Top 8 lending apps in Nigeria.

Top 8 lending apps in Nigeria.featured image

It’s the Ember months! While this signifies the ending part of the year it is also the start of all things fun. The average Nigerian agrees that the Ember months, especially November and December are months when the rate of spending sores to its peak. This is because of the numbers of bills to be settled both personal and business related. When you consider all this, it’s no surprise that a lot of people usually seek financial assistance during these ember months. From family members to church members, Nigerians run around looking for help and most of the time, come up short. This is just one of the reasons why lending companies who give instant loans and collateral-free loans are seen as a ray of sunshine by people across the country. 

Now, you can comfortably access loans for whatever your need may be from these companies without jumping through hurdles and road bumps.  Here’s a list of the top 8 digital loan apps  in Nigeria (based on Google Play app installs & rating) where you can take loans safely.

1. Branch – 10M+ app downloads
4.5⭐/813k reviews
Branch is one of the top loan apps in Nigeria. They presently have over 10 million downloads and give quick online loans with a repayment period of 61-180 days. Their personal cash loans range from ₦2,000 to ₦500,000. Their loans are accessible via the Branch app and require no documentation.

FairMoney MFB – 10M+ app downloads 
4.4⭐/478k reviews
FairMoney is a leading lending app and one of the most downloaded loan apps in Nigeria with over 10M downloads. They are considered the go-to app for quick loans in 5 minutes. They also cater to businesses with their SME loans. Applicants can access FairMoney affordable loans with no paperwork or collaterals needed as basic smartphone data and credit history are used to determine eligibility. FairMoney offers loans of up to ₦1,000,000, while their SME loans run up to N5,000,000.

Kuda – 5M+ app downloads
4.4⭐/164k reviews
Kuda, the bank of the free as they are popularly called, offers short term loans in the form of overdrafts to regular customers. Their overdrafts require no paperwork and come with a 0.3% daily interest rate. The overdrafts typically last 90 days but repayments are expected to begin 30 days after disbursement.

Quick check – 1M+ app downloads
4.5⭐/147k reviews
Quickcheck instant loans are granted using smartphone data and credit scores. They offer urgent cash to help their customers take care of necessities till the next payday. 

For this reason, they are relatively well known and are mostly used by salary earners to plug the holes until they get paid. 

Carbon – 1M+ app downloads
4.4 ⭐/130k reviews
Carbon is a loan financing app in Nigeria that helps customers buy needed commodities to pay back in instalments at a later date. Their repayment period is 3 – 6 months but an initial deposit of 25% of the product price is required before the purchase can go through. Carbon is especially great during the ember months as you can buy commodities you need and pay back slowly over the next 3- 6 months.

Aella – 1M+ app downloads
Aella’s popularity is currently rising in the online lending sphere. With 1 million+ app downloads, they are experiencing steady growth.They offer digital loans of up to ₦1,000,000 for 1-3 months with competitive interest rates.

Palm credit – 5M+ app downloads
4.2⭐/174K reviews
Palm credit is owned by Transsnet financial Nigeria Ltd. Their collateral-free loans are capped at ₦100,000 with interest rates ranging from 14% to 24%. Their loan repayment policy states that loans are to be repaid between 14 days to 180 days after disbursal.

RenMoney – 500k+ app downloads
Renmoney is one of the well known loan financing apps in Nigeria. They typically offer loans of up to ₦6,000,000 for up to 730 days. Their loan requirements include: a bank statement, government ID and utility bill.

Thanks to these loan apps, getting a loan in Nigeria is fairly easy. The problem lies in figuring out which platform is legal and which is fraudulent. As a result, there are various misunderstandings within the industry with consumers not knowing the difference between the truth and lies. This is why we’ve written this article. The apps above are all registered and legally approved by CBN and the Nigerian government. To go beyond understanding the top loan apps to understanding the myths/facts within the industry, we have created a detailed blog which you can find here.
Read this blog if you want to learn more about the loans & terminologies related to it.


For more information about the process of borrowing, please read below.


How can I borrow from FairMoney

Borrowing from FairMoney is pretty easy and can be done in 3 steps. Simply download the app here, create an account and click “get loan”. FairMoney’s AI will check your loan eligibility and grant/deny your loan request.

How long does it take to get a loan in Nigeria

Timing varies depending on the platform chosen. With regards to getting a loan from FairMoney, It typically takes an average of 5 minutes. 

Can I get a loan in Nigeria instantly?

Yes, you can. The apps listed above give instant online loans.
If you want to try FairMoney, download the FairMoney app from the Google Play Store. Sign up with the phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly in your preferred bank account!

What are the interest rates for loans in Nigeria?

Interest rates vary depending on the loan provider. FairMoney’s interest rates range from 2.5% to 30% depending on the amount you want and duration of the loan ie. the length of time for repayment. 

Do instant loans need any collateral?

This depends on the loan provider. On the other hand, FairMoney instant loans require no collateral or documentation. Find more about our loan characteristics here.


If you still have any queries, we are happy to help. You can reach out to us through our social channels: