Best loan app to borrow money online in Nigeria (Easy loan in Nigeria) - Startuppreneur

Best loan app to borrow money online in Nigeria (Easy loan in Nigeria)

It is no longer news that there are more loan app in Nigeria than ever before; they are springing up left and right, and this trend is not going to stop anytime soon; as Fintech industry in Nigeria develops, we will see more of them with even better options.

As there is increase in these loan app there is also increase in fake loan app, there are numerous cases of people paying double of what they borrow and some are charge processing fee but not given any loan.


This is why we decided to list the best loan app to borrow money online in Nigeria without collateral or guarantor, such as Fairmoney, Aella credit, Carbon, Quickcheck, Okash, Branch and others. Our list contain professional loan app that do not invade their customer privacy.

Please keep in mind that the list is not in any particular order


List of best app to borrow money online in Nigeria

Branch loan app

The first on our list of best loan app to borrow money online in Nigeria is Branch loan app; they are dependable and do not harass or call out defaulted customers on social media.

With Branch, you can get up to #200,000 without collateral or paper work, and you don’t even need to visit their location; your bank account will be credited with a tap on your phone.

Their payback time ranges from 4 to 40 weeks depending on the amount borrowed, and their interest rate ranges from 15% to 30% depending on the payback time. The higher the interest rate, the longer the payback period.

To use them, go to the app store for iPhone users or the Google Play store for Android users, download the Branch app, register, and request a loan.


Their requirements are a valid email address and a BVN; once you have them, your loan will be disbursed within 24 hours.

Migo Loan

Migo loan is loan company that provides personal loans in Nigeria. They work with many telecommunication companies and banks in Nigeria, so you can get a loan through their platform or by dialing a USSD code on your phone (*561#)

The amount you can loan will be displayed once you dial the ussd code; it is simple and easy. Despite the fact that they stated that you could borrow up to #500,000

The amount you can actually loan is determined by your monthly transaction volume; their interest rate is 3.5 percent, and the payback period is one month.

If you need an instant personal loan in Nigeria, they are your best bet, but their interest rates and repayment terms are not appealing.

Carbon loan app

Carbon provides loans of up to one million naira in Nigeria without the need for collateral or documentation; all you need is your bvn.

Their payback period is determined by the amount requested and the interest rate range from 5% to 15%.

Carbon is a professional loan app; they know how to handle defaulters, which does not include invading your friends’ privacy; however, this does not mean you should not pay back your loan; they certainly know how to collect their money.

Aside from loans, Carbon has a feature where you can pay bills, transact, and save, and you can get a whopping 11% interest rate on your savings.

To use Carbon, go to the play store or app store and download their app, register with your bvn number and other details, request a loan, and your loan will be disbursed in minutes.

Their loan is quick, simple, and free of complications.

Aella Credit loan app

Aella credit is an international loan company in Nigeria, with offices in Nigeria, Ghana, and the Philippines.

They provide up to #700,000 in personal loans in Nigeria without the need for collateral or documentation. As with the others mentioned above, all they require is your bvn, and once you submit it, you will receive your loan.

Their interest rates range from 15% to 29%, and the repayment period ranges from 1 month to 2 months, depending on the amount of loan requested.

They, like carbon, have features where you can transact, pay bills, save, and invest. If you invest with them, you can earn up to 29 percent interest.

To apply, go to the play store or app store and download their app, then request the loan.
The app is simple to use, and once your application is approved, your loan will be disbursed in minutes.


Fairmoney is a licensed loan company in Nigeria, and they are experienced in dealing with defaulters. Their loan is collateral-free and hassle-free. They offer up to #150,000 in loans, but as a first-time customer, you will not be able to obtain this amount.

As you progress with them, the amount of loan you can obtain will increase.

They check creditworthiness, so make sure you have a good credit score before applying. Their interest rate ranges from 5% to 28%, depending on the amount of loan requested, and the repayment period ranges from 4 weeks to 26 weeks.

They also provide options for their customers to pay bills, open bank accounts, and send money. You can get their app on the play store and the app store, and it is simple to use.

kia kia loan app

Kia kia is another loan app you can borrow money form in Nigeria, like others above they also provides personal loans and business loan, but their requirements are stringent. You must provide your BVN, income statement, and be over the age of 21.

If you can provide all of this, you stand a chance of receiving their minimum loan of #50,000 without collateral.

Their interest rate is 3.5 percent, and the repayment period is one month. When you apply, they will check your credit score to ensure you have never defaulted on a loan before.

Kia kia loan is very quick in disbursing loan but you must look into their interest rate and payback time if it fits you, then you can go ahead and request loan.


Quick check approve loan application quickly they are very fast and their loan is collateral free but you need bvn for verification as usual and your credit score must be good

You can get up to #200,000 in loans from them, but as a first-time borrower, you can only get #10,000. If you pay back on time, the amount you can get will increase; the #10,000 was just to test you.

If you pay off your Quickcheck loan before the due date, your interest rate will be lowered The interest rate on Quickcheck can be as high as 30%, depending on the amount of loan requested. Their loan is interest-free and comes with no strings attached.

To apply, download their app from the play store or the app store and request a loan; it is simple to use even for children, lol.

C24 loan

On C24, you can get a personal loan or a business loan with no collateral other than your bvn. C24 allows you to borrow up to #100,000, but as a first-time borrower, your loan amount will be lower.

Their interest rate and repayment period are determined by the amount of loan requested. Their loan disbursement is slow, but they will credit your account; however, before applying, make sure you have a good credit score.

Jumia loan

You can also get a loan from Jumia not jumia ecommerce, I’m talking about jumia pay, where you can get a loan of up to #200,000 naira with no collateral or documentation, but the payback period is only a month and the interest rate is 3.5 percent.

To apply, go to the play store or app store and download their app, then request a loan; it’s free and easy.

Jumia does not run credit check, but you should be creditworthy.

Okash app

Okash is one of the best app to borow money online in Nigeria, it is a subsidiary of Opramini, a popular web browser in Nigeria. They also provide personal loans without collateral, but their loans are small, with a maximum loan amount of #50,000 naira and a monthly interest rate of 3.5 percent.

Their loan is quick and simple, but you must have your bvn and ID card ready before applying.

You can get their app from the Google Play store or the App Store if you have an iPhone.

Specta loan app

Specta loan provides business loans and personal loans in Nigeria. They offer up to #5 million in loans without collateral or documentation, but the loan is actually lower for first-time borrowers. Their interest rate and repayment period are determined by the amount of loan requested.

Specta loan is simple and easy to apply for; you don’t need a guarantor or to visit their office; with a tap of on your phone, your account will be credited in minutes.

One of the requirements is your BVN, so get it ready before applying, and you must have a good credit score because they will check it.

Onefi loan app

Onefi loan provides up to #200,000 loans in Nigeria, and you know what, they have flexible payback time that ranges from 3 months to 6 months, because they want their customers to have peace of mind while repaying their loan.

The interest rate is determined by the amount of the loan requested.
Onefi loans are quick, simple, and hassle free.

How to Pick the Best Loan app in Nigeria

I’m sure you’re confused about which loan company to choose, which is understandable. Before you choose any loan app, consider the following criteria.

Check to see if their interest rate is something you can afford to pay; do not rush into taking a loan; interest rate is one of the factors that cause people to default on loans in Nigeria, so do your homework.

The payback time

Check if the loan company gives you enough time to pay back, do not take a loan that requires you to pay back in two weeks, the best loan payback time is in a month, even if something happens to you, you will have enough time to balance and pay back.

The terms and conditions

I’m sure you’ve had a privacy invasion where a loan company drags their customer into your DM; they are not to blame; those who take loans from them without reading their terms and conditions are, so check what your loan company wants, how they treat defaulters, and what people are saying about them.

What is their payback method

Some loan apps allow customers to pay with credit cards, while others include the option to pay with ussd code.

Credit cards have proven to be a cheat over time; people who pay back their loan with a credit card later discover that their loan was not ruled out and that the loan company continues to harass them.

Some loan companies will go so far as to deduct money from their customers’ bank accounts even after they have paid back. So far, paying back with ussd code has proven to be the most effective method.

Run from new loan app

Avoid new loan app; they may entice you with lower interest rates, but no one knows how they deal with their customers; if you apply with them, you will be the scapegoat, which I’m sure you don’t want to.


Above are the best loan app to borrow money online in Nigeria, of course there are still more of them, we update the list once we defect another reliable loan app.

You can test the above loan app out by taking out a small loan and then settling on the one that checks all of your boxes.

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