These loan sharks will lend you money to sort out your impending financial emergency without asking you to provide collateral. However, their debt recovery process is extreme.
Loan sharks are lenders who lend money without collateral but at a high interest rate. Most of the apps you see on the Google Play Store that promise to lend people money in a few minutes are examples of loan sharks.
Without further ado, We present the top 10 loan sharks in Nigeria 2024-25 according to their usage and customer base.
Top 10 loan sharks in Nigeria 2024-25
- Branch
- FairMoney
- Palm Credit
- Carbon
- Aella app
- Xcross cash
- Okash
- New Credit
- Easy Credit
- Ease cash
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Branch
Branch is the number one loan shark on the list of our top 10 loan sharks in Nigeria 204-25 because of their high patronage by Nigerians who need emergency funds. These loan sharks boast over 10 million downloads on Google Play Store with a 4.5 app rating and whooping 760k reviews on the App Store.
Applying for an online loan from these new-generation loan sharks is as easy as ABC. All you need is your phone, internet connection, BVN, and 2-3 phone numbers of people who would stand as your guarantors. The straightforward application process ensures you can get the funds you need quickly.
You can get loans from these loan sharks without any paperwork, collateral, or office visits. Simply download the app from your favorite app store, be it Google Play Store or Apple Store, and you’re ready to apply for a loan.
Once you’ve downloaded the Branch app and provided your BVN, guarantors’ phone numbers, and receiving bank account, the loan will be disbursed to your account in a few minutes. However, it’s important to note that in some cases, it could take up to 24 hours for the funds to be credited to your account.
The amount of loan you could get from the Branch depends solely on your credit score and the inflow of cash in your bank account. The loan shark could check for all these with the help of your BVN, but they can never access your bank account.
In case you want further clarifications about this loan shark, you can contact their customer care support through the email address below:
Pros (advantages) of using the Branch loan app
The advantages of using this popular loan shark are as follows:
- No advance fee except if you want money instantly
- No membership fees
- Longer loan duration, at least better than most loan apps that give as little as 5 days of loan duration
- Nice app UI. The Branch app has a very good user interface that is easy for anyone to understand, regardless of tech background.
Cons (disadvantages) of using the Branch Loan app
Despite being one of the best loan sharks out there, Branch has a few cons, which are:
- Advance amounts are limited
- You must have a debit card from any of the commercial banks they support; otherwise, the loan will not be disbursed to you because the debit card will be used as the repayment method.
- You must download the Branch app from the app store (Google Play Store or Apple Store) before you can request advance loans.
Where to locate Branch loan app in Nigeria
The branch has only one physical presence in Nigeria. Its office is located on Ofada Street, Mushin, Lagos state.
What happens if I don’t pay my branch loan
If you don’t pay back your Branch loan, Branch would have no other option but to show you its true color by increasing the interest rate, which is common for most loan sharks out there. They would also start calling your contacts and asking them to inform you to pay up.
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Fair money
FairMoney is not your regular loan shark because it’s a microfinance bank officially licensed by Nigeria’s apex bank, CBN.
Fairmoney is the second loan shark on my list of top 10 loan sharks in Nigeria 2024 because of their numerous users nationwide. The app already has over 5 million downloads on Google play store.
This loan shark was founded in 2017 by Laurin Heiny and has grown to become a microfinance bank after acquiring a license from the central bank of Nigeria.
According to most of its social media ads, FairMoney offers loans of up to a million naira.
How to apply for a loan on the FairMoney app.
Step 1: Download the FairMoney app from your preferred app store and sign in with either your phone number or Facebook account.
Step 2: Answer some questions and prove your identity by submitting your BVN, then proceed to request a loan if you’re qualified to take a loan.
Step 3: Select your preferred receiving bank account, and the loan will be disbursed into it as soon as possible.
FairMoney customer care contact
Have a complaint for feedback or simply want to get in touch with FairMoney’s customer care support unit? If so, you can contact them through the channel (Email) below:
Pros (advantages) of using the Fairmoney app
- FairMoney gives you access to loans that you can use to grow your business, especially if you are a small business owner.
- 100 Free bank transfers monthly. No transaction or hidden charges
- FairMoney will give you a free debit card for online and offline transactions.
Cons (disadvantages) of using the FairMoney app
- Late penalty fees
- They might call your contacts once you can’t repay them if the loan period elapses.
Can I trust FairMoney With my BVN?
According to FairMoney; they are a Nigerian-French fintech startup company with European data security standards. In essence, your BVN is safe with them.
FairMoney Physical Address in Nigeria:
FairMoney has only one physical location in Nigeria: in Lagos, where most of the other loan sharks are based. See details of their Lagos address below:
28 Pade Odanye close, off Adeniyi Jones, Ikeja, Lagos, Nigeria
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Palm Credit
Palm Credit is another loan app that made our list of the top 10 loan sharks in Nigeria. It is owned and run by Newege Finance Limited.
Palm credit can also boast over 5 million downloads on Google Play Store like FairMoney.
How to apply for a loan on Palm credit:
Step 1: download the app from the Google Play Store
Step 2: sign in by providing all the information about yourself and your identity
Step 3: get approval, and the loan will be disbursed to you meet every requirement.
Why is Palm Credit not giving me a loan?
Palm credit won’t give you a loan if you don’t bind your active ATM card to the app. The ATM card’s expiry date should not be less than a month from your repayment day.
Pros (advantages) of using Palm credit.
- With Palm credit, you can borrow 100k and pay it back in 1 to 6 months’ time. I think only a few loan sharks out there do this.
- Palm credit gives you the freedom to select your preferred loan period, which could last up to 6 months.
Cons (disadvantages) of using Palm credit
- Failure to repay loans on time attracts a penalty
- Palm Credit will start calling your contacts so you can repay them
Where is Palm Credit located?
| Nigeria Phone Number | 017001000 (8am – 5pm, Mon-Fri) |
| Office Address | Ogunnusi road beside county hospital, Ogba, Lagos, Nigeria |
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Carbon
Carbon is a digital bank and award-winning fintech start-up founded by Chijioke Dozie. This app offers loans at a low interest rate, unlike some other loan sharks online.
Carbon boasts over 1 million downloads from the Google Play store.
How to apply for loans on the Carbon app?
You can apply for a quick loan from Carbon by downloading the app from the Google or Apple store and providing some information about yourself on the app.
Pros (advantages) of using the Carbon loan app.
These are the pros:
- Low interest rate
- With the carbon app, you can carry out all your transactions because apart from being a loan shark, the app is also a digital bank.
Cons (disadvantages) using the Carbon app
Below is the con:
- You might face some embarrassment after you fail to repay as and when due
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Aella app
Aella is an emerging fintech company in Nigeria and one of the popular loan sharks in town.
According to their website, accessible through aellaapp.com, it opens up financial access for all emerging markets- whether you are a business or an individual.
Aella app has amassed over a million downloads from the Google play store, making it the top 5 in our list of top 10 loan sharks in Nigeria 2024-25.
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Xcross cash
Xcross Cash is a loan app that offers short-term loans from 5000 to 500,000 to borrowers or customers.
Pros (advantages) of using the Xcross cash loan app
See the pros below:
- Low interest rate for loyal customers or borrowers
- This loan shark can be considered as the fastest when it comes to disbursing of loans
Cons of using the Xcross cash app
Cons below:
- Very high interest rate and short loan period for new borrowers
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Okash
Okash is a subsidiary of Opay, and it is among the popular loan sharks in Nigeria. In fact, Okash can still be accessed from the Opay app.
Like the rest of the big boys in the loan business, Okash has achieved over a million app downloads on the Google Play Store.
Pros (advantages) of using Okash
Pros here:
- High loan approval rates
- Loyal customers, especially those who repay on time, get a special bonus and subsequent higher loan amount.
Cons (disadvantages) of using Okash
Cons here:
- You are likely to be embarrassed when you default in making payments on time
- Short loan duration
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New Credit.
New Credit is one of the trending loan sharks online that claims to disburse loans of up to 100k in five minutes without collateral.
New credit might not ring a bell, but this app has over a million downloads on the Google Play Store.
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Easy credit.
Easy credit is a loan app or loan shark certified by CBN, and it also has over a million downloads from the Google Play Store, just like most popular online loan sharks.
Pros (advantages) of using Easy credit
The pros are:
- Secure and reliable
- High approval rates
Cons (disadvantages) of using Easy credit
The only con is the short-term loan duration period.
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Ease Cash
Ease cash is the last loan shark on our list of top 10 loan sharks in Nigeria 2024-25. Despite being the last on our list, they can still boast of having over 500k downloads on the Google Play Store.
List of 10 loan sharks in Lagos and Port Harcourt Neighborhood
Some loan sharks might not be online like the apps that we just talked about, but some loan sharks can be in your city or close to you.
Glance through the list below to see some of the top loan sharks in Nigerian cities, particularly Lagos and Port Harcourt.
Loan Sharks in Lagos
Below is the list of some not-so-popular loan sharks in Lagos.
- GT homes limited and homes mortgage bank. Address: 28 Saka Tinubu Street, Victoria Island
- Direct Bridge Nigeria Limited. Address: Thomas Adeboye Drive
- Wema Homes Limited (savings and investment)
- Independent Communications network. Address: Ikeja
- CRC credit bureau
- Stallion loans. Address: Ikeja
- Supreme Loans Limited, Victoria Island
- Trinity loans and savings ltd, Allen Avenue, Yaba
- Skyfield loans. Address: Victoria Island
- Home trust savings and loans ltd
List of 10 loan sharks in Port Harcourt
Loan sharks in the Rivers state capital, Port Harcourt.
- Rosabon Financial Services Port Harcourt
- NNPC PH Co-operative thrift and credit society limited
- Rivers State Microfinance agency
- Kia Kia loans
- Aso savings and loans PLC
- Trust loans
- Next payday
- Quick cash. ng
- Clarretta credit
- Kashfinance
Conclusion
Loan sharks are money lenders who lend out money without collateral but capitalize on their exorbitant interest rates and also employ extreme ways of recovering the debt if the borrower defaults on the payment date.
In this article, we compiled the list of the top 10 loan sharks in Nigeria 2024-25 and other top loan sharks who are not really online but could be closer to you without knowing.
After you must have gone through this article, I believe you now know which of the loan sharks suits your emergency financial needs, and the one you can put up with.
