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According to the Central Bank of Nigeria (CBN), Microfinance banks are companies licensed by the CBN to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer, and non financial services to microfinance clients. The smallness of the loans or financial services rendered is what differentiates microfinance banks from the regular or bigger banks.

What are Microfinance Bank Loans?

Microfinance bank loans, on the other hand, are small loans granted to micro enterprises or individuals by microfinance banks based on the borrower’s cashflow. Important to note the keyword – borrower’s cashflow. Microfinance loans usually are based on the cashflow and the ability of the borrower to pay back.

Information available on the CBN website, as at 2022, shows that there are over 900 registered microfinance banks in Nigeria licensed to carry on the provision of small and micro financial services to small, micro businesses and individuals.

Some Prominent Microfinance Banks in Nigeria

Some of the bigger microfinance banks in Nigeria include;

Kuda Microfinance Bank

LAPO Microfinance Bank

ACCION Microfinance Bank

Assets Microfinance Bank

Mutual Trust Microfinance Bank

Fina Trust Microfinance Bank

VFD Microfinance Bank

Sparkle Microfinance Bank

BoI Microfinance Bank

If you are looking for a comprehensive list of microfinance banks licensed to operate in Nigeria you can check out the CBN’s list of microfinance banks.

Online Loans in Nigeria

Online lending in Nigeria has certainly passed its infancy stage and is now steadily on the rise with may players joining in the past few years.

In 2023  the Federal Competition and Consumer Protection Commission approved 173 loan apps and barred several other illegal ones. 119 of these 173 loan apps had full approval while the rest had conditional approvals. So this is certainly a competitive market/industry.

Some would argue that what gave rise to online loan apps is majorly due to the inability of the major commercial banks to provide easy, affordable loan products to their customers. This significant gap in the market is now being filled by lots of loan apps, a significant portion of which is provided by microfinance banks.

Microfinance Banks that Offer Instant Loans online

While we may not be able to give an exhaustive list of all microfinance bank loans in Nigeria we will highlight the major ones.

  1. Accion Microfinance: Accion offers quick online loans through its web and mobile apps up to N150,000.
  2. FairMoney: FairMoney Microfinance bank has a pretty decent mobile app through which customers/users can access loans. Customers can access personal loans of between N1,500 – N5m according to the information on their website. The FairMoney loan app is available on Playstore.
  3. Renmoney Microfinance Bank: Renmoney, with apps on both the playstore and the apple store, provides personal and business loans. For personal loans it says borrowers can borrow up to N6m while it can lend up to N15m for business loans with up to 24 months tenure
  4. Carbon Microfinance Bank: Carbon is one of the well known online lenders and changed its name from the previous – Paylater. Now a microfinance bank offering an array of financial services, online loans remain a key part of its offerings. It offers personal and SME loans. For it’s personal loans it can give the borrower up to N1m. For its’ business loan it may give up to N20m for borrowing businesses that meet its requirements.
  5. Primera Microfinance Bank: Primera is another microfinance bank that offers customers the opportunity to apply for and access loans through online channels. They provide payroll loans, small business loans, and agric loans.
  6. CIT Microfinance Bank: CIT microfinance bank offers personal and business loans through its online channels (app and website). Their loans include the CIT Instant cash, CIT salary advance, CIT SME loan etc.
  7. Mutual Trust Microfinance Bank: Mutual Trust has its mobile app available on the playstore and offers online loans eg the 10 hour prompt loan (for federal civil servants), and Mutual plus loans (for private sector employees).
  8. VFD Microfinance Bank: VFD through its Vbank mobile app (available on the App store and Playstore) offers loans to salary earners and entrepreneurs.
  9. AB Microfinance Bank: The bank offers micro loans and SME loans via its internet banking channels. Customers/users can request/apply for loan on their website or through the mobile app (on playstore and app store).

These are some of the microfinance banks that offer instant online loans (either through their apps or via their websites).

In the past few years there has been a proliferation of loan apps in Nigeria so it is normal to want to know which are the best loan apps for short term loans.

If you are looking for short term loans (not more than 3months – 6 months repayment) then this could be useful for you.

We have looked at all the various loan apps available in the personal loan space. We compared their public reviews, feedback from individuals who have used them and other online indices to arrive at this list.

Note this is not financial advice nor recommendation from Nairabrains. You are required to do your own diligence and NB will not be held liable for any action taken based on this list.

Now we have the disclaimer out of the way let’s proceed with the list of best loan apps for short term loans in Nigeria in 2023.

Carbon Loan

Formerly known as Paylater, Carbon is one of the most popular loan apps in Nigeria. It offers short-term loans of up to ₦1 million ($2,500) with interest rates ranging from 5% to 15%. The loan repayment period is between 30 days to 6 months.

The Carbon loan app is available on both the playstore and the apple store.


Branch offers short-term loans of up to ₦200,000 ($500) with interest rates ranging from 14% to 28%. The loan repayment period is between 4 weeks to 15 months. The app also offers a referral program that allows users to earn extra cash.


FairMoney offers short-term loans of up to ₦500,000 ($1,250) with interest rates ranging from 10% to 30%. The loan repayment period is between 1 month to 6 months. The app also offers bill payments and airtime recharge services.


Palmcredit offers short-term loans of up to ₦100,000 ($250) with interest rates ranging from 14% to 24%. The loan repayment period is between 14 days to 6 months. The app also offers a credit score service that helps users improve their credit rating.


Renmoney offers short-term loans of up to ₦4 million ($10,000) with interest rates ranging from 4% to 4.5%. The loan repayment period is between 3 months to 24 months. The app also offers savings and investment products.

It is important to note that before using any loan app, borrowers should carefully read the terms and conditions of the loan, and ensure that they can afford to repay the loan on time. Borrowers should also be aware of any fees or charges associated with the loan they intend to take.

Check our other articles on personal loans, business loans, loans without collateral etc



Some people look for online loans that have easy monthly repayments plans so we took the time to do some research and come up with some answers.

These are some of the easy online loans in Nigeria with monthly payments. They are either 30/31 day loans that you have to repay on or before 30/31 days or they are longer term (1 – 12 months) loans that you would have to pay back on a monthly basis.

We have put together a list of 10 online loans with monthly payments in Nigeria. You can check them out below in no particular order;

1. Quick Credit

This is an online loan you can get from GTBank with up to 12 months repayment period. However you will be shown the monthly repayment breakdown so you know how much you are expected to pay back monthly.

Quick Credit comes with a monthly 1.5% repayment interest on the principal amount. With Quick Credit you can qualify to borrow up to N5m without collateral and paperwork, depending on your monthly salary/income. You can learn more about GTBank Quick Credit

2. Carbon Loans

Carbon is a fintech and microfinance bank that enables you carry out several financial transactions via the getcarbon app.

Carbon says its online loan can enable you borrow up to N1m with flexible repayment options.

3. GTBank Salary Advance

GTBank has another online loan that is targeted at short term financial support to salary earners. You can qualify for up to 50% of your monthly salary.

It has a 1 month repayment period after which you can qualify for more loans.

Applicants will have to be GTB customers and can access the Salary Advance loan via the GTWorld or GTBank app.

4. Stanbic Personal Loan

Stanbic IBTC bank has personal loans for its customers where you can borrow money with flexible repayment period. You must have a minimum N20,000 monthly income and be at least 21 years old to qualify.

4. EZ Cash for SMEs

This is a loan by Stanbic bank targeted at small enterprises and businesses. The EZ cash for SME loans can give up to N5m to small business owners.

You then have a monthly payment plan at 2.5% interest monthly. Repayment period can be between 6 – 12 months. Customers of the bank can request for the loan via the bank’s online channels (website or mobile app).

5. ALAT Salary Based Loans

Wema Bank, through its ALAT mobile app, gives individuals loans based on their monthly salary. The bank says applicants can get between N50,000 – N4m in loans.

You can repay the loans with a monthly plan that comes with 2% monthly interest.

6. Click Credit

Click Credit is an online loan from UBA for anyone who maintains an active account with the bank. You can borrow up to N1 million depending on your monthly salary. with a repayment period of up to 1 year.

The loan has monthly payment that comes with 2.5% interest.

Customers of the bank can access the loan through the bank’s website/app or through the USSD code.

7. Specta

Specta is a Sterling bank lending platform that provides loans with flexible monthly payment plans. Specta loans can have 1- 12 months repayment with interest rates that vary.

8. Quick Credit for Small Business

GTBank’s Quick Credit loan has the version for small businesses that enables them get up to 50% of their annual turnover or a maximum of N10 million.

The loan tenure can be up to 6 months with monthly repayment. The repayment comes with monthly 1.5% interest. It appears to be one of the business loans in the country with the lowest interest rates.

9. Fairmoney Business Loans

Fairmoney, one of the microfinance banks and money lenders with online application process, says small businesses can get up to N5 million in loan. You simply apply online, fill the applications and submit to get a response within 24 hours.

The loans have up to 12 months repayment with a monthly payment plan.

10. Renmoney Loans

Renmoney on the FAQ section of its website says it can give up to N6 million in loans with a repayment plan of up to 24 months.

Individuals and businesses can apply for loans (personal and micro business loans) and get the amount the qualify for within 24 hours.

We guess you will get a breakdown of the monthly payment and interest when you make a loan application.

We have written some interesting, enlightening content around the loan industry. You can check some of them below;

Lots of people take loans from online loan apps (or fintech apps who mostly offer lending services) however there are several major banks who also provide loans without collateral to their customers.

These banks provide these loans mostly through their mobile apps or website.

This article will detail how you can secure small loans online from some of the traditional banks you know.

We profile only traditional banks that offer loans without collateral, through their online channels without need for paper work.


GTBank has one of the most seamless online loan offerings through its GTWorld or GTBank apps. Customers of the bank can log into their bank apps, check the loans segment to see if they qualify for any of the online loans the bank offers.

GTBank offers two major loans online namely;

Quick Credit – Quick Credit offers loans to workers or people gainfully employed with steady income. Quick Credit, according to information on the GTBank website, can give you up to N5 million loan (or equivalent of 3 times multiples of your monthly salary) with a repayment period of up to 12 months. Repayment is with an interest rate of 1.5%, one  of the lowest available in the country. You can access Quick Credit through your GTBank/GTWorld app or by dialling *737*51*51#. More about Quick Credit here

Salary Advance – Salary Advance is another online loan from GTBank. It gives 50% of your monthly salary with a repayment period of 30 days. It is available to staff of private companies, government agencies with active salary accounts domiciled in GTBank. Once you repay you can renew the loan monthly. A customer has to have/earn minimum N25,000 (for public sector employees) or N50,000 (private sector employees). A customer can apply for this loan via their bank app, through internet banking or via the USSD code – *737*51*51#

Access Bank – Payday Loan

Access Bank has the payday loan which is an instant loan for customers who are mostly salary earners. As usual with online loans profiled in this article you do not need collateral or to visit the physical offices of the bank to apply and get the loan.

Repayment is within 31 days. The amount you can qualify to take depends on how much you earn as salary and based on the activity on your account with the bank.

Customers can apply for the loan via the bank’s internet banking website, through the Access Bank app, or by dialling *901*11*1#

Kuda Bank – OverDraft

Kuda is a microfinance bank with a digital only approach to banking. You can create a bank account, verify your identity and carry out most banking transactions (including transfers, bill payments, etc) all on the app.

Kuda offers a short term online loan you can take from the app when you have used your account actively for a period of time. The Kuda overdraft has a relatively high interest rate of 0.3% with the key advantage being the flexibility of having a daily interest so the borrower can pay less interest if he/she pays off earlier.

Users can borrow from within the app by going to tap on the Borrow tab.

Stanbic IBTC

Stanbic bank offers a couple of instant online loans for individuals and small businesses.

Personal Loans – Stanbic offers unsecured instant personal loans for individuals to meet their personal needs. You need to have minimum N20,000 monthly to qualify for the loans with a flexible repayment. You can apply online and when approved you get the funds directly to your account.

To qualify applicant must have worked with an employer for at least six months with your salary account domiciled in Stanbic bank. You must be at least 21 years old and a Nigerian citizen.

EZ Cash for SMEs – EZ Cash for SMEs is an instant loan for small businesses that qualify for certain eligibility criteria. Small businesses can apply for up to N5 million at a 2.5% monthly interest and a repayment period of up to 6 – 12 months.

You can request for the EZ Cash for SME loan through the Stanbic IBTC online and mobile banking platforms or through *909*44#. You can check here for more details on the Stanbic IBTC EZ Cash for SME Loan

Wema – ALAT Salary Based Loan

Wema Bank offers salary based loans online through its ALAT banking app. Salary earners can get from N50,000 to N4 million in loans with 2% monthly interest rate.

The process is entirely online. The customer can apply for the loans via the ALAT app and get a decision on whether they qualify for the loan or not within a few hours.

UBA Click Credit

United Bank for Africa (UBA) has an online loan product called Click Credit (sounds like a mimic of the GTB Quick Credit eh?).  The bank describes it as a super fast open to anyone with a UBA account.

Borrowers can borrow up to N1 million dependent on their monthly salary with repayment period of up to 12 months. You can access the UBA click credit loan online (via the website or app) or through the USSD code – *919#. Interest is 2.5% monthly or 30% annually.

Sterling Bank (Specta)

Sterling bank has a lending platform called Specta where individuals and businesses can get up to N5 million loan in minutes without collateral or paperwork.

Interest rate on loans are between 25.5% – 28.5% per annum. There is one off insurance fee of 2.5%, management fees of 1%, and a repayment period of between 1 – 12 months.


Nirsal Microfinance Bank is a national microfinance banking institution with over 115 branches across the country (as claimed on their official website). Nirsal microfinance bank is known for its loan products targeted at different segments of the society.

Nirsal (also referred to as NMFB) is a subsidiary of the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc.  Nirsal Plc is a $500 million, non-bank financial institution owned by the Central Bank of Nigeria to redefine and provide agric-business related credit in Nigeria.

It is an initiative of the Central Bank of Nigeria, the Bankers’ committee, and the Federal Ministry of Agriculture & Rural Development.

Nirsal Microfinance Bank Key Objectives

Nirsal microfinance bank has as its objectives;

  • driving financial inclusion
  • access to cheaper and affordable funds for small holder farmers
  • easy access to credit and financial services for SMEs

Nirsal Microfinance Bank Loan Products

Nirsal MFB has several loan products it says are tailored towards meeting the above objectives. Key among the products of the Nirsal Microfinance Bank are;

Nigeria Youth Investment Fund

The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria.

The objectives of the fund are;

  • Access to finance for youth and youth-owned enterprises, for national development
  • Generate much-needed employment opportunities to curb youth restiveness.
  • Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.

Who is Eligible for the Nigeria Youth Investment Fund (NYIF)?

1.  Individuals/Non registered Businesses

  • Individual within the age bracket of 18 to 35 years
  • Has a valid BVN and means of ID
  • Provision of Business plan Summary or Completed Questionnaire
  • Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

2. Registered Businesses

  • Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
  • Business plan Summary or Completed Questionnaire
  • Valid Bank Verification Number (BVNs) of Directors
  • Provision of Tax Identification Number (TIN)
  • Entrepreneurship Training Certification from FMYSD EDIs

How it Works

Get trained: Applicants attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs

Apply for Loan/Submit Application: Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan

Get Approved: NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval

Receive Disbursements: CBN reviews applications and gives final approval for disbursement to NMFB

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)

The scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

How it works 

Get trained: Attend a compulsory training with a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

Apply: Create an account by clicking on ‘Apply now’ as an applicant, validate your BVN and select a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

Receive Funds: Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.

Get Business Support Services: The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.

Make Sales & Repay Loan: Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.

Find out more about the agric-business/small & medium enterprises investment scheme.


There are now more than a handful of loan apps in Nigeria. However as users complained, many of them provide loans at high and unsustainable interest rates. Some go as high as 5-10% per month.

If you are considering taking a loan online you definitely want to go for the ones with the lowest interest rates and favourable conditions.

GTBank Quick Credit

GTBank’s Quick Credit is one of the online loans with lowest interest rates. The Quick Credit for personal loan offers loans to individuals at 1.5% interest monthly.

Quick Credit for Small Business also offers loans at 1.5% interest per month.

Interest rate: 1.5% per month

Tenor: up to 12 months

Stanbic IBTC

Stanbic IBTC’s EZ Cash loan for small businesses offers up to N5 million without collateral.

Interest rates: 2.5% per month

Tenor: 6 – 12 months

Access Bank

Access Bank payday loan amount that varies depending on your salary.

Interest Rate: 5%

Tenor: 30 days


Renmoney offers up to N6 million in loans. without collateral.

Interest rate: 2.4% – 9.33% monthly

Tenor: 3 – 24 months


Branch offers loans of between N1,000 – N200,000 with no collateral.

Interest rate: 1.7% – 22% monthly (depending on your risk profile)

Tenor: 4 to 40 weeks


Carbon offers loans of up to N20 million to both individuals and businesses.

Interest rates: 1% – 21% per month (depending on amount, tenor and risk analysis)

Tenor: 1 – 12 months


Palmcredit, owned by Newedge Finance Ltd, offers loans of up to N100,000 to individuals.

Interest rates: minimum 4% monthly

Tenor: 14 – 180 days

Aella Credit

Aella Credit offers short term loans of up to N1 million.

Interest rates: 6 – 20%

Tenor: 1 – 3 months



A lot of loan apps, lenders focus on personal loans and it seems there are not many options for where to get business loans without collateral in Nigeria.

So we went to work, to research, talk to industry experts and find out where you can get business loans.

These are some of the platforms or places you can secure business loans without collateral easily.

GTBank Quick Credit for Small Business

GTBank’s Quick Credit are not just for personal loans, they also give loans to a specific sector of small businesses.

According to their website Quick Credit for Small Business is a loan aimed at providing working capital of SMEs in the Education (creche, primary and secondary schools), and Healthcare (hospitals, pharmacies and diagnostic centers) sector.

Key Information about the GTBank Quick Credit for Small Business

  • Interest rate of 1.5% per month
  • Customers can access up to 50% of annual turnover
  • Loan tenure of 6 months (up to 12 months for schools)
  • You must run a corporate or business account for up to 12 months before applying
  • Funds are disbursed instantly after approval
  • You can apply via GAPS Lite/GAPs platform
  • Repayment is structured in two ways: monthly interest payments and quarterly (3 month intervals) principal repayment
  • A customer can apply for up to N10 million

You can check out the official page for Quick Credit for Small Business here – https://www.gtbank.com/business-banking/sme-banking/loans-advances/quickcredit-for-small-business

GTBank Fashion Industry Credit

This is another business loan product by GTBank and this time it specifically targets fashion businesses. It is a single digit interest rate loan at 9% to provide entrepreneurs in the fashion industry with all the financing they need to grow their business.

More information on the Fashion Industry Credit

  • You can access up to N5 million max. The minimum loan amount is N250,000
  • Single digit interest rate of 9% per annum (0.75% per month)
  • No extra fees
  • Flexible repayment period spread over 360 days
  • Customers can access up to 50% of their annual turnover (so if for eg your business does N5m in sales a year you can access up to N2.5m in loans)
  • You can apply for Fashion Credit via the GAPs lite app or reaching out to your account office

Additionally GTBank also provides loans to businesses in the fashion retail industry.

Fairmoney Microfinance Bank

Fairmoney is a microfinance bank licensed by the CBN to provide financial and lending services.

Fairmoney promises up to N5m in loans to small businesses without collateral. It also says it processes loan applications within 24 hours. Their loans are available for up to 12 months tenure.

The process for applying to Fairmoney business loan is as follows;

  • Fill out the online application
  • Upload required documents
  • Your loan is processed and disbursed within 48 hours

You can find more information about Fairmoney SME loan here – https://www.fairmoney-smeloans.ng/

Standard Chartered Smart Business Loan

Standard Chartered Bank says its smart business loans can provide up to N20 million capital for businesses without collateral.

They also say the smart business loans have flexible repayment plans for up to 2 years. You have to be a customer of the bank to apply for the loan.

More information about the Smart Business Loan

  • You can request topup on the existing loan after 12 months if you have been making repayment on schedule
  • You can apply for the Smart Business Loan online via the bank’s app or website

To find more information about the Standard Chartered Smart Business Loan go here –  https://www.sc.com/ng/business/working-capital/smart-business-loan/


Renmoney says it offers loans to small businesses as well as personal loans.

You have to be between 22-59 years old, maintaining a current account and have a business generating income to be eligible to apply for their business loan.


On its website Lendigo says it offers loans to several types of SMEs; distributors, ecommerce merchants, POS agents among other small businesses.

The maximum loan amount is N10 million.

Loans can be applied for through the Lendigo mobile app.

You can find more information about Lendigo’s small business loans on their website – https://lendigo.ng/

Advance Nigeria Business Loans

Advans La Fayette is a microfinance bank that says it provides small businesses with loans at affordable interest rates with no prior savings required.

They have different loans for small businesses up to N5 million repayable within 6 – 24 months.

From their website it is not clear whether one can apply for the loans online or through the bank’s physical office.

You can check out their website for more information – https://www.advansnigeria.com/business/loans/

Stanbic IBTC Ezcash

Stanbic IBTC Bank has what it calls the EZ cash for SMEs.

Up to N5m in loans to meet your business needs at an interest rate of 2.5% monthly and a payback period of up to 12 months.

The bank says it’s an instant loan that can be accessed by customers of the bank.  Customers can apply via a USSD code or through the bank’s mobile app or website.

For more information visit – https://www.stanbicibtcbank.com/nigeriabank/business/products-and-services/finance-your-business/business-loans/see-all-loans/EZ-Cash-for-SMEs


Carbon is a financial services firm that offers a suite of digital banking services to small businesses that includes online payments, funds transfer and business loans.

It says it can offer up to N20 million loan to a business client at affordable interest rates without collateral.

To qualify for a Carbon Small business loan it says on their website you have to

  • have been in business for at least 6 months
  • have up to N1 million in monthly revenue
  • in need of expanding your business

You can access more information about Carbon loans for small business here – https://sme.getcarbon.co/


Lidya offers financial services to SMEs enabling them track payments, manage invoices etc.

Lidya offers small businesses loans to finance their working capital without collateral. It is unclear how much they can offer to SMEs and the interest rates (from their website) so you may need to do more diligence on that one.

Lidya analyses your bank statements to determine if you are eligible for a loan and how much you can get.

See the Lidya website for more information – https://www.lidya.info/ng/en/home/

Aella Credit

Aella offers credit/loans for both personal and business. You will have to download their mobile app on the playstore or apple store.

According to their website Aella business loans require no paperwork, rollover fees.

Check out their web page for more information – https://www.aellaapp.com/aella-credit

Rosabon Finance Business Support Loan

Rosabon Financial Services is a member of the Concept Group licensed by the CBN to offer loans, leases and investments to individuals and businesses.

Rosabon has what it calls the Sole Proprietor Busines Support Loan (SPBSL). Under the business support loan applicants (registered and unregistered businesses) can get up to N3 million loan.

Application is made online. Flexible repayment of up to 6 months, minimal documentation required. Other requirements include home/office visitation, copy of government issued ID card, utility bill, etc.

Check for more details on their website – https://www.rosabon-finance.com/Loans/sole-proprietor-business-support-loan.html


Although the big banks came late to the online loan party but GTBank Quick Credit loan is one of the best and most efficient online loans out there.

GTBank launched Quick Credit in response to the emerging online loans market which makes it easier for customers to get quick loans through the bank or loan app without physically applying and submitting documents.

What is the GTBank Quick Credit Loan?

GTBank Quick credit loan is a loan designed by Guaranty Trust Bank for their customers (whether salary earner or self employed) to access cash easily and pay back in 12 months.

On their website it says that one can access up to N5 million through Quick credit at monthly 1.5% interest

However the reality is that you will start with a small amount provided by the bank, based on their analysis of your bank account transactions.

Some of the Benefits of GTBank Quick Credit Loan

According to the GTBank website the following are some of the benefits of the Quick Credit loan;

  • Get up to 3 times your monthly salary in loans
  • Convenient repayment plan of up to 12 months
  • You can pre-liquidate without paying penalty
  • Monthly interest rate of 1.5% (this is among the lowest interest rates available in the loan market)

How to Apply for Quick Credit Loans

To qualify to apply for Quick Credit you must be a GTBank customer and have an active account.

You can request for Quick Credit via USSD code dialling *737*51*51# on your mobile phone or you can access Quick Credit through online and mobile banking channels (including the GTWorld and GTBank mobile apps).

Other things you need to know about GTBank Quick Credit

The lowest loan amount is N5,000

The maximum loan amount is N5 million for salary earners and N500,000 for non salary earners.

There is a one off credit insurance charge of 1% on every loan.

The eligibility age for the loan is 18-59

You can apply for Quick Credit even if you have existing loans with other financial institutions

Quick Credit loan is usually processed and deposited in your GTBank account immediately after a successful application.

How to Pay back GTBank Quick Credit Loan

Paying back your Quick credit loan is easy.

GTBank will at the end of each month deduct the total monthly payment for the loan with the interest from your account balance.

Additionally you can liquidate the entire loan by going to your GTBank or GTWorld app, opening the loans tab, selecting Quick Credit and clicking on liquidate. Once you have enough balance in your account to liquidate the loan it gets liquidated.

As you repay your GTBank Quick credit loan on time the amount you can borrow increases.


The proliferation of loan apps in Nigeria has resulted in some fake loan apps emerging for use by unsuspecting members of the public.

If you are thinking to get a loan from any of the existing mobile lenders (or loan apps) it is important to make sure you are borrowing from legit loan apps.

Doing business with any of the fake loan apps or money lenders may hurt you in several ways. Some of these bad loan apps may

  • charge you very high interest rates
  • hide extra charges you may not know about
  • resort to public shaming and intimidation tactics when you default
  • and several other issues

So you should be sure to avoid bad loan apps that may frustrate your life.

How do you know bad loan apps?

Based on our research and in addition to the above mentioned things, you can also check if a loan app is duly registered and licensed by the CBN to offer financial, money lending services.

If a loan app or business is not licensed that means you cannot even file a report against them or sue them if they act illegally or breach their terms of service in the process of doing business with you.

Licensed mobile money lenders have codes of conduct and rules they have to adhere to from the Central Bank. Thus this will make them likely to act and respond to customers/borrowers in a professional way. Unlicensed loan apps or lenders will probably act outside what the law or regulations stipulate.

So in summary,

Here are Ways to Identify Fake, Bad Loan Apps or Money Lenders

Bad loan operators usually have characteristics that you can look out for. This does not mean that people do not get loans from them, however it only means that you are likely to have a bad experience or be taken advantage of if you do business with them.

Below are the some major signs that a loan app may be bad;

  • Very higher than usual interest rate: Loan apps (outside the major banks) usually offer loans at high interest rate. However bad loan apps will typically charge much higher interest rate. Some of them charge daily, weekly or very high monthly interest rates.
  • Shorter loan duration: If a loan app offers you loans that are due to be paid in less than 1 month, run. It is much more difficult to repay loans with very short duration. The very least are payday loans that have 30 day ( 1 month) repayment period
  • Hidden charges: bad loan operators will sometimes seperate interest charges from service charges. If the total interest/fees you are to pay for a loan is not clear then they are bad for you
  • Unprofessional conduct: Bad loan apps will typically act unprofessionally, have no physical office address and have staff that engage with borrowers in undesirable manner. They resort to public shaming, intimidation etc to defaulting borrowers
  • Not duly licensed: Check to be sure a loan app is run by a company duly licensed by the CBN to offer financial and lending services.

See below loan apps/lenders you should avoid


A survey of online complaints and discussions always throw up Nairaplus’ name as one of the troublesome loan apps to avoid.

They are accused of breaking the data privacy of customers and sending threatening messages to the contacts of loan defaulters.


Online reviews about this loan app is usually negative.

They were among the loan apps sanctioned by the government agency NITDA for abusing users’ privacy rights and sending unsavoury messages to contacts of borrowers.

Their interest rates are also believed to be too high. Some users have reported paying as high as 45% interest on loans of just N10,000


This is another of the many emerging loan sharks that prey on their customers.

Users online complained of a tactic used by BorrowNow where after collecting and repaying a loan they approve another loan for the user without his/her consent and proceed to inform the user.

They are also one of those that offer very short loan tenures that may be tough for the borrower to meet up with.

A quick search shows no visible website except an app on the Playstore. There is very little information to learn about them.


9credit is accused of using public shaming, intimidation tactics to recover their loans.

They are also one of the bad loan apps that offer extremely short term loan (1 week duration) at over 30% interest.

There is very little information about them on their website which is a red flag for a loan company.


They’ve gained notoriety for abusing borrowers and their contacts when they default.

They are one of the loan apps reported to have been delisted from Google Playstore (a quick search shows they are not in the official playstore anymore).

They offer very small loans for short duration at very high interest rates.

The app said to be run by an organisation name Cashigo has terrible reviews online about their way of doing business.

More of the bad loan apps (from the bad online user reviews and opaque information about them) include

  • Go Cash
  • Lioncash
  • GMoney
  • FastMoney
  • Icoin
  • Getcash
  • 9ja cash
  • Cash wallet
  • Palmcash
  • Easecash
  • ForNaira
  • GotoCash

There are certainly lots of loan apps/businesses parading in the country promising to give people affordable online loans easily.

But the truth is there are several of them that are like loan sharks, with outrageous interests, sneaky terms and conditions etc.

So how do you know legit loan apps so you don’t fall victim of borrowing money from the illegal ones?

Legitimate loan apps have some things to know them by including;

  • License to operate as a lender: Legit loan apps must have obtained the requisite license to operate and give loans from the appropriate regulatory authorities in the country.
  • Clear Interest Rates: Legit loan apps will have information on clear interest rates so borrowers will know exactly how much they are to pay back. Illegal loan apps or loan sharks can however have unclear information which can result to paying much higher interest by the borrower
  • No Hidden Charges: Legit loan apps will reveal if there are any additional charges such as for late payment etc. But all these illegal loan apps may hide additional charges in fine print and you end up realising there are some extra charges or penalties to pay

Selected Legit Loan Apps You Can Use to Apply for Loans

We conducted some in-depth research including testing as many loan apps as possible and these are some of the legit loan apps in Nigeria you can use to apply for personal or business loans.

1. Carbon

Formerly known as Paylater, Carbon is a licensed digital bank and lender. With Carbon you can pay bills, make transfers as well as do high interest savings.

Carbon also offers loans through its app. As a user your loan amount increases as you bank with them and increase your credit score.

On its website it says you can access easy loans easily with no guarantors, or collaterals. As you repay loans you can unlock higher amounts.

Our research shows that people use them for digital banking and loans as they are duly licensed. You may need to check their website to see details about their online loans, interest rates etc.

2. Branch

Branch, according to their website, offers mobile financial services to the emerging markets. It is primarily a loan/lending app with which you can borrow money directly to your mobile money or bank account.

To use Branch to get loans you download the app, fill the initial online form then apply for loan. As you repay your credit and ability to borrow larger amounts increase.

Branch is presently available in India, Kenya, Tanzania, Nigeria.

You can take a loan for as long as 4 -52 weeks at varying monthly interest rates sometimes which can be a bit high.

Our research on whether Branch loan is legit shows that there are no hidden charges. The charges/interest displayed for any loan you are about to take is what you will pay.

They also operate in multiple countries and are duly registered/licensed to run lending operations.

Some users say the good thing about Branch is that they disburse approved loans via the app in minutes and you can choose to make the repayment in 4 installments.

3. Aella Credit

Aella credit describes itself as a credit infrastructure company powering payments and helping people manage their finances better.

Aella credit provides instant access to funds through its online mobile app.

The unique thing about Aella Credit is that you can use get both personal or business loans on the app.

It promises no paperwork, no rollover fees, and rewards for repaying your loans on time. As your repay your loans on time the amount you can borrow also increases.

Aella credit is a registered, license mobile lender. It uses an algorithm to rate/review loan applications and determine the amount you can borrow which can increase as you repay.

Users surveyed also said Aella Credit is professional in their approach in cases of default.

4. Fairmoney

Fairmoney is a licensed microfinance bank and money lender that provides easy, unsecured loans to individuals and small business owners.

On their website they say they can provide you a bank account with free transfers, loans of up to N1 million (although you will have to start from much lower amounts and build up your credit to borrow more as you repay on time).

You can visit the Fairmoney website here for more details – https://fairmoney.ng/

While a few users expressed issues with Fairmoney that had to do with repaying their loans, majority of users researched say Fairmoney is pretty fine as a loan app.

5. Quickcheck

Quickcheck is a financial institution based in Ikeja that offers unsecured, online loans to individuals.

Information from the FAQ section of their website shows that to qualify for a loan you don’t have to submit any documents. You simply download the mobile app, create account and respond to the questions they will ask you. Accurate answers to the questions helps their system evaluate your loan eligibility and the amount you can borrow.

They answer a lot more questions in their FAQ section – https://quickcheck.ng/faq/

Earlier users complained about their loan approval process and rate but recently it appears to have improved and impressed more users.

6. Renmoney

Renmoney is a fintech business operating on a microfinance bank license.

They provide loans without collateral to individuals and small business owners through their website and mobile app as well as providing normal digital banking services such as savings/deposits.

It claims to have provided loans to hundreds of thousands of Nigerians for things like growing their business, paying rent or school fees, buying a car etc.

To qualify for a loan you have to be between 22 – 59 years old, have a verifiable source of income and live in the cities where they operate (which currently is Lagos).

It says on the website you can borrow up to N6 million for 24 months. However you must have built up your loan capacity by borrowing smaller amounts and repaying them on time.

To apply for loan you will need also to provide the following; your bank statement, a government issued ID card and utility bill (optional).

Because they usually loan money to only people with verifiable salary income and have systems in place to recoup their money Renmoney has good reputation as one of the loan apps who do not resort to embarrassing and shaming defaulters to their contacts. We guess that’s one good point about them.

7. PalmCredit

Palmcredit, run by New Edge Finance, is a mobile lender with their app only available on Google Playstore for Android phones.

You can get quick, unsecured loans of up to N100,000 through the Palmcredit app. They are also duly registered in the country.

The parent company, Newedge Finance Limited is fully licensed to offer financial services.



NB: This is not financial advice and Nairabrains will not be responsible/liable for any decisions you take as a result of reading this article. You are always advised to carry out your own due diligence.