Best Instant Loan Apps in Nigeria

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What are the best instant loan apps in Nigeria? Getting fast online loans with a low-interest rate and no collateral is no longer a difficult thing to do these days. With the creation of loan apps, it is now possible for you to borrow money in just a few clicks from the comfort of your home.

Best Instant Loan Apps in Nigeria

However, not all loan apps provide loans with low-interest rates. But if you are interested in loan apps that offer loans with low interest rates, we are here to help. So, in this article, we have curated a list of the best of them.

Although loans are anticipated by a lot of businesses and individuals in Nigeria, it is not readily reachable.

In addition, this is particularly true when dealing with commercial banks or lenders that set many criteria as the smallest requirements for a loan.

These criteria usually filter out a lot of the low to middle-class individuals who may need one. However, you can make use of any mobile as a way out to access instant loans in Nigeria, which give you cash in a matter of minutes.

What are these loan apps? Stick with me through to the end of this article to be enlightened.

Best Instant Loan Apps in Nigeria

Mobile loan applications are apps that lending companies have designed to permit you to obtain a loan without the bother of going to a bank for any paperwork.

Therefore, in simple steps, you can get a mobile loan in Nigeria within a few minutes. The lists below are some of the best loan apps in Nigeria, and they are as follows:

Carbon Loans

Carbon, which was formerly known as Paylater is one of the best instant loan apps in Nigeria. It does not just help you get loans as a student without earning any salary account alone.

But it also actually assists you in getting fundamental items like home appliances and gadgets while you pay them back later.

Carbon gives you a loan that is up to a million naira with a repayment period ranging from one to twelve months (1 year).

Aella Credit

Aella Credit is another best instant loan app that assures quick loans. Basically, this application offers a loan that is up to a million naira, with an interest rate of like 6% to 20%.

Also, they have a loan duration of 1 to 3 months with zero rollover or late fees. All you need to do is to just download the app from Playstore for Android smartphones or the App Store for iOS phones and apply for your loan.

Best Instant Loan Apps – Palmcredit Loan

Palmcredit is also one of the best instant loan apps we have in Nigeria. It presents a loan spectrum ranging from 10 thousand naira to 300 thousand naira, escorted by a versatile repayment window spanning from 91 days to 365 days.

The loans are obtainable with an Annual Percentage Rate (APR) ranging from 24% to 56%, translating to an interest rate of 4% every month.


Another instant loan app in Nigeria that is worth considering is the FairMoney App. The app has been downloaded more than 10 million times on the Google Play Store.

It provides fast loans within 5 minutes with no documentation or collateral required. The loan amounts differ based on your phone data and your repayment history.

Best Instant Loan Apps – Okash

Okash is also known as the best instant loan app you can use to take instant loans. It is a convenient fast online loan platform for Nigeria mobile users, and it is also managed by Blue Ridge Microfinance Bank Limited.

Okash achieves customers’ financial needs totally online 24/7. The application process takes a few steps with little documentation and the permitted loan amount is deposited to the applicant’s bank account.

The app gives loans that range from three thousand naira (N3,000) to five hundred thousand naira (N500,000) and repayment plan ranges from 91 days to 365 days.

Frequently Asked Questions (FAQs)

What Are The Benefits Of Online Loans in Nigeria?

Online loans have abundant benefits that differentiate them from ordinary loans. One of these benefits is that they are fast and can be easily gotten in just a few minutes. Other benefits of online loans include;

  • Easy accessibility.
  • Open availability for 24 hours every day.
  • No collateral or paperwork.
  • Quick Payment.
  • The money is paid directly into your account and many more.

The above are just a few of the things you can benefit from an instant loan app in Nigeria. Others may apply, but this depends on the loan app you would be using to apply for your loan.

What Should I Know Before Applying For An Online Loan?

You Should know that each loan app always comes with its respective terms and conditions. Therefore, it is very necessary for you to read and understand them before applying. Also, it generally includes interest rates, penalty fees, as well as other conditions that follow the loan.


Loan apps are very easy to use and it provides and offers the most convenient loans in Nigeria. As an individual or a business personnel, you can get a loan with comfort.

However, be sure to go through all the terms and conditions of the loan before you complete your application to be sure that you know precisely what it requires.