Top 10 Best Loan Apps In Nigeria 2023 [In-depth Review!]


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Top 10 Best Loan Apps In Nigeria Review - Instant Loans for Android and iOS

Are you in need of quick cash and are looking for some of the best loan apps in Nigeria in 2023? This article is a great place to start. In a world where convenience and speed have become paramount, accessing loans through traditional avenues can often be time-consuming. 

As someone who has personally delved into financial technology, the landscape has evolved significantly. Having meticulously tested each of the offerings, I am thrilled to present a comprehensive rundown of Nigeria’s Top 10 Best Mobile Loan Apps.

In this in-depth review, we will cut through the clutter and dive straight into the heart of what matters: reliable, efficient, and user-friendly loan apps that can genuinely make a difference in your financial journey.

From seamless application processes to transparent terms and quick disbursals, these apps have proven their mettle in transforming the borrowing experience.

So, if you’ve ever needed quick funds without the hassle of traditional banking, join me as we navigate through this curated list of sure loan apps that have undergone my scrutiny.

Our Pick: FairMoney is the best loan app in Nigeria, with the fastest disbursement rate (within 5 minutes max) of funds without collateral. Download Today.

But wait, what are the benefits of using loan apps?

Benefits of Using Loan Apps

Let’s explore the benefits of loan apps:

  1. Convenience: Loan apps offer the convenience of applying for loans anytime, anywhere, directly from your smartphone. Visiting a physical branch or waiting in long queues is unnecessary.
  2. Speedy Processing: These apps typically have streamlined processes, allowing for quick application submission and speedy approval decisions. This is especially valuable for urgent financial needs.
  3. Accessibility: Loan apps extend financial services to a broader population, including those with limited access to traditional banking systems. You can apply as long as you have a smartphone and internet connection.
  4. User-Friendly Interface: Most loan apps are designed with user experience in mind. The interfaces are intuitive, making the application and repayment processes easy to navigate, even for those less familiar with financial transactions.
  5. Minimal Documentation: Traditional loans often require many documents, which can be time-consuming to gather. Loan apps typically ask for minimal documentation, simplifying the application process.
  6. Flexible Loan Options: Loan apps often provide a range of loan amounts, allowing borrowers to select a piece that suits their needs. This flexibility caters to a variety of financial requirements.
  7. Transparency: Reputable loan apps provide transparent information about interest rates, repayment terms, and associated fees. This transparency empowers borrowers to make informed decisions.
  8. Credit Building: Some loan apps report positive repayment behavior to credit bureaus, helping borrowers establish or improve their credit scores over time.
  9. Security: Established loan apps employ robust security measures to protect users’ personal and financial information, ensuring a safe borrowing experience.
  10. 24/7 Availability: Need funds at an odd hour? Loan apps allow you to apply and access funds 24/7, providing convenience that traditional banking cannot match.
  11. Customized Offers: Loan apps may use algorithms to tailor loan offers based on the user’s financial profile, making borrowing solutions more personalized.
  12. Trackable Transactions: These apps often have features that enable borrowers to track their loan application status, repayment progress, and upcoming due dates.

Top 10 Best Loan Apps In Nigeria – Our Honest Review

Here are the top 10 sure loan apps in Nigeria based on what we’ve tried:

Best Loan Apps In Nigeria
AppRatingLoan Amount
FairMoney App4.7Up to 3,000,000 Naira
Branch App4.6Up to 500,000 Naira
Carbon App4.4Up to ₦600,000 Naira
PalmPay App4.6Up to ₦200,000 Naira
QuickCheck App4.5Up to ₦500,000 Naira
Renmoney App4.1Up to ₦6,000,000 Naira
Okash App4.2Up to ₦500,000 Naira
Aella Credit App3.2Up to ₦1,000,000 Naira
P2Vest App3.9Up to ₦2,000,000 Naira
PalmCredit4.3Up to ₦100,000 Naira


Now let me give you a gist about each of these instant online loan apps in Nigeria.

1. Fair Money Loan App

The Best loan app in Nigeria - fairmoney app download

  • Rating: 4.7
  • Downloads: 10M

I’ve had the chance to explore FairMoney, a loan app that has truly made a mark in the lending industry. It stands tall as one of the best loan apps in Nigeria, and let me tell you, it’s a reputation well deserved. Fortunately, Fairmoney is also one of the 10 best apps to save money in Nigeria.

What sets Fairmoney apart is its comprehensive range of financial services that go beyond just loans. It’s a loan app and an economic hub where you can manage your money, pay bills, send money, top-up airtime at discounted rates, and more.

One thing that caught my attention is the streamlined process. I could secure a loan without collateral with my BVN (bank verification number). The approval was swift, and I received the loan within minutes of applying. Talk about speed!

FairMoney Loan Offering & Interest Rate

Now, the loan offerings are something to write home about. Fairmoney offers loans ranging from ₦1,500 Naira to 3,000,000 Naira which is quite impressive. The repayment periods are flexible, ranging from 61 days to 18 months. This extended grace period gives borrowers room to breathe compared to other apps.

Guess what? I took over ₦1,300,000 to quickly secure a plot of land, and I got the loan disbursed into my GTB account in less than 5 minutes! Now the land is mine, and this was even before the dollar to Naira rate saga, that caused increment in the price of almost everything.

The loan i secured on the FairMoney App - So Fast

FairMoney Interest Rate and User Interface

The interest rates are dynamic, adapting to my credit score. This means you can enjoy more favorable terms with a solid credit history. Early repayments are incentivized, too, with interest discounts of up to 90%. It’s a smart way to encourage responsible borrowing.

Navigating the App was a breeze, even for a first-timer like me. The interface is designed intuitively, making the borrowing process straightforward. And I can vouch for their customer service – it’s prompt and reliable, which is a huge relief when dealing with financial matters.

A noteworthy move was their acquisition of PayForce in March 2023. This expansion demonstrates their commitment to being a holistic financial platform, not just a lending app. They aim to be the go-to place for managing personal and business finances.

Credibility and Trust

Now, let’s talk about trust. Fair money is no fly-by-night operation. It’s a duly licensed bank under the Central Bank of Nigeria and has garnered approvals from the highest federal competition regulator and consumer protection agency, the FCCPC. Knowing they’ve got their regulatory bases covered adds a layer of confidence for users.

Of course, like any app, there are a few hiccups. Some users have reported technical glitches. While I didn’t personally experience any, it’s good to know that no app is flawless.

Fair money is a reliable, user-friendly, and feature-rich option in my journey through the loan app landscape. It’s more than just a loan app; it’s a financial companion that’s got your back.

FairMoney App Pros:

  • Early repayment discounts – I enjoyed this so well.
  • Positive customer service. 
  • Comprehensive financial services.
  • Nigeria’s highest loan amount. 
  • Instant loan disbursal. 
  • Long repayment period. 
  • Acquisition of PayForce. 
  • Full FCCPC approval. 
  • CBN-licensed. 
  • Second-most downloaded loan app.


  • App glitches.
  • Debit card and location sharing. 
  • High-interest rate

How to Download the Fairmoney App

You can easily download the FairMoney app by following these steps:

Open the Google Play Store on your Android device. The Play Store icon is in your app drawer or home screen.

  • Search for FairMoney:

In the search bar at the top of the Play Store, type “FairMoney” and press enter or tap the search icon.

  • Locate the FairMoney App:

Look for the official FairMoney app in the search results. It should have the FairMoney logo and name.

  • Click “Install”:

Tap on the FairMoney app to open its page. On the app page, you’ll find an “Install” button. Click on it.

  • Grant Permissions:

The App will request specific permissions, such as access to your device’s storage and location. Review the permissions and click “Accept” or “Install” to proceed.

  • Wait for Installation:

The App will start downloading and installing. Depending on your internet speed, this may take a few moments.

  • Open the App:

Once the Installation is complete, you’ll see an “Open” button. Click on it to launch the FairMoney app.

  • Sign Up or Log In:

If you’re a new user, you must sign up with your phone number and complete the required information. If you already have an account, log in.

  • Start Using FairMoney:

Once you’ve signed in, you can explore the App’s features, including loan options, repayment information, and other financial services.

Remember, the steps may vary slightly depending on your device’s settings and the version of the Google Play Store. Ensure you download the official FairMoney app for a safe and reliable experience. 

Related: Top 10 Best Apps to Transfer Money Internationally

How do I pay back my FairMoney loan?

Repaying your loan is as simple as clicking the “Repay Loan” button. Just choose the FairMoney option, and your repayment will be processed instantly. This is one of the features that makes it one of the top loan apps in Nigeria.

Can I borrow money on FairMoney without BVN? 

You can borrow money on FairMoney without providing your BVN, documentation, collateral, or a guarantor.

How does FairMoney work?

FairMoney operates as an automated online moneylender. They offer single-payment loans, installment loans, and payroll loans. Once you borrow money, the loan amount will be deducted from your account as per the agreed terms.

What will happen if I don’t pay a FairMoney loan?

FairMoney is required by law to report to credit bureaus, including CIBIL. You must repay your loan on time to positively impact your CIBIL score, which could affect your ability to secure future loans.

How much can FairMoney borrow from me?

FairMoney provides loans ranging up to N3,000,000 with repayment periods of up to 24 months. Your borrowing capacity and repayment period depend on your lending history and financial behavior.

How do you qualify for a FairMoney loan?

To qualify for a FairMoney loan, you only need an Android phone and a BVN. Download the FairMoney app from the Google Play Store, sign up with your BVN-linked phone number, answer a few questions, and confirm your identity to receive a loan offer.

Fair money USSD Loan Code

The official Fairmoney loan USSD code is *566*15#, and you can dial this number from any mobile network service provider in Nigeria.

FairMoney Contact Details: 

  • Office Address: 28 Pade Odanye Close, off Adeniyi Jones, Ikeja, Lagos, Nigeria (There is no money in the office; everything is digital) 
  • Telephone: 01 7001276 / 01 8885577
  • Email:

Related: Top 10 Best Live Streaming Apps

2. Branch Loan App

loan apps in Nigeria - Branch App Download

  • Rating: 4.6
  • Downloads: 10M plus

O boy, I don try many loan apps o, and Branch app is also a prominent loan platform that facilitates instant online loans in Nigeria, harnessing data science to enhance financial service accessibility for millions of Nigerians.

Truth be told, Branch app is one of the best loan apps in Nigeria. The platform provides swift loans that empower individuals to meet personal and business needs. Branch Loan has a global presence in Nigeria, Kenya, Mexico, India, and Tanzania.

The App is available for Android users on the Google Play Store. In Nigeria’s fintech landscape, Branch entered the scene in 2017 and has garnered an impressive 10 million app installations, earning a solid 4.3-star rating on the Google Play App Store.

Branch Loan Offering & Interest Rate

Branch offers loans ranging from ₦2,000 to ₦500,000, featuring loan terms spanning 9 to 52 weeks. Interest rates fluctuate between 17% and 40%, translating to an equivalent monthly interest of 1.5% to 15%, with an APR range of 18% to 260%, contingent on the chosen loan option. Notably, no collateral is required. 

Interest rates are determined by repayment history and the Branch’s lending costs. Regular SMS and data charges from mobile carriers may apply.

While I have borrowed over 1.3 million Naira on FairMoney app, the highest loan I’ve gotten on the Branch App is 120,00 Naira. Let me show you now, haha.

The amount I borrowed on Branch Loan app

App Features:

  • Free Transfer to any Bank in Nigeria.
  • Pay bills all at zero Naira
  • Quick access to Branch loan options
  • The App has an excellent saving feature that allows you to save and earn up to a 20% return
  • The App is available for download on Google Play Store and the iOS Store. The download size is 15MB.


  • Easy and straightforward to use
  • Branch Mobile app uses word-class security and data encryption to keep user data secure.


  • Accounts with specific banks are required to proceed.

You can download the Branch Loan app from the Google Play Store using an Android device. Here’s how to do it:

  • Open the Google Play Store on your Android device.
  • In the search bar at the top, type “Branch Loan” and press enter.
  • Look for the official Branch Loan app in the search results.
  • Click on the App with the Branch Loan logo and the name “Branch – Personal Finance Loan” to open its page.
  • On the app page, click the “Install” button.

The App will start downloading and installing on your device. Once the Installation is complete, you can open the App and follow the instructions to sign up or log in and use it for loan services.

What are the interest rates for Branch loans?

The interest rates for loans offered by the Branch range from 15% to 34%. Depending on your repayment history, you can access loans ranging from N1,000 to N200,000 within 24 hours. The repayment period extends from 4 to 40 weeks. 

For me, I could say Branch app is one the reliable loan apps in Nigeria with low interest rates.

How much can I borrow from Branch?

The branch provides a loan without requiring collateral. After registering with your details, you can borrow amounts ranging from as low as N1,000 to as high as N200,000. The interest rates attached are fair and reasonable.

While I have borrowed over 1.3 million Naira on FairMoney app, the highest loan I’ve gotten on the Branch App is 120,00 Naira.

  • Is the Branch loan app still available?
  • Branch remains active and relevant. With a massive user base of over 40 million downloads across Africa and India, Branch is one of the world’s most popular financial apps. The platform envisions a future where physical banks are unnecessary, paperwork is obsolete, and limitless possibilities await.

Branch USSD Loan Code

Sadly, the Branch offers no USSD Code services for its loans. You can only request loans through its official mobile App.

Contact Details: 

  • Office Address: 13th Floor, St Nicholas House,
  • Catholic Mission Street, Lagos Island,
  • Lagos, Nigeria.
  • Telephone: +234 08136122649

3. Carbon Loan App

top instant online loan apps in Nigeria - Carbon App

  • Rating: 4.4
  • Downloads: 1M plus

How could I forget to mention Carbon app? Na dem be the first loan app I used. In fact, my first experience with Carbon app, opened my eyes to the possibilities of borrowing money online from my smart phone.

“PayLater” was the name back then in 2019 when I first secured 12,000 Naira on the app. Still wondering why they changed name sha.

Carbon app is one of the top loan apps in Nigeria. They launched in May 2016, pioneered digital lending as a 24/7 service. This innovative platform quickly gained prominence, offering swift cash deposits into users’ accounts within minutes. The Paylater mobile App garnered over 1 million downloads in just two years.

Responding to evolving demands and the intricate requirements of customers, the Carbon loan app developed beyond mere loan disbursement. It diversified into bills payments, investments, and financial management, aligning itself with the changing times.

Symbolizing the ever-changing nature of people’s daily necessities, Carbon stands as a reflection of their progression. It encapsulates their ambition to serve as an all-encompassing hub for accessing loans in Nigeria.

Also Read: Top 10 Best Forex Trading Apps

How to Get a Carbon Loan

To secure a Carbon loan, follow these steps:

  • Complete registration by furnishing details such as name, phone number, and email.
  • Upload a photo through the App, directly capturing it.
  • Tap the “Request a Loan” button.
  • Await prompt loan approval, which typically takes a few minutes.
  • Once approved, accept the offer and input your card details.
  • Loan durations usually span from 30 days to 12 months.

How do I register for Carbon?

To register with Carbon, first download the Carbon App from the Google Play Store (for Android) or the App Store (for iOS).

Once installed, complete a quick registration process by providing a few essential details about yourself. You can start using Carbon’s banking services with your account set up.

What happens if you don’t pay the Carbon loan?

Paying a Carbon loan can lead to severe outcomes. Continuously not paying off the loan might result in legal actions, such as debt collection procedures or even court proceedings, aimed at recovering the outstanding balance. Additionally, defaulting on a loan could impact your eligibility for future loans, not only from Carbon but also from other financial institutions.

Does a Carbon loan ask for BVN?

Carbon requires your BVN (Bank Verification Number) for account setup to ensure security and authenticity. To open a Carbon account, you must be at least 18 years old and possess a valid mobile number, a functional email address, a valid ID, and a BVN. The request for your BVN is to verify your identity and prevent fraudulent registrations.

How much can Carbon loan me?

As a new customer, you have different loan options available through Carbon. Depending on your circumstances, you could qualify for three loan categories.

The first option allows for either ₦30,000 or ₦200,000, contingent on specific criteria. The second loan category provides access to ₦400,000, while the third and highest category permits borrowing up to ₦600,000.

Contact Details: 

  • Telephone: +233240108580 

4. PalmPay 

instant personal loan app to borrow money online in nigeria - PalmPay

  • Rating: 4.6
  • Downloads: 10M plus 

PalmPay is one of the loan apps in Nigeria making waves right now. PalmPay is an automated lending platform to extend credit to underserved and financially excluded individuals in Nigeria and across Africa. Essentially, the PalmPay platform offers loans to those in need.

Within 5 minutes of approval, users on this App can secure an instant loan. Notably, there’s no requirement for paperwork or collateral, streamlining the borrowing process significantly. For new borrowers, a loan of 10k is available upon eligibility.

What happens if I default on my loan?

If you’re asking that question, I’m guessing you have a good mind, and integrity. Failing to repay your loan on time with PalmPay results in a 20% increase in interest.

If the loan remains unpaid, PalmPay will send your information to the Credit Bureau for blacklisting, rendering you unable to borrow in Nigeria until the debt is settled.

What are the PalmPay loan interest rate and repayment period?

The interest rate for PalmPay loans falls within 15% to 30%, influenced by your loan amount and credit score. Repayment periods span from 1 month to 1 year. Initial loans come with higher rates and shorter repayment durations, which improve as you consistently repay on time.

What type of bank is PalmPay?

PalmPay is a digital-only bank that delivers various banking services through its mobile banking app.

How do you borrow 3,000 from PalmPay?

Follow these steps to borrow from PalmPay:

  1. Download and install the PalmPay app from the Google Play Store (Android) or App Store (iPhone).
  2. Register on the App.
  3. Apply for a loan through the platform.

What is the highest amount I can borrow from PalmPay?

PalmPay grants instant loans, with the minimum at ₦10,000 and the maximum at ₦200,000. The interest rate varies from 15% to 30%, depending on your credit score and desired loan amount.

Can I borrow 200k from PalmPay?

Yes, you can acquire a loan of up to ₦200,000 through PalmPay within minutes. No paperwork or collateral is needed. The interest rate, ranging from 15% to 30%, hinges on your credit score and loan request.

Can I borrow money on PalmPay?

Indeed, to borrow from PalmPay, first download the App, create an account by providing your personal information, then navigate to your dashboard, select “Loans,” and pick the desired loan amount.

Where and How to Download the PalmPay Loan App 

To download the PalmPay Loan app, follow these steps:

  1. If you’re using an Android device:
  • Open the Google Play Store.
  • In the search bar, type “PalmPay” and press enter.
  • Look for the official PalmPay app in the search results.
  • Click on the App’s icon.
  • Click the “Install” button to download and install the App on your device.
  1. If you’re using an iPhone:
  • Open the App Store.
  • In the search bar, type “PalmPay” and press enter.
  • Look for the official PalmPay app in the search results.
  • Tap on the App’s icon.
  • Tap the “Get” button to download and install the App on your device.

Once the App is downloaded and installed, please open it and follow the on-screen instructions to set up your account and use the PalmPay Loan app.

Contact Details:

  • Telephone: 018886888
  • Email:

5. QuickCheck Quick Business Loan App

QuickCheck Loan App for Business Loan

  • Rating: 4.5
  • Downloads: 1M plus 

QuickCheck, a prominent mobile lending platform in Nigeria, has gained recognition for its rapid loan disbursement process, often delivering loans within minutes. The App stands out for its efficient service, proving beneficial for individuals seeking immediate financial aid, particularly in emergencies.

This lending platform requires no collateral apart from a BVN (Bank Verification Number), making it accessible to many users. It is the third-best loan app in Nigeria, with its quick response time being a significant advantage.

QuickCheck provides a diverse range of loans, spanning from 1,500 to 500,000 Naira, catering to various financial needs. The platform accommodates borrowers with flexible repayment options extending from 61 days to 12 months. This flexibility empowers borrowers to select a repayment plan aligned with their financial capacities and requirements.

Among the best loan apps in Nigeria, QuickCheck boasts an intuitive user interface that streamlines navigation and feature access. This focus on user experience enhances the borrowing process and contributes to positive customer interactions.

Benefits of the QuickCheck loan app

  • Swift Loan Disbursement
  • Range of Loan Amounts
  • Repayment Flexibility
  • Early Repayment Discount

Drawbacks of Quickcheck Loan

  • Allegations of Repayment Hindrances
  • Absence of FCCPC Approval
  • Moderate Customer Service
  • Registration Challenges
  • Elevated Interest Rates

What is the QuickCheck loan requirement?

  • An ATM card.
  • Your personal information (like your name, phone number, address, email address, etc.)
  • A smartphone and data.
  • Good credit score.
  • Employment details (self-employed can apply)
  • You must be an adult.
  • Bank Verification Number (BVN)
  • Bank account details.

What is the Interest Rate of Quickcheck Loan? 

The monthly interest rates for QuickCheck loans vary between 2.5% and 21.7%, contingent on the borrower’s credit score. While the App offers favorable lower interest rates, it adheres to industry norms by assigning higher rates to borrowers with lower credit scores.

How much can I borrow from QuickCheck?

You can borrow as much as N1,000,000 from QuickCheck. However, you can only borrow up to N10,000 for the first time.

Where and How to Download Quickcheck Loan App

To download the QuickCheck loan app, follow these steps:

  1. Visit your mobile device’s App Store or Google Play Store.
  2. type “QuickCheck Loan App” in the search bar and press enter.
  3. Look for the official QuickCheck app developed by the company.
  4. Click on the App to open its page.
  5. Press the “Download” or “Install” button.

Once the App is downloaded and installed, you can open it and follow the on-screen instructions to register and use it for loan applications.

Contact Details: 

  • Address: 23 Agodogba Avenue, Park View Estate, Ikoyi, Lagos, Nigeria.
  • Email Address:

6. Okash Loan App

Mobile Loan Apps In Nigeria - Okash Loan

  • Rating: 4.2
  • Downloads: 5M plus

You know what? Okash do me strong thing. When I tried out this app, I wasn’t sure what their interest rate really is, and when I got their loan, I didn’t really fizzle their package. But over time, they’ve really improved.

Most loan apps are now seeing that its not really about making money from interest rates but helping people get money to meet their urgent needs.

Well, I know you’re thinking “why do I have to try so much loan apps in Nigeria”? Well, its a story for another day. Okash is a mobile lending platform operating in Nigeria. If you’re looking for one of the best loan apps without collateral, Okash might be worth considering. They offer loan amounts ranging from NGN 3,000 to NGN 500,000.

When I tried out Okash, I found their loan application process seamless. It took just a few minutes to apply, and I swiftly disbursed the loan using my BVN (bank verification number).

The flexibility in loan amounts is quite convenient. You can borrow anywhere from NGN 3,000 to NGN 500,000. Even better, they offer a range of repayment periods, from 91 days to 12 months, so you can choose what suits your financial situation.

One thing to note is that Okash has stricter eligibility criteria than its sister platform, Easemoni. They want to make sure borrowers have the means to repay the loans. While this responsible lending approach can be beneficial, some creditworthy individuals who don’t meet their specific requirements could miss out.

What is the interest rate of Okash?

The interest rates on Okash loans vary depending on your credit score. During my experience, I saw rates ranging from 3% to 30%.

If you have a better credit score, you’ll likely get a lower interest rate, saving you money over the loan term. However, it’s essential to remember that lower credit scores might come with higher costs.

From my personal exploration, Okash is a viable option for those seeking quick loans without collateral in Nigeria. Remember to review their terms, especially if you’re concerned about eligibility and interest rates based on your credit score.


  • Fast Loan approval
  • Dedicated Team
  • 24/7 Supports


  • Repayment plans are limited to a single installment. 
  • Strict eligibility criteria
  • High-interest rate

How much can I borrow for the first time on OKash?

For your initial loan, you can apply for amounts ranging from N3,000.15 to a maximum of N50,000.

What are the eligibility requirements for an OKash loan?

To qualify, you need to be between 20 and 55 years old. You’ll also need an Android device with an active data connection, a valid means of identification, and a valid bank account and bank card.

What’s the highest loan amount I can get from OKash?

OKash provides loans for personal and business purposes, with a maximum loan limit of N500,000. The App’s intuitive user interface streamlines the loan process, taking advantage of modern technology for quick and easy access to funds. 

Okash USSD Loan Code

The official Okash loan USSD code is *955#, and you can dial this number from any mobile network service provider in Nigeria. 

To download the OKash loan app, follow these steps:

  • Open the Google Play Store on your Android smartphone.
  • Type “OKash Loan App” in the search bar and press enter.
  • Look for the official OKash app developed by the company.
  • Click on the App to open its page.
  • Press the “Install” button to download and install the App.

After downloading and installing the App, please open it and follow the on-screen instructions to register and use it for loan applications. Remember to review the App’s permissions and terms before installing.

Contact Details 

  • Email:

7. Renmoney Loan App

Renmoney app

  • Rating: 4.1
  • Downloads: 1M plus

Renmoney is one of the leading personal and business loan apps in Nigeria, boasting tight monthly interest rates from 2.12% to 2.65%, the country’s lowest. Collateral-free loans are a highlight, leveraging the user’s BVN for verification instead.

However, it’s crucial to note Renmoney’s 1% management fee on loan amounts. While relatively minor compared to the loan size, borrowers must thoughtfully factor it into their overall loan cost calculations.

The Renmoney loan app offers flexibility and covers a broad loan range: NGN5,000 to NGN1,000,000. This caters to diverse financial needs, spanning small, short-term loans to more considerable sums for significant expenses.

Repayment options stretch from 91 days to 12 months, letting borrowers pick a suitable time frame aligning with their financial goals and repayment capacities.

Promoting responsible lending and informed choices, the Renmoney app mandates users to link their bank accounts. This facilitates access to the user’s 6-month bank statement and overall financial history.

What happens if I don’t pay my RenMoney loan?

If your RenMoney loan goes unpaid, we might need to contact your employer and next of kin. Persistent defaulting can harm your credit rating with credit bureau agencies, impacting your ability to secure loans from other financial institutions.

How long does it take for Renmoney to approve a loan?

Renmoney swiftly approves loans within 24 hours. Once approved, the funds are disbursed within the next 24 hours. Renmoney offers various loan types catering to personal, business, and other needs.

How much can I borrow from Renmoney?

Renmoney allows you to borrow as much as ₦6 million, with the flexibility to repay over 24 months.

What kind of loan can I apply for with Renmoney?

You can opt for a personal or business loan when applying with Renmoney. The options cater to both individual and business financial requirements.

How do you qualify for a Renmoney loan?

To qualify for a Renmoney loan, you must be between 22 and 59 at both the application and loan repayment stages. You should have a steady and verifiable source of income, either through salary or business earnings. Additionally, you must reside and work in a city where Renmoney operates and maintain a positive record with the credit bureau.

Where and How to Download Renmoney Loan App 

You can download the Renmoney Loan App from the Google Play Store for Android devices or the Apple App Store for iOS devices. 

Search for “Renmoney Loan” in the respective app store, and once you find the official App, click on the “Install” or “Download” button to get the App on your device. 

After Installation, you can open the App and follow the on-screen instructions to set up your account and start using the Renmoney Loan App. 

Contact Details 

  • Telephone: +2347005000500


8. Aella Credit App

Aella Credit app

  • Rating: 3.2
  • Downloads: 1M plus

Aella Credit is a reputable loan app known for its speedy loan provision. The platform ensures swift loans of up to 1M, with an interest rate ranging from approximately 6% to 20%. Furthermore, Aella Credit offers loan terms spanning 1 to 3 months, and notably, no late or rollover fees are involved.

For accessibility, all that’s required is to download the App from the Play Store for Android smartphones or the App Store for iOS devices.

Founded in 2015 by Akin Jones and Wale Akanbi, Aella Credit emerged with the mission of streamlining financial services to foster financial inclusion in emerging markets. The US-incorporated company operates primarily in Nigeria and the Philippines. Aella’s core focus centers on lending.

Does Aella credit require BVN?

Aella Credit is a legitimate platform that allows borrowing without necessitating a BVN.

This user-focused digital lending platform provides loans starting as low as N2,000 and extending up to a maximum of N1,000,000. Additionally, their processing period is notably quick.

How do I contact Aella credit?

You can contact Aella Credit through email at or the email address you communicate with. The email you provided in your personal information will also serve as a means of communication.

How do I borrow money from the Aella app?

The process is straightforward:

  1. Download the Aella app on your Android or iOS device.
  2. Accurately fill in all required fields to create your account.
  3. Check your eligibility once registration is complete.
  4. Borrow the amount that suits your needs.

Is Aella credit real?

Indeed, Aella Credit is a loan app in Nigeria that introduces instant loan access. In addition to loans, it serves as an investment platform and a marketplace for health insurance, aiming to provide a comprehensive solution for various business needs.

How much can Aella borrow from me?

Aella offers a seamless application process for both personal and business needs. Apply through the App and secure funding in under 5 minutes. Non-collateralized loans of up to N1,000,000 are available, providing a cushion for unexpected expenses.

9. P2Vest

p2vest loans

  • Rating: 3.9
  • Downloads: 100k plus

P2Vest is a prominent loan app in Nigeria, presenting low-interest loan opportunities to the Nigerian populace.

This platform bridges borrowers seeking loans and legitimate lenders aiming for returns on their invested capital. An additional feature of this App is the P2VFB loan platform.

The P2VFB platform facilitates businesses in managing and operating their lending activities. You can quickly obtain the P2Vest app via the Play Store or App Store on your smartphone. Within this loan platform, loans are available, spanning from N5,000 to N2,000,000, with a repayment period of 12 months.

Who owns p2Vest?

P2Vest Technology Limited was founded and led by Austine Abolusoro, the Founder and CEO.

How does p2Vest work?

P2Vest is a Peer-to-Peer lending application offered by p2Vest Technology Ltd. This platform connects verified borrowers with verified lenders. Borrowers seek loans, and lenders aim to fund loans, eliminating intermediaries and minimizing default risk.

How does P2Vest work?

The process involves:

  1. Borrowers apply for loans.
  2. Loan guarantors approve the loan.
  3. Individual borrower verification and evaluation take place.
  4. Loan requests are posted on P2Vest for a specified term, inviting lenders for funding.
  5. Once a lender grants the loan request, the borrower receives funding in their wallet.

Can I borrow money from p2Vest?

You can borrow anywhere from N5,000 to N2,000,000 for a maximum tenure of 12 months. Your credit rating influences the interest rate you’ll pay on your p2Vest loan. Interest rates are variable, tied to market rates and your risk rating.

Contact Details 

  • Telephone: 0702 500 3549
  • Email: info@localhost

10. PalmCredit Loan Apps

  • Rating: 4.0
  • Downloads: 5m

You see this ones enh, then go borrow you money o, but the interest rate is much, coupled with a very short period of time to repay. But one thing I appreciate is that the Palmcredit customer care team keeps tabs on their customers. As one of their VIP customers, I receive their calls almost ever 2 weeks.

Making it to the list of instant online loan apps in Nigeria, my first loan with PalmCredit was N10,000 Naira. Currently, as a VIP customer, I can access as high as N220,000 Naira.

my accessible loan amount on palmcredit loan app

With PalmCredit, a virtual credit card, you may easily receive a loan whenever you need it. On your cell phone, PalmCredit provides loans up to 100,000 Naira within minutes.

Did you know I referred over 400 customers to PalmCredit? Fortunately, I was only able to withdraw a fraction of it. That I won’t forgive them for. Moreso, their new app doesn’t allow for referrals, at least at the time of writing this post.

Palmcredit Interest Rate

Palmcredit interest rate is between 14% to 24%, Equivalent Monthly interest 4%~4.7%, and the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%. The loan term is between 14 days to 180 days.

My Take: Their interest rate is really on the high side, no doubt about that.

Full List of Registered Loan Apps In Nigeria

  • GetLoan
  • Camelloan
  • JoyCash Loan
  • NairaLoan
  • MoneyTree Finance Made Easy
  • LuckyLoan
  • CashMe
  • EasyNaira
  • Crediting
  • 1HEN
  • 1NUT
  • CashDoor
  • CashPal
  • NairaEasy
  • SecuCash
  • SwiftCash
  • CreditBox-Africa
  • EasyLoan
  • XGO Finance
  • Xcredit
  • NairaNaija
  • ImoneyPlus
  • NowNow Money
  • Naija Cash

List of Fake Loan Apps In Nigeria

While there are loan apps in Nigeria, approved by the Central Bank, the Federal Government exposed the names of unlawful loan apps and requests that Google remove them on PlayStore.

Prior to now, stated that the Federal Competition and Consumer Protection Commission (FCCPC) had given lending applications five days to demonstrate that they adhere to the rules governing the business, failing which they will be destroyed and subject to sanctions. The FCCPC also requested that Google delete the 18 lending apps from the Playstore for breaking its rules.

For more information about these apps, check out our detailed post about the list of fake loan apps in Nigeria.

Drawbacks of Using Loan Apps 

While loan apps offer convenience and quick access to funds, there are also some drawbacks to be aware of:

  1. High-Interest Rates: Some loan apps may charge relatively high interest rates, especially for short-term loans. It’s essential to carefully review the interest rates and fees associated with the loan to avoid unexpected costs.
  2. Potential for Overborrowing: The ease of obtaining loans through apps might lead some individuals to borrow more than they can afford to repay. This can lead to a cycle of debt if not managed responsibly.
  3. Privacy and Data Security Concerns: Sharing personal and financial information with loan apps can raise privacy and data security concerns. It’s essential to choose reputable apps with solid data protection measures.
  4. Hidden Fees: While many loan apps aim for transparency, some may have hidden fees that borrowers discover later. Reading the terms and conditions thoroughly is crucial to understanding the cost of borrowing.
  5. Impact on Credit Score: Failure to repay loans on time can negatively impact your credit score, making it harder to access credit in the future. Responsible repayment is crucial to maintaining a healthy credit history.
  6. Limited Borrowing Amounts: Some loan apps might limit the maximum amount you can borrow. You should explore other borrowing options if you require a more significant sum.
  7. Influence on Financial Behavior: The availability of instant loans might encourage impulsive spending or borrowing for non-essential purposes, leading to financial instability.
  8. Aggressive Collection Practices: Sometimes, loan apps may employ aggressive collection practices to recover unpaid loans. It’s essential to understand the consequences of defaulting on a loan.
  9. Dependence on Technology: Loan apps rely heavily on technology, which means technical glitches or malfunctions could disrupt the borrowing process or repayment schedule.
  10. Lack of Personal Interaction: Unlike traditional banks, loan apps lack the personal touch of face-to-face interactions. This can be a drawback for individuals who prefer discussing their financial situations with a human advisor.
  11. Limited Regulatory Oversight: The regulatory oversight of loan apps might be less robust than that of traditional financial institutions, potentially exposing borrowers to less protection.
  12. Scams and Fraud: While reputable loan apps exist, there are also fraudulent ones. Some scammers create fake loan apps to steal personal and financial information. It’s crucial to verify the legitimacy of an app before using it.

Top 10 Best Loan Apps In Nigeria (Summary)

The emergence of top-tier loan apps has significantly transformed the landscape of financial accessibility in Nigeria. These digital platforms have revolutionized traditional lending models, offering quick and convenient solutions to individuals’ financial needs. 

From instant loan approvals to seamless registration processes, these apps have brought unprecedented ease and efficiency to borrowing.

Whether it’s to address emergencies or seize new opportunities, the top 10 best loan apps in Nigeria have bridged financial gaps and empowered users to navigate their financial journeys with greater flexibility and confidence. 

As technology continues to evolve, these apps are poised to play a pivotal role in shaping the future of personal finance in the country.

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