11 Best Online Loan Apps In Nigeria to get instant loan

Last updated on January 8th, 2023 at 09:37 pm

Knowing fully well that you can get an Instant credit facility from an online loan app in Nigeria providing collateral-free personal loans gives you the option to either expand your business or offset your financial challenge.

When you need some extra-cash to handle some financial emergency, what often come to our mind is how to get quick and easily affordable digital financial services that are making the borrowing process simple and more convenient. Through machine learning and mobile technology, Fintech we’re transforming the financial services landscape in emerging markets across the globe.

Since the introduction of Fintech in Nigeria,Borrowers can now get a loan within 24hours when you have good credit history and financial transaction history since most of the lending process is done without depositing any collateral security .

This post is designed to provide best Online Loan Apps in Nigeria to get Instant credit facility, because you might need money now and have no idea where to get funds. So get a cup, warm up and continue reading for more details.

Here’s a list of loan apps in Nigeria that provide you with quick access to all types of credit facility.

1. Renmoney

Renmoney provides micro-business loans up to ₦6,000,000 up to 24 months which can help you meet your needs conveniently such as renovating your home, buying a new car, paying rent, school fees, medical bills and expanding your small business etc.

You can get money in your bank account within 24 hours if your loan is approved.It doesn’t require any collateral security during application

To qualify for Renmoney loan, you must be:

1.22 – 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
5. You need your bank statement, a government issued ID card and utility bill

2. FairMoney

FairMoney offers loans up to 1 million Nairas for a period of up to 18 months. You need an Android phone and a BVN to apply. Also, you should Download the FairMoney app from the Google Play Store. Sign up with the phone number linked to your BVN.

With FairMoney you don’t need documents, no collateral! You will only need to share your BVN details during the loan application and connect your card or bank account to authorize us to debit your account for the repayment.

3. Branch

Branch credit is based on smartphone data. With no paperwork or red tape, the approval process is quick. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, with a period of 4 to 40 weeks to pay back. The interest rate ranges from 15% to 34%. The good aspect is that you don’t need collateral to apply

4.Carbon Loan

The Carbon Loan is formerly known as Paylater, you can access up to N500,000 loan with no collateral. Once your application is approved, funds are typically disbursed within 1 – 3 business days. When you repayments on time you can have access to higher credit limits for your next loan.

Carbon loan out credit facility to anyone either working or not, Student or monthly salary earner even if you are an entrepreneur . The online loan app accesses your Bank Verification Number (BVN) to determine your loan worth. Its loan amount is up to N20 million while interest varies. See how to check BVN if you no longer have your details.

5. QucikCheck

QucikCheck use machine learning to predict borrower’s behaviour and instantly evaluate loan applications.If you qualify,your cash will be disbursed within minutes to your bank account.Note: You can borrow money up to NGN 500,000 without any collateral for a duration of either 15 or 30 days.

QuickCheck requires your BVN for security and verification purposes; and bank account number for disbursal of your approved loan.

6. Okash loan

The Okash loan is also known as Opay loan, you can get Loan amount up to 50,000N within a minute when you qualify…It requires no documentation and collateral .To apply you need to download the Okash mobile app, open an account, provide you details, and wait for the approval. You’ll get your loan within 24hrs.

7. Jumia Loan

With Jumia Loan you can get up to N500,000 straight from your phone to make everyday life easier.No collateral, no paperwork via the JumiaPay Android app only, you are subject to Bigger loans, lower interest rates on subsequent loans

How to Apply for Jumia Loan:

To apply for Jumia loan kindly follow the steps below:

1.Visit the JumiaPay Android app
2.Scroll down to the ‘Financial Services’ section and click ‘Loans’
3.Provide all the requested information
4.Approval takes a few minutes and you get an email requesting for your details for disbursement
5.Once you provide your details, the loan is paid into your account instantly

8. Specta Loan

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.

With Specta, you can take care of urgent personal and business needs anywhere, anytime. Interest rate on Loan: 25.5%-28.5%* . One off payment for Insurance: 2.5% . One off payment of Management fees: 1% . Repayment Period: 1-12months . Penalty fee- 1%


9. Migo loan

Migo is formerly known as Kwik Money, Borrower can access up to N500,000 instant collateral-free loans.Migo interest rate ranges from 5 – 15% percentage on loans and you have to repay between 14 – 30 days.

10. Credit Ville

Creditville is an online moneylender that provides Payroll based consumer loans to eligible individuals through their employer. The amount borrowed is then deducted from your monthly salary. This loan app offers a loan amount up to NGN 100,000 for an urgent or emergency loan quickly in your account after meeting the necessary conditions and documentation.

11. ALAT loan

ALAT is currently the best digital bank in Nigeria. You can now borrow as much as N2,000,000 (Two million naira) without collateral.The type of loan offer by ALAT is Payday loan which is open to both new and existing customers but to be a beneficiary of ALAT payday loan, there are some requirement;

Salary earners will be able to receive a maximum upto their monthly salary and the duration for repayment is one month (i.e before the next salary payment day). The interest rate of a payday loan is 2%.

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