Families, individuals and small businesses that are cash-strapped have found a way out of their dilemma in loan apps to borrow money in Nigeria by befriending online lending organizations and platforms. The effect of the post Covid 19 pandemic has been fatal resulting to a number of job losses and under employment.
How Loan Apps To Borrow Money In Nigeria Have Helped Many Individuals
Individuals are cushioning the effects of a tough period by turning to digital lending platforms for quick and instant loans. These quick loans are disbursed immediately without human intervention, collateral, document or guarantors, to meet urgent financial needs. They are fast, convenient, and secure and easily accessible through mobile apps, USSD and websites.
For putting a smile on the face of everyday Nigerians, digital lenders and loan apps to borrow money in Nigeria are highly regarded and sought after. MONEY CABAL, your personal finance digest have compiled a list of industry favorites below to guide your choice of quick cash loans. Read on and enjoy!
List of Top 20 Best Loan Apps In Nigeria 2021/2022
Below is MONEY CABAL list of the top 20 best loan apps to borrow money in Nigeria. We made this selection by a widespread positive customer feedback, by reputation and by highest number of downloads for 2022.
- Quick Naira
- Aella Credit
- Money In Minutes
- Page Financials
- Alat By Wema
- Moneypal (Zedvance)
- C24 Capital
- Fair Credit
- Baobab Loans
- Express Loans
1. Quick Naira
Quick Naira is our 1st pick on our list of top 20 instant loan apps to borrow money in Nigeria for 2022, by reputation, by quick lending turnaround, by downloads, by customer data privacy and feedbacks. The app has gotten over 100,000 downloads within a few time it was unveiled.
Quick Naira though relatively new but has been able to make positive effects in the loan apps industry in Nigeria. The credit platform is good for young professionals all over Nigeria as you can apply for personal loans online and get up to ₦50,000 of direct cash transfer to a bank account within a few minutes.
Quick Naira provides:
1. Loan amount: ₦1,000 to ₦50,000
2. Loan term: the shortest term is 6 months, the longest is 12 months
Quick Naira: Data Privacy, Safety and Security:
When you download the APP, we will ask your permission to use the data on your phone (including your SMS and other permission) to verify your identity and create a credit score. We take privacy very seriously and will never share your personal information without your direct permission.
Branch is one of the best loan apps in Nigeria for instant cash and our 2nd pick on the list of top 20 loan Apps to borrow money in Nigeria for the most reputable by customers’ feedback for 2022. It is a financial lending app that makes it easy for people in Nigeria and some few other countries to get quick loan up to ₦500,000, to transfer money for free, and enjoy investment yields of 20% per annum.
You can simply apply through the Branch app and get approved in under 24 hours. Branch don’t charge late fees or rollover fees, nor put restrictions on how you spend your money, and our customer support team is available 24/7. If you ever needed loan apps in Nigeria for instant cash that are reliable, this is one of your best pick.
Requirements are simple – all you need to apply is your phone number or Facebook account, bank verification number (BVN) and bank account number. They will also request access to the data on your phone in order to build your credit score.
To Apply for a Loan from Branch, CLICK HERE
Carbon, formerly known as Paylater, is our 3rd pick in the list of top 20 best instant loan apps to borrow money in Nigeria by reputation in 2022.
Digital loan from Carbon do not require collateral or guarantors. At your first try, you may not be able to access big cash, you start by borrowing small, and paying back as at when due, then you can have access to bigger funds.
The loan app platform is available 24/7. You can apply for instant cash on weekends and holidays and get a quick loan.
To download the app on Google Play Store CLICK HERE.
FairMoney is our 4th pick in our list of top 20 best instant loan apps to borrow money in Nigeria by reputation in 2022 for quick cash loans.
Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)
You can download the FairMoney app on Google Play Store by clicking here
5. Aella Credit
Aella Credit loan app exists to simplify and open up financial access for all in emerging markets by leveraging technology and widespread mobile adoption for Nigerian borrowers. It is the 5th pick on our list of instant loan apps to borrow money in Nigeria by reputation.
The mission statement of the credit company is to help customers build financial independence by providing access to simple products; quick loans, instant cash, investment opportunities and bill payments.
How Aella Credit Loan App Works
- 1. Download Aella app
- 2. Create your account
- 3. Update your profile
- 4. Check Eligibility
- 5. Apply for loan
- 6. Receive funds in your bank account
You can download Aella Credit app on Google Play Store by clicking here.
Umba is the 6th pick on our list of instant loan apps borrow money in Nigeria by reputation for 2022. The lender prides itself as the leading digital bank in Africa. The app allows users to apply, drawdown and repay loans directly from their smartphone or desktop computer.
Once an individual is verified, it makes lending decisions based on an assigned risk rating.
How To Get Started
Create your account
Apply in seconds
Receive an Umba Loan
Increase your loan limit every time you repay a loan on time
You can download the Umba app on Google Play Store by clicking here
7. Money in Minutes
Money In Minutes is our 7th pick in the list of instant loan apps to borrow money in Nigeria by reputation based feedback from users and customers. The platform is managed by MIM Finance Company, a UK-originated lending platform with presence across three (3) continents and Nigeria’s 1st Credit Membership that gives instant cash.
The platform has a robust and wide range of products to help you access affordable finance for various needs and purposes.
To apply for a Money In Minutes Loan, CLICK HERE
8. Page Financials
Page Financials is one of the best instant loan apps to borrow money in Nigeria for quick cash loans in 2022. The platform is licensed by the Central Bank of Nigeria (CBN) with over 6 years’ experience in providing cutting edge digital solutions.
The organizations provides instant cash once your loan is approved, it also provides investment and other financial services through its various channels including internet and mobile app platforms. Its outstanding products and services are created to suit the financial requirements of its diverse clientele.
To apply for Page Financials Loan, CLICK HERE.
9. Alat by Wema
ALAT is another on our list of instant loan apps to borrow money in Nigeria for quick cash loans without paperwork or collateral. Loans are available to all Alat customers via Alat App or the website.
As with everything else on ALAT, you can now apply for a quick loan without collateral or paperwork, no visitation to any physical location, and response time between acceptance of offer and loan disbursement is in minutes. You can now borrow as much as N2,000,000 (Two million naira) without collateral.
To download the app on Google Play Store for android devices, CLICK HERE.
Lendigo lending platform prides itself as Nigeria’s No 1 SME Finance Provider and the 10th on our list of reputable instant loan apps to borrow money in Nigeria in 2022. The lending platform offers Nigerian SMEs easy, fast and flexible access to working capital according to their business requirements and suited to their finance needs.
If you are a SMEs that provide Retail and Professional services as well as traders of general merchandise such as Electronics, Computing, Phones, Fashion & Apparel, Household Goods among others, then you can apply for Lendigo loan in minutes and get it processed for you.
Up to ₦10m Loan
Apply in Minutes
Low Interest Rate
To Apply for Lendigo Loan, Click here.
Renmoney is one of the most popular, and arguably also one of the top 30 best loan apps and digital lending organizations in Nigeria. Renmoney is arguably one of the leading loan apps and fastest growing Microfinance banks in Nigeria. The digital lender was established in 2012 as RenMoney MFB Limited (formerly RenCredit).
Renmoney loan is available up to ₦6,000,000, with additional offer of great interest on your savings, bill payments, airtime & money transfers via the Renmoney loan app.
Renmoney Loans: Features
- – If you pay on time, you get lower rates and longer time to repay on your next loan
- – No paperwork, collateral or guarantor needed
- – No hidden charges, you always see your loan terms before you commit
- – Minimum loan repayment period is 3 months
- – Maximum loan repayment period is 12 months
- – Monthly interest rates range from 2.65% – 9.89% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged
To download Renmoney Loan application on Google Play Store, CLICK HERE.
Migo (formerly kwikmoney) is a cloud-based lending platform and the last on our list of best loan apps to borrow money in Nigeria for quick emergency loans.
Migo loan amounts range from N10,000 to over N500,000 but limited to N50,000 for a new customer. You do not need any collateral, guarantor or documentation to request a Migo loan.
All you need is an android phone, your banking details including BVN and a complete online application form.
You can also get a Migo loan by dialing *561# for MTN, 9mobile, and Glo or *554*561# for Airtel. From the list, select “Request Loan” to see a list of your customized loan offers.
To apply for a Migo loan, CLICK HERE
QuickCheck comes 13th position on our assessment of top 20 best loan apps to borrow money In Nigeria by reputation and for quick cash loans for 2022. The app uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications.
Once you apply, your credit score will be instantly evaluated and let machine learning decide if you qualify. All applications MUST be completed on your android device .
You can begin your application by downloading the QuickCheck app from the Google Playstore. After downloading the app, sign in with your facebook email address and password and fill the provided fields correctly.
Can I Apply For A Loan on my Computer or other operating devices?
The QuickCheck app is ONLY available on android devices for now. However, if and when we launch on other operating systems we will notify the public.
To apply for QuickCheck loan on Google Play Store, CLICK HERE.
KashNow, a digital loan product of UC Plus Advance Limited that allows users to initiate and access instant credit facilities to meet small cash needs through a secured and reliable platform.
UC Plus Advance, a subsidiary of United Capital Plc Group, is a consumer finance business that is committed to providing efficient alternative lending solution to you.
KashNow loans range between N10,000 to N50,000 and are typically within one month tenure or repayable from the next salary. KashNow is easy, quick, simple, fast and convenient.
1. KashNow for employee of any organization (Federal government, State government or Private organizations) whose salary is being processed through Remita payment platform.
2. Asset Backed loan (A short to medium-term loan for individuals against their investments)
KashNow loan can only be initiated either through USSD or through the web as the app is not presented hosted on Google Play Store.
15. MoneyPal (Zedvance)
MoneyPal owned and managed by Zedvance Limited is the 15th pick on our list of top 20 loan apps to borrow money In Nigeria by reputation and customers’ feedback for 2022.
Zedvance Limited is a consumer finance company that offers loan packages that cater to all your financial needs regardless of what they may be. The company claims an eligible individual or small business can get up to N5million quick loan in 5 hours. Customers can enjoy loan tenors up to 24 months at Annual Percentage Rate (APR) of 34.8% – 365%.
To apply for MoneyPal loan, by downloading the app on Google Play Store, CLICK HERE.
16. C24 Capital
C24 Capital takes the 16th position on our list of top 20 best instant loan apps to borrow money In Nigeria by reputation for 2022 according to general survey by our customers and others on Google Play Store.
The platform provides retail loans for consumers in need of quick financial solutions and is focused on delivering services that can be accessed online, from any internet-enabled device anywhere within Lagos.
C24 Capital does not exist on Google Play Store or App Store and therefore application has to be completed on the company’s website.
How To Apply For A C24 Loan?
- Check Your Eligibility…Read through our loan requirement to see if you meet our eligibility criterion.
- Personalize Your Offer…Select how much loan you want and how long you want to take it for.
- Borrow & Repay…Once you are done with the application submit your application and you get your loan amount with your own terms within hours.
17. Fair Credit
Fair Credit though relatively new, is one of our selection on our list of top 20 best loan apps to borrow money in Nigeria by reputation for 2022.
Its loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 95 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 28% to 32%)
It gives interest discounts of up to 90% for early repayments and claims there are no hidden fees
Now, the app is more than just a loan app. Fair Credit is owned by a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your deposits are insured with the Nigeria Deposit Insurance Corporation (NDIC).
18. Baobab Loans
Baobab Microfinance Bank is our 18th pick on the list of best loan apps to borrow money in Nigeria by reputation.
The platform requires little or no documentation. It gives out loans to individuals and business owners to enable them grow and expand their business. They have different categories of loans.
The loan organization claims it can make credit decision and disbursement with in 72 hours if all requirement are met and fulfilled. Baobab gives out loan between N20,000 to N50 million repayable in 1 to 24 month with minimum administrative procedures.
Baobab minimum loan amount is N20,000 and a Maximum amount of N50,000,000. Both depend on the borrower’s repayment capacity assessed based on verifiable business inventory and other criteria.
19. Express Loans
With Express Loans, it might only take a few minutes to apply and receive approval. The cash advance application process is quick and simple – upload National I.D and follow instructions to complete the procedure. Once the application is approved, money can be instantly transferred to the bank account. It’s our 19th pick in our list of best and instant loan apps to borrow money in Nigeria 2022.
Features Of Express Loans
- No Hidden Fees
- Interest Rate: 34.0% per annum.
- Processing Fees: 4.9%. The fees will be deducted from the credits.
- Loan period: we will require the repayment from 90 days to 180 days.
To Download Express Loans On Google Play Store, CLICK HERE.
Loan period: the loan range is from 91 days to 365 days.
Loan amount: the loan amount is from NGN 30,000 to NGN 300,000.
Loan interest: the interest range is from 2.4% – 12% with an equivalent monthly interest of 0.4% – 2% and APR of 4.8% – 24%.
To Download EasyNaira On GooglePlay Store and apply, CLICK HERE