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Top 8 Easy Loan Apps in Nigeria

By Oluchukwu Ikemefuna

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If you want to get an easy loan in Nigeria, check out the list that we have curated in this article, it contains the top 8 easy loan apps in Nigeria.

Let’s be honest – this economy is tough. There, we finally said it. Because why is every item screaming a high price? You leave the house for five minutes, and you’ve already spent ₦200,000. Now, your account balance is staring at you with ₦17.00. 

We know how it feels. You’ve told yourself that you need additional funds to survive the remaining 27 days of the month, and that’s why you’re here—hunting for a loan.

Since the economy is already tough, it would be pathetic to make it more complex. Imagine going through never-ending procedures and obstacles while trying to bag the loan. Discouraging, right? So we’ve cut out the complexities and put together the top 8 easy loan apps in Nigeria. We have analysed these apps based on: 

– Customer review

– Procedural ease 

– Interface

– Interest rate

Notwithstanding that these apps have made it easier for customers to take a loan, their parent Banks still abide by the operational standards stipulated by the Federal Competition and Consumer Protection Commission (FCCPC), the Central Bank of Nigeria, and other regulatory agencies. 

Top 8 Easy Loan Apps in Nigeria

#1: Branch, by Branch International Financial Services Ltd.

Loan Limit: ₦500,000

Disbursement Time: 2-5 hours

Repayment Period: 61-180 days

Interest Rate: Monthly percentage rate from 3%-23% and Annual Percentage Rate (APR) from 34 to 271%, calculated based on your risk profile.

Branch is a high-rated easy loan app in Nigeria. Boasting over 40 million downloads, Branch borrows you a fast and secure money.

The application process is 100% digital: it requires no collateral or documentation, no lending origination fees, processing fees, or hidden costs. Below are the simple steps you will take to take to secure a loan from Branch:

  • Download the Branch app on the Google Play Store
  • Register with your mobile number and a verification code 
  • Allow the app to access your location, contacts and SMS. 
  • Fill out your personal information and BVN 
  • Take a selfie to verify your identity 
  • Based on your financial history, you will be given a loan offer
  • Accept the offer, and await approval and funding.

Also read: Best Loan Apps with Low Interest Rate in Nigeria

#2: Palmcredit – by Transsnet Financial Nigeria Ltd.

Loan Limit: ₦300,000 

Disbursement Time: 5 minutes 

Repayment Period: 91-365 days 

Interest Rate: APR from 24 to 56%.

Boasting over 5 million downloads, Palmcredit offers easy loan without collateral. As customers often testify, it has one of the most user-friendly interfaces for a lending app in Nigeria. 

Follow these steps on Palmcredit to obtain a credit:

  • Download the App from the Google Play Store or Apple App Store
  • Register with your mobile number
  • Fill out basic information and submit
  • Apply for a loan and await approval.

A major advantage of Palmcredit is that you can increase the credit limit and reduce the interest rates on your next credit request by repaying present ones before the due date. 

Note, lenders must be between the ages of 18 and 60 to qualify for this credit, and must be currently resident in Nigeria. 

#3: FairMoney – by FairMoney Microfinance Bank

Loan Limit: ₦3,000,000

Disbursement Time: 5 minutes 

Repayment Period: 3–18 months

Interest Rate: APR from 30 to 260%

No one talks about easy credit in Nigeria without talking about FairMoney. A well-known lending app, FairMoney has over 10 million downloads. 

You can secure a personal loan of up to ₦3,000,000. You can also get up to ₦5,000,000 in business loans by applying for an SME loan. Here are the steps to take to secure a loan on FairMoney:

  • Download the app on the Google Play Store or Apple App Store
  • Register with your mobile number 
  • Insert the credit amount you need and your monthly income 
  • Insert your BVN and other personal details 
  • Await approval and get your credit in minutes! 

Also read: Top 10 Online Banking Apps in Nigeria 2024

#4: Okash – by Blue Ridge Microfinance Bank Limited.

Loan Limit: ₦1,000,000

Disbursement Time: 5–10 minutes

Repayment Period: 91-365 days

Interest Rate: Monthly rate from 0.1-1%, and APR from 36.53 to 60%

Established by the Blue Ridge Microfinance Bank, Okash has been downloaded by over 5 million users in Nigeria. The Okash App is user-friendly and operates seamlessly, as a user testifies below: 

“Prompt payment, easy registration and loan application process are simple. Payback is also easy.

James Martins, Okash User. 

If you change your mind about a loan, OKash allows 24 hours after disbursement within which to cancel. Follow these steps to get your credit on the Okash app:

  • Install the App from the Google Play Store, Apple App Store or the Okash website 
  • Register with your mobile number
  • Select your loan option
  • Complete a form on your personal information and submit
  • Await a verification call and approval 
  • You will be given a loan agreement to sign (you can use your digital signature)
  • Await disbursement and enjoy your money. 

#5: Renmoney – by Renmoney Microfinance Bank 

Loan Limit: ₦6,000,000

Disbursement Time: 5 minutes to 24 hours, depending on the loan amount 

Repayment Period: 91-365 days

Interest Rate: Monthly interest rates from 2.12 to 2.65% and APR from – 25.44 to 31.8%

Renmoney prides itself on over 1 million downloads and about 3 million approved loans. The process requires no collateral or guarantor. For small credit between ₦5,000 to ₦100,000, no paperwork is required.

However, minimal paperwork is required for large loan amounts, such as a bank statement, utility bill or any other proof of address. Upon timely repayment, you are entitled to lower interest rates and longer reimbursement periods. 

Follow these steps to obtain a loan on Renmoney:

  • Install the App from the Google Play Store
  • Register with your email address
  • Insert your personal details 
  • Select your loan option
  • Submit documents for large loan amounts
  • Await approval, verification and disbursement 

#6: Aella – by Aella Financial Solutions Ltd.

Loan Limit: ₦1,500,000

Disbursement Time: 5 minutes 

Repayment Period: 61-365 days

Interest Rate: 2%-20% monthly and APR from 22%-264%/annum.

With 1M+ downloads on the Google Play Store, this app has an average of 3.2-star rating as of 2024. The Aella App was launched in 2019 and continues to prove itself as one of the most reliable means of securing an easy loan in Nigeria.

“The best so far. Easy to access. Prompt response and faster. Aellacredit gives no stress at all…their app does not delay at all.” 

Bosede Adegoke, Aella user

The procedure for getting your loan credit alert is swift and straightforward. Below are the brief steps you need to to obtain a loan from Aella:

  • Download the App from the Google Play Store or Apple App Store 
  • Register and update your profile
  • Check your eligibility
  • Choose your loan amount and insert relevant details
  • Await approval and funding 

Also read: 8 Illegal Digital Loan Companies in Nigeria You Should Avoid 2024

#7: Carbon – by Carbon Microfinance Bank 

Loan Limit: ₦1,000

Disbursement Time:

Repayment Period: 61-365 days

Interest Rate: Monthly interest rate between 4.5 to 30%, and APR of 195%/annum

Carbon is a modern and efficient, easy-to-use loan app with a friendly interface. These are all you have to do to secure your easy loan on Carbon:

  • Download the App
  • Fill in your personal details to set up your account 
  • Apply for a loan 
  • Await approval and verification. 

The app is available on Google Play Store, with over 5 million downloads as of 2024. It is also available on the Apple App Store. Alternatively, you can head to the Carbon website and scan the QR code to download. Before downloading the app, you may be curious as to how much interest you’ll be paying on a loan. This is made possible with the Carbon loan calculator

Carbon also offers Carbon Zero, a “Buy now pay later product.” You can use this product to pay for products over four instalments, and without interest. 

#8: Newcredit – by Newedge Finance Ltd

Loan Limit: ₦300,000

Disbursement Time: 5 minutes

Repayment Period: 91-365 days

Interest Rate: APR from 24 to 56%/annum

With over 5 million downloads by the first quarter of 2024, Newcredit is one of the easy loan apps in Nigeria that is gaining traction.

Although it requires minimal paperwork, Newcredit is still fast and easy. Over 65,000 users have rated it a whopping 4.1. 

Steps to follow:

  • Download the Newcredit app on Google Playstore 
  • Register with your active phone number
  • Enter your personal information and BVN 
  • Select your loan amount and apply with relevant documents 
  • Await approval and funding

Frequently Asked Questions 

Do These Easy Loan Apps Operate 24/7?

Yes. All loan apps are accessible 24/7. This means you can submit your loan application even in the middle of the night. However some apps do not employ AI, thus if you tender an application after working hours, it might take a longer period for an agent to approve your application and funding. Some apps may also face technical issues that limit your access.

On What Basis Might My Loan be Disapproved?

Your loan application may be rejected due to an unreliable source of monthly income, insufficient monthly income, recent bankruptcy, and the like. To ensure you get your instant loan, put all these necessities in place before making your application. 

What are the Interest Rates for an Easy Loan in Nigeria?

Interest rates for an easy loan in Nigeria vary based on your loan provider, the loan amount, and the reimbursement time. Your APR could be as low as 24%, or as high as 360%. While the monthly interest rate ranges from 0.1% to 24% or more. 

Got Other Financial Challenges? Let’s Help You Solve Them 

Whether you have questions about securing a loan, or about loan options, we have answers. Whether you’re struggling to save, or looking for an additional source of income, we have answers. 

We want to help you keep a healthy and sustainable financial life, hence we have articulated several articles to guide you through your financial journey. All the answers from our financial experts are here for you.

So take your first step to securing that loan. Pay off the debt within due time, and return to our blog anytime for more insights. We are certain you would thank us for it. 

Follow us for more on X or Twitter, @SiliconAfriTech.

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Oluwajuwon Oladiti
Oluwajuwon Oladiti

Oladiti Oluwajuwon is an ardent reader and a voracious writer who is passionate about informing the public with first-hand, authentic information. His writing expertise has spanned over 5+ years, an odyssey that began in 2018. Over the years, he has crafted pieces across multiple domains, including religion, education, politics, and tech. There are two principles at the core of his writing: information must be genuine and accurate, and there is nothing erudite about speaking in terms people don't understand. While maintaining technicality, messages must be passed in a way that resonates with the readers.

Oluwajuwon is also a software engineer who specializes in backend development with Python, and he has an unwavering passion for music, pop genre especially.

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