7 Best Loan Apps and Platforms in Nigeria

Top loan apps in Nigeria
Curated logos of top rated loan apps in Nigeria

You’ll agree with me that;

A good loan can do a lot for your business and personal finance. However, we all know that securing the best loans in Nigeria can be difficult.

It is also common knowledge that getting a loan from the wrong source or without proper information can affect you significantly. A bad loan can affect your finances, your relationships, and also trigger negative consequences to your mental health.

For these reasons, we would be providing the best loan apps and platforms in Nigeria. In this article, you will also find tips on how to avoid scam loans and how to choose the best loan providers.

Let’s start;

Best Loan Apps in Nigeria

This article will be reviewing the top loan apps for Individuals and for small businesses in Nigeria. 

Let’s begin with;

Top Personal Loan Apps in Nigeria

1. Branch App

The branch loan app is one of the best loan apps in Nigeria. With a branch loan app installed on your device, you can receive a loan in your bank account in record time. Reports have it that users can receive a loan in 15 minutes or less. Interestingly, you don’t need collateral or any special requirement to access the loan. Nonetheless, new users are expected to provide their BVN for identity verification.

For new users, you can borrow loans only for a short term. This term is usually between 1month and 3month. You should also know that your credit score would affect your interest rate. As a plus, Branch allows its users to choose various repayment options. Depending on the loan terms, the repayment option involves weekly, bi-weekly, and monthly repayment. You should also know that the longer your repayment time frame, the higher the interest.

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Branch monthly interest rate ranges from 1.7% to 22%. The interest rate charged depends significantly on your risk profile. Hence, a new user may be charged an interest rate as high as 20%. For instance, if you take a loan of N5000, the cost on the loan would be N1000, and you will be expected to pay back N6000 per month. Nonetheless, your interest rate can fall significantly depending on your credit score.

Branch gives out loans starting from N1000 up to N200,000. So, it is most recommended for individuals and not for businesses.

Download Branch App.

2. FairMoney Loan

Fairmoney works like the Branch app. However, it is strictly a loan app. As one of the best loan apps in Nigeria, users can enjoy instant loans with an average interest rate. Users can receive loans from N1500 to N1,000,000. You should know that not everyone can get access to an N1,000,000 loan. After registering, Fair money uses adequate technology to assess your earning capacity and credit score before giving out loans. 

Depending on your credit score, fair money loans start at 2.5% interest up to 30%. New users with no credit score can get loans at 16% monthly interest and above. For instance, if you take a loan of N10,000 as a new borrower, you may be expected to pay N1600 as your loan cost. So, by the end of the 1-month term, you are expected to pay back a total sum of N11,600.

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In addition, you can choose to repay your fairmoney loans within different time frames. This is also dependent on your credit score. New users are expected to pay back their loans within a month to three months, and they can pay in desired intervals, either bi-weekly or monthly.

Get the Fairmoney app!

3. PalmCredit

Palm Credit and Palmpay work together. They are similar apps owned by Newedge Finance Limited. While Palmpay allows users to receive money, pay bills, and earn rewards, Palm Credit is meant for loan servicing. Palm Credit connects with telecommunication companies and Banks to provide loans to its users. 

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With a monthly interest rate of 4% – 4.7%, Palm credit is amongst the loan apps in Nigeria with the lowest interest rates. As a plus, this app also gives a referral bonus when you refer your friends to use the app. They also track your credit score.

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Before downloading the Palm Credit loan app, make sure you are above 18 years, and you have a BVN.

Download Palmcredit here.

Top Business Loan Apps and Platforms in Nigeria

Securing a business loan for your small business can be a daunting task. Whereby, many small businesses are scared of approaching their local banks, as the process may be long and require significant collateral. However, with the rise of fintech in Nigeria, accessing loans for SMEs is now easier. 

If you need a small loan for your business, you can consider the following listed loan apps and platforms in Nigeria.

1. Carbon

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Carbon app rates well amongst other loan apps in Nigeria. This app was previously referred to as the Paylater app. With the apps, users can assess cheap loans with low-interest rates. Nigerian businesses can receive loans up to N1 million naira with a monthly interest of 1.7% – 30%. When you make a timely loan repayment, your credit score will be boosted, and you can access higher loan amounts.

7 Best Loan Apps and Platforms in Nigeria
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2. Aella Credit

Aella Credit is affiliated with three top credit bureaus in Nigeria. Their affiliations enable them to assess credit scores and make better options in loan servicing. You should know that their loans are available to employees and small business owners across Africa. With Aella credit, you can receive instant loans without paperwork and collateral. This does not, however, imply that you won’t fill out an online form.

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After five years of gathering market data and making analyses, Aella credit can now assess customers’ credit scores and determine whether they are a good fit for their loans. Aella Credit uses social demographics, earning capacity, credit score to determine the best loan for their users.

Get a Loan from Aella Credit here.

3. KiaKia

If you understand Nigerian pidgin English, you’ll know KiaKia translates to Fast Fast. This is truly the speed of KiaKia Loan servicing. They give fast and instant loans to small businesses across Nigeria. KiaKia’s solution is trustworthy and efficient as it is developed with the right technology.

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KiaKia assesses customer credit score and risk using a trusted algorithm. Their algorithm is backed by machine learning, digital forensics and big data. With this, they can understand the best loans suitable for businesses of specific demography and history.

Check this post on The Top 9 Credible Online Investment Options for Nigerians

4. Lidya

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Lidya provides unsecured loans to small businesses across Nigeria. SMEs can get business loans from $500 to $15000. However, a company would receive loans depending on their demographics and credit score. After submitting the required information, businesses can get access to loans. These loans also come at little cost to the business owners.

Tips for Choosing the Best Loan Apps and Platforms in Nigeria

1. Have a Plan: it is crucial you don’t collect any loan without a proper plan. Consider how you would get the cash back and repay on time. Not having a plan can lead to late repayment, which will, in turn, affect your credit score.

2. Consider the speed of delivery: How soon do you need this loan? This should be factored in when choosing a loan app. If you have not developed a credit score, you may get an instant loan but usually a small amount. Your unique scenario should determine the loan app you choose. 

3. The fees attached: When choosing a personal loan app or borrowing from one, consider the costs attached. Fees may come in terms of origination fee, sign up fee, and interest rates. Sign up fee is a one-off fee. Origination fees are charged from the loans you get. For instance, if the origination fee is 15% and you borrow N10000, N1500 would be removed from your loan amount, and you’ll be disbursed with N8500. 

Most loan apps with original fees would also charge an interest rate or an APR and late repayment fees. Assuming you take that loan of N10,000 and the interest rate is 20% bi-weekly. You’ll receive N8500 and would be expected to pay N12,000 after two weeks. This is quite much and may not be the best option. So at all costs, avoid loan apps with origination fees. 

4. Read Google Reviews: Google play store reviews are available for a reason. Always endeavour to go through the critical reviews before downloading a loan app. Some loan app management in Nigeria goes as far as sending spam messages to your entire contact list when you don’t repay on time, and they also threaten their users. To avoid these scenarios, avoid apps with bad reviews. 

The same energy should also be given to all positive reviews with no bad claims. These reviews may be false, and you risk becoming a victim when using their product.

5. The monthly payment: If you can’t afford the monthly payment, don’t take such loans. Alternatively, you may want to choose a more extended repayment period for a lesser monthly payment. However, you should note that the longer the repayment period, the higher the cost of the loan. 

When considering the monthly payment, it is advisable you don’t take a loan as high as 40% of your monthly income. Say you earn N50,000 monthly, your monthly repayment should be N20,000 or less. Taking a loan higher than this may affect your day-to-day survival. You can opt for this if there’s another means of support like a side-hustle or your partner.


We have shown you the best loan apps in Nigeria for Individuals and businesses. There are numerous other apps and platforms available on the Play Store and App Store. However, we have limited our list to only the credible and most rated loan apps by Nigerians. As an addition, we have also dropped tips that would guide you in choosing a good loan and a good loan app.

It’s your turn now!

Which loan app would you be getting your next loan from? Which tip do you find most valuable? Do you have any questions or suggestions?

Tell me in the comment sections.

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