loan app in nigeria

Best online loan apps in Nigeria to get quick and instant loan

Are you searching for an online app that offers quick and instant loans in Nigeria to settle bills, take care of emergencies.This article will provide the search solution on various loan app and how to apply for it.

The fact remain that instant online loan in Nigeria is now easier than ever with the increasing number of digital service financial platforms providing quick loans to prospective customers in Nigeria.

Most online loan apps in Nigeria have no hidden charges, repayment terms are clear and convenient, and you don’t need to have a cheque book. There are no long queues again, no long wait times, no collateral or guarantors needed. Just your smartphone and your desired loan app and you gain access to quick cash credited straight into your bank account.

Before you apply for an online loan app as a salary earner you should try and apply for  payday and salary advance with the bank where your monthly salary is domicile.Most banks can give you up to 70% credit upfront before your next payday with competitive interest rate.

Best Apps For Instant Online Loans in Nigeria without Collateral


1. QuickCheck

The QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. 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%.

Interested borrowers can borrow up to ₦200,000. An artificial intelligence is used to run credit scoring, making loan decisions instant! If eligible, the cash loan will be credited into your account within minutes

To repay your QuickCheck loan, please log in to your QuickCheck app and follow the instructions. Repay your loans before the due date to improve your credit score, gain access to higher amounts on the loan app, longer tenures and lower interest rates.

2. ALAT by wema bank

ALAT By Wema Supports Salary Earners with Low-Interest Loans which is available to the bank’s existing as well as new salary earning customers who may or may not have their salary account domiciled with Wema Bank.

Salary earners will be able to receive a minimum of #50,000 and up to #4,000,000 within hours and will have between 3 to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis. ALAT customers will be able to access the salary-based loan without any form of paperwork, from the comfort of their ALAT app or the ALAT web page without any collateral.

How to apply for ALAT By wema bank

1. Login to ALAT or sign up if you have not
2. From the icons on the menu, click on loans
3. Click on get a loan
4. Choose “Goal-Based Loan” from the loan options
4. Your loan request will be approved if you qualify for the loan

3. Carbon Loan

With the carbon loan app, you can access loan amounts up-to ₦1,000,000. There is No collateral. No guarantors. No paperwork.All that is required is your bank verification number (BVN) to ascertain loan credit. With this app, you can receive up to 20 Million with interest rates from 5% to 15%.

Get the Carbon App on Google Play Store for Android or App Store for iOS.Create an account and Apply for your desired loan. Once approved, carbon will disburse the funds in your account almost immediately.

4. Branch loan app

The branch operates in India, Kenya, Tanzania, and Nigeria.Branch uses data from your phone, including your handset details and SMS messages to automatically make lending decisions. They combine this with your Branch repayment history to build an individualized credit score, which determines the loan offers you receive.

You can access up to ₦500,000. To access this amount you need to take and successfully repay the smaller amounts as scheduled and gradually build your credit limit. loan sizes range from ₦2,000 to ₦500,000. If you repay loans as scheduled, the amount that you can borrow will increase.

What interest rate does Branch charge?

Interest rates are determined by a number of factors, including your repayment history with Branch and the cost of lending for us. Depending on these factors, our rates vary as follows:

• Loan Terms: 4 – 52 Weeks
• Late / Rollover Fees: None
• Interest Range: 17% – 40%
• Equivalent Monthly Interest: 1.5% – 20%
• Equivalent APR: 18% – 260%

Borrowers are required to cover any bank transaction fees associated with repaying the loan. Standard SMS and data charges by your mobile carrier may apply.

How do I apply for branch loan?

Applying for a loan is easy! After you have downloaded the Branch app, all you need to do is sign up, navigate to the “Loans” option at the bottom of the Home screen, and fill in your personal details, phone number and bank details. Then you can view available loan offers, select an option, and tap “Apply”.

How should I repay Branch loan?

There are several ways to repay a Branch loan.
1. In the Branch app with a debit card. Tap here for instructions.
2. Via bank transfer to your unique account number. In the Branch app, select ‘Bank transfer’ as the repayment method to view your unique account number. Tap here for instructions.
3. For GT Bank, Sterling, UBA and Zenith accounts only, in the Branch app via USSD. Tap here for instructions.
4. With cash at a GT Bank branch. Tap here for instructions.

5. AellaCredit

You can access simple products; loans, investments, bill payments, micro-insurance plans, and peer-to-peer money transfers from AellaCredit. Bank Verification Number is one of its requirements. Its loan tenure spans between 1 to 2 months.

You can access loan amount between 1,500 to 700,000 and an interest rate between 4% – 29% monthly.

6. PalmCredit

Individuals who will qualify for the loans must however be 18 years old and above and they can access between N2000 to N100,000 loan amount.

7. Renmoney Loan

You can get up to N6million for up to 24 months. during application process you need to provide your bank statement, a government issued ID card and utility bill (optional). Renmoney provides financial services to both employed individuals and business (small and medium business) owners

To qualify for a Renmoney loan, you must be:

1. Be between 22 – 59 years old

2. Have a verifiable source of income

3. Live and / or work in cities where we operate

4. Have a savings or current bank account with any commercial bank

The Minimum and Maximum Annual Percentage Rate (APR): 32% – 132.02%. Minimum and maximum loan tenure: 3 – 24 months.

8. Fairmoney Loan

Download the FairMoney mobile app and get up to ₦1,000,000 loan sent straight into your bank account within minutes. No paperwork. No collateral.You can enjoy up to 18 months instalment repayment on FairMoney. This is dependent on your credit score and history.

The Interest is not fixed. You can pay the lowest interest in the country with early and on-time repayment.

To apply for fairmoney, you need an Android phone. Download the FairMoney app from the Google Play Store. Sign up with the phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly in your preferred bank account!