Best Loan Apps in Nigeria 2024

1. Carbon

With Carbon, you can loan money from ₦50,000 to ₦5 million, collateral is not required.

Some key features include:

• Interest rates from 1.5% to 4% per month
• Loans disbursed in under 24 hours
• Repayment period of 2 weeks to 24 months
• Completely online application process

2. FairMoney

you can loan up to ₦500,000 from Fairmoney

• ₦1,500 – ₦20,000 at 10% flat rate for 14 days
• ₦20,100 – ₦40,000 at 10% flat rate for 21 days
• ₦40,100 – ₦100,000 at 10% flat rate for 28 days
• ₦200,100 – ₦500,000 at 5% flat rate for 35 days

Disbursement is within 5 minutes of approval.

3. Renmoney

You can borrow ₦1,000 to ₦250,000 from Renmoney, and the repayment periods of 61 days to 12 months.

Their rates are:

• 1.5% per month for salary earners
• 2% per month for business owners
• No collateral is required.

Disbursement is within 24 hours.

4. Branch

You can borrow between ₦1,000 to ₦500,000 from Branch.

Their features include:

• Interest rates from 6% to 15% monthly, which varies on the persons
• No paperwork or collateral is required.
• Loan disbursement is within minutes
• Repay conveniently through multiple channels.

5. Aella Credit

Their loan is between ₦2,000 to ₦500,000.

Their rates are:

• 1.5% to 2% per day for 1-30 days loan
• 1.5% to 1.8% per month for 31-180 days loan

Disbursement is within 24 hours.

6. QuickCheck

QuickCheck provides personal loans up to ₦3 million. Some key terms are:

• Interest rates of 1.5% to 2.5% per month
• Loan tenure of 3-12 months
• Completely online application and disbursement in 24 hours
• Early repayment discounts are available

7. ALAT Loan by Wema Bank

ALAT loan is up to ₦20 million, and the rate is high

• N200,000 to N20 million at 2% per month
• Minimum tenure of 3 months
• Quick disbursement upon approval
• Flexible repayment structure

8. PalmCredit

PalmCredit offers quick, collateral-free loans from ₦1,000 to ₦100,000. Their features include:

• Interest rate of 10% flat for up to 30 days
• Repayment directly from your palm account
• 24/7 customer service

Funds are disbursed immediately upon approval.

9. Specta

Specta loan is between ₦50,000 to ₦5 million and no collateral.

Their rates are:

• Starts from 1.15% per month.
• No management fees or hidden charges
• Loans are disbursed within 24 hours.

10. Okash

Loans from ₦1,000 to ₦500,000 without collateral.

Rates are:

• 10% flat for 7 days
• 5% flat for 14 days

11. CredPal

CredPal loan is from ₦3000 to ₦500,000 and is up to 12 months.

Rates are:

• 33% reducing balance for 3-month loans
• 27% reducing balance for 6-month loans
• No collateral required
• Disbursed within 24 hours

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12. Lidya

Lidya loans are from $500 to $50,000 million. The repayment is over 6-12 months.

Features include:

• Competitive interest rates from 1.5% per month
• Quick online application and fast disbursement
• No collateral required

13. Migo Loan App

Migo loans are up to ₦2 million.

Their rates are:

• 3.5% per month flat rate
• Repayment term of 1-12 months
• 24/7 customer service

14. Page Financials

They offer personal loans from ₦5000 to ₦5 million.

Key terms are:

• Interest rates start at 2% per month.
• Loan tenures of 3-12 months
• Comprehensive credit check during the application
• Disbursement within 24 hours of approval

15. Blocka Cash

Blocka Cash loans are up to ₦200,000

Features include:

• Completely online application process
• Interest rates of 10% for up to 30 days
• Disbursement in less than 10 minutes upon approval

16. Kuda Loan

Kuda Loan is a personal loan up to ₦3 million.

Their rates are:

• 1.5% per month flat rate
• Tenures from 1 – 12 months
• Disbursement within 24 hours of approval

17. FlexiCash by PalmPay

FlexiCash offers loans of at least ₦1000 to ₦25,000 at most.

Their terms are:

• 5% flat interest rate
• Repayable in 10 to 29 days
• Disbursement directly to PalmPay wallet

18. Lending

Lending loans from ₦50,000 to ₦10 million no collaterals.  Repayment is up to 2 years.

Their rates start from 1.5% per month.

19. P2Vest

P2Vest offers SME loans from ₦50,000 to ₦10 million without collateral.

20. Umba Loan App

Umba is loaned up to ₦5 million, and it is a personal loan.