Loan apps in Nigeria are no longer new innovations. In any business or personal venture, money is usually involved, and there are always financial emergencies just waiting to happen. In a situation where you don’t have an emergency fund, applying for a loan could be the next best thing.

There are many ways loans can be gotten, it could be through banks, individuals, or loan apps. Banks are usually the first option for most people, part of the reason is that they’ve obviously been around longer than methods. However, there are some challenges borrowers face whenever they try to apply using traditional banking methods.

Challenges you may face when getting loans from a bank

  • Strict criteria

Bank loans are quite hard to get, especially when it comes to small businesses. The strict lending criteria can be quite overwhelming when getting capital since many starting businesses may not have a lot of trading history to back up their application.

  • Takes up way too much time

Applying for a loan through banks can be a tedious and lengthy process. As if the long queues weren’t bad enough, there is also the need to provide a lot of information when applying, such as a business plan, financial forecasts indicating that you are worth lending to, and your account history. The application can take days or weeks before it gets approved, and by the time you get your hands on the money, it may already be too late for your business plans.

  • Risky secured loans

Even with the lower interest rates that some banks provide when you try to apply for loans in Nigeria, there is still a huge risk involved. This is because if the necessary repayments are not met, a business could lose its assets. However, if the repayments are made within the time frame, personal assets such as houses, or vehicles would remain untouched by the bank.

  • Possibility of not receiving the full amount

After waiting for a lengthy approval period, there is still a chance you won’t receive the desired amount you originally applied for. There are situations where a bank may decide your business is not worth the amount of money you requested, or it may consider it too risky to give you the full sum.


After looking at all these challenges, you might be wondering where to get your loans from. This is where loan apps in Nigeria come in. With the advancement of technology, the ability to get loans has been made easier than ever. You get to skip the whole processing of going to the bank, explaining yourself to the bank staff, filling up lots of forms, being forced through strict criteria, and in the end getting turned down or not receiving the full amount of money.

How to apply for mobile loans in Nigeria

Every app is different but the process is almost the same. It starts with first downloading the app from either Google Play or the Apple store, depending on the type of device you use. Create your account and complete all KYC requirements, request for a loan and get your money.

Advantages of using loan apps

  • No need for in-person application

Before now, loans were generally a lot harder to get. Long lines for queues, never-ending confirmations, bank schedules were just a few of the problems many faced when applying for a loan. Now getting a mobile loan in Nigeria will have you saying goodbye to all that hassle. These days, you can easily apply for loans on your smartphone. Documents can easily be uploaded with no interruptions whatsoever.

  • Quick processing

It comes as no surprise that loan apps are just generally faster. Think about it, after going to the bank, applying for a loan, you then receive a document from your bank telling you to wait for the approval. This could take a few days, weeks, and in some cases, it could reach a month. But with mobile loan apps, you could apply and receive a loan in minutes, at most a day.  This drastically improves the general overview of how loans were processed originally. 

  • Flexible amounts and repayment time span

Depending on the online lender you pick, you could easily choose between N10,000 to N100,000 receive. Loan apps these days are quite flexible in amounts and duration when taking an instant loan. As with amounts, the repayment time can range from 2 months to 3 years, depending on the amount loaned. 

  • Easy and convenient

With the power of getting loans online at your fingertips, there’s no need to rush to the bank and wait long hours only to wait for approval which may take days of waiting. Nowadays, loan apps can easily be gotten on all online devices. With just a few clicks, anyone can easily have access to a much-needed loan without any stress or time. Digital loan apps can give users the power to apply for loans anytime, be it at work, home, or just leisure. Even while traveling, if you have a device with an internet connection, you can easily visit the website or app and apply for your loan with ease.

  • Wide variety of uses

An obvious reason to choose loan apps is the number of things the money can be used for. The faster the money comes the better, and with that money can personal or business needs be met. Loan apps aren’t particularly strict with your reason for borrowing (as long as it’s legal, of course). But really, whether it’s a medical emergency, buying a new house, paying for educational purposes, or just leisure, there’s no need to specify a reason for taking the loan.

  • Emergency purposes 

There are often emergencies that may come up. These emergencies are beyond our control and are usually solvable with funding. Having an online loan app can be of huge help in distressful times. Especially since they are online, they are easily accessible from your smartphone or pc and don’t waste any time.

  • Variety of features  

When it comes to loans, there are several things a lender may want to look out for. Some lenders may prefer an online personal loan with flexible amounts, while some may want one with a longer repayment time. There are other criteria to watch out for such as a loan app with low-interest rates, tenures, and processing fees. Personal loans allow you to choose your range of criteria from a wide variety. All this is coupled with a stress-free process. As a lender, it is best to know which criteria fit your situation. 


Now you’re aware of the usefulness of online apps, you’re probably wondering which one to choose. We’ve gone out of our way to pick the right loan apps that will be suitable for your taste. In no particular order, here are some of the most reliable loan apps in Nigeria:

7 Best loan apps in Nigeria

Carbon (Paylater) 

best loan apps in Nigeria (carbon)
carbon, formerly Paylater loan app

Carbon, formerly known as Paylater, has been recognized as one of the most popular mobile loan apps in Nigeria. It is user-friendly, easy to use, and provides short-term loans to deal with emergency expenses and cash needs. With Carbon, you can borrow cash within the range of ₦10, 000 – ₦1 Million in just 5 minutes. Since it is a mobile app, it can easily be downloaded. Once downloaded and the requirements have been met, you can apply for a loan 24/7 with quick processing that takes just minutes to inform you of your status. With Carbon, there are funds available regardless of your social status. There are also no hidden fees during the loan application, not to mention some rewards for positive actions such as quick repayment, referral, etc.


loan apps in Nigeria (ALAT)
ALAT loan app

ALAT is a very simple digital platform that provides quick and instant loans without any hassle making it one of the best loan apps in Nigeria. Since it is online, it doesn’t require any in-person appointment, and response time is within minutes. All you need to do is simply download the application from the app store or IOS store. After a quick credit check, you can then make a loan request. There are other services provided such as Device-lending offer which allows you to have a device that can be paid for in bits. There is also a Goal-based loan that helps you reach your goal of a device or gadget.

Fair Money App

loan apps in Nigeria (FairMoney)
Fair Money loan app

Known as one of the loan apps in Nigeria with great customer support, Fair Money just like any other loan app has a simple onboarding process. After installation, simply complete the application process. Then accept the loan offer. 

With Fair Money, there are no hidden costs or fees when processing your loan. Fair money is a loan app without collateral or guarantor requirements, and the repayment time frame is quite generous. A Fair Money loan could range from N1500 to N500,000 with repayment durations up to 60 days and above. Its monthly interest is within a range of 10%-30% monthly. 

You can download the FairMoney application from the Google play store. This application isn’t accessible for iOS.


best loan apps in Nigeria (quickcash)
QuickCheck loan app

QuickCheck is collateral-free and is one of the most reliable loan apps in Nigeria. After setting up your profile and application, you can easily get credited in a few minutes. There is also no need to bring a guarantor, making the process so much easier compared to physical banks although you may need your BVN number. The app has been specifically designed to meet the needs of Nigerians facing the issue of time constraints. The app can also be used for any occasion, whether it is for individual reasons, business reasons, or emergency situations. New borrowers have a usual amount of N10,000. It also has a system whereby when loans are replayed early, the user’s credit score is increased, and you have better chances of borrowing higher amounts.


best loan apps in Nigeria (Palmcredit)
Palmcredit loan app

With Palmcredit, you have a flexible range from N10,000 to about N100,000. With quick and easy steps, not to mention rewards for referrals, it has become quite popular amongst Nigerians over time. After providing some information such as BVN, phone number, and valid bank account details, you can have access to loans. Also, early repayment on time can help build your credit score which increases your chances of applying for higher amounts with lower interest rates. Palmcredit offers a repayment period of one to three months. There are no transaction fees, rollover charges, or hidden fees whatsoever.


best loan apps in Nigeria (branch)
Branch loan app

This is one of the best loan apps in Nigeria. It serves as a short-term online lender with a quick approval time. The lending processes are quite easy and can be done in as little as 20 minutes. Just like most reliable loan apps in Nigeria, it doesn’t require any collateral in order to apply for loans, but you may need to provide information such as your BVN, phone number, and bank account details. In fact, all you need is to download the app and provide basic bank information such as your bank verification number and account information. Its loan amounts range between N1000 to N200,000 with reasonable interest rates. Their loan terms are between 4-64 weeks while the interest rate ranges from 14% to 29%.


loan apps in Nigeria (KiaKia)
Kiakia loan app

In Yoruba Language, Kiakia means quickly. Just as the name suggests, its processes are fast, easy, and user-friendly. It has made its way as one of the best loan platforms in Nigeria. Unlike most loan apps, Kiakia has a peculiar method of giving loans. Kiakia offers P2P(peer-to-peer) lending. This means that it is possible to both lend people money and also lend from others. Its loans can reach a generous amount of N200,000. The services are secure and are well structured. Mind you, this app is currently available for Nigerians. Also, several requirements for loan applications include BVN, proof of income, age, and some other bank account details.


Obviously, there are so many other apps out there with their unique criteria depending on your situation. However, just as you should look out for secure loan apps, you should also be on the lookout for fake loan apps. There are so many of them out there, trying to deceive innocent borrowers. Some things to look out for when spotting a poor loan app include the following:

  • Unusual interest rates
  • Bad customer service
  • Uninterest in credit history
  • No physical address or office
  • Lack of transparency

In conclusion, there are many amazing apps out there that can help you get a loan faster, easily with low-interest rates. Depending on your financial dilemma, you can easily select one that fits your description. With loan apps, you can easily apply for loans at the comfort of your home or workplace. Since most apps can easily be downloaded, find a loan app you prefer, download, apply and receive loans on the fly.  Nevertheless, it is best to apply for loans responsibly and be sure to have a good reason to avoid having complications in the future.


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