Top best and most reliable Nigeria loan apps and platforms

Whether during financial difficulty or emergencies, many individuals today seek loans for personal use and business purposes, to settle bills and cover expenses.

 

Securing a loan for personal or business purposes has evolved into a more seamless process; with a smartphone and internet connection anybody with a bank account can put in a loan request at any time and receive it instantly, in most cases. Some loan companies even allow you to use a feature phone by dialing a particular USSD code.

 
Let’s review a list of loan organizations in Nigeria. The list below was generated based on dominance and acceptability by the general populace: It’s important to note that there are no hidden charges. However, some of them will require that you have a good credit score before you can access a loan.

Content:

1. Carbon Loan App
2. Fair Money App
3. Palm Credit App
4. Branch Loan App
5. Kwikmoney App
6. Quick Check
7. Aella Credit
8. KiaKia Loan
9. Credit Ville
10.  .

• Carbon Loan App

With Carbon you can send money to anyone anywhere in Nigeria, you can also pay all your bills, and recharge airtime, with just a few taps on your smartphone and all at the lowest possible cost. You can download Carbon for android and ios

Transfers to Carbon account are completely free, and you can also transfer to any Nigerian bank account with only ₦10 charge of service fee.



You can automate your bill payments with Carbon loan. Choose from thousands of billers on the Carbon app. You can save recurring payments to make it easier next time and enjoy even free transfers to most service providers.

You an also create a a business account with carbon for transfers and bill payment for your business.

How To Get a Carbon Loan. 

After loan approval, you accept the offer and provide your card details. Usually, the duration of the loan ranges from 30 days to 12 months. You can get up to ₦1 million loan.

• Fair Money App

Get loans up to ₦1 million, a bank account with free transfers, a debit card for spending, and more.

The app helps you gain access to critical finance via the power of modern technology. It is fast, reliable, secure, and most of all, free! It's an android mobile banking app that makes getting loans and paying bills very fast and easy.

How to get a Loan on FairMoney

1. Download the Android app from Google Play Store.
2. Sign up or log in with your phone number or Facebook profile.
3. Create your profile (for new users) and/or submit an application.
4. Receive money in your bank account within minutes.

• Palm Credit App

Palmcredit is an online platform owned by Newedge Finance Limited where you can get a loan in Nigeria without collateral. With Palmcredit, you can access loans within minutes without having to worry about providing any collateral. You can apply for a loan by downloading the Palmcredit app from the Google play store.

More about Palmpay:

Launched in 2019, PalmPay is a mobile payments platform that offers a number of financial services. On the most basic level, it allows users to send and receive money through their smartphones into their PalmPay wallets or regular bank accounts. The company raised $40 million seed funding in November 2019.

How to get a loan from Palmcredit

Install the app on your phone. 
Register. 
Apply for loan. 

Get approval. 
Receive your loan.

• Branch Loan App

With the Branch app you can transfer money and pay bills for free, get instant loans up to ₦500,000, and enjoy investment yields of 20% per annum.

You can download the app from google playstore.

Also note that:

Branch offers loans from ₦2,000 to ₦500,000. Loan terms range from 4 – 52 weeks. Interest ranges from 17% – 40% with an equivalent monthly interest of 1.5% – 20% and APR of 18% – 260%, depending on your loan option. There are no late or rollover fees and no collateral necessary. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch. Standard SMS and data charges by your mobile carrier may apply.

Their services are as follows

1. As you build credit with Branch, you unlock larger loan amounts.
2. Simply apply through the Branch app and get approved in under 24 hours.
3. We offer flexible withdrawals so that you can access your money anytime, anywhere.
4. With the Branch Wallet, you can send and receive payments with your friends and family, at no cost.
5. Easily pay bills and purchase airtime and data bundles direct from your Branch Wallet.
6. Transact on the go and enjoy instant purchases.
7. They don't charge late fees or rollover fees.
8.  They don't put restrictions on how you spend your money, and they have customer support team available for 24/7.

• Kwikmoney App(Migo)

Kwikmoney is an instant loan service provided by banks, mobile network operators, and technology companies on a mission to make personal banking services available to as many as possible. Basically, Kwikmoney is anchored ontwo major values: Instant Loans & Instant Savings.

KwikMoney or just KwikCash is a Nigerian automatic and instant loan service which cooperates with banks, mobile networks and other telecommunication services. You can get loans very quickly, in 60 seconds or even less. The amount borrowed is then deducted from your account. Their minimum loan amount is N10,000 and the upper limit for a new customer is N50,000 with no collateral or guarantor required.

What are the Migo Loan Interest rates? 

Migo interest rates are not fixed. They provide Interest rates that range from 5%-25%. The applicable rate depends on the repayment history and loan term in question.

Requirement to get a loan from Migo:

1. Bank account
2. Bank Verification Number (BVN)
3. A working phone number
4. You must be up to 18 years and above
5. You must have been using your phone number actively for the last 90 days
6. Your account number must have been in active use for the last 90 days
7. You must have an account in of the following banks: First Bank, Access Bank, Diamond Bank, First City Monument Bank (FCMB), United Bank For Africa (UBA), Stanbic Bank, Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), Polaris Bank, Fidelity Bank, Heritage Bank, Union Bank, Unity Bank.

How to get a loan from Migo (Kwikmoney)

1. Dial *561#
2. Select loans.
3. Select request loan.
4. Wait for loan offer.

OR

1. Visit the migo website loan portal.
2. Input your phone number.
3. Complete verification.
4. Select check loan offer.
5. Provide your account number and details
6. Get your loan!

• Quick Check

QuickCheck is a popular loan platform in Nigeria that gives loan without collateral to Nigerians. They pledge to give instant loan and from the positive reviews from those who have used this app, it means they keep to their words

How To Apply

Note that Quickcheck`s loans can only be done with only android devices. It cant be don on any other platform or Operating System.

1. First, download the Quickcheck app from the Google Playstore. 
2. Sign up by filling in all the personal information required.
3. Fill in your Bank Details, including your BVN.

Then go to the slider on top of the app page and determine how much you would love to borrow. State the purpose of the loan, and for how long you hope to borrow the amount, known as the loan tenor.
Submit your application, and you will be told immediately if your application was successful or not.
If your application is successful, you will receive the disbursement of your loan within 24 hours.

• Aella Credit

Aella Credit is a financial technology company dedicated to providing instant loans to Africans through a mobile loan application platform. As it embarked on the search, the company needed to ensure it found technology that was more reliable and support the organization's web-based loan-processing software. Interest rates vary between 4% to 30% based on the borrower's profile. Aella Credit currently allows Mastercard, Visa and Verve cards.

Aella takes the hassle out of finance – efficiency, simplicity and ease of use is what you get with having all your financial services on one app. Whether you are a business or an individual, we put control back in your hands.

 FromAela credit:

Instant loans shouldn't be a luxury! We understand the urgency that comes from loan requests and we are determined to make sure you have access to sufficient funds promptly. No excuses, let’s make this work for you.

How Aella Credit works

1. Download Aella app: Download the Aella Credit app from Google Play Store or IOS App Store.
2. Create your account: Simply fill out your details in less than a minute and submit for a quick review.
3. Update your profile: Update your profile by providing answers to quick questions about you.
4. Check Eligibility: Click the "Check Eligibility" button to see the amount of loan you are eligible to borrow in seconds.
5. Apply for loan: Loans will be sent to your provided account in 5 minutes or less.
6. Receive funds in your bank account: Loans can be repaid via the App or directly to your personalized bank account. Build your credit score to qualify for higher loans.

 

KiaKia Loan

That swift, smarter, more convenient place to safely borrow and securely lend out real-time. KiaKia also known as Mr. K gives you access to personal and small business loans, and also enables you safely lend out funds at unbeatable interest rates.

Over ₦7,800,000,000 lent out, with the unbeatable KiaKia Peer-2-Peer Marketplace, you let your money work for you. Easy and convenient. Give out loans and earn fantastic returns. Or fund businesses and share from their profits. You choose a tenure that is most suited to you. All rates remain incredibly fantastic.

KiaKia Loan Requirements

1. Valid means of Identification
2. A bank account with Bank Verification Number
3. Proof of income from the workplace or business
4. A working email address
5. You reside in Nigeria
6. You must be 21 and above

How to Apply for KiaKia Loan

1. Visit the website and create an account with your accurate details
2. Start an application chat on the site
3. Upload a valid means of identification
4. Enter your desired loan amount
5. Choose the loan duration
6. Upload a screenshot of your last 3 salary or business income alerts
7. Accept the loan terms and conditions if your application is approved
8. Authenticate your bank account
9. Get credited

KiaKia Loan App
Currently, there is KiaKia loan app available for only android and Ios app stores. You can also borrow loans through their website. They claim that this is to allow customers with utility phones to access all their services.

How Much Can I Get from KiaKia Loan?
You can borrow as low as N10,000 and as much as N200, 000 from them.

Interest Rates
This loan attracts as little as 5.6% to as much as 24% in interest rates. Considering the speed of applications, this isn’t a bad rate base.

Loan Repayment
Repayment terms for the Kiakia loan are quite simple. You only need to have repaid the loan between 7 and 30 days. However, it is advisable to pay your loans earlier if you can because of the rewards that come with it.

• Credit Ville

Creditville is an online moneylender that provides Payroll based consumer loans to eligible individuals through their employer. The amount borrowed is then deducted from your monthly salary. 

They currently have on moblie app so all transactions are done online on their official website.

Creditville can provide an urgent or emergency loan quickly in your account within 48 hours after meeting the necessary conditions and documentation. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.

Eligibility criteria

1. You should be between 25 and 60 years
2. You must run a current account with a commercial bank in nigeria
3. You should be resident within the the states of our operation
4. You must have a verifiable monthly salary income
5. You must have a clear credit report
6. You must not have a history of returned cheque in your account

Requirements for loans if self employed

1. One passport photograph
2. 1 means of identification e.g national ID card, international passport e.t.c
3. Last six months statement of account
4. Certificate of incorporation
5. Memorandum of association
6. Post dated NUBAN cheques from the client
7. A suitable guarantor who will provide the following: employment/confirmation letter, one undated NUBAN cheque, copy of staff ID card, filled guarantor form provided by creditville limited

Requirements for loans if involved in paid employment

1. A suitable guarantor
2. 1 passport photograph(each from client and guarantor)
3. Copy of client employee ID card
4. Copy of guarantor employee ID card
5. Loan request application letter
6. Post dated NUBAN cheques from clients
7. One blank undated NUBAN cheque from the guarantor
8. Last six months salary current account statement stamped
9. Duly completed loan application form
10. Copy of letter of employment or confirmation of employment
11. Rent receipt
12. Proof of residence(PHCN, water bill)

Types/class of guarantors accepted

1. A guarantor who is a staff of any commercial bank
2. A guarantor who is a senior management staff of a blue chip(quoted)company
3. A guarantor who is a senior civil servant from grade level 14 and above.

• Paylater.
  

Paylater is an automated lending service focused on increasing access to credit financially under-served/excluded individuals around Africa.

Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. The loans are delivered via an Android mobile app, with lending decisions provided almost instantly. The usual amount for new borrowers is N10k

Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.

Eligibility criteria 

1. Valid bank details
2. BVN number
3. Android Phone
4. Complete application
   
   
   Conclusion:
   
   While most of these platforms claim to offer quick loans without any collateral, it is advisable to carefully study their Terms & Conditions (T&C) before throwing in an application.
   
   Another factor to consider is the interest rate and payback period. As a business, you will not want to go in for loans with a very short payback period except you very sure you will earn back the money in no-time.

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