10 Best loan apps in Nigeria 2023 (low interest and instant approval)

Collins Okoye

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Life has become easier for many following the introduction of mobile and loan apps in Nigeria. However, some greedy business investors have used this opportunity to achieve their selfish desires, so we Nigerians find it hard to differentiate between good and bad money lenders.

I have reviewed different loan apps in Nigeria and used many of them, which is why I can list the top 10 best loan apps in Nigeria. However, there are a few things that made them better than others which include:

  • Low-interest rate
  • Longer loan terms/duration
  • Faster loan disbursement
  • Excellent customer support
  • No harassment of any kind

I have been a victim of many loan sharks that are only set up to frustrate, harass and worsen your financial situation. I can assure you that none of them will be on my list of the top 10 Best loan apps in Nigeria. The Nigerian Government has done the little it can to fish them out, but its effort wasn't enough, and these loan sharks seem invisible and untouchable.

Imagine a loan app giving you a loan of N10,200, taking out the N4,000 service fee, and sending you N6,200 to repay N11, 300 in 8 days. Tell me if they are not thieves. The worst is that they will still harass you, send negative messages to your phone contacts, and tell them all sorts of things about you that are not true to tarnish your image.

They are full of deceit, go to Facebook and see them advertising 0% interest rate and up to 6 months loan term, but when you download them, you will see eight days loan term and unimaginable interest or service fees, as the usual call it.

Loan apps without BVN

Some people have asked me if any loan app doesn't request BVN. The answer is NO, don't waste your time looking for loan apps without BVN. However, if you don't intend to give out your Bank Verification Number (BVN), then it shows that you don't have any intention of paying back your loan as well because the only way to know who you are is through the BVN.

How can loan providers give out a loan to someone they don't know? Your BVN only reveals your true identity and other things. They need to consider your loan request. Alternatively, you might look for offline loans like Lapo and the like, but they will still request some verification and guarantor, so no loan app doesn't request your BVN.

Top 10 Best loan apps in Nigeria

Well, enough of the gist. Let me show you the best loan apps in Nigeria. Though other great loan providers don't operate with mobile apps, you go to their website and request a loan so that I will include them too. All the loan apps that I will list here are the ones I have used myself since the introduction of mobile loan apps in Nigeria.

Yes, these loan apps that I am going to list here don't send messages to your friends or harass you, but I urge you to make sure that you remain faithful to them to maintain a good credit record. You can build your credit record and get up to N500k or more with a 6 to a one-year repayment plan.

#1. Branch Loan App

Branch is one of my favourite loan apps in Nigeria that offers instant loans with a very low-interest rate. They have been in the business for years now, and I can tell you that they don't only offer you a loan but also peace of mind by offering you the type of loan that you won't have a sleepless night on how to repay.

They operate their loan business using a mobile app called Branch, which you can get from the app store anytime. Their registration is straightforward.

Registration process and Requirements

  • You will create an account with your phone number & login Pin
  • Your full name and residential address
  • Your photo during registration
  • BVN and account details
  • Your debit card (ATM) details for repayment

Branch loan charges between 10 to 20% interest rate. When you register newly, you might get between N5,000 to N10,000, depending on your credit score. For example, when you request a 5,000 loan, you will get 20% interest which is N1,000 making the repayment amount N6,000 but guess what? Their loan is fantastic, and you will get 28-30 days to repay N6,000. Tell me if this is not what you want. You can download Branch from here

#2. Carbon loan app

Carbon loan is undoubtedly among the best load apps in Nigeria that you will love to use, and Carbon was known as Pay Later back in the days before they changed to Carbon. Honestly, Carbon is the best mobile load app in Nigeria that I have enjoyed, and if you don't like them, then I can say you don't know them.

One of the problems you might face with these trusted and friendly money lenders is the approval process, they check carefully before approving your loan, and if you have a bad credit record, it might hinder you from getting a loan from them.

Based on loan interest rates, I can say they are the same as the Branch, but they offer longer loan duration. For a start, If you borrow 5,000, you will repay 6,000 in 28 days, and if you request 10,000, you will repay 12,000 in 28-30 days which is excellent.

Carbon also has other unique programs like buy name and pay later, enabling carbon users to buy something like smartphones, laptops, and solar systems and pay installmentally without additional charges. You can also get a free credit card to help you withdraw money from any ATM in Nigeria.

Registration process and Requirements

  • Your phone number
  • Full name and address
  • BVN and Bank account details
  • Your ATM details for easy repayment
  • Your photo is to be taken during registration

As I said, their interest rate is 20% per month, and if you get 10k from them, you will repay 12k, which is a 20% interest rate per month. Search for Carbon on the Google play store, and you will see it.

#3. Fairmoney loan

When I first heard about the Fairmoney loan, I downloaded the mobile app, but they never accepted my request for months. However, after trying it for some time, they approved my loan request, and I can tell you that they are one of the best loan apps in Nigeria. Since I started using them, I have not had any issues with them.

Their interest rate is good, and loan duration is also friendly. The most crucial part is that they introduced a loan extension that enables you to extend your loan to the next month when you cannot pay in full, which is impressive. Using the Fairmoney loan app will help you to solve your urgent financial problems without any harassment of any kind.

Another good thing about Fairmoney is that they will provide you with lots of loan options for you to choose from. Fairmoney always has something special for you regardless of the amount of money you need.

Registration process and Requirements

  • Your phone number
  • Full name and address
  • BVN and Bank account details
  • Your ATM details for easy repayment
  • Your photo is to be taken during registration

Fairmoney loan interest is not insufficient at all, and you will get a very attractive loan offer and inta desirable resistance. You can download the app from the play store.

#4. Migo money loan

Have you heard about a loan provider called Migo Money? This Money lender is one of the best loan providers I have ever seen. They handle their customers professionally and will never harass you for not meeting up with their loan repayment. Though not paying back your loan will have a negative effect because you won't be able to get more loans, and your credit score will also be affected.

Migo operates differently because they don't have a mobile loan app like other lenders. You only need to visit their website at migo.ng and complete a simple registration process. You will be given a loan offer. I give them a 95% acceptance rate, which means the possibility of accepting your loan request is high.

Registration process and Requirements

Interestingly, Migo has a very simple process like no other in Nigeria and below are a few details they might need from you.

  • Your phone number
  • Full name and address
  • Bank account details where to receive your loan
  • Your ATM details for easy repayment

They offer reasonable interest on their loan, between 20% to 35% per month, and they also offer loan extensions when you cannot repay your loan.

#5. QuickCheck loan

QuickCheck is one of the most popular mobile loan apps in Nigeria, and I can tell you that they are one of the best loan apps in Nigeria. I have used them and still use them whenever I have urgent financial needs, and they have never failed me.

They offer one of the most extended loan terms with the lowest interest rate compared to many other loan apps. If you are looking for a loan provider that will give you peace of mind, think about QuickCheck.

Registration process and Requirements

  • Your phone number
  • Full name and address
  • BVN and Bank account details
  • Your ATM details for easy repayment

QuickCheck loan interest is one of the best I have seen so far. However, the interest rate depends on the loan terms and goes between 5% and 20%. Keep a good credit record with them, and you will see the best of QuickCheck. If you want to try, go to the play store

#6. PalmCredit loan

PalmCredit is one of the best money lenders in Nigeria, and they are into different financial business models. They have a mobile loan app, POS machines, Ok Card, and they have partnered with Tecno and Infinix to bring the app called Tecno wallet and Infinix wallet.

PalmCredit is one of the best loan apps in Nigeria, but I must warn you that they don't joke with their money. They might not send messages to your contacts, but they have their way of getting their money at all costs. For example, if you use a Tecno or Infinix wallet and fail to pay back your loan, they might render your phone useless.

Registration process and Requirements

  • Your phone number
  • Full name and address
  • BVN and Bank account details
  • Your ATM details for easy repayment

Palmpay loan interest is not insufficient, they offer one of the lowest interest rates, and you will enjoy them more when you build a good credit record. However, the biggest problem is being approved because it took many of them before they accepted my loan request. You can get Palmpay from the play store, and most times, if you use Tecno and Infinix, their app will already be installed on your phone.

#7. Quickteller loan partners

Many people don't know about Quickteller money lending partners but trust me, they are one of the best loan providers I have ever seen if you are looking for an instant loan with the lowest interest rate, then try quickteller.

However, quickteller doesn't offer loans directly; they are one of the best online payment processors. Still, they have partners who use their app and online portal to offer easy loans to Nigerians. Moreover, you might not be able to get any amount above 20k, and you will get shallow interest on small amounts of money like 5,000, 10,000 etc.

Registration process and Requirements

  • Use your Quickteller account and login details to sign in to the quickteller app or website
  • Your bank details
  • Your Debit card details for repayment purposes

As I said, their interest rate is meagre, but it depends on the loan duration. If you want to try them, log in to the Quickteller website at quickteller.com or download the quickteller mobile app, head to services, and then go to the loan option.

#8. Aella Credit loan app

Aella credit loan app is one of the best loan apps in Nigeria; with them, you will be sure of getting a quick loan with a very low-interest rate, I have been using them for years now, and when I say that they are good then I am saying that from my experience.

Aella is a money lending app that you can trust, and they can offer you up to 6 months of loan duration with shallow interest. Their customer support agents work professionally and don't harass their customers for any reason. Still, it will be in your best interest to maintain an excellent credit record with them to even enjoy high loans with low interest and longer duration.

Registration process and Requirements

  • Your phone number
  • Full name and address
  • BVN and Bank account details
  • Your ATM details for easy repayment

To try Aella, download Aella credit mobile loan app from the Google play store, register and build a good credit score to see the best of the Aella credit loan app.

#9. RenMoney loan

Honestly, I haven't used RenMoney, but I have seen a lot of positive reviews about them. However, they offer high loans for business owners and individuals. They also have friendly repayment plans for more than 12 months. I recommend RenMoney to anyone who needs a large amount of money for business purposes.

If you are looking for where to get up to 1 million or 2 million loans, then RenMoney is where you need to go. However, their loan requirements differ from other mobile loan apps in Nigeria because millions of naira won't be given out to you without due diligence.

Registration process and Requirements

The requirements depend on the amount you request, but they need the following details.

  • Full name and residential address
  • BVN and Bank details
  • Your statements of account to determine your financial capacity
  • They might request guarantors

RenMoney is for those who need big money, not people who need 5-10k to solve urgent problems. They offer one of the best interest rates and longer loan terms. Download RenMoney apps from here

#10. Kuda  App

Kuda is not entirely a mobile loan app but an app known as the bank of the free, which offers short-term loans to their customers in the form of overdrafts. If you are a regular user of Kuda, you can save money and withdraw more than you have to support your business or solve your problems.

If you desire a mobile app that helps you save your money and guides you on managing it, then it's Kuda; their overdrafts can last for three months with a flexible repayment plan.

Registration process and Requirements

  • Your phone number
  • Full name and address
  • BVN and Bank account details

If you wish to check out Kuda, download their mobile app from the Google play store and register to enjoy all the services they offer.


Finding the Top 10 best loan apps in Nigeria was very hard because there are only a few available, but when it comes to all these mobile loan apps that only frustrate your life, you will see hundreds of them everywhere on Facebook and Google play store. They are just there to make their money by hook or crook, and your reputation means nothing to them.

I also urge you to be careful with how you source for the loan and what you do with the loan because it can ruin your life. Having access to money directly from your phone doesn't mean you should abuse the privilege. Before I conclude, let me warn you about what you shouldn't do with loan money.

  • Never get a loan to play sports bet or lotto
  • Don't borrow money that you have no means of repaying
  • Always check the loan terms to ensure you can meet with repayment
  • Always borrow when there is no option left for you
  • Request help from a friend instead to avoid the extra money you will add to repay

Thanks for reading this far. I welcome your questions and suggestions if you have any.

« Last Edit: January 12, 2023, 11:09:22 AM by Everest »

Martin jerry

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I want to apply for a loan


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I need 20k loan

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