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Top 8 2022 Best Online Loan Applications In Nigeria



Online loan application

At a time when money is the most crucial necessity for daily survival in the country, many are resorting to instant loan application to fix their financial predicaments.

So what are the best loan apps in Nigeria?


This article provides a comprehensive exposition on mobile loans in Nigeria, providing answers to the question:

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“Which is the fastest loan app in Nigeria?” and gives a definitive response to the debate on the most reliable instant loan apps in Nigeria.

But first, let’s examine if any loan apps offer loans without BVN, discover the Nigerian loan app with the lowest interest rate, and conclusively answer some frequently asked questions about loan apps.

Which is the fastest loan app in Nigeria?

According to customer feedback, Palmcredit provides the fastest loans in Nigeria, with requests getting approval within three minutes.

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This app provides instant access to loans of up to 100,000 NGN, which may be granted on your mobile device at a rate that is, by all accounts, the quickest among the best loan apps in Nigeria.

Which app in Nigeria provides loans without a BVN?

None. There is no reputable loan app in Nigeria that does not require a BVN. This is because the BVN is the most effective paperwork for the loan app in the event of default.

A BVN is also the legal document needed to verify the identity of individuals requesting loans in Nigeria via loan apps.

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How to report loan apps in Nigeria

In several instances, loan apps in Nigeria have been found guilty of using coercive or even unlawful methods to get loan repayments from borrowers.

This tactic has become even more incessant following the plummet of the naira, which can no longer be considered a top African currency.

To report loan app harassment in Nigeria, send an email to, which is the Federal Competition and Consumer Protection Commission, FCCPC.

However, it is vital to note beforehand that this authority is strongly opposed to the practice of using loan applications in Nigeria since the FCCPC states that they are unregulated.

Which is the best loan app in Nigeria with the lowest interest rate?

Among the most reliable loan apps in Nigeria, Branch’s 2.5% to 20% monthly interest is the most competitive.

The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.

Can loan apps block my BVN?

No loan app in Nigeria can block your BVN, as this is an imperative action that can only be executed by the CBN.

Instead, if you fall short of mobile loan standards, your identity will be reported to the National Credit Bureaus.

This financial body will label you a high-risk borrower, making it more difficult for you to get a loan from any loan platform in the future.

Having a negative rating with the Bureau may seem trivial at the moment, but if you plunge into a financial crisis and require credit, no Nigerian loan app would provide you with one owing to your poor credit history.

For this reason, you should never cease paying your loans, and if you have not done so, you may contact the loan app for assistance in negotiating a reduction on your debt.

Can you go to jail for not paying a personal loan in Nigeria?

In most situations, failure to repay a loan does not constitute a criminal offence since it is strictly a civil issue. Civil debts are those incurred via personal loans, wages, mortgages, or credit cards; thus, nonpayment of a loan does not result in imprisonment.

Nigerian law does not recognise nonpayment as a ground for incarceration since a person who loses his job, becomes ill, or is involved in an accident cannot continue paying his debt.

Given this viewpoint, you mustn’t believe that halting payment has no repercussions since loan defaults may result in the seizure of assets or even your house.

If it can be proven that you sought a loan with the aim of never paying it back, you may be imprisoned. In the event that there is substantial evidence that you intended to perpetrate fraud, the nonpayment will be considered a “patrimonial offence”.

The preceding mostly relates to individuals or organisations committed to scamming financial institutions or, concurrently, stealing the identities of individuals in order to obtain finance in their names.

Never borrow more than you can afford to repay, and if you fall behind on payments, negotiate with the loan platform or seek employment at a high-paying Nigerian job.

Top 8 best loan apps in Nigeria 2022
The following are the best loan apps in Nigeria in 2022:

8. Aella loan app

Online loan application

Aella is one of the best loan apps in Nigeria.

Regarding getting money in Nigeria, Aella is one of the best loan apps in Nigeria, providing non-collateralized loans of up to 1,000,000 NGN to help ease the blow of unexpected costs.

Aella offers loans at low-interest rates, demands no late fees, and allows you to build your creditworthiness via prompt loan repayment to qualify for larger loan amounts and reductions.

In exchange for timely loan repayment, you will get cash back on the interest paid.

Aella offers loans ranging in size from 1,500 NGN to 1 million NGN. Numerous variables influence your loan offer; therefore, it is in your best interest to utilise your smartphone and submit the necessary information to acquire the best potential loan offer.

Loan terms vary per borrower but often range between one and three months for repayment.

Depending on the borrower’s characteristics, interest rates range from 4 per cent to 30 per cent. Consider requesting your employer or personnel director to integrate with Aella to get a cheaper interest rate.

Aella, being the eighth best loan app in Nigeria, requires your BVN to authenticate that you are the owner of the given account information.

This guarantees someone else cannot use your information to apply for a loan in your name.

Instant loans from Aella do not need paperwork since the procedure is fully paperless.

The only requirements are an Android device, a data connection, a legitimate form of identity, and valid bank information.

As one of the best loan apps in Nigeria, Aella has a rich history of innovation.

According to their website, they were the first digital lender to pilot in Africa’s biggest market.

In 2017, they became the first African lending firm accepted into Y Combinator and issued B2C loans under the Aella Credit brand. In their first year of offering B2C loans, they reportedly attracted more than 350,000 users by 2018.

How to borrow from the Aella loan app
Install the Aella App
Register an account
Complete all relevant fields with valid and pertinent data.
Click the “Check Eligibility” button to find out how much you may borrow.
Apply for a loan that meets your needs.
Obtain money in your Aella Wallet.

7. Umba loan app

Online loan application

Umba is one of the best loan apps in Nigeria.

The seventh best loan app in Nigeria is Umba, which enables users to apply, drawdown, and repay loans. Once a person’s identity has been confirmed, Umba uses a risk assessment to make loan choices.

In addition to mobile loans, Umba is also a full-fledged mobile bank. To expedite loan disbursement, Umba, available 24/7, eliminates the need for documentation, collateral, or in-person visits.

You may use your Umba loan to transfer funds straight to your M-Pesa account, retailers, and utility service providers.

Umba does not impose late fees or rollover costs, and you may have access to larger loans, reduced rates, and more flexible payment terms as you repay.

It uses your phone’s data, including your SMS history, to authenticate your identity and generate a credit score, making obtaining a personal loan straightforward.

As one of the best loan apps in Nigeria, Umba also ranks among Nigeria’s most secure, as they prioritise your privacy and pledge never to share your information with other parties.

There is a maximum term of 62 days for Umba loans, with a minimum loan amount of 1,115 NGN and a maximum sum of 89,182 NGN. The maximum APR is 10% with no commission or VAT.

Several automated variables determine your loan offer: as you continue to make repayments, the loan amount will rise over time.

How to borrow from the Umba instant loan app.

Register an account.
Apply within minutes.
Receive an Umba Loan?
Increase your borrowing limit whenever a loan is repaid on time.

6. Okash loan app


Okash is one of the best loan apps in Nigeria.

OKash is a Blue Ridge Microfinance Bank micro-lending program powered by OPay and is among the best loan apps in Nigeria. The Okash instant loan app excludes borrowers under the age of 20 and those over 55 from receiving loans.

In addition to your age, OKash uses information from your smartphone, such as the specifications, financial transaction messages, and the reason for your loan, to create a customised credit score and select the most suitable loan offer for you. Also taken into account is your OKash repayment history.

As well as taking the crown as the sixth best loan app in Nigeria, Okash is one of the fastest loan apps in the country, crediting loans in minutes, and the daily interest rate is 1.2% for a set duration of 15-day increment.

How to borrow from the Okash instant loan app.

Launch the OKash or OPay app.
Locate “loan” and begin the loan application procedure.

5. QuickCheck loan app

Qickcheck application

Quickcheck is one of the best loan apps in Nigeria.

One of the best loan apps in Nigeria, QuickCheck is also one of the country’s most innovative. Loan applications are promptly evaluated using machine learning to forecast borrowers’ behaviour.

The Quickcheck loan app is PCI DSS-compliant to provide the highest levels of data protection with the loan interest rate set at 1% per day throughout the duration of the loan.

What is PCI DSS?

The Payment Card Industry Data Security Standard (PCI DSS) is a collection of rules designed to guarantee that all organisations that handle, store, or transfer credit card data maintain a secure environment.

It was introduced on September 7, 2006, to handle PCI security requirements and enhance account security across the transaction process.

The PCI Security Standards Council (PCI SSC), an independent group founded by Visa, MasterCard, American Express, Discover, and JCB, maintains and monitors the PCI DSS.

In consideration of its users, a minimum of seven days’ written notice is required for any interest rate modification to affect a borrower’s account.

A QuickCheck loan does not require you to submit any paperwork, but it does solicit your accurate answers to the questions you are given when entering your personal information.

If any information is prevaricated, you will not be able to apply for QuickCheck loans.

You may borrow up to 10,000 NGN for 30 days as a first-time user, but early payback promises more significant amounts and cheaper interest rates.

Loan repayment may be made more convenient and flexible by making weekly instalments.

Apply for a new loan and toggle the “instalment or one-off payment” option to see how much you’ll have to pay each week in instalments.

If you default on a loan, the National Credit Bureaus will classify you as a high-risk borrower, making it more difficult for you to get credit in the future.

Although the fifth-best loan app in Nigeria, Quickcheck’s major flaw is that it doesn’t stand out as one of the fastest loan apps. After approval, you’ll have to wait roughly 24 hours to obtain your money.

However, QuickCheck makes up for this deficiency by being one of the loan apps with the lowest interest rate in Nigeria.
How to borrow from the QuickCheck loan app
Download the app from the Play Store.
Create a profile by registering for an account on Quickcheck.

Quickcheck will immediately check your credit score when you apply for a loan and use machine learning to determine your eligibility. If authorised, funds will be sent to your bank account within minutes.

4. Palmcredit loan app

Palmcredit application

Palmcredit is one of the best loan apps in Nigeria.

With user experiences pinning payout at under three minutes, Palmcredit is, by all accounts, the fastest loan app in Nigeria.
A virtual credit card and one of Nigeria’s most seamless loan apps, Palmcredit gives you fast access to loans of up to 100,000 NGN, which may be granted on your smartphone in minutes.

Palmcredit loans vary from 2,500 NGN to 300,000 NGN, with terms ranging from 4 to 26 weeks and interest rates ranging from 5% to 28%, with an annual rate of between 24% and 56%, to feed the insatiable requirements of Nigerians.

Because it allows customers to take out as many short-term loans as they need without having to wait for approval, Palmcredit has become a popular mobile loan option in Nigeria and is one of the best loan apps in Nigeria.

Your credit score will be updated as soon as you make a repayment, and you may lower your interest rate by paying back the loan quickly.

This top-rated instant loan app requires no collateral or documentation and offers a payback duration of 91 days to 365 days.
Palmcredit is the fourth best loan app in Nigeria since it does not impose any hidden fees, rollover fees, or transaction costs. Individuals aged 18 to 60 are the only ones eligible for their loan offerings.

How to borrow from the Palmcredit instant loan app.

Download Palmcredit and create a user account.
Submit the form by filling in all the required blanks.
The amount you want to withdraw and how you want to pay it back may be entered on the withdrawal page.
After visiting the withdrawal page, enter the withdrawal amount and repayment method to initiate a withdrawal request.
The platform will not lend until you have applied.

3. Fairmoney

Fairmoney application

Fairmoney is one of the best loan apps in Nigeria.

Offering over 10,000 loans per day, Fairmoney ranks third on our list of best loan apps in Nigeria. They provide loans ranging from 1,500 NGN to 1,000,000 NGN, with payback terms ranging from 61 days to 18 months.

Fairmoney is also one of the fastest loan apps in Nigeria as they complete disbursement in five minutes.

The APR ranges from 30% to 260%, or a monthly interest rate of 2.5 per cent to 30 per cent, making Fairmoney a top option for low interest loan apps.

A mobile bank for emerging markets, the Lagos-based company promises to offer more than just an instant loan app.

Fairmoney asks for nothing more than a few papers or a piece of collateral, which has bolstered its reputation as one of the best loan apps in Nigeria.

To authorise a payback debit, you need to link your card or bank account and give your BVN information during the loan application process.

Due to the legislation, if you attempt to default on the loan, you risk losing your FairMoney account and a credit report to CRC and FirstCentral.

Because they are based in Europe, Fairmoney has a higher reliability rating than the majority of the applications in the instant loan sector as they adhere to European data security requirements. Fairmoney is, in fact, one of the highest-rated Nigerian loan apps on the Google Play Store.

It’s important to note that FairMoney gathers and analyses data from your mobile phone to make a lending decision for mobile loans. This information is required to authorise your loan in real-time without requesting more documents from you.

How to borrow from the Fairmoney instant loan app.

Visit the Google Play Store and download FairMoney on your phone or tablet.
To get a loan offer, you’ll need to register using the phone number connected to your BVN and answer a few questions.
If you agree to it, your loan will be sent directly into your bank account of choice.

2. Branch loan app

Online loan application

Branch is one of the best loan apps in Nigeria.

Branch is the second-best loan app in Nigeria, and like Carbon, progressively unlocks more significant loan amounts.

The branch provides loans ranging from 2,000 to 500,000 NGN for 4 to 52 weeks. The APR runs from 18 to 260 per cent, depending on your loan, with an equal monthly interest rate of 1.5 per cent to 20 per cent.

No late or rollover fees apply, and no collateral is required. Interest rates are influenced by a number of variables, including your repayment history and the branch’s cost of funds.

Suppose you’re worried about heavy-handed mobile loan companies. In that case, Branch might be your go-to loan app in Nigeria since they promise not to condone abusive debt collection techniques such as public humiliation.

As one of the best loan apps in Nigeria, Branch analyses smartphone data with the full approval of consumers to evaluate loan eligibility.

Thousands of data points are processed by the loan app’s learning algorithms, which provide personalised loan alternatives in a matter of seconds, making it one of the fastest loan apps in Nigeria.

How to borrow from the Branch instant loan app.

Download Branch on your Android device from the Google Play store.
Fill out the short form and send it in for a rapid evaluation to create your account.
When you fill out an application for a loan, the money will be paid directly to your bank account or mobile money within minutes.

Repay the loan using your smartphone and improve your credit score to access more significant loans in the future.

1. Carbon loan app (formerly PayLater)

Online loan application

Carbon is the best loan app in Nigeria
With Carbon, you can borrow up to a million NGN without collateral, guarantors, or paperwork. Citing these unique characteristics, the Carbon Loan App has earned the coveted title of Best Loan App in Nigeria.

Carbon is a Lagos, Nigeria-based platform that provides users access to finance, convenient payment solutions, and high-yield investment options.

Those who pay off their loans on time are eligible for cashback on the interest they pay, as well as more significant loan amounts and cheaper interest rates.

Because of its reputation for dependability, there are no late fees, rollover fees, or processing expenses with the Carbon loan app. Users only pay what they owe, a much sought-after feature expected of all of Nigeria’s best loan apps.

Founded by Chijioke and Ngozi Dozie, Carbon Mobile Loan is led by the former as CEO and the latter as Managing Director, respectively.

How to borrow from the Carbon loan app.

Install the Carbon application from the Google Play Store or the App Store.
By giving your information, you get closer to gaining access to financing. It is secure and safe.

Carbon will evaluate your application and inform you of your eligibility when you’ve specified the amount you want to borrow.
Once accepted, Carbon will immediately deposit the cash into your account.

Hammed Tajudeen is the Editor-In-Chief of Blaze Newz Nigeria, graduated from Osun State Polytechnic, Iree with Higher National Diploma (HND) in Mass Communication.

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