AbokiFX Rate get the live exchange rates. Convert foreign currencies instantly with the Abokifx calculator. Nigeria News..,

Top 7 best loan apps in Nigeria

7 best loan apps in Nigeria with low interest rates: (2022 guide)

The best loan apps in Nigeria in 2022

If you’ve been searching for the best loan apps in Nigeria that can help you meet your financial obligations in 2022, look no further. We have compiled for you the most detailed list of reliable apps you can use provided you have a Bank Verification Number (BVN).

Have you ever been cash strapped before or in urgent need of money to sort out your personal bills or for business use, and your options are limited to instant loan apps because you’re too embarrassed to borrow money from your friends or family members?

I’m sure many Nigerians can relate to the above scenario. And if you happen to be one of them, you’d appreciate the importance of having the best loans apps that can provide you with urgent loans even at very low interest rates. 

Reliable loan apps are few and far between in Nigeria, as a matter of fact, many people have fallen prey to the dubious act of fake loan apps who usually trick unsuspecting users into signing up for loans with short repayment periods at exorbitant interest rates.

Unless you live under a rock, you must have come across tales of horrible treatment customers have had to endure in the hands of some loan companies in Nigeria. The trend has gotten so bad that some people now have to think twice before they borrow money from loan apps platforms, which in some cases can result in delay in executing one’s financial objectives.

Why it’s important to borrow from reliable loan apps in Nigeria

Having established the fact that not all financial loan apps in Nigeria are reliable, it’s equally important to highlight why you should consider borrowing money from the best of them.

Personal loan apps allow you to borrow cash from a bank or financial institution and spread the repayment over an agreed period in fixed installments. In some cases, you might need to pass a minimum income test before your loan can be granted by the company. 


It’s safe to say that loan app patronage in Nigeria has continued to gain popularity for various reasons. If you recall, there used to be a time when people’s options for loans were limited to just the conventional banks whose stringent conditions and long process of scrutiny usually made accessing such loans cumbersome and tiring. 

In addition, the high interest rates and sometimes, the demand for collateral are also part of the factors that usually stand between the people and access to capital for either personal or business purposes, thereby making life even more difficult. 

However, these challenges have been wiped away by the emergence of loan app services in Nigeria with many financial loan lending platforms offering services to people and businesses across all levels. 

A reliable loan app will help you access loans quickly while still offering you the best interest rates with an effortless verification process. 

Why you need legit loan Apps

One of the beauties of getting a loan online is to be able to access the money in time for  your financial needs. Therefore, legit loan apps should be able to provide instant payment for users.

Another important factor to consider is the interest rates. This is highly important because some loan platforms deliberately hike their interest rates thus making repayment difficult for customers.

It’s also important to consider the repayment time frame before you sign up for a loan. You might want to ask yourself if the repayment period is sufficient enough for you.  

Can I use loan apps in Nigeria without BVN

As cliche as this question may sound, many people still wonder if they can access loans from online loan apps in Nigeria without having a BVN. I’m sorry to break your heart if you don’t have a BVN because no legitimate lending service will grant your loan request without a BVN.

As a matter of fact, you should avoid any loan app that doesn’t require your BVN to process your loan. In reality, all the reliable and legit loan apps are registered with the Central Bank of Nigeria who has an oversight function over all their activities. 

Also, online loan platforms don’t interact with customers physically, they need your bank details to process your application because deposits are made directly into the requester’s account using such details which include BVN.

Here are the best loan apps in Nigeria you should know

FairMoney: FairMoney is a loan app in Nigeria that provides easy and stress-free access loan services to users. Launched in 2018, the money lending platform offers single payment loans, installment loans and payroll loans for borrowers.

With FairMoney, you can get your loan approved within five minutes, which positions them as a fast and reliable option to use every time.

The FairMoney app doesn’t only provide loan services but also allows users to make other transactions including recharging your phone and paying utility bills.

FairMoney loans come with interest rates as low as 2.5% depending on repayment time frame and the amount received with no collateral or guarantor needed. 

You can get loans between the range of ₦1,500 to ₦1,000,000 with repayment periods from 60 days to 18 months at monthly interest rates that range from 2.5% to 30%

Example: If a user borrows ₦100,000 over 3 months

Interest (total cost of the loan): ₦30,000 (30% rate)

Three monthly repayments: ₦43,333

Total amount payable: ₦130,000

Representative: 120% APR

Carbon (Paylater): Carbon, used to be known as Paylater, is another lending platform that renders instant and effortless loan services to help you cover unexpected expenses or urgent cash needs.

Anyone in need of a loan can apply and receive them all within five minutes on Carbon; 24 hours a day, and seven days a week with no hassle.

Carbon, like many other loan services in Nigeria, uses a customers’ Bank Verification Number (BVN) to determine their creditworthiness. With interest rates as little as 1.7%, customers can apply for loans ranging from ₦1,500 to ₦1m.

Users can also receive up to ₦20 million with an interest range between 5-15%, depending on the repayment time frame and the amount of loan received.

Carbon also has a special loan package for salary earners. 

You don’t need any sort of documentation nor a collateral to apply and get approval for loans on Carbon. And, like many other instant loan apps, the platform allows you to make payment for recharge cards, data subscriptions, bills including TV subscription and other services.


Palmcredit: Palmcredit is a loan app in Nigeria that offers unsecured loans to customers at affordable interest rates. Owned by Newedge Finance Limited, the platform leverages interconnected relationships between itself, telcos, and banks to provide easy and instant loan credit services to its users.

With its 24 hours service, Palmcredit provides quick access for customers to get loan to the tune of N300,000 at 4-24% interest rates determined by your repayment period and amount received.

Loans interest rate:4% to 24%, Equivalent monthly interest 4% to 4.7%,the annual percentage rate (APR) on a Palmcredit loan is 24%~56%.

Example: If you choose a 6-month loan and borrow NGN100,000, Plamcredit charges an interest rate of 4% per month.Borrow NGN interest rate:24% and the APR is 48%.180 days repayments of NGN24,000.Total amount payment is NGN124,000.

Branch: Branch is another credible lending platform you can find in Nigeria. It allows customers to borrow money amounting to ₦200,000 from a minimal amount of ₦1000 at reasonable rates between 1.7% to 22%. 

Repayment period for Branch loans is usually between 4 to 40 weeks but you have to be qualified before you’re deemed eligible to apply. Even though no collateral or substantial assets are required, you need to submit your details to the Branch mobile app to confirm your eligibility.

Example Fees: For a loan of ₦40,000, a flat fee of ₦8,800. No late fees, rollover charges, or origination fees.

For a loan of ₦40,000, customers would pay ₦40,000(loan amount)+ ₦8,800(flat fee) = ₦48,800 total.

Terms: Depending on your loan amount for which you are eligible, you have the option to choose repayment terms for up to 336 days. Every loan amount we offer has the option to repay in a minimum of 62 days.

QuickCheck: If you’re looking to access quick cash loans at single-digit interest rates then QuickCheck loan app is your best bet. 

Install the QuickCheck app on your Android phone, and you can easily get a loan up to N500,000 at affordable interest rates without any collateral. You also have the freedom to choose a payment tenure that’s most convenient for your pocket. 

A 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%. 

Example of Quickcheck Loan:

– Borrow ₦100,000 over 6 months

– Interest rate: 13% p.m. (fixed)

-Total Interest: ₦ 50,000

– Three repayments of ₦ 50,000

– Total amount payable: ₦150,000

– Representative: 13% APR”.

Creditville: Creditville is a unique loan service provider that renders payroll based consumer loans to qualified individuals through their employers.

Creditville can provide an urgent and emergency loan directly into the customer’s account after meeting all the required conditions and documentations.

Users can get loan offers between #100,000 or more at CreditVille for up to 18 months without any collateral or assets.

The platform’s interest portion of between 5%-8.5% is calculated on a reducing balance method and repayments can be scheduled for up to 12 months. The repayments are set on the customer’s payday and repayment can be made via several channels like direct debit, cheque deposit, online payment, funds transfer or paying into any of their accounts.

Fast Money: Fast Money, as the name suggests, is a cash loan platform created to provide instant loans to users at very low interest rates. 

Customers can receive a loan in five minutes after completing a simple application process. Of course, like other loan apps, no collateral is needed.

Fast Money’s loan repayment period ranges between 91 to 365 days with loan amount from NGN 5,000 to NGN 300,000 at interest rates of 4.5% – 34%.  Example: If a customer chooses a 6-month loan and borrows NGN 1,000, Fast Money charges an interest rate of 4.4% per month. And the interest rate is 26.4%, the user will be charged GNN 263 as interest for a 6-month repayment period. Total amount of repayment is NGN 1,263.