20 Best Loan Apps In Nigeria 2023 (Instant Approval).

Before now, borrowing money in Nigeria was a bit stressful, with lots of demands like going to the bank, filling in forms, application letters, collateral,  guarantor,  and more. Thanks to the rise of fintech in Nigeria. 

Now, you can easily apply for and obtain a loan from the comfort of your home.  You don’t need any collateral or any other paperwork,  all you need is your phone number that’s linked to your BVN, email address, BVN(Bank Verification Number), and proof of identity. 

The best part is, it comes with low interest rates.  So, paying back shouldn’t be a problem.  

In this article,  are tested and proven 20 Best Loan Apps In Nigeria 2023, with low-interest rates and fast approval/disbursement. 

THESE loan apps give you access to instant loan offers of different ranges, which are deposited into your bank account within a few minutes.  

Top 20 Best Loan Apps In Nigeria 2023 Tested and Proven 

Here is a list of the best loan apps in Nigeria for instant loans and low-interest rates. 

  1. Okash

This is one of the best loan apps in Nigeria.  Okash is a subsidiary of Opay,  powered by Blue Ridge Microfinance Bank. This app offers about  ₦50,000. Though it differs individually. It doesn’t require any documents or collateral. 

Once your request is approved, the money will be sent to your bank account number within a few minutes. The interest rate is 1.2% every day for a maximum of 15 days. 

  1. Migo Loan

This is the second on our list. With Migo, you’ll have access to borrow from ₦500 to ₦500,000. All you need to obtain the loan is your phone number, account number details, and your debit card details, for a repayment plan. 

Once you provide the required things, the money will be disbursed into your bank account immediately. You can as well access the Migo app using a USSD Code. Dial ×561#. 

  1. Branch

The branch is another great loan app in Nigeria. Their interest rate is second to none compared to other loan apps. You don’t have to worry about an extra charge fee if you were unable to pay it back on time. 

You can borrow from ₦1,000 to ₦200,000. The monthly interest rate is from 3% – 20%. To get started, provide your BVN, Facebook Account, phone number, and bank account details. 

  1. PalmCredit

This is another top-notch instant loan app in Nigeria. 

They offer around ₦2,000 – ₦300,000. The good thing is, you don’t need any collateral or documents to be eligible. To qualify for the PalmCredit loan programme, 

Provide your BVN

Provide your bank account

Phone number linked to your BVN

Once the loan is approved, the money will be disbursed into your account number immediately. 

  1. RenMoney

This is one of the fast-rising fintech companies in Nigeria founded in 2012, that provides personal and mostly business loans to qualified users. 

You can borrow up to ₦6,000,000 as a business owner. No collateral is needed. You have between 3-12 months to pay back the debt. 

  1. FairMoney

This isn’t just a loan app, you can make bill payments, and purchase airtime/data, using the FairMoney Loan app. 

Via the loan programme, you can borrow up to ₦1,000,000, with a monthly interest rate of as little as 3%-30%. The loan is due starting in 2 – 18 months. 

It doesn’t require any documents or collateral, all you need is your BVN, phone number linked to your BVN and personal details. 

  1. Carbon (formerly PayLater)

For four personal/business loans, the Carbon loan app is your go-to. Once the loan request is approved, your money will be disbursed into your account within 5 minutes. 

No collateral. Just provide your BVN, phone number, and other necessary details needed. 

  1. Kuda Loan

Arguably one of the best rising digital banking platforms in Nigeria. You can borrow an instant loan amount of ₦50,000 within a few minutes. The interest rate is quite considerate, starting from 0.3% per day. 

To qualify for a Kuda loan, verify your account with your BVN, a valid ID, and be a regular user. 

  1. Lidya Loan

Were you surprised that a USA – holding financial institution made the list? Well, this is another great loan app. This platform is currently operating in 5 different countries, Poland, Portugal, Nigeria, the USA, and the Czech Republic. 

Lidya offers a whopping ₦30,000,000 loan to business owners. To be eligible, make sure your credit score is clean. 

  1. Umba

Umba Bank offers loans, bill payments, and cashback to its users. There are no charges or extra fees attached to late payments. You can borrow from ₦3,000 – ₦300,000. 

Your loan limit will increase if you pay back your debts on time. You’ve 2 months (60 days) to pay back the loan, attached with a 10% annual interest rate. 

  1. EaseMoni

You can pay bills, and apply for a loan using the EaseMoni loan app. They offer up to ₦100,000 loans to both new/existing customers. The interest rate is between 5% – 10% monthly. 

To be Eligible, 

Make sure you’re 20-55 years

You’re residing in Nigeria

Have a reasonable income flow

Provide valid personal information. 

The loan is due for a period of 90 days (3 months) – 365 days (12 months). 

  1. PalmPay

This is arguably the most commonly used loan app in Nigeria. They render bill and utility payments, airtime and data purchases, money lending, sending and receiving of money, and many more. To be eligible, 

Provide your BVN

Valid ID

22 years and above

Phone number

Good credit score

Nigerian resident, with a valid bank account.

Without verification, you can get an instant ₦10,000-₦20,000 loan amount of money.  After verification, your limit will increase to ₦200,000. The interest rate is 15%-30%.

You can access the loan option using a USSD Code. Dial ×652#. 

Read more about PalmPay

  1. NewCredit

This loan has about 1 million downloads. As usual, you don’t need to fill/sign any documents, no collateral and paperwork is required. 

With NewCredit, you can borrow from ₦10,000 to ₦300,000. Which is due for repayment starting from 3 months (91 days) – 12 months (365 days). The interest rate is very considerate sitting at 4%. 

  1. LCredit Loan

This is one of the best personal instant loan apps in Nigeria for Android users. No collateral, paperwork, or guarantor is needed. They offer from ₦5,000 to ₦100,000. The interest rate for the short-term loan is listed for any loan you’re applying for. 

To be eligible, 

You must be a Nigerian resident with a valid bank account

Age limit, 20-55 years

  1. KashCash Personal Loan

You can get an instant loan of ₦10,000 to ₦100,000. Repayment starts from 91 days (3 months) to 365 days (12 months). The annual percentage rate (APR) is from 12% – 34% yearly. 

To get started, you’ve to provide your phone number linked to your BVN. The age limit is 18-60 years. If you pay back the loan on time, your loan limit will increase. 

  1. Alat

This loan app is specifically for salary earners. 

However, you need collateral, and paperwork and have to visit the physical office before you can access the loan. Once you meet up with the requirements, you can borrow up to ₦2,000,000. 

  1. Aella Credit

With the Aella Credit loan app, you get your money disbursed into your account within 5 minutes. To get started, you’ve to provide your BVN, personal information, and a smartphone. 

Once you meet up with the requirements, you can start borrowing from ₦2,000 – ₦1,500,000. The monthly interest rate is 2% – 20%. The loan is due for repayment after 61 days (2 months) to 365 days (12 months). 

  1. QuickCheck

This is one of the best loan apps in Nigeria with around 1 million downloads. You can get an instant loan from ₦1,500 to ₦500,000. The interest rate on your first loan is 5% monthly, which is due after 90 days (3 months) to 365 days (12 months). For a regular user, the interest rate will start from 2% – 30%. 

  1. Lendigo

This is strictly for business owners and small/medium businesses. 

To qualify for the loan, your business must be registered as Ltd, LLP, or PLC. They offer as much as ₦10,000,000, with a low-interest rate. You need just 10 minutes to apply, immediately after your request is approved, you will be credited within 48 hours. 

  1. XCrossCash App

This is a fast-emerging loan app in Nigeria. It gives an instant loan of ₦100,000, within 5 minutes of applying. You need your BVN, and phone number, to be eligible. 

List of the Top 20 Best Loan Apps in Nigeria


Migo Loan





Carbon (formerly PayLater) 

Kuda Loan

Lidya Loan





LCredit Loan

KashCash Personal Loan


Aella Credit





Follow These Easy Steps To Download and Open an Opay Account

What Are The Requirements For Obtaining an Online Instant Loan in Nigeria?

These are the basic/requirements for those applying for any online loan. 

BVN (Bank Verification Number) 

Phone number linked to your BVN

Employment Status

Your salary bank account statement

Your income flow

Your identity. e.g. Name, Date of Birth, Address

Your bank details

Guarantor (most loan apps don’t require a guarantor)

Utility bill (very rare) 

Age limit (18-60 years) some (20-55 years)

Collateral, paperwork, and documents, (very rare) 

Credit record history

Business ownership

Read ALSO👇

How To Qualify And Borrow Money From Access Bank Loans. 

Which Loan Apps do not require BVN?

There are loan apps you can access without entering your BVN. 

However, without verifying your loan app account with your BVN and a valid ID, you can’t request a huge amount of money. It will be limited to a small amount. 

Here is the list of some loan apps that don’t require BVN

  • FairMoney
  • Aella Credit
  • Okash
  • PalmPay
  • Alat
  • Carbon Loan App
  • PalmCredit
  • Branch

Note: to increase your borrowing limit, you must verify your account with BVN and ID, with any other necessary documents needed. 

Benefits of Loan Apps in Nigeria

The benefits are huge. Aside from saving time and energy, here are some major benefits of Loan Apps

  • Fast Approval
  • Instant Disbursement
  • No Collateral, Paperwork,/Documents
  • Access to a short-term loan
  • Few Requirements
  • Low-interest rates


Borrowing money now can be done in the comfort of your home. With quick approval and disbursements of funds, loan apps are surely going to be long in the fintech industry. 

Once you’re able to provide the requirements, align with the regulation, and repay your loan on time, you’ll keep getting money from any of your favourite loan apps. 

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