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Top Five Nigerian Loan Apps You Should Try Today

Online loans are a great way to get easy cash when things get a little tough. As an individual, getting personal loans from the bank can be quite complex and the chances of a positive response are slim. However, with the introduction of personal finance loan apps, you can now apply for personal loans and get them without any collateral.

Most loan applications allow you to repay these loans and the interest in installments. Although there are many loan apps available in your app store today, it is important to find the safest and best option for you. Hence, in this article, we will show you how to identify good loan applications, the top five loan applications in Nigeria along with their interest rates.

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What makes a good loan service?

Few loan apps put their customers first when it comes to offering reliable services or giving approvals. So, to identify a good loan service, be on the lookout for them;

  • Payment approval window: After you have approved a loan, you must use a loan service that will immediately disburse the amount you requested. A good disbursement period is between 24 and 48 hours. This way, in an emergency, you don’t have to wait very long.
  • Interest rate: This is perhaps the most important condition. You don’t want to receive a loan that will make you pay interest through the nose. So watch out for low interest rates. This way you can easily repay your loan.
  • Refund window: Finally, you need a service that will give you enough time to repay your loan. If a service asks you to pay back in a week or two, they are probably loan sharks you should avoid.

You can get this information by checking their app reviews, terms on their website or even in this article.

5 Best Personal Loan Apps in Nigeria


Migo is an ideal financial application to obtain an instant loan. To get a Migo loan, all you need is the phone number linked to your BVN and that’s it. No guarantee or document is necessary. Simply fill in your personal details and the bank account number you wish to credit it to.

You can collect loans worth between N500 and N500,000 on Migo. However, this application works with a credit score. So, on your first try, you will only be able to receive a small amount. Over time, when you repay this loan, you become eligible to borrow larger sums. This means that you cannot request a fixed amount. They provide you with an amount that matches your eligibility.

Interest rates are also not fixed. The rate can vary from 5 to 25% depending on the terms of the loan. Your repayment history could also affect your interest rate. So when you have a good repayment history, you get a lower interest rate over time.

Disbursements are often immediate. So you are sure to get your loan within 24 hours. The refund window on Migo is also very good.

2. Branch

The branch needs your phone number, BVN and bank account. However, you can only apply if your bank is among the supported banking apps. To get started, simply download the Branch app and sign up. You can receive loans ranging from N2000 to N500,000. However, your repayment history directly affects how much you can borrow at any given time.

After your loan is approved, processing and disbursement times often take 24 hours. Interest rates vary and are particularly tied to your repayment history with Branch. It could be anywhere between 17% and 40%. However, there are no late fees or additional charges. The repayment window is 4 to 52 weeks, giving you plenty of time to repay hassle-free.

Branch uses your phone data to determine your eligibility criteria. So if you have concerns about your personal data, you might want to check another option.


FairMoney is a digital bank that offers instant loans to Nigerians. You can get single payment loans, installment loans or even payday loans. Here you can receive loans from N1,500 to N1 Million. All you need is an Android phone, your BVN, and the number linked to your bank account. Download the FairMoney app and register to get started. Interest rates range from 2.5% to 30%.

Once your loan is approved, you can get it within 24 hours; even as fast as 5 minutes. FairMoney has a very long refund period. This window can be between 61 days and 18 months. However, this is closely related to your repayment behavior over time. The more loyal you are to him, the more loan amounts you can unlock.

Plus, with the direct debit feature, you can automatically repay your loan on the repayment date. As soon as your repayment period is over, you can reapply immediately and get another loan.

4. Carbon

Carbon formerly known as Pay later is a Nigerian loan app that provides instant loans within minutes. You can get loans between N1,500 and N1 million depending on your credit score. To get started, simply download the Carbon app and register with the registration form available. You will also need to enter your phone number and BVN to access your credit score.

The interest rate for loans taken on this application is generally between 1.75% and 30%. There are no rollover fees, late fees or processing fees. What is unique about this app is that you get cash back on interest paid once you repay on time. Also, if you have repaid your previous loan, you can reapply for the loan within 24 hours.

5. Quick check

QuickCheck is another application designed to disburse instant loans. Any Nigerian with good credit is eligible to get loans on this app. To apply, you need an Android device, a Facebook email address and a password. Simply download the QuickCheck app and register to get started. New users can get loans worth up to N10,000. Over time, depending on your credit rating, you can receive up to N500,000. After application, loan validation takes 24 hours before disbursement.

The QuickCheck loan has interest rates starting at 5% per month on the first loan. The repayment period ranges from 91 days to 1 year and typical interest ranges from 2% to 30%. You can also choose to repay your loan in weekly installments as opposed to the single payment that other services operate on. After repayment, you have a waiting period of 10 days before you can apply for another loan. This is for users with less than 5 successful loan repayments.

We hope you found this useful. Have you used any of these lending apps before? Let us know your experience with them in the comments section below.