Best Loan App in Nigeria – Do you need a loan right away in Nigeria? If so, you’re not alone. Millions of Nigerians are looking for ways to access quick and easy money. And with the rise of mobile lending apps, it’s easier than ever to get the cash you need.
With so many different loan apps available, it might be difficult to choose the best loan app in Nigeria. This is why we decided to compile this list of the best loan app in Nigeria with low interest rates based on the number of downloads and reviews on Google PlayStore and everything you need to know.
So whether you’re looking for a small loan to cover an unexpected expense or a larger loan to start a small business, be sure to read the entire article to make the right decision.
You will find the list of the best loan app in Nigeria below, keep reading.
List of 15 Best Loan Apps in Nigeria
- Branch

Branch is among the best online loan app in Nigeria that offers instant cash loans and other financial services. With Branch, you can transfer money, earn cashback for bill payments, invest for potential returns, and borrow money easily.
Branch provides personal cash loans is from ₦1,000 to ₦500,000 to meet different financial needs. You have 9 to 52 weeks to repay the loan, offering flexibility.
Interest Rates
The interest rates offered by Branch depend on factors like repayment history and lending costs. The rates range from 17% to 40%, with a monthly interest rate of 1.5% to 17% and an APR range of 18% to 260%. Please note that you’re responsible for any bank transaction fees related to loan repayment.
- FairMoney Microfinance

FairMoney Microfinance Bank is a reputable financial institution in Nigeria that offers a range of financial services, including loans.
Interest Rates
FairMoney Microfinance Bank offers affordable interest rates on loans. The loan product and borrower’s creditworthiness determine interest rates. FairMoney Microfinance Bank charges 2.5% to 30% annually in interest.
- OKash

Okash is a mobile lending service that provides Nigerians with short-term loans. The app is compatible with Android and iOS smartphones. You must be a Nigerian citizen with a valid ID card and a bank account to be eligible for a loan. A solid credit score is also required.
Interest Rates
Okash loans come in denominations that vary between NGN 3,000 to NGN 500,000. Okash loans have interest rates ranging from 36.5% to 360% APR. The payback duration ranges from 91 to 365 days.
- Palmcredit

Palmcredit is a smartphone lending app that gives Nigerians short-term loans. Both Android and iOS smartphones may use the software. You must be a Nigerian citizen with a valid ID card and a bank account to qualify for a loan. In addition, you must have a decent credit score.
Interest Rates
Palmcredit loans range in size from NGN 10,000 to NGN 300,000. Palmcredit loans have APRs ranging from 24% to 56%. Repayment terms range from 91 to 365 days.
- QuickCheck loan

Users in Nigeria may access personal cash loans from QuickCheck with less effort and time spent on the borrowing process. Loan amounts may vary, but normally borrowers can pick from anywhere from N1,500 to N500,000 in order to best fit their financial situation.
Interest Rates
QuickCheck loans include interest rates as low as 5% per month for the initial loan. Borrow between N1,500 and N500,000 for a period of 91 days to 1 year. Interest rates are between 2% to 30%, which works out to between 1% and 21% per month.
- Carbon

Carbon provides Nigerians with personal cash loans to suit their financial necessities. Carbon offers loans from N1,500 to N1,000,000, giving borrowers plenty of possibilities. Carbon streamlines loan applications to make them easy to utilize.
Interest Rates
Their interest rates vary between 2% to 30%, depending on the payback length and amount borrowed. The app has over 1 million downloads.
- EaseMoni

FairMoney Microfinance Bank in Nigeria offers loans and other financial services.
EaseMoni is an online loan app in Nigeria that provides instant loans to individuals. EaseMoni offers loan amounts ranging from NGN 3,000 to NGN 1,000,000. This wide range allows borrowers to choose the loan amount that best suits their specific financial needs.
Interest Rates
The loan repayment tenure provided by EaseMoni is from 91 days to 365 days. Borrowers have the flexibility to select a repayment period that aligns with their financial capabilities and preferences.
The interest rate ranges from 5% to 10% per month. The Annual Percentage Rate (APR) for these rates is between 60% and 120%. It’s important to note that the specific interest rate offered to each borrower depends on their credit evaluation.
- 9Credit Loan

9Credit is a well-known loan app in Nigeria that gives people access to quick and simple loans. Loan amounts range from NGN 3,000 to NGN 100,000 with 9Credit. 9credit offers loan terms ranging from 91 to 120 days.
Interest Rates
The daily interest rate for 9Credit loans is 0.07%, which equates to 25.55% each year. This interest rate applies to the loan amount and term selected by the borrower.
- RenMoney

Renmoney is a trusted digital lending platform that provides personal loans to Nigerians. Renmoney, located in Lagos, has disbursed over NGN 20 billion in loans to over 100,000 consumers since 2014.
Interest Rates
Renmoney offers loans from NGN 10,000 to NGN 2 million. Renmoney loan interest rates range from 18% to 36% APR. The payback duration is 91 to 365 days. Monthly payments or a flat sum might be used to repay your debt.
- Umba Loan

Umba, a Nigerian mobile lending app, provides short-term loans. The software works on iOS and Android. Nigerian citizens with bank accounts and ID cards can apply for loans. You also need strong credit.
Interest Rates
Umba loans range from 2,000 to 30,000 NGN. Umba loans have 10% APR. 62 days to repay.
- Newcredit

Short-term loans are available through the smartphone app Newcredit, which targets the Nigerian market. Both Android and iOS users may download the app. You must be a citizen of Nigeria and have a checking account and photo ID in order to be considered for a loan. You’ll need a solid credit history, too.
Interest Rates
The possible loan amounts from Newcredit range from NGN 10,000 to NGN 300,000. Newcredit loans have an annual percentage rate (APR) between 24% and 56%. Loan terms might range from 91 days to a whole year.
- Tloan

Tloan gives Nigerians short-term loans via mobile app. Nigerian citizens with bank accounts and ID cards can apply for loans. You also need strong credit.
Interest Rates
Tloan loans range from 3,000 to 500,000 NGN. Tloan loans have 25%–36% APR. Repayment takes 91–365 days.
- Aella Loan

Aella is an app designed for mobile lending, specifically catering to the needs of Nigerians by providing short-term loans. Aella offers loans within a wide range of amounts, spanning from NGN 2,000 to NGN 1,000,000, and grants borrowers a flexible repayment period of 61 days to 365 days.
Interest Rates
The interest rates for Aella loans fall between 2% and 20%, with an Annual Percentage Rate (APR) ranging from 22% to 264%.
- TrueNaira loan

TrueNaira is a mobile app that gives Nigerians short-term loans. You must be a Nigerian national with a legal ID card and a bank account to get a loan. You also have to have good credit.
Interest Rates
TrueNaira loans can be taken out for amounts between NGN 2,000 and NGN 300,000. The APR for a TrueNaira loan is between 10% and 30%. The time to pay it back is between 62 and 365 days.
- Kashcash-personal loan online

Kashcash is an online platform that provides personal loans to individuals in Nigeria. Kashcash offers loan amounts ranging from ₦10,000 to ₦100,000. The repayment period provided by Kashcash ranges from 91 days to 365 days.
Interest Rates
With loan amounts ranging from ₦10,000 to ₦100,000, a repayment period of 91 to 365 days, and competitive annual percentage rates (APR) ranging from 12% to 34% per year, Kashcash aims to offer accessible and affordable loan options to borrowers.
A Quick reminder: Don’t Rush into Loan Without…
Let me quickly outline what you should consider as you plan to apply for a quick loan.
- Interest Rates: Look for lower interest rates to minimize interest payments.
- Fees and Charges: Take note of any additional fees or penalties that may increase the total loan cost.
- Loan Terms and Repayment Period: Ensure the repayment schedule and loan duration align with your financial situation.
- Loan Amount: Borrow only the amount you need to avoid unnecessary interest payments.
- Eligibility Criteria: Check if you meet the lender’s requirements to avoid potential rejections.
- Credit Score Impact: Understand how the loan application and repayment will affect your credit score.
- Repayment Options: Evaluate flexibility in repayment methods and penalties for early repayment.
- Customer Reviews and Reputation: Research the lender’s reputation and read customer reviews for insights into their reliability.
- Transparency and Disclosures: Look for clear terms, conditions, and disclosure of all fees and charges.
- Comparison Shopping: Compare loan offers from multiple lenders to find the most favorable terms and rates.
Note
If you fall behind on your payments, your lender has the right to contact anybody they have on file for you, including your employer. Such encounter has the potential to be quite humiliating.
I totally get why you might feel the need for quick access to loans or credit facilities, but here’s the thing: if you don’t set some principles for yourself, it’s incredibly easy to get caught up in a web of debt.
Conclusion
Now you have 15 best loan app in Nigeria where you can easily get that quick cash. When selecting a loan app, it’s essential to consider factors such as interest rates, repayment terms, customer service, and the overall user experience. Take the time to compare different apps and read reviews from other users to make an informed decision. Remember to borrow responsibly and only take out loans that you can comfortably repay.
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