Best Loan Apps in Nigeria to Get Instant Loans Quickly and Easily in 2023

Like many other countries, Nigeria has several loan apps available for people and businesses that urgently need money. Their easy, fast, and convenient way of lending money has made these apps increasingly popular. In no particular order, I will highlight the best loan apps in Nigeria, what they offer, what sets them apart and how to process your loan with them. 

Some lenders lend money without requesting collateral or sending you through a lengthy approval process. After reading this blog post, you will be able to compare the different loan apps available and make the best decision for your financial needs. 

Best Loan Apps in Nigeria

1. Palmcredit Loan App

top loan apps in nigeria
174K reviews/5M+ app downloads

One of the quickest lending apps in Nigeria is Palmcredit’s Loan app, which offers loan disbursements of up to 100,000 NGN in less than 3 minutes. Palmcredit offers loans with periods of payback ranging from 4 to 26 weeks and interest rates of 5–28% at an annualised rate of 24.5–56%.

The Palmcredit loan app enables users to take out as many short-term loans as they like without waiting for approval. The payback period ranges from 91 to 365 days, which requires no collateral or paperwork. 

Palmcredit imposes no hidden fees, rollover fees, or transaction costs.

How to get a loan from the Palmcredit loan app

  • Download and install the Palmcredit loan app.
  • Open the app and create an account.
  • Fill in all the necessary blanks on the form before submitting it.
  • You can input your withdrawal amount and repayment method on the withdrawal page.
  • Upon your approval, you will receive payment.

2. Carbon

best loan app in nigeria
130K reviews/1M+ app downloads

Carbon, formerly known as Paylater, is one of the best loan apps in Nigeria. The app provides quick and simple loans up to N1 million without collateral or guarantors. The loan application process is quick and easy, and funds are transferred to your bank account within a few hours.

Carbon’s financial services include bill payments, airtime top-ups, savings, and investment packages.

How to get a loan from the Carbon loan app

  • Install the Carbon loan application on your phone.
  • Funds are credited based on your provided information. You don’t have to worry, because this is a secure process.
  • Once you’ve chosen how much to borrow, Carbon will review your application and let you know if you qualify.
  • Carbon will instantly credit you when your account is approved.

3. Branch

813K reviews/10M+ app downloads

Another best loan app in Nigeria is Branch, which grants loans up to N200,000 without requiring collateral or paperwork. The app uses machine learning algorithms to assess creditworthiness and provides competitive interest rates.

Branch’s referral program, which rewards users who refer friends to the app, is one of its standout features. You can increase or decrease loan interest rates and loan amounts using referral bonuses.

How to get a loan from the Branch instant loan app

  • Download Branch on your device from the Play Store.
  •  Fill out the short form to create an account and receive a quick review,
  • After you submit the loan application, the funds will be sent instantly to your bank account or mobile money.
  • Use your smartphone to pay back the loan. Paying back timely will raise your credit score for bigger loans later.

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4. FairMoney

fairmoney loan app
478K reviews/10M+ app downloads

When it is a topic of the best loan app in Nigeria, FairMoney is known and recognized. FairMoney, a digital lending platform, offers consumers and small businesses quick loans of up to N500,000. Loan terms of up to six months are available through the app, which uses data analytics to assess creditworthiness.

Bill payments, top-ups for mobile phone minutes, and insurance products are just a few of the additional financial services that FairMoney provides.

How to get a loan from the Fairmoney loan app

  • Download and install the Fairmoney app
  • Open the app and sign-up using the phone number connected to your BVN. Answer a few questions to get your loan.
  • After agreeing to all terms and conditions, you’ll receive your loan directly to your bank account.

5. Kuda

a picture of kuda bank showing their mobile app notifications
One of the best loan app in Nigeria currently is Kuda Bank.
164K reviews/5M+ app downloads

Kuda is often referred to as the “Bank of the Free.” You will get short-term loans through overdrafts if you are a regular customer. No paperwork is required to open an overdraft. The interest rate is 0.3% daily. The overdrafts usually last 90 days, and repayment is expected 30 days after disbursement.

How to get a loan from Kuda Bank

  • Install the Kuda app and swipe to overdraft.
  • Tap on Overdraft.
  • Tap on “Get Your Overdraft.”
  • Fill in the amount you want to borrow and click “done.” 
  • Verify your transaction PIN, face ID, or fingerprint.
  • Tap “okay,” and if you have enough transactions with Kuda, you will receive the loan.

6. Renmoney

8.98K reviews/500K+ app downloads

Renmoney is a reputable fintech company that offers savings, fixed deposit, and lending solutions to private customers and small enterprises. With loan terms of up to 24 months, the app provides loans up to N6 million with no requirement for collateral.

Some additional services it renders are bill payment, airtime top-ups, and insurance products.

How to get a loan from the Renmoney loan app

  • Download the mobile application from the Google Play or Apple Play stores.
  • Launch the application to register your profile. 
  • Sign up and input your information to apply for a loan.
  • Renmoney will give you feedback if your loan is approved. 

7. KwikMoney

371 reviews/100K+ app downloads

With the help of the mobile lending app KwikMoney, people and small businesses can get quick loans of up to N500,000. The app provides loans with terms as short as 14 days and uses data analytics to assess creditworthiness.

KwikMoney has a unique feature that enables its users to pay back their loans using their airtime balance, thanks to a partnership with mobile network operators.

How to get a loan from the KwikMoney loan app

  • Install the KwikMoney app on your mobile device.
  • Create an account.
  • Fill out your details and apply within minutes. 
  • Receive a KwikMoney Loan.
  • Every time a loan is paid back on time, your borrowing limit is increased.


These are some of the most popular and quick loan apps in Nigeria right now. However, I’ll advise you to borrow responsibly and be sure you can pay off any loans you take out in the required time.


Hello, I'm Josh.
Welcome to my blog. I'm an enthusiastic tech and lifestyle blogger.

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