Top 10 Instant Loan Apps in Nigeria

Accessing instant loans in Nigeria has become very easy, thanks to the proliferation of digital lending platforms. These Instant Loan Apps make it possible to borrow money from the comfort of your home within minutes. In this article, we explore the top 10 most popular instant loan apps in Nigeria and how they can help you borrow money when in need.

We look at things like loan amounts, interest rates, eligibility criteria, application process, and more for each app. The idea is to provide you with enough information to select the best Instant Loan Apps for your specific needs. So whether you need a personal loan or a business loan, this compilation covers all your bases. Read on!

10 Instant Loan Apps In Nigeria That Can Help You Borrow

1. Carbon

Carbon is one of the most trusted Instant Loan Apps in Nigeria. With over 10 million downloads, it allows users to access loans ranging from ₦5,000 to ₦300,000 for 3-6 months. Some key things to know about borrowing on Carbon include;

  • Streamlined application and verification process
  • Funds disbursed within 1-3 days of approval
  • Interest rates range from 2-30% monthly
  • No documentation or collateral required
  • Repayment through automatic deduction from a linked bank account
  • Opportunity to increase credit limit by paying on time
  • Around-the-clock customer support

Carbon helps empower Nigerians with quick access to credit at affordable rates. Its user-friendly interface makes the entire borrowing process seamless.

2. FairMoney

FairMoney is another one of the heavyweights in the Nigerian instant loan app space. Over 10 million downloads attest to its popularity. Here are some key points about borrowing on FairMoney;

  • Offers loans between ₦1,500 to ₦1 million
  • The minimum duration is 61 days, maximum is 18 months
  • Monthly interest rates range from 2.5-30% depending on tenure
  • Loans disbursed within 5 minutes of approval
  • No paperwork or collateral required
  • Flexible repayment options based on income frequency
  • Top-notch customer service support
  • Option to get SME loans up to ₦5 million
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FairMoney prioritizes speed, accessibility, and affordability. Its transparent processes have earned trust among Nigerian users over the years.

3. RenMoney

RenMoney is among the earliest loan apps to operate in Nigeria. Some key facts about borrowing on RenMoney;

  • Provides loans up to ₦6 million over 730 days
  • Apply without collateral by submitting identity documents
  • Interest rates vary based on the amount and repayment period
  • Loans are processed within 48 hours
  • Funds are deposited straight into a linked bank account
  • Multi-channel 24/7 customer support
  • Dedicated loan calculators for transparency
  • Loyalty programs for frequent, timely repayers

RenMoney has steadily built credibility based on its commitment to responsible and transparent lending practices. It’s a reliable option for medium-sized loans.

4. Branch

Branch is a leading international lending platform that also connects Nigerians to instant loans. Some key aspects of borrowing on Branch include;

  • Offers loans between ₦2,000 to ₦500,000
  • Qualification takes 2 minutes via an app-only process
  • Funds received same day or the next for approved requests
  • Tenure ranges from 61 days to 180 days
  • Daily interest rates range from 1-21%
  • No credit checks or paperwork involved
  • Excellent customer support responsiveness
  • User-friendly interface on iOS and Android

With over 10 million downloads in Nigeria, Branch continues satisfying users with speed, ease, and transparency.

5. Okash

Okash is managed by the licensed microfinance bank Blue Ridge. Here’s a rundown of borrowing on Okash:

  • Loans between ₦3,000 to ₦500,000 over 91-365 days
  • Daily interest rates of 0.1-1% (36.5-360% APR)
  • 24/7 availability on web and mobile apps
  • Auto-deduction repayment from a linked account
  • PayPal/bank transfer disbursement option
  • AI-based risk assessment and instant response
  • Dedicated customer support team
  • Over 5 million downloads so far
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Okash continues delivering convenience with round-the-clock access to quick, flexible loans.

6. PalmCredit

Some key points about PalmCredit, which is owned by Transnet, include;

  • Offers instant loans up to ₦100,000
  • Interest rates between 14-24% depending on the amount borrowed
  • The repayment period ranges from 14 days to 180 days
  • No paperwork, collateral, or credit checks
  • Same-day disbursal after approval
  • Military-grade encryption of user information
  • Pre-approval option for quicker access
  • Over 5 million downloads on Play Store

PalmCredit is a top choice for small and urgent loans via a seamless mobile-based process.

7. QuickCheck

Here’s a quick rundown of borrowing on QuickCheck:

  • Provides loans from ₦1,500 to ₦30,000
  • Tenure of 15-30 days for salary earners
  • 2-30% monthly interest based on profile
  • Same-day approval for complete applications
  • Funds deposited within 24 hours of approval
  • Over 1 million downloads so far
  • Automatic repayment from a linked bank account
  • Multiple communication channels for support

QuickCheck aims to fulfill the short-term cash needs of salaried individuals with convenience and speedy response.

8. Aella

A few things to know about Aella include;

  • Offers personal loans up to ₦1 million
  • The minimum tenure is 61 days, maximum of 91 days
  • Monthly interest rates range from 2-20%
  • Automatic risk assessment using alternate data
  • No physical documentation required
  • One-time verification for recurrent loans
  • Funds received same day after approval
  • Over 1 million users currently

Aella focuses on empowering Nigerians with quick access to credit using alternative data points for assessments.

9. Umba

Some key details about borrowing on Umba:

  • Offers loan amounts between ₦2,000 to ₦30,000
  • Minimum 62 days, maximum 62 days tenure
  • Annual interest capped at 10%
  • Bank-grade security of information
  • Streamlined process via web or mobile
  • Funds are credited same day upon approval
  • Over 1 million downloads achieved so far

Umba provides a digital lending solution optimized to deliver flexibility, transparency, and security for users.

10. NewCredit

Here are some things you need to know about getting a loan on NewCredit:

  • Loans range from ₦10,000 to ₦300,000
  • Repayment periods vary from 91 to 365 days
  • Monthly interest of 4% with daily accrual
  • AI-powered scoring uses bank transaction records
  • Same-day disbursal after approval
  • Multiple channels available for support
  • Over 1 million active users currently
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NewCredit provides a seamless mobile-based lending service with data-driven risk assessments.

11. EaseCash

Here’s what you should know about EaseCash:

  • Offers loans between ₦1,000 to ₦100,000 over 91-180 days
  • Additional 5-20% one-time processing fee on 14% APR
  • Auto loan calculations and approvals
  • Live support team available 24/7
  • Fund transfer to bank account within 24 hours
  • Over 1 million downloads achieved

EaseCash focuses on total upfront transparency and putting customers first for satisfactory outcomes.

Frequently Asked Questions

How long does it take to get approved on these loan apps?

Most of the apps listed here have instant loan approval processes that take about 5 minutes or less. Some may take up to 24-48 hours to approve depending on individual risk profiles.

What information is required to apply for a loan?

The basic KYC information required includes your name, phone number, email, and linked bank account. Some apps may require extra identity documents for verification.

Do these apps perform credit checks?

Not all the listed apps run full credit checks. Some rely more on alternative data analysis for decision making while some factor in BVN records. Credit history plays a role in most assessments.

What are the interest rates like across these apps?

Interest rates range from around 2-30% monthly depending on tenure and amount borrowed. Apps provide upfront information on the calculation of interest and total repayment costs.

Can these apps help build my credit profile over time?

Yes, maintaining good repayment behavior on some of these platforms gets reported to credit bureaus and can boost credit scores gradually with consistent on-time repayments.

What should I do if I can’t repay my loan on time?

Contact customer support of the respective app ASAP to request an extension while interest stops accumulating. Most lenders work with borrowers experiencing genuine difficulties.


The proliferation of Instant Loan Apps has made it convenient for Nigerians to access quick personal or business loans from the comfort of their homes or offices. However, to gain maximum value while avoiding pitfalls, it’s important to thoroughly research options, understand terms, gauge reputation, and commit to prudent financial behavior. The choice of loan app should align with unique requirements for the most satisfactory outcome. I hope this compilation aids you in selecting an instant digital lender to meet your short-term credit needs.


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