Top 20 Loan App In Nigeria 2022


You might be asking how to obtain instant loans from the convenience of your home or place of business, with no need for documentation and a low-interest rate.

In Nigeria, many loan applications are available that provide loans with various interest rates. Some charges are fairly reasonable, while others are a bit moderate. Also read: Daily Income Business In Nigeria 2022

I remember that customers had to wait in line in the bank, even if a loan application only required a 5-digit number. But these loan apps have made the procedure very easy.

Years back, loan application process may occasionally take a week or longer. But because of technological advancement, we can now obtain loans using a smartphone, internet connection, and a mobile app within a few minutes to meet our personal needs.

So let’s explore the top 20 loan applications in Nigeria.




Top 20 Loan App In Nigeria

1. Carbon

According to the latest update, Carbon has become a digital bank. We believe it will remain in Nigeria for a lengthy moment because it provides you access to financial services and options for investments, loans, money transfers, buying airtime, paying bills, and many more.

Download the app from the Play store and complete the biodata form as required so you can make use of the app.

Whenever you want to pay back a loan, you can easily fund your Carbon wallet via a direct bank transfer or the USSD feature on the app, before or on the day of the loan’s deadline.



2. P2Vest

P2Vest is one of Nigeria’s most well-known peer-to-peer new loan apps that provides customers with alternative loans.

Like fixed deposits and savings accounts, this peer-to-peer lending network P2Vest offers investors and lenders higher returns on their capital through the connection of screened borrowers.

It  also offers a B2B lending program called P2VFB, which enables companies to control their loan services.

Both iOS and Android users can download P2Vest. This P2P lending network offers loans with terms of 12 months and values ranging from N5,000 to N2,000,000.


3. Fairmoney

Registering and logging into your Fairmoney account allows you to pay bills, buy airtime, and get loans quickly with the FairMoney loan app. You must include your contact information during registration, as on any other loan application.

Create a new account using the phone number associated with your BVN to get started. An OTP will be sent to you via a text message to verify the registered number.



4. Branch

The branch is one of the popular loan applications in Nigeria that is also used in some other countries.

Branch loans can be between N1,000 to N200,000. These lenders don’t charge late or rollover fees; their monthly interest rates range from 3% to 21% and 15% to 34% annually.

Just follow the instructions after downloading and installing the Branch mobile app from the PlayStore.


5. Aellat Credit

All Credit is also one of the upper-edge loan apps in Nigeria that promises quick loans. It offers loans up to N1,000,000 with interest rates ranging from 6% to 20% and loan terms of 1 to 3 months without any late or rollover fees.

You can get the app from the Play Store for Android or the App Store for iOS.



6. PalmCredit

Nigerians love PalmCredit because they promised to make everyone happy with an instant loan of up to N300,000, and they keep this promise.
The 91 to 180-day loan term is available. Interest rates range from 14 to 24 percent.

This means that if you request an N100,000 loan with a six-month repayment period, the total amount due is N140,000.

You can download the PalmCredit loan app from the Play Store or visit any PalmCredit social media page for further information.


7. QuickCheck

Quickcheck focuses on offering financial solutions to enhance both personal and business objectives.

You can request a loan of N10,000 for 30 days as a first-time user.

If you wish to find out more, please visit the FAQ page at You can download the QuickCheck loan app from the Play Store.



8. Alat Loan

You can apply for loans instantly through Alat by Wema without filling out any paperwork or going to a bank location. Even though it is owned and operated by a bank, you are only allowed to borrow up to N2,000,000.

The app can be downloaded from Google Playstore or the App Store. You can also visit the Alat website for other information.


9. Spectra

Spectra is owned and operated by a banking institution known as Sterling bank. It offers fast loans without the need for collateral, guarantors, or a visit to the bank.

You have access to a loan sum of up to N5,000,000 to fulfill your financial demands, regardless of your profession or bank.

The app is available for download on the Playstore and it has exciting packages.



10. Okash

If you are conversant with Nigerian loan apps, you will remember the well-known Opay app, which allows you to conduct transactions, purchase airtime, settle bills, and still schedule a ride. Okash is an Opay subsidiary that used to be part of the Opay app.

Okash is one of the independent loan applications available in Nigeria right now; therefore, you can download and install it alone from the Play Store.

Even though the loan amount you could get varies, it offers collateral-free access to loans up to N50,000.


11. JumiaPay

JumiaPay offers consumers fast loans, and it’s also a reliable and financial loan app in Nigeria.

To request a quick loan, you can download the app from the Playstore, register for an account, navigate to “Financial Services,” and select “Loans.”


12. Lidya Loan

Lidya Loan is one of the first loan applications in Nigeria that begin offering access to a quick online loan in Nigeria to small and medium business owners. This platform provides personal and business loans ranging from $500 to $50,000.

– Requirements: Business owner.
– Platform: Website
– Loan Interest Rate: Unspecified
– Loan duration: It’s based on the loan amount.
– Multiple loans: No
– Repayment method: Direct Deposit, Debit Card.



13. Migo Loan App

Migo loan application, formerly Kwikmoney, is a well-known lender in Nigeria. With Migo, you can request a personal loan in Nigeria for up to N500,000 within 2 minutes.

From Migo, more than N40 billion naira had been borrowed. A Migo loan has an interest rate ranging from 5% to 15%.



14. Page Financials

Nigerian consumers can get personal loans from Page Financials, a financial institution with a CBN license. According to the organization, applying for a loan with them is simple and easy, and they have a fast documentation procedure.

– Platform: iOS
– Loan Amounts: The loan amount is N100,000 – N5,000,000.
– Interest rate: The Charged Flat Per Month is 3.76%.
– Yearly Percentage Rate: The annual percentage rate is 29% – 120%
– Loan duration: The loan tenure is 60 – 180 days.
– Repayment Methods: It can be repaid manually or through the auto-debit service.


15. Blocka Cash

In Nigeria, Blocka Cash offers simple and easy-access loans. Blocka can be downloaded from both the Android App Store and Apple App Store.
Based on the credit score, this particular loan app offers short-term loans starting at N5,000 and going up to N50,000.

The following are the terms for a Blocka cash loan:

– A minimum age of 21 is required to apply for this financial loan.
– An approved Government ID may be required to complete the process.
Other defining features of Blocka cash loans include the following:
– Loan Platform: Android, iOS.
– Amounts to Loan: From N5,000 up to N50,000.
– Interest rate: The interest rate ranges from 3% to 10% per month.
– Annual Percentage Rate: The yearly percentage rate range from 36% to 120%.
– Loan duration: 60 to 180 days.
– Repayment method: Quickteller, Debit Card, and direct transfer.

When determining whether you qualify for a loan, Blocka Cash considers some factors. The criteria include credit score and historical loan performance.



16. Kuda Loan

One of Nigeria’s most well-known online banks is Kuda bank. Users of Kuda can borrow up to N50,000 at 0.3% daily interest on loan charges.
However, depending on how you use the Kuda application, your loan amount can go up.



17. Kredi Loan

Another emerging digital bank in Nigeria that provides loans is Kredi. There are four different kinds of loans offered by Kredi: the Kredi SME Loan, the Kredi Salary Backed Loan, the Kredi Nano Loan, and the Kredi Collateral Backed Loan.

Depending on your customer rating, Kredi allows you to borrow up to the amount you are certified and eligible for. You can also read:  How to make money online in Ghana


18. Yescredit Loan

YesCredit is one of Nigeria’s mobile phone loan applications that provides a small loan amount.

They offer loans between N5,000 to N50,000. A YesCredit loan can be accessed in a matter of minutes, and you can have it in your wallet and transfer it right away into your bank account.

Each time you repay a YesCredit loan, your borrowing limit is increased.

– Loan platform: iOS
– Loan Amounts: From ₦5,000 to ₦50,000.
– Loan interest rate: The interest rate is 4.5% to 35% with an equivalent monthly interest of 5%- 29%.
– Annual Percentage Rate: The yearly percentage rate is 29% – 120%
– Loan duration: 60 – 180 days.
– Repayment methods: Direct transfer, Debit card.

You can get in touch with Yescredit at


19. Irorun

Irorun is one of the latest iPhone loan apps available in Nigeria. The Irorun app allows you to register, apply for a loan, and receive money in a couple of minutes.

The Irorun loan app recommends using mobile loans if you would like to obtain loans in Nigeria while feeling secure. Irorun is primarily a platform for microcredit. They mostly concentrate on moderate and small loans.

– Platform: iOS
– Loan Amounts: From N2,500 – N50,000.
– Interest rate: The interest rate ranges from 4.5% – 35% monthly interest, and also 5% to 29% based on the plan and amount.
– Annual Percentage Rate: The yearly percentage rate is 29% – 120%.
– Loan duration: 60 to 180 days.
– Repayment methods: It can be repaid manually or through the auto-debit service system.


20. Umba Loan

Umba is one of the most well-established digital banks in Nigeria providing loans in addition to bonuses and benefits to customers is Umba Bank.

With Umba financial services, you can conveniently spend money, make payments on bills, apply for loans, and even get cash back by using the Umba mobile app.

Additionally, Umba allows its users access to unlimited free transfers. The loan amounts range from N1,115 to N89,182 with an interest rate of %10 and a 62-day term.




These loan applications might ask for your BVN and bank account information. Don’t misrepresent anything so that you can achieve your objective without becoming trapped. Just borrow what you can afford to repay at the appropriate time.

A good credit score and a prompt loan payback allow you to get a higher loan amount and also reduce interest rates for subsequent loan requests.

Before applying for a loan from any of these financial institutions, make sure you read and understand the accompanying terms and conditions so you can apply accordingly. Also, ensure that a loan app is validated before you disclose your bank information.

Ifeanyi Vincent

Ifeanyi igwe is a writer from Ebonyi state . He holds the belief that his place of origin will always be home no matter how far he goes.

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