Top 10 apps to take online loans in Nigeria

Taking an online loan in Nigeria has become a trend, despite the rising concerns over the modus operandi of loan apps when it comes to loan recovery. Loan apps have increased by a number and with the depreciating state of the Nigerian economy, most Nigerians have turned to these loan apps to get quick loans for one purpose or the other, giving the impression that online loan in Nigeria is here to stay. In this article, we’ll list the top 10 apps that provide online loans in Nigeria.


Process of getting an online loan in Nigeria

Getting an Online loan in Nigeria has become very easy with online loan apps as only basic information will be asked by the loan app before providing you with the loan with no collateral asked. This has made many Nigerians turn to these apps for an easy loan rather than going to financial institutions that ask for a ton of information before providing you with the required loan.

Unlike many financial institutions who ask for business ideas or plans, financial records, surety, and methods of loan repayment, online loan apps simply require applicants to put in a form of identity verification to identify the applicant and in some cases require the applicant’s Bank Verification Number(BVN). After providing the information required by the loan app, the applicant’s request will be processed using the information provided and within a matter of hours or less, the applicant would know if they are eligible to get the loan or not.

The speed and delivery of the loan into the applicant’s account by loan apps have made getting an online loan in Nigeria preferable to that of financial institutions that process applicants’ information for days or weeks. However, there are some disadvantages to these loan apps.

Disadvantages of an online loan in Nigeria

There are many advantages attached to online loan in Nigeria; the convenience, ease, flexible repayment, growing credit limit, and speed of delivery for the loan is quite amazing but as the saying goes “to every advantage, there’s a disadvantage”, online loans also have their disadvantages.

One of the disadvantages of an online loan in Nigeria is the Low Credit Limit. Credit limit is the loan amount provided by the lender to the loan applicant and in the case of online loans, the loan applicant can’t get an amount higher than the given limit. Most online loan apps provide loan seekers with a minimum starting credit limit of N3,000-N5000 only. Over time, the credit limit is increased depending on how fast the applicant repays the loan. This is a disadvantage to anyone seeking to get a loan greater than the starting credit limit.

Another disadvantage is the High-Interest Rate of online loan apps. Loans gotten from loan apps are termed unsecured loans because no form of collateral is required to get the loan. This has made the interest rate on loans from these apps higher than traditional bank loans.

Top 10 Apps to get online loan in Nigeria

Loan apps listed on Google Play Store or Apple Appstores would have been verified by Play Protect and are licensed by the Central Bank of Nigeria(CBN) before they begin their operation in Nigeria but some of these loan apps have devised means to breach the National Data Protection Regulation (NDPR) guidelines and CBN customer protection right by resorting to harassments and other forms of consumer violation.

Here are 10 apps with the highest rating and downloads for an online loan in Nigeria.

1. Branch (10 million+ downloads)

With over 10 million downloads, Branch is the most downloaded loan app in Nigeria. The app provides access to loans starting from N1,000 to N200,000 which can be accessed within a period of 24hrs. Branch determines the applicant’s loan eligibility and personalizes loan offers through the applicant’s smartphone data. Their interest rates range from 15% – 34% and users have a period of 4 to 40 weeks to repay the loan. The app is only available for android devices.

2. Palmcredit (5 million+ downloads)

Palmcredit comes in at number 2 with over 5 million downloads. The app claims to provide loan up to N300,000 in a matter of minutes with no collateral and applicants can get the loan within a full business working day.

3.  Fairmoney (5 million+ downloads)

Fairmoney claims to provide instant loans within 5mins and up to N1,000,000. Just like Branch, they personalize loan offer based on the applicant’s smartphone data. Their monthly interest rate ranges from 10 to 30% with a repayment period of 61 to 180 days

4. Carbon Loan (1million+ downloads)

Carbon loan is offered by Carbon a digital financial platform which provides a range of financial services including loans. Their interest rate ranges from 2 to 30% and the application process takes less than 5 minutes to complete.

5. Okash (1million+ downloads)

Okash provides online loan from N3,000 to N500,000 and has over 1 million downloads. They provide a repayment plan ranging from 91 to 365 days.

6. Aella Credit (1million+ downloads)

Aella credit process loan requests within 5 minutes and offers loans from, N2000 to N1,000,000 with a repayment plan ranging from 30 to 180 days. Aella Credit also provide other financial services like wealth management.

7. QuickCheck (1million+ downloads)

QuickCheck uses artificial intelligence (A.I) to instantly evaluate loan applications and also predict borrower’s behaviour through the applicant’s smartphone data. They specialize in offering financial services.

8. Newcredit (1million+ downloads)

Newcredit provides loan up to N100,000 within the space of 5 minutes. The app also uses A.I to analyse and process users’ information before a loan is granted

9. Easycredit (1million+ downloads)

Easycredit prides itself as one of the best apps for online loans in Nigeria. The app provides loans from N3000 to N100,000 with interest rates ranging from 0.1 to 1%.

10. Umba instant loan app (1million+ downloads)

Umba is a financial service app that provides a wide range of financial services to its users including loans. With over 1 million downloads, Umba provide online loans to Nigerians by lending decisions based on an assigned risk rating.


There you have it, the top 10 apps to get a quick online loan in Nigeria. Note that you’ll have to agree with the app’s privacy, which gives them access to your contact lists before, you can continue with the app. It’s therefore advisable to pay the loans when due. You can also check out Top 10 recommended apps for remote workers.

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