There are at least over 300 legally approved digital lenders in Nigeria—but not all are legitimate. This curated list of instant loan apps in Nigeria can be a starting point for anyone looking to borrow money from reliable loan apps in Nigeria.
Always note to
- only borrow money from loan apps when it is absolutely necessary
- have a plan to repay your loans
- borrow only for income generating activities to give you a better chance of repaying the loans
Here’s a list of top instant loan apps in Nigeria, licensed or approved by the CBN and/or the FCCPC. We have also tried to include information on the range of loan amounts for each and the payable interest rates. Note however that does may change from time to time and Nairabrains will not be responsible or liable for any information contained in this article. Always do your own research and due diligence.
1. Carbon
Carbon is a digital bank and lender in Nigeria.
Loan Details
- Loan Amount: from N2,500 to N1,000,000
- Repayment periods: 61 days to 12 months
- Interest rates: 4.5% to 30% per month
- No collateral or guarantor required
2. Fairmoney
Loan details
- Loan amounts: N1,500 to N3,000,000
- Repayment periods: 61 days to 18 months
- Monthly interest rates: 2.5% t 30%
3. Branch
Branch, a digital banking app offers personal loans to Nigerians.
Loan details
- Loan amounts: N1,000 to N1,000,000
- Loan term: 62 days to 1 year
- Interest rates: 3% to 23% monthly
4. Quickcheck
Loan details
- Loan amounts: N1,500 to N500,000
- Repayment periods: 91 days to 1 year
- Interest rates: 25 to 30% monthly
5. Renmoney
Loan details
- Loan amounts: N5,000 to N6,000,000
- Repayment periods: 3 months to 24 months
- Interest rates: 2.12% to 2.65% monthly
6. Migo
Loan details
- Loan amount: Up to N1,000,000
- Interest rates: 2% to 15% monthly
7. Easement
Loan details
- Loan amounts: N3,000 to N1,000,000
- Repayment periods: 91 to 365 days
- Interest rates: 5% to 10% monthly
8. ALAT
ALAT is a fully digital bank owned by Wema Bank.
Loan details
- Loan amounts: N50,000 to N4,000,000
- Repayment periods: 3 to 24 months
- Interest Rateș: 2% per month
9. Umba
Loan details
- Loan amounts: N3,000 to N300,000
- Interest rates: 10% to 21% per month; 5% monthly interest for Salary Advance loans
10. Newcredit
Loan details
- Loan amounts: N10,000 to N300,000
- Repayment periods: 91 to 365 days
- Interest rate: 4% monthly
Factors to Consider in Choosing the Right App
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Loan size & tenor: Choose apps based on your funding needs
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User experience: Consider simplicity, customer reviews, app rating
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Interest rates & fees: Compare using published APR and charges
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Repayment flexibility: Longer terms may reduce monthly burden
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Use case: Quick cash, business funding, payroll loans, salary advances
