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Comprehensive List of Approved Online Loan Apps to Borrow Money in Nigeria [2025]

January 3, 2025 No Comments

Everyday we read of stories of unruly or fake online loan apps in Nigeria and their victims. Anyone looking to take a loan from an online lender will definitely want to be sure they are borrowing from a regulated provider.

While there are probably close to a thousand online loan providers in Nigeria, only over a hundred of them are approved to provide instant loans online.

If you are not sure if the loan app you intend to borrow from is legal or licensed to operate in Nigeria you may check through the list. NOTE we do not guarantee the accuracy of this list at any time as the Central Bank and other regulatory agencies may add or remove from the list of licensed/approved online lenders at any time. So always do your own due diligence as this article does not substitute financial and professional advice.

That said, let’s get to the list of currently approved online lenders who are licensed to provide online loans in Nigeria.

In Nigeria, there are several digital lending platforms that offer quick loans without the need for traditional paperwork or collateral. These platforms are regulated by the Central Bank of Nigeria(CBN) and the Federal Competition and Consumer Protection Commission(FCCPC). They help to promote transparency and fairness for consumers.

Most approved loan apps in Nigeria operate on the basis of alternative credit scoring, which takes into account factors such as mobile phone usage, transaction history, social behavior, and other non-traditional data points to assess a borrowers creditworthiness. This has made it possible for people with limited or no formal credit history to access loans.

List of Approved Loan Apps in Nigeria

Carbon (formerly Paylater)

One of the most popular loan apps in Nigeria is Carbon. It grants loans without collateral and flexible repayment plans while offering other financial services such as savings and investment options.

– Loan amount: From ₦1,500 to ₦1,000,000

– Repayment period: 1 to 12 months

– Interest rate: From 4% to 30% per month

FairMoney

FairMoney is known for providing instant loan offers, Personal or Business Loans, Little to No Documentation Required.

– Loan amount: ₦1,500 – ₦500,000

– Repayment period: 7 – 30 days

– Interest rate: Rates from 10% per month

Branch

Branch is a fast loan app that uses advanced algorithms to determine your loan eligibility based on your smartphone data and usage. It provides instant loans with flexible repayment options.

– Loan amount: ₦1,000 to ₦200,000

– Repayment period: Up to 7 to 12 weeks

– Interest rate: 15% to 34% per year

Really Quick Check

Now, QuickCheck grants personal loans that could take a few minutes to receive within a quick and simple application process. Apart from that, it has other offers for credit provision to small business enterprises.

– Loan amount: From ₦1,000 to ₦500,000

– Repayment period: 7 to 30 days

– Interest rate: 1.5% to 10% monthly

Migo (formally Mines)

With Migo, immediate access to credit has been made available through this app. It works by evaluating users’ credibility for loans using their phone data, thus being a suitable option for those people who do not have normal credit scores.

– Loan amount: ₦5,000 to ₦500,000

– Repayment period: 7 to 30 days

– Interest rate: Varies according to the amount of the loan as well as the repayment period

Aella Credit

Aella Credit grants flexible loans to both individuals and small businesses across Nigeria. Such applications are made easy and carry very competitive loan terms.

– Loan amount: ₦1,000 to ₦200,000

– Repayment period: 1 to 6 months

– Interest Rate: From 10% to 15% monthly

Zedvance

Zedvance provides an instant collateral-free loan and a hassle-free application for loans. The app allows individuals to access short-term loans whether for personal reasons or for business purposes.

– Loan amount: ₦5,000 to ₦200,000

– Repayment period: 7-30 days

– Interest rates: 5% to 25% monthly

Renmoney

Renmoney gives personal and business loans with flexible repayment methods. It is one of the most credible lending platform in Nigeria.

– Loan amount: ₦10,000 – ₦6,000,000

– Repayment period: 1 month to 12 months

– Interest rates: 5% to 20% monthly

Lidya

Lidya is an business loan app aiming at small and medium enterprises. It is a system that gives a fast funding for a business owner who needs to expand.

– Loan amount: ₦10,000 – ₦5,000,000

– Time given for repayment: 6 months to 12 months

– Rates: Competitive

10. Palmcredit

Palmcredit is an instant loan app that offers loans with no hidden fees or paperwork. The process is straightforward, and loans are disbursed quickly.

-Loan amount: ₦1,000 to ₦100,000

-Repayment period: 7 to 30 days

-Interest rate: 15% to 20% monthly

Here is an extended list of approved loan apps in Nigeria:

KiaKia
XCredit
Moolah
EasyLoans
SpeedyLoan
SokoLoan
Lendigo
Breeze
GetLoan
PawaLoan
CreditVille
XclusiveCredit
Fintec
Mavro Loans
CreditHub
CashLink
LoanHub
FlexiLoans
Loyalty Credit
Okash
LoanRunner
Opay Loan
Fincra
LoanSquare
Wema Pay
ProCredit
SpeedyCash
Pockethub
StingyLoan
CredPal
BigLoan
TroveLoan
KudaLoan
ZohoLoan
Jumo
Creditec
Xclusive Loan
HomeCredit
Xpress Credit
Fundz
PlentyLoans
C24
CashNow
Zenith Credit
FastLoan
KwikLoan
Bankly
ShazamLoans
EasyPesa
KreditNow
Flexipay
CashBird
CashPal
CashAdvance
Lendbox
Lendloop
Loanly
FirstChoice Loans
TopUp Credit
FlashLoan
NetCredit
GloLoan
QuickPay
FundsLoan
QuickCash NG
Fast Funds
MaxPay Loans
PrimeLoans
QuickNaira
MobiLoan
LendMe
CashExpress
CitiLoans
World Credit
FastAccess
OneLoan
Fasttrack Loans
Credit360
CapitalLoan
FundsExpress
Pochi Credit
DollarLoan
Sierra Credit
ZipLoan
ReflexLoans
LendNow
FastLoan247
FlexiCredit
OneClick Loans
SmartCash Loan

Conclusion

The rise of loan apps in Nigeria has made it easier for individuals to access financial assistance in times of need. However, its important to be cautious and avoid predatory lenders. Always read the terms and conditions, and ensure the platform is approved by the Central Bank of Nigeria(CBN). By sticking to the trusted and regulated apps like the ones listed above, you can avoid scams and get the financial support you need with minimal hassle.

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Microfinance Banks That Offer Online Loans in Nigeria

April 5, 2023 No Comments

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.

Accion Microfinance: Accion offers quick online loans through its web and mobile apps up to N150,000.
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.
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
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.
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.
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.
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).
VFD Microfinance Bank: VFD through its Vbank mobile app (available on the App store and Playstore) offers loans to salary earners and entrepreneurs.
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).

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Online Loans With Monthly Payments in Nigeria

April 26, 2022 No Comments

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;

In Loans

Banks That Provide Instant Online Loans Without Collateral

April 25, 2022 No Comments

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

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.

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Online Loan Apps With the Lowest Interest Rates in Nigeria

March 23, 2022 No Comments

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

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

Interest rate: 2.4% – 9.33% monthly

Tenor: 3 – 24 months

Branch

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

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

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

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Where to Get Business Loans without Collateral

In Loans

GTBank QuickCredit: How to Borrow and Pay Back GTBank Loan

January 29, 2025 No Comments

Quick access to easy loans is a great asset in a tight economy such as Nigeria’s. It is a great temporary fix for emergencies and unforeseen circumstances. GTBank QuickCredit is an easy and efficient loan service that helps customers get loans without the need for collateral and cumbersome paperwork. This article will show you what GTBank Quick Credit is and how it works. You will also learn how you can get one and pay it back.

What GTBank QuickCredit Is and How It Works

GTBank QuickCredit is a personal loan offered by Guaranty Trust Bank (GTBank). The loan facility lets GTBank customers borrow money without having to offer collateral. The loan is ideal for personal needs such as paying bills, emergencies, or unforeseen circumstances.

QuickCredit loans range from ₦1,000 to ₦5 million, depending on your eligibility and account history with the bank. One of the standout features of this loan is its fast processing time—funds are often disbursed in minutes. GTBank offers flexible repayment terms, typically ranging from 6 to 12 months, with competitive interest rates and no hidden fees. The maximum duration, however, is 24 months. The loan can be accessed through mobile banking, USSD, and Internet banking.

How to Borrow GTBank Loan

Getting a loan through GTBank QuickCredit is quick and easy. Here’s how you can apply:

Eligibility Requirements

To borrow from QuickCredit, you must be a GTBank customer with a savings or current account.
You must have a payroll account with GTBank
Your account should have been active for at least 3 months
You must have received your salary for at least three months in your GTbank account.
You need to consent to give GTBank access to your account history, transaction activity, and credit score when reviewing your loan request.

Application Process

Applying for a QuickCredit loan is quick and easy. You can use GTBank’s USSD code (73751*51#) to apply on your phone or access the loan through the mobile banking app. Both methods are automated and quick.

Loan Approval

After submitting your application, GTBank will assess your eligibility based on your transaction history. If approved, the requested loan amount will be credited to your GTBank account immediately. If you don’t meet the requirements, you will be informed and advised to reapply when you do.

Loan Terms

Once approved, GTBank will present you with the loan terms, including the interest rate and repayment schedule. Make sure to review these terms carefully before confirming the loan. Understanding the loan’s terms is crucial to managing your repayments. Monthly repayment cannot exceed 33.3% of net monthly salary.

How to Pay Back GTBank Loan

Repaying your GTBank QuickCredit loan is equally easy and non-complicated as taking it. Here’s what you need to know about repaying GTBank QuickCredit:

Repayment Schedule

GTBank will provide a repayment plan based on the loan amount and duration after your loan application is successful. The repayment is usually between 6 and 12 months. Repayments are made monthly, and the loan repayment amount is automatically deducted from your GTBank account. Ensure you sufficiently fund your account to avoid penalties like more interest accrued.

Early Repayments

If you want to pay off your loan early, GTBank allows you to do so without any penalties. Paying early can help you save up on interest charges, so it’s a great option if you can pay off the loan ahead of the repayment schedule. You’ll also receive reminders about your upcoming repayments to help you stay on track.

Consequences of Default

If you miss a repayment or fail to repay the loan, GTBank may charge late fees which can affect your credit score. It’s important to stick to the repayment schedule to avoid any issues.