How can I borrow money online instantly in Nigeria? [With Loan Apps]

There are a few ways you can easily borrow money for those who need quick cash. You can now borrow money online instantly in Nigeria from a variety of loan apps in as little as 2 hours, and sometimes in as little as five minutes, thanks to the proliferation of these services.


With the huge number of varieties of online loan providers, we figured it would be useful to include a hub where you can compare terms and rates from fifty or more Nigerian loan apps.


In the past few years, innovative digital services have disrupted the traditional financial services industry by making the borrowing process easy and convenient for consumers.


Let’s look at a bunch of loan programs in Nigeria, and we won’t even bother to rank them. The list below was compiled based on popular support and market share: Note that there are no hidden fees and that you can easily compare loan offers from multiple online lenders.


However, in order to qualify for a loan with some of them, you’ll need to have a high credit score. Learn the stress-free ways to raise capital of up to N10,000,000 for your company.


Loan Apps in Nigeria Providing Instant Online Loans Without Collateral

A variety of convenient loan-related apps are now available for download in Nigeria. You can use any of them to quickly access the desired subsection.






Aella Credit





Social Lender


C24 Loan

Fint Loan

Specta Loan

Jumia Loan

Opay Loan







1. Loanspot

A popular choice for Nigerians in need of a quick loan is Loanspot, one of the most popular loan apps in the country. It is hoped that this platform will facilitate the acquisition of credit that will improve the living conditions of businesses, entrepreneurs, and ordinary people.



 loanspot app interface

This is why they have created this site, so you can quickly and easily compare loan offers from multiple lenders in Nigeria. The fantastic thing about this service is that your specific lending requirements will always be met.


They used the marketplace model to prototype this platform. Just as Uber makes it easy to get a cheap ride by clicking a button, Loanspot makes it easy to get a lower interest rate on a variety of credit options.


At the time of writing, Loanspot had assisted over 180,000 people in gaining access to data on various forms of credit.


Several Functions of the App

The Loanspot mobile app is not available at this time. The app will soon be available for download on the Google Play Store and the Apple App Store.


2. Renmoney

Renmoney is a Nigerian lender that offers short-term loans for small businesses for amounts up to N4 million. For a Renmoney SME loan, your company’s income statements must show consistency and growth over time. The interest rate is 2.8% per month, and the minimum loan amount is N100,000.



renmoney app interface

The platform streamlines the process of acquiring capital for businesses that rely heavily on it, such as a real estate firm in Nigeria.


App Features:

The Renmoney website app gives you instant access to any of the Renmoney services. Short-term loans, savings, and investments are all part of this category.

You can use the app to make withdrawals and deposits to and from your Renmoney account.

The size of the download is 7MB.





The Renmoney loan app’s page loads quickly and provides a pleasant experience for users.

The convenience and safety of it

When creating the app, they take security and privacy very seriously.

The app’s loan application process is quick and easy.



After submitting a loan application, cancellation is not an option.


3. Carbon

Carbon Loan, formerly known as PayLater, is a Nigerian online lending platform that provides instantaneous access to small-dollar loans. The 3-year-old lending app boasts of being a “simple digital finances management platform” that offers quick online loans for emergencies.


To calculate your loan’s value, the system will look up your Bank Verification Number (BVN). The maximum loan amount is N20 million and the interest rate is flexible. If you have forgotten your BVN information, you can look it up here.



Carbon app interface

Carbon may be accessed via desktop and mobile apps (Android and iOS). The amount you borrow and the length of time it takes to pay back the loan determine the interest rate you’ll pay, which can be anywhere from 5% to 15%.


Carbon is not only one of the leading loan providers in Nigeria, but also a convenient place to top off mobile phones, transfer money, and pay bills.



Features of the Carbon website app include cost-free money transfers to any Nigerian bank.

Get Instant Carbon Services Access Now! Options for loans, investments, bill payments, and savings accounts are available between N1500 and N1,000,000.

A return on savings of 11%

Obtainable for free on the Android and iOS app stores, respectively. Total File Size (21MB)



Carbon’s app provides access to banking and financial services around the clock. The simple and safe loan application process

Bank transfers are quick, and the fees are reasonable.



Problems can be found in using the app. However, app updates typically fix most of the app’s bugs.


(4) Branch

When you need a quick loan online in Nigeria, you can also turn to a Branch Loan. Instantaneous loans from $1000 to $200,000 are available, with repayment terms of 4-40 weeks.


This loan app operates in a way that has earned it a reputation as one of the most trustworthy in Nigeria. The interest rate on these loans varies widely, between 15% and 34%.


In order to qualify for a loan, you don’t need to have any kind of collateral or proof of income. A number of factors, such as the lender’s repayment history and the Branch’s cost of borrowing, go into establishing interest rates.


Loans can now be obtained by Nigerians from any location in the country, regardless of whether or not they are physically present at the branch.


App Features:

Access to Branch loan options quickly and easily

An outstanding feature of this app is the ability to save money and receive a free transfer to any bank in Nigeria, at a rate of interest of up to 20%.

Settlement of all bills at $0.00 Naira

Both the Google Play Store and the Apple App Store have copies of the app ready for download. It’s 7 megabytes in size.



This app requires minimal effort to operate.

The data users enter into the Branch Mobile app is encrypted and protected by world-class security.

The UI is aesthetically pleasing and simple to use.


5 – Aella Credit

Loans from Naira 1,500 to Naira 700,000 are available through the Aella Credit app, which was developed to meet the needs of Nigerian workers. Monthly interest rates range from 4% to 29%. Accra, Lagos, and Manila are all places where you can use Aella Credit. The Bank Verification Number is a standard requirement on many platforms. The loan period is short, lasting only 1-2 months.




App Feature

Obtaining a loan in as little as 5 minutes is possible.

The ability to pay bills online. Paying utility bills, topping off phone credit, etc.

Care for Aella. The Aella Notes app provides access to a health insurance plan. The app allows you to make investments with potential returns of up to 26%.

App users can grab it from either Google Play or Apple App Stores. The 5.3MB app has a size.





The app’s interface was designed with new users in mind.

There are no transfer fees or agent charges that you will incur.



FairMoney is a legitimate lending platform that provides quick loans for things like overdue bills. Get a loan (from 2,500 to 150,000) with just your debit card and Bank Verification Number. FairMoney’s interest rates on loans begin at 5% and go up to 28%, depending on the amount borrowed. The loan period can last anywhere from four to twenty-six weeks.




On FairMoney, you might get a lower interest rate if you pay back your loan early. Alright let’s walk you through the steps to get a loan on fair money in a space of an hour here




App features

You can use this account number to transfer funds to any bank in Nigeria.

You can open a bank account in Nigeria and receive funds from any other bank account in Nigeria with this app.

Online Bill Paying

Has an easy to use interface




The app’s loan processing is quick and easy.

New users will have no trouble getting started with the app.

The best user interface ever,


7. Migo, or Kwikmoney

Migo loan is a platform where you can get a quick loan in Nigeria that was created through a partnership between businesses, banks, and other technology companies. Instant, collateral-free loans of up to N500,000 are available upon verification of your Bank Verification Number (BVN) and account number.


Migo’s loan services are available via both a web interface and a mobile loan app. The Migo USSD code can be used in lieu of an internet-capable device.


If you’re looking for the USSD code for loans in Nigeria, you can find it here.


You can borrow from Migo for 5% to 15% APR, with a repayment period of 14-30 days.


It serves the underserved mass retail market by bringing cutting-edge financial services to the table. Quick cash loans are available through this straightforward digital finance management platform.


App Features



8. Lidya

When it comes to loans in Nigeria, few companies stack up to Lidya. It debuted in November 2016 with the goal of bridging the credit gap in Nigeria and other developing economies.


Loan applications submitted by businesses to Lidya can be made online or over the phone, and a decision can be made in as little as a few hours if all requirements are met.


With an interest rate of 3.5% per month, loan amounts at Lidya start at N150,000 and go up.



Lidya app interface

Functions of the Lidya Mobile App

Constructed for ease of use

An Instantaneously Reactive System

Alternate Methods of Managing Money


Just who is qualified?

Cash-flowing businesses or individuals within the last 6 months



Affordability of Loans

Short Processing Time for Distribution


There aren’t any stipulations like collateral or guarantors to get a loan.

Given that the maximum loan amount is tied to your credit score, that amount is typically quite modest.



9. Kiakia

Anyone living in Nigeria and looking for a personal or commercial loan can do so through KiaKia Loan. Sterling Bank Plc supports the lending platform, which allows savers to lend money to borrowers at interest rates agreed upon through conversational interfaces. It offers loans with a minimum amount of N50,000 and a rate of interest of 3.5% per month.


Key Functions of the Kiakia Web App

Incredibly promising peer-to-peer lending options

Timeliness of responses and loan approvals


Just who is qualified to apply?

For a Kia Kia loan, you need to meet the following criteria:


Currently, all Nigeria citizens

Applicant must be at least 21 years old and have a Bank Verification Number (BVN) and an active bank account with a major commercial bank.

Sources of income must be verified (paid employment or business)

Identification documents that can be relied upon, such as a Work ID for prospective employees

Income documentation, such as pay stubs or alert screenshots, from the previous six months



The time it takes to disburse a loan is very short.

Applying for a loan has never been simpler.



Lack of need for collateral or guarantors

Borrowers must be gainfully employed or have a stable source of income.

Your employment and income will determine the maximum loan amount.


10: Social Lender

Social Lender is a lending service that takes into account a borrower’s online and social media standing when making a decision. For those who may not have ready access to formal credit, this solution fills the immediate funding gap.


Each user of Social Lender is assigned a social reputation score based on an algorithm that analyzes their activity across a variety of social media, online and related platforms.




Characteristics of a Social Lending App-Based Website

Release 1.3.0

Date of Last Revision: April 19, 2021

Over 10,000 downloads

Downloadable Size: 11.50 MB

The app is compatible with both iOS and Android devices.


who is qualified

A high social reputation score, determined by linking your social media accounts to the app, is required of all applicants.



It makes short-term loans possible.

The mobile app makes the application process simple.

Optional USSD Application

There is no need for security or a guarantor.



On the downside, the app needs access to your social media accounts in order to provide a rating.

The highest loan possible is only N10,000, which is very little.




11. QuickCheck

In Nigeria, you can get an instant online loan from QuickCheck of up to NGN 500,000 in a matter of minutes. However, as a first-time user, you are limited to N10,000 in withdrawals over the course of 30 days.


In accordance with the loan’s stipulations, the interest rate and principal amount are reduced and increased, respectively, if the loan is repaid early. Furthermore, the loan interest is only charged on the actual days the loan is used.


Quickcheck app interface

QuickCheck is similar to other loan marketplaces in that we need your BVN for identification and verification and your bank account number to deposit your loan proceeds.


Functions of the QuickCheck Website App

Relatively recent release: 4.3

Previous revision: June 23, 2021

One million plus downloads

Size of Download: 16.25MB

Loans Provided By: Get Loans

Publication Date: July 5, 2016


who is qualified

After signing up and providing all the required information, your loan eligibility will be determined based on your credit score.



There is no need for a guarantor or collateral.

Minutes after loan approval, funds are available for withdrawal.

An intuitive interface



The highest amount of loan is N200,000

Costly interest rates of up to 30%


12. C24 Loan

You can also get a quick loan in Nigeria through C24 Loan. You can submit an application in less than 5 minutes and receive feedback on it almost instantly.


You won’t go broke paying them back because of the accommodating terms they offer.


The lending platform brags that it has helped over 150,000 people gain access to over NGN 5 billion in credit.


Appearance and Functions of the C24 Website

Helps with Payday Loans, Small Business Loans, and Other Short-Term Loans

Quantifier for Calculating Loans

Simple and straightforward interface


who is qualified

Owners of private enterprises and businesses

Individuals who are employed and have a permanent Lagos address are the only ones eligible for a personal loan.


Eligibility Requirements:

Must be at least 22 years old and provide a six-month bank statement showing proof of consistent income.

Intact salary bank account and verifiable credit history



A maximum loan amount of N1,000,000 is fairly high,



There is a significant amount of paperwork involved in the application and registration process.

Disbursement of loans takes a long time.


13. Fint Loan

The loans offered by Fint Loan are very reasonable. If your business is registered under the FINT employment model, you can take advantage of this loan company in Nigeria and borrow money for things like rent, medical bills, utility payments, and education costs for yourself and your employees at rates as low as 2% per month.


Fint app interface

App Features

A fantastic resource for attracting financial backers to your venture.


who is qualified

Only legitimate business owners can apply for loans.



It’s a hub where companies can go to find non-traditional sources of funding.

Fint is a service that recommends profitable businesses to investors.



Time-consuming verification procedure

Since Fint is primarily an investor-to-business platform, the level of competition is quite high given the widespread availability of businesses seeking funding.


14. Loan Extraordinary

If you need a loan quickly and are located in Nigeria, look no further than Specta loan. There are three types of loans available through the company.


14. Specta Loan

If you’re in need of a quick loan in Nigeria, go no further than Specta Loan. There are three types of loans available from the company.


MySpecta: Quick Loans of up to NGN 5,000,000 in 5 Minutes

SpectaScore is a credit and wealth prediction service.

Specta4Business: a portal to affordable commercial loan options




App Features

Model Number: 13.0.1

last App update on Tuesday, June 16, 2021.

Over 50,000+ Downloads

In terms of file size, the download is 11.43 MB.

The Sterling Bank, a Division of Sterling Bank, Plc.

Date of Publication: February 13, 2020


who is qualified

Verification of regular income for the previous six months

Age restriction: anything below 21

Applicants need a BVN and a bank account to be considered.



need not have a cosigner or collateral

Fast loan funding (within five minutes)

Customers who bank with institutions other than Sterling Bank have access to this service.

Cons Up to an N2,000,000 loan amount is quite large.

Exorbitant annual percentage rates (APRs) of 26-30%


15. Finance Your Business with a Jumia Loan

Jumia has launched this service to meet the growing demand for quick cash loans. The JumiaPay Android app is available in the Google Play Store and is where you’ll be able to apply for a Jumia loan.


Download the app, navigate to the “financial services” tab, and enter your information. Assuming your application is accepted, you will receive your collateral-free loan. You should think about the Jumia loan the next time you need a loan.


Jumia app interface

App Features of Jumia Loans



Version: 4.5.0

Updated on: 10th May 2021

Downloads: 1,000,000+

Download Size: 11.81 MB

Released On: 8th September 2017

who is qualified

The following are the prerequisites for participation:

You’ll need a Jumia account, which can be created in a few simple steps.

Gains from a BVN-enabled, fully-functional bank account

need not have a cosigner or collateral

Simple steps to apply

Instantaneous funding Low 3.5% interest rate



Loan limits that are relatively low


16. Payday Advance Opay Loan

The lending platform is owned by the tech giant Opera and is best known as the Okash loan. They’ve made a name for themselves as a trustworthy loan provider in the Nigerian market.


You can get a loan right away by using the Okash app on your mobile device, creating an account, and filling in some basic information. Your loan will be disbursed to you in as little as one day.


Features of the Opay Loan App

1.3.8 is the current version.

Last Modified: 9 June 2021

One million plus downloads

File Measurements: 11.86 MB

Made Available By Blue Ridge Microfinance Bank Limited

Date of Initial Publication: November 28, 2019


who is qualified

The following conditions must be met to qualify:


The applicant must currently reside in Nigeria.

Applicants must be between the ages of 20 and 55.

Have a regular source of income that allows you to repay the loan each month and a good reason for needing the money.

ID card with a valid BVN number



Tell me about the benefits and drawbacks of using this app.



Affordability of Loans

The highest loan amount is only N50,000, which is relatively low.




The annual percentage rate of interest is as high as 36%


How to Pick the Right Loan

There are a number of things to keep in mind when selecting a loan to guarantee you get the best loan possible:


1. The interest rate: this is the key factor in determining how much money you will have to pay back for a loan. It’s crucial to scout for the lowest possible interest rate, so do your research.


2. The duration of the loan: in monetary terms, is known as the loan term. In spite of lower payments each month, the total interest paid on a loan with a longer term could be more expensive.


3. Fees: There may be costs associated with your loans, such as an origination fee, closing costs, or prepayment penalties. Before taking out a loan, it’s important to weigh the costs against the benefits.


4. Repayment terms: Pay close attention to the loan’s repayment terms, especially the payment schedule and amount. Verify that the repayment terms are reasonable and you can repay with such conditions.


5. The credibility of the Lender: Check the Lender’s history to make sure they have a good reputation in the lending industry.


Before applying for a loan, it’s wise to evaluate your current financial situation and long-term objectives. Check to see if getting this loan will actually help you reach your long-term financial goals. Before making any major financial moves, it may be wise to speak with a professional advisor.


The FAQs

Common concerns about instant online loans in Nigeria include:


What are the steps I need to take to get approved for a loan?

Lenders typically outline their loan requirements upfront. Getting the loan you want is as simple as visiting their website and reading the terms and conditions. Income, credit history, assets, and collateral are the usual criteria used by lenders. Loanspotafrica is one of the more lenient lenders out there, requiring fewer documents than some of its competitors.


So what do financial institutions look for before approving a loan?

A customer’s credit score and history are typically the first things a bank looks at. They will evaluate the quality of your credit report and make a decision on your loan request based on the results. They also take into account things like your job, salary, assets, net worth, and more. Each financial institution has its own set of criteria by which it evaluates customers.


If you need a loan and don’t want to go through the hassle of traditional credit checks. Then check out this post to request an instant loan with a low-interest rate.


Third, what would happen if I was unable to make timely repayments?

To what extent you are penalized for making late payments is determined by the terms of your agreement. The penalties for defaulting on a loan are typically outlined in the loan agreement. When borrowers default on their loans, most lenders either increase interest rates or liquidate collateral.


When I apply for a loan, what kinds of questions can I expect to be asked?

When you apply for a loan, the lender can ask you anything they want to know about your finances, business, or the purpose of the loan. These are the topics most frequently covered in loan application questions, and your answers to them can make or break your application.


However, modern lenders today ask very few questions in order to expedite the loan process.



You can get a loan without providing collateral in a number of other ways. When it comes to instant loans and finding the answer to “where to borrow money in Nigeria,” however, it is clear that fintech companies like Quickteller Loan, Page Financials, and Palmcredit Loan are in the lead. They’ve constantly evolved to meet the demands of their clientele in any given epoch.


Today, it’s simple to get a loan if you need one. Here are some of the best places to apply for a loan in Nigeria, as recommended by our research team.


In fact, you can get a loan in Nigeria without putting up any kind of collateral. Look over the options and pick a lender who best suits your needs.


The maximum sum one can borrow varies. There are different borrowing caps set by different lenders.


Getting a loan from some of these companies can take as little as 5 mi

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