Best Online Loan Apps in Nigeria Fully approved and Licensed

Best Online Loan Apps in Nigeria Fully Approved and Licensed: Getting loans online in Nigeria is a daunting task as most loan apps have proven to be nothing fraud. A lot of people have been overcharged with outrageous loan interest for just a small sum of money. Others have been embarrassed and physically assaulted for not paying on time or defaulting.

This list has been curated to help people who are interested in getting online loans with the lowest interest and biggest loan amount. There is also no case of harassment of defaulters as there are ways in which these companies can peacefully get their money.

All the lending apps featured on this article are fully licensed and CBN approved. Below are the Best Online Loan Apps in Nigeria.


Fairmoney is one of the best loan apps in Nigeria and is the second most download app after branch. Fair money is very flexible and the only disadvantage ids the high interest rate. Otter than the high interest rate, fairmoney is highly recommendable as they are fast in processing loans. Fairmoney has position itself as more than just a loan app as it offers beyond loan services with service for paying utility bills, saving money and transferring funds. Their debit card application also is very fast to process and arrives on time. With a large user base and a high number of downloads, the Fairmoney loan app stands out as one of the top mobile lending platforms in Nigeria. It does this by requiring simply the user’s BVN (bank verification number) for loan disbursement—collateral is not required. Users have reported receiving loans within minutes after applying because to this expedited process, which facilitates speedy loan approval.

With loan amounts ranging from 1,500 to 3,000,000, Fairmoney offers the greatest loan amounts among Nigerian loan applications, which is rather outstanding. In contrast to other lending apps, the Fairmoney loan app offers borrowers flexibility and longer grace periods with payback durations ranging from 61 days to 18 months.

Quickcheck Jumiapay

One of the fastest loan disbursement apps, which offers loans within minutes. The loans offered on Quickcheck is highly beneficial for individuals seeking quick loans for immediate financial needs.

With loans ranging from 1,500 to 500,000 available, the QuickCheck lending app gives customers a wide range of financial support. The portal also lets borrowers select a repayment plan that best fits their demands and financial situation by providing variable repayment terms, which vary from 61 days to 12 months.


One of the affordable loan apps in Nigeria which helps customers in getting loans and allowing them pay back at their convenience. The repayment period is between 3 to 6 months. Carbon allows users to purchase products and pay them back within a period of time.


Branch has over 10 million downloads and is the premier loan app in Nigeria. Branch loans caters for different financial needs y offering loans ranging from N2000 to N500000. The Branch app is dedicated which makes the loan offers accessible. The branch borrowing process is highly simplified. Branch is highly recommended and is one of the best so far.


Palm Credit has over %million Downloads.  Pal Credit is owned by Transnet Financial Nigeria Ltd. They provide loans without collateral, with a maximum limit of ₦100,000. The interest rates for these loans range from 14% to 24%. Borrowers are obliged to repay loans within a timeframe ranging from 14 days to 180 days after the funds are disbursed.


Managed by Blue Ridge Micro Finance Bank Limited, is a user-friendly lending ap that caters for the need of numerous Nigerians. It operates 24/7 and once approved is immediately transferred to the user’s account. Okash offers loans ranging from N3000 to N500000. The repayment plan spans from 91 days to 365 days. Okash is flexible to its users. The interest rates is calculate on daily basis and ranges from 0.1% to 1%. Okash has over 5 million downloads.

Alat by Wema Bank

Alat by Wema Bank is a Product of Wema Bank and has been declared as Africa’s first fully digital bank. It has been consistently introducing tailored products and services catering to different needs of its customers at various stages of life


In Nigeria, Renmoney is a lending business that functions as a microfinance bank. The organization takes great pleasure in being Nigeria’s most convenient online lender for both individuals and companies. It offers easy loans to cover expenses such as expanding your small business, remodeling your house, purchasing a new vehicle, paying rent, medical bills, school fees, and so forth. For a maximum of 24 months, you can receive up to 6 million Naira.


With over 1M downloads, Aella is gradually gaining popularity across the lending industry in Nigeria. The interest rate is quite very competitive and Aella gives out loan up to N100000 with a payment duration of 1-3 months.


Known as the “bank of the free,” Kuda offers its regular customers overdrafts, which are short-term loans. Notably, these overdrafts have a daily interest rate of 0.3% and are hassle-free, needing no paperwork. The payback term begins 30 days after the funds are disbursed, even though overdrafts normally last 90 days.


UMBA is quite new to the game but has positioned itself as a leader in the digital finance space. Via the UMBA app, users can easily apply for and repay loans with their mobile devices. Umba’s loans have a flexible length, ranging from 62 to 62 days. Users can receive credit amounts ranging from N2,000 to N30,000, meeting a variety of financial demands. Notably, Umba maintains a maximum annual interest rate of 10%, demonstrating its commitment to fair and open lending procedures.


With one million plus app downloads, new credit has come to stay as one of the best instant loan apps in Nigeria. New credit offers collateral-free loans and that is what stands them out. As a Nigerian, you can get a loan up to 300,000N. The loan repayment spans from 91 days to 365 days. and it accommodates different financial institutions.

Easy Cash

Easy Cash a brought out itself as a reliable and online lending platform with over 1 million app downloads. The app offers loans from N1000 to N100000. The repayment tenure spans from 91 to 180 days. Apart from the loan’s 14% annual percentage rate (APR), Ease Cash also charges a one-time processing fee for each transaction. This fee gives users a clear idea of the related costs; it ranges from a minimum of 5% to a maximum of 20%.

Money In Minutes

Money In Minutes is similar to Renmoney. Getting access to financial services here is swift and quite easy. It is a financial company originally from the Uk and has its presence in three continents. Money In Minutes expands its services by offering personal and business loans to anyone in need of financial support. This global presence demonstrates its dedication to reaching and assisting borrowers in a variety of geographic regions.


The Lendigo App is mostly for Small and Medium-sized Enterprises (SMEs). It was developed by Lendigo to set an example for a financial tech firm solely set up for SMEs. Money In Minutes expands its services by offering personal and business loans to anyone in need of financial support. This global presence demonstrates its dedication to reaching and assisting borrowers in a variety of geographic regions.

There are a lot of other loans and lending apps online in Nigeria that are equally very good, but we have listed these ones because their services are just outstanding.

How to Apply for Loans with Loan Apps in Nigeria

Getting loans via loan apps has become a convenient way to get funding for your businesses and lifestyle right at the comfort of your home.

  • Applying for and getting these loans is not hard. First of all, you need to do research for the best online loan apps in Nigeria by making a search on google using the exact keywords as mentioned above. After doing a review of the apps that suits your need, download the loan app you need via the Google playstore or IOS and install the app into your device.
  • Next you create an account on the app using either your grail or phone number
  • Verify your identity by submitting a live photo of yourself, and a goverment issued ID card such as NIN.
  • Link your bank account and BVN for account verification.
  • Finally fill out the loan application with correct details including your guarantors’’ details.
  • Wait for approval and loan to be disbursed into your bank account.


This article has listed over 16 online loan apps for getting small loans and large funding for your business. We have also done a summary of how these loans work and how you can apply for them. Follow our instructions and apply for any of the loans in the loan apps. If you found this article useful and helpful, please share and leave a comment as well. Thanks for stopping by.


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