Top 10 Loan Apps In Nigeria (2022 List)

Are you thinking of Loan Apps In Nigeria , When most individuals think about applying for loans in a bank, they see enormous lines, countless waiting hours, and a lot of time spent. Technology improvements have helped to shorten this lengthy procedure by allowing customers to apply for loans in minutes using a mobile application.

Loan Apps In Nigeria are one innovation that is making a difference in the loan banking business in this current banking service. These internet apps exist to provide rapid loans to persons who need them to meet emergency or business demands. In this article, we will look at the finest lending apps available in Nigeria today.

Loan Apps In Nigeria
Loan Apps In Nigeria

Loan Apps In Nigeria are extremely fast, with candidates receiving loans within 24 hours after applying. These apps are a big influencer because they are becoming more popular as a result of the system’s flexibility. These customers preferred lending apps over the traditional method of obtaining loans, which requires more procedures and takes more time. As a result, businesses and individuals find quick loan apps to be a more convenient and speedier way to receive bank loans.

This article looks at the top ten quick loan apps in the country. These apps are accessible for both Android and iOS, and we will discuss their unique characteristics.

1. Palmcredit

Palmcredit - Loan Apps In Nigeria

Palmcredit is a well-known loan app that offers loans to app users. The app differs from other loan apps in that all processes are completed within the app rather than being redirected to affiliate websites. People over the age of 18 are able to use this service, and loan amounts range from N2,000 to N100,000.


The following are some of the appealing features of the Palmcredit loan app:

  • Loan amounts range from N2000 to N100,000
  • The time frame and loan term range from 91 to 180 days.
  • The loan interest rate ranges from 14% to 24%, while the annual loan interest rate ranges from 48% to 56%.

2. Kwikmoney (Migo)

Kwikmoney (Migo) - Loan Apps In Nigeria
Kwikmoney (Migo)

Kwikmoney (or Migo as it is also known) is another top quick loan app in the country. This loan app platform is particularly fast because it allows consumers to apply for loans via their website. There is no need to download any apps because all processes are completed on their website.

KwikMoney’s service is incredibly straightforward because they offer a more direct way to receive a loan; as simple as dialing a code the same way you borrow credit through your sim.

On the MTN, GLO, and Etisalat networks, call the USSD code, *564#, and on the Airtel network, dial *554*561#. – Loan Apps In Nigeria


The following are the benefits of the KwikMoney loan app, and with these specifications, you should consider using it:

  • KwikMoney provides loans ranging from N500 to N500,000 (the maximum limit increase as you continue lending and repaying your loans)
  • The requested loans have interest rates ranging from 5% to 25%.

3. Paylater

Paylater - Loan Apps In Nigeria

Paylater is another excellent loan app for acquiring small loans. You can handle your finances with just a few clicks by making loans to individuals and small commercial companies. PayLater loan app has an added value feature that lets users to pay for recharge cards, NEPA bills, and other cash services. Other distinguishing aspects of the app are detailed below.


  • This loan site offers quick loans without the need for collateral.
  • Allows you to receive a reward while carrying out various transactions with your wallet. Loan payments can be made via a carbon wallet, debit card, quickteller, or direct transfer.
  • PayLater provides loans of up to N1 million.
  • This lending software also provides interest rates ranging from 1.75 percent to 30 percent, depending on the situation.

4. OKash

OKash - Loan Apps In Nigeria

Okash App Interface is a partner of Opay, Opera’s mobile payment platform. The app has received great marks for being one of the top apps for rapid loans. Previously, the application was included in the Opay app, but it has now been separated into its own app for convenience.

This system is quick because all you have to do is download the app from GooglePlay and use your Okash app to apply for a loan. After downloading, use the app and sign up using your phone number, personal information, and payment details. Simply log up, apply for the loan, and experience how easy it is to use the Okash mobile app loan.

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  • Here are some of the features of the Okash loan app that you should be aware of:
  • For beginning, the Okash lending scheme offers a maximum loan of N50,000.
  • This loan app has an annual interest rate ranging from 36.5 percent to 360 percent.
  • You can also apply for an Okash loan with a credit card. Okash has a pay-back period ranging from 91 to 365 days.

5. FairMoney

FairMoney - Loan Apps In Nigeria

FairMoney is another excellent loan app. The software includes choices for users who want to take out small loans for a limited period of time. Though this system does not handle substantial loans, it is an useful place to start for low-income earners. Fairmoney provides a quick, dependable, and free mobile app. Discover more exciting app features in the outline below.


  • Fair Money provides quick loans ranging from N1,500 to N500,000.
  • Loans have a term of 180 days.
  • They have a loan repayment plan that is flexible in terms of installments.
  • FairMoney also provides interest rates ranging from 10% to 30%.

6. Branch: Loan & Digital Banking

Branch Loan & Digital Banking - Loan Apps In Nigeria
Branch Loan & Digital Banking

Personal Cash Loans are available in amounts ranging from $2,000 to $500,000.

Tenure ranges from 62 days to one year. Monthly interest rates range from 1.7 percent to 22 percent, depending on the customer’s risk profile.

For example, if the personal loan amount is $90,000 and the interest rate is 24% per year, the interest for two months would be $360. The monthly EMI would be $4,680. This equates to a maximum APR of 24 percent. The entire loan cost will be $9360. At the end of the period, the entire sum paid back, including everything, will be 9360.

Branch is more than just a quick loan app; it’s the only app in Nigeria that allows you to make limitless FREE transfers, invest for 20% returns, and do other things. More than 25 million downloads!

7. Newcredit – safe & instant loan

Newcredit - safe & instant loan - Loan Apps In Nigeria
Newcredit – safe & instant loan

The Newcredit app makes it simple and stress-free for anyone to obtain loans at any time.

Newcredit provides: 1 loan amount ranging from $10,000 to $300,000.
2 Repayment period increased from 91 to 365 days.
3 It is simple to obtain a safe loan without a mortgage.

-The annual percentage rate (APR) on Newcredit is 24 percent 56 percent, with an equivalent monthly interest rate of 4 percent 24 percent.
-For example, if you take a 6-month loan and borrow $100,000, Newcredit charges a monthly interest rate of 4%.
Borrow NGN interest rate: 24 percent, APR: 48 percent
repayments of $24,000 over 180 days
The total sum is $140,000.

How to Make a Loan Application:
1 Get the Newcredit app.
2 Create an account with your phone number.
3 Complete the basic information and submit the loan application.
4 Your loan will be deposited directly into your bank account.

1.Nigeria residency is required.
2.18-60 years of age
3.Reliable documents and proofs

The Advantages of Using a Mobile Loan App

There are numerous benefits to using a quick loan app, ranging from speed to convenience. Let us look at a few of the most important advantages;

Simple to Use

Without a doubt, these loan app providers provide money lending apps with a simple and time-efficient application method. All you have to do is sign up for the service, provide the necessary paperwork, get accepted, and begin applying for loans.

Quick Processing

Traditional loan applications can take anywhere from 4 days to months to be finalized, therefore the loan app is extremely fast and dependable.

Transfer Direct

By providing a direct transfer function, mobile loan apps address the issue of difficult transfers. After your loan application is granted, these lending applications, for example, instantaneously transfer the loan money to your bank account in a straightforward and convenient manner.


The introduction of rapid loan apps has put an end to the days when you had to travel to a bank and wait for hours to get a loan. These apps are basic, easy to use, and work with any Android or iPhone device.

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