a loan app—it’s a digital banking platform that provides users with access to instant loans, bill payments, credit reports, and investment opportunities. The app allows users to borrow between ₦1,500 and ₦1,000,000, with a monthly interest rate of 5% (up to 195% APR).

One of Carbon’s standout features is its credit score-building system, where users who repay on time receive better interest rates and higher loan amounts over time. Additionally, Carbon offers zero-interest loans to users who save and invest regularly through the app.

Why Choose Carbon?

Loan repayment period of 61 days to 1 year
Seamless digital banking features, including free transfers and savings
Credit score monitoring and improvements
Over 4.3-star rating from thousands of users

3. Branch

Branch has gained a strong reputation in Nigeria for its AI-driven loan approval process, which assesses borrowers based on their financial habits rather than traditional credit scores. With loans ranging from ₦1,000 to ₦1,000,000, Branch provides instant loans of ₦50,000 without the need for collateral.

The interest rates on Branch loans range from 3% to 23% per month, and borrowers can repay them in 62 days to 1 year. The app’s user-friendly interface and transparent loan conditions have earned it over 10 million downloads and a 4.5-star rating in the Google Play Store.

What Makes Branch Stand Out?

No late fees or rollover charges
AI-based credit scoring system for better loan offers
Loan amounts increase with consistent repayments
Users can earn interest by investing in Branch’s wallet

4. PalmCredit

PalmCredit is the best app for small, short-term loans with quick approval. The app offers loans between ₦2,000 and ₦100,000, making it a go-to option for Nigerians looking for urgent financial relief.

With APR rates ranging between 24% and 56%, PalmCredit provides flexible repayment terms between 91 and 365 days. Although the interest rates are relatively high, the instant approval process makes it a preferred choice for emergency loans.

PalmCredit Features:

No collateral or paperwork required
Higher loan limits for returning borrowers
Quick loan disbursement within minutes
4.2-star rating and over 10 million downloads

5. QuickCheck

QuickCheck is another AI-powered best loan app in Nigeria that provides users with instant loans up to ₦500,000. The app’s intelligent algorithm evaluates borrower risk and grants loans without collateral or paperwork.

With a monthly interest rate starting from 5%, QuickCheck ensures that users get fair loan offers while maintaining a high approval rate. Its repayment period extends up to 12 months, giving borrowers the flexibility to repay at their convenience.

Additional Benefits:

AI-based approval process reduces loan rejection
User-friendly app interface with clear terms
Opportunity to access higher loan amounts with consistent repayments
Over 4.5-star rating from satisfied users

6. Aella Credit

Aella Credit is one of the best loan apps for salary earners and employees, providing them with instant loans up to ₦1,000,000. The app is licensed by the Central Bank of Nigeria (CBN), ensuring compliance with regulatory standards.

The interest rate on Aella loans ranges from 6% to 20% per month, and the repayment period is typically 3 months. One unique feature is that users can apply for salary advances and buy health insurance plans directly from the app.

Why Aella Credit?

Best for employees and business owners
Licensed by the CBN, ensuring security
Additional services like insurance and bill payments
Quick loan disbursement with no paperwork

7. Renmoney

Renmoney is a trusted microfinance bank in Nigeria that offers both personal and business loans. Borrowers can access up to ₦6,000,000, making it one of the highest loan amounts available without collateral.

With interest rates starting at just 2% per month, Renmoney provides one of the most competitive lending options in Nigeria. The repayment period is flexible, allowing users to spread payments conveniently.

Top Features:

No need for collateral or guarantors
High-value loan amounts with low interest
Suitable for businesses looking to expand
4.1-star rating from thousands of users

8. Kuda

Kuda is a fully digital bank that provides its users with access to loans without requiring collateral. Unlike other loan apps, Kuda ties its loan offers to the user’s account activity. Borrowers can access up to ₦200,000 at a daily interest rate of approximately 0.3%.

One major advantage of Kuda is its seamless banking features, which include free money transfers, automatic savings, and bill payments. Customers who maintain an active Kuda account and show a good transaction history are more likely to qualify for instant loans.

Why Choose Kuda?

Digital banking with zero card maintenance fees
Automatic credit assessment based on account activity
4.5-star rating with millions of active users
Quick and hassle-free loan approval

9. Sycamore

Sycamore is the best peer-to-peer lending platform that provides loans ranging from ₦5,000 to ₦500,000. It is well known for its flexible repayment plans and fair interest rates of 3% to 5% per month.

Unlike traditional lenders, Sycamore ensures data protection and transparency, making it the best option for users who value security. Borrowers with good repayment history can enjoy lower interest rates and higher loan limits over time.

Key Benefits:

Peer-to-peer lending model for better loan rates
No hidden charges or excessive penalties
Flexible repayment periods tailored to borrower needs
Data protection certification for secure transactions

10. Veend

Veend provides loan services primarily targeted at civil servants and salary earners. With loan amounts ranging from ₦10,000 to ₦500,000, Veend offers competitive monthly interest rates starting from 3.5%.

One of its biggest advantages is the extended repayment tenure of up to 540 days, making it an attractive choice for borrowers who prefer smaller monthly payments.

Why Consider Veend?

Best for civil servants and employees
Long repayment tenure (up to 18 months)
Competitive interest rates starting at 3.5%
Secure and FCCPC-approved lending platform

11. OKash

OKash is a quick loan app operated by Opay, providing fast and convenient loans of up to ₦500,000. It offers a daily interest rate of 0.1% to 1%, translating to an APR of 36.5% to 365%.

The loan tenure ranges from 91 to 365 days, and applicants typically receive their funds within minutes of approval. OKash is popular among Nigerians looking for small emergency loans.

Key Features:

Operated by Opay, a trusted fintech brand
Instant loan disbursement within minutes
5M+ downloads and a 4.2-star rating
Flexible repayment plans available

12. EaseMoni

EaseMoni is a fintech-powered lending app that offers quick and hassle-free loans up to ₦1,000,000. Borrowers can access funds within minutes, making it one of the fastest loan apps in Nigeria.

With monthly interest rates ranging from 3% to 30%, EaseMoni provides loan tenures between 30 to 180 days. The app is FCCPC-approved, ensuring compliance with Nigeria’s lending regulations.

Why Choose EaseMoni?

Fast loan approval and disbursement
No need for collateral or paperwork
Loan offers improve with consistent repayment
4.3-star rating from satisfied users

13. ALAT by Wema

ALAT by Wema Bank is a fully digital bank that offers personal and salary-backed loans. Borrowers can access up to ₦2,000,000 with a competitive monthly interest rate of approximately 2%.

Unlike standalone loan apps, ALAT provides additional banking features, including savings, bill payments, and investment opportunities. The loan amount and interest rate depend on the applicant’s salary and transaction history.

Why ALAT Stands Out:

Bank-backed loans for increased trust
Seamless digital banking with no paperwork
Loan disbursement in less than 24 hours
Flexible repayment terms

14. Specta by Sterling

Specta is an instant lending service by Sterling Bank, offering high-value loans up to ₦5,000,000. It is one of the best loan options for businesses and salary earners who need quick funding.

With monthly interest rates ranging from 2.5% to 5%, Specta allows borrowers to choose repayment terms between 1 to 24 months. Unlike many loan apps, Specta provides larger loan amounts with minimal documentation.

What Makes Specta Unique?

High loan limits (up to ₦5M)
Fast loan processing without collateral
Longer repayment periods (up to 2 years)
Ideal for business owners and entrepreneurs

15. Xcrosscash

Xcrosscash offers small-to-medium-sized loans ranging from ₦5,000 to ₦500,000, with monthly interest rates between 3% to 15%. The app is designed for users who need emergency funds and prefer flexible repayment options (91 to 180 days).

One of its standout features is the progressive loan limit increase—borrowers who consistently repay on time receive higher loan amounts over time.

Key Benefits:

No collateral required
Loan amount increases with good repayment history
Fast loan approval and disbursement
Over 4.2-star rating from users

16. iCredit

iCredit is a fully FCCPC-regulated loan platform, ensuring safe and transparent lending practices. It offers loans between ₦5,000 and ₦1,000,000, with interest rates ranging from 4% to 20% monthly.

The repayment period varies from 30 to 365 days, giving borrowers the flexibility to manage their finances effectively. iCredit prioritizes data security and fair lending terms, making it a trusted option for digital loans.

Why Choose iCredit?

FCCPC-approved lending
Flexible loan tenure (up to 12 months)
Secure transactions with data protection
Loan disbursement within minutes

17. Migo

Migo is the best digital lending platform that offers quick loans without requiring an app. Borrowers can access between ₦500 and ₦500,000 through a simple USSD code: *561#. This makes Migo one of the most accessible loan services, especially for individuals who don’t use smartphones or prefer offline loan applications.

Unlike other loan apps, Migo charges a flat fee of around 15% per loan, rather than a traditional interest rate. Loan tenures range from 14 to 30 days, making it ideal for short-term borrowing needs.

Key Features of Migo:

No app required – Access loans via USSD (*561#)
Instant loan disbursement for approved users
Flat fee pricing model instead of variable interest rates
Great for users with limited internet access

18. Lidya

Lidya is one of the best business-focused loan platform designed for small and medium-sized enterprises (SMEs) in Nigeria. It provides loans from ₦50,000 to ₦5 million, with monthly interest rates ranging from 3% to 10%.

Unlike traditional business loans, Lidya offers fast and collateral-free funding to help SMEs grow. It evaluates applicants based on business revenue and transaction history, making it ideal for business owners looking to expand their operations.

Why Choose Lidya?

Best for business owners and SMEs
High loan limits (up to ₦5M) with flexible repayment
No collateral required for loan approval
Loan tenure of 3 to 12 months for better cash flow management

19. Moniepoint

Moniepoint is a well-known financial technology company in Nigeria, providing business banking services and quick loans up to ₦1 million. Unlike most loan apps, Moniepoint ties loan eligibility to business account activity, making it best for business owners, agents, and entrepreneurs.

With a monthly interest rate of around 3%, Moniepoint loans come with reasonable repayment terms. Users who actively transact using their Moniepoint business account can qualify for higher loan amounts over time.

Key Benefits of Moniepoint Loans:

Designed for business owners and POS agents
Loan eligibility linked to account usage
Competitive 3% monthly interest rate
Fast loan disbursement for eligible customers

20. Kiakia

Kiakia is another best peer-to-peer lending platform that connects borrowers with individual lenders. It offers loans ranging from ₦1,000 to ₦1 million, with monthly interest rates between 5% and 15%. Unlike traditional lending apps, Kiakia allows private investors to fund loans, making it a great alternative for borrowers looking for non-traditional lending options.

Loan tenures range from 7 to 365 days, and the platform provides both personal and business loans. Since it operates on a peer-to-peer model, approval times and interest rates may vary depending on the lender.

Why Choose Kiakia?

Peer-to-peer lending with flexible terms
No hidden charges or excessive fees
Loan tenures up to 1 year for better repayment
Suitable for both personal and business loans

21. P2Vest

P2Vest is a digital lending platform that specializes in providing both SME and personal loans, offering amounts ranging from ₦50,000 to ₦10 million. With an attractive interest rate starting at 1.6% per month and repayment terms extending up to 12 months, it is an excellent option for business owners and individuals looking for quick financial support. Unlike traditional banks, P2Vest does not require collateral, making it accessible to a wider range of borrowers. The platform is also recognized for its business-focused lending solutions, helping entrepreneurs grow their businesses with flexible funding options. Its user-friendly mobile app has earned a 4.2-star rating on Google Play, reflecting customer satisfaction with its efficiency and transparency.

22. Umba

Umba is a digital banking platform that provides personal loans up to ₦5 million, with interest rates starting at 3% monthly. It offers flexible repayment terms, ranging from 30 days to 1 year, catering to both short-term and long-term financial needs. Umba distinguishes itself as a full-fledged digital bank, offering more than just loans. Users can also access services like bill payments, savings, and financial management tools. With over 144,000 loans disbursed historically, the app has gained a reputation for reliability and trust, earning a solid 4.1-star rating.

23. Page Financials

Page Financials is a well-established lender providing loan amounts from ₦50,000 to ₦5 million with repayment terms of up to 24 months. The platform offers competitive interest rates ranging from 3% to 5% monthly and is known for its instant disbursement process. Additionally, it provides investment options, allowing users to grow their funds while managing their borrowing needs. Page Financials stands out with its seamless application process and high customer satisfaction, reflected in its 4.3-star rating on Google Play.

24. Money in Minutes (MIM)

Money in Minutes (MIM) is a fast-loan provider offering amounts between ₦5,000 and ₦500,000 with repayment periods from 30 to 180 days. Interest rates range from 5% to 20% monthly, depending on loan tenure and creditworthiness. As the name suggests, MIM is designed for speed, ensuring that borrowers receive funds in the shortest possible time. The application process is straightforward, requiring minimal documentation, which has contributed to its 4.0-star rating.

25. Lendigo

Lendigo is a business-centric lending platform targeting SMEs with loans from ₦100,000 to ₦10 million. With interest rates starting at 2.5% per month and repayment periods ranging from 3 to 12 months, it is designed to help small businesses grow without the burden of excessive interest. The platform is known for offering tailored solutions for business financing, including invoice financing and working capital loans. Its strong reputation among entrepreneurs has helped it achieve a 4.1-star rating.

26. Secucash

Secucash provides loans from ₦10,000 to ₦1 million, with flexible repayment terms ranging from 91 to 365 days. Interest rates vary between 4% and 15% monthly. The platform is highly regarded for its user-friendly interface, making loan applications quick and seamless. It has gained a 4.2-star rating due to its transparent loan terms and reliable customer service.

27. Plentycash

Plentycash offers personal loans ranging from ₦5,000 to ₦500,000, with repayment periods between 30 and 180 days. The interest rates range from 3% to 20% monthly. Known for its reliability and quick disbursement, Plentycash has become a trusted choice among borrowers. The platform is designed for those in need of emergency cash or short-term financial support, earning it a 4.0-star rating.

28. Nmoney

Nmoney is another flexible loan provider, offering amounts from ₦10,000 to ₦1 million, with repayment terms extending up to 12 months. The interest rates range between 5% and 15% per month, making it a reasonable choice for borrowers seeking manageable repayment structures. The platform is known for its fair lending policies and has earned a 4.1-star rating.

29. Quick Credit

Quick Credit provides loans ranging from ₦5,000 to ₦1 million, with repayment terms between 30 and 365 days. The interest rates start at 4% per month, and the platform is widely praised for its customer-centric approach. It has gained a 4.3-star rating due to its transparent policies and excellent customer service.

30. Palmpay

Palmpay, one of the most popular digital financial platforms in Nigeria, offers loans from ₦2,000 to ₦300,000, with repayment terms ranging from 15 to 180 days. Interest rates range between 5% and 25% per month. With over 10 million downloads and a 4.6-star rating, Palmpay is known for its lightning-fast approval process—loans can be approved in as little as 15 seconds. In addition to loans, Palmpay provides digital banking services, including bill payments, money transfers, and cashback rewards.

How to Choose the Best Loan App in Nigeria

Interest Rates: Compare rates to find the most affordable option.
Repayment Terms: Look for flexible repayment plans.
Loan Approval Speed: Some apps approve loans in minutes.
User Ratings: Check reviews on Google Play Store or Apple Store.
Regulatory Approval: Ensure the app is registered with the FCCPC or CBN.

FAQs – 30 Best Loan App in Nigeria

1. What is the best loan app in Nigeria?

There is no single best loan app, but FairMoney, Carbon, Branch, and Renmoney are highly rated for fast loans, low interest rates, and secure transactions.

2. Which loan app in Nigeria has the lowest interest rate?

Renmoney, Sycamore, and FairMoney offer some of the lowest interest rates, starting from 2% monthly.

3. Can I get a loan in Nigeria without BVN?

Most licensed loan apps require BVN for verification. However, Migo allows loans via USSD without a BVN.

4. What happens if I don’t repay my loan on time?

Failure to repay can lead to:

Higher interest rates and penalties
Negative credit rating (affects future loan approvals)
Debt collection calls and legal actions

5. Are Nigerian loan apps safe to use?

Yes, but only use loan apps approved by the FCCPC and CBN to avoid fraudulent apps.

Final Thoughts on the Best Loan App in Nigeria

These 30 loan apps in Nigeria mentioned above are best for secure, quick, and instant loan solutions without collateral. Always borrow responsibly and read the terms carefully before applying.