In today’s busy world, sudden cash needs may arise at any time. Having quick and reliable loan options can save your life when you need to pay for an urgent medical bill, a sudden car repair, or a business cost. Are you planning to apply for a loan? Then you will be interest in our “Top 20 Best & Easiest Loan Apps In Nigeria”.

The question I often hear people ask is what are the best and easy to obtain loan apps in Nigeria?  The answer is that there are numerous best and easiest-to-approve loan apps in Nigeria, among them are Carbon, RenMoney, Palm Credit, FairMoney, Aella Credit, QuickCheck, Newcredit, and Easy Cash among others.

 Luckily, Nigeria’s fintech scene has grown a lot in the past few years, and now there are a lot of CBN-approved loan apps that you can easily get on your phone.

This blog post will tell you everything you need to know about the 20 best and easiest loan apps in Nigeria for 2024. We’ll talk about the fastest loan app approval and the easiers to access so that you can make an informed choice based on your own needs.

Also see: Top 10 Best Apps To Save Money in Nigeria in 2024

Top 20 Best & Easiest to Approve Loan Apps in Nigeria (2024)

1. Carbon: Offering loans from N2,000 to N1,000,000 with flexible repayment terms, Carbon is a popular choice for various financial needs.
2. RenMoney: This app caters to individuals and businesses, providing loans up to N6,000,000 with repayment periods of up to 24 months.
3. FairMoney MFB: Backed by a reputable microfinance bank, FairMoney offers loans ranging from N2,500 to N500,000 with competitive interest rates.
4. Okash: This user-friendly app provides quick loans from N3,000 to N500,000, known for its fast and efficient application process. It has more than five million downloads making it amongst the popular loan apps in Nigeria.
5. PalmCredit: Offering loans from N2,000 to N200,000, PalmCredit emphasizes responsible borrowing and rewards timely repayments with lower interest rates. The company that owns Palm Credit is Transsnet Financial Nigeria Ltd. Loans are given without collateral. It costs around 14% to 24% per year to pay back these loans. Their loan repayment policy says that clients must pay back the loans within 14 to 180 days of receiving the money.
6. Aella Credit: This app caters to salaried individuals and offers loans from N2,000 to N1,500,000 with flexible repayment options.
7. Kuda Bank: This digital bank, alongside its core banking services, offers quick loans to qualified account holders. Kuda, sometimes called the “bank of the free,” offers its regular customers loans, which are short-term loans, for various purposes. These loans are without stress since they are easy to apply for, don’t necessitate paperwork, and charge only 0.3% interest per day. Overdrafts normally last 90 days, but you only have 30 days from the date of disbursement to begin paying them back.
8. Branch: A globally recognized platform, Branch provides loans from N1,500 to N500,000 with repayment terms ranging from 90 days to one year. Branch is one of the best loan apps in Nigeria, and more than 10 million people have downloaded it.
9. QuickCheck: This app facilitates access to loans from N2,000 to N50,000, known for its straightforward application process and quick loan disbursement. QuickCheck gives out quick loans using information from smartphones and credit scores. The platform gives customers quick cash to help them meet their immediate wants until their next paycheck. Because of this feature, QuickCheck is well-known and mostly used by people who get paid by the paycheck to cover expenses until their next paycheck.
10. Wecredit: Offering loans from N10,000 to N200,000, Wecredit targets both individuals and small businesses, aiming to empower financial inclusion.
11. Easy Cash: Over 1 million people in Nigeria have downloaded Ease Cash, which markets itself as a safe and trustworthy online loan app. The app stands out because it offers quick loans from N1,000 to N100,000 with terms of 91 to 180 days to pay them back.
12. Newcredit: Over 1 million people in Nigeria have downloaded Newcredit, which is another app for quick loans. This personal loan app stands out because it lets Nigerians borrow up to N300,000 without having to put up collateral.
13. Alat By Wema Bank: Alat, which is a product of Wema Bank and is known as Africa’s first totally digital bank, is dedicated to introducing individualized goods and services that cater to the varied requirements of its customers at every stage of their lives. Alat has been instrumental in the provision of loans to more than one million individuals, families, and enterprises across the entirety of Nigeria. Through the usage of its digital platform, Alat has been able to play a significant role in supporting users in accomplishing their personal and financial objectives
14. CredPal: Individuals can get loans from CredPal, which is an online site. Credit Builder is a new feature on the site that is meant to help people with bad credit improve their credit scores. They can do this by giving them access to loans through investments.
15. Pennylender: Pennylender is another well-known loan app in Nigeria. What makes it stand out is its dedication to helping everyone get access to money. There is a strong belief on the platform that loans should be available to everyone, including employees and company owners, whether they work in the formal or informal sector.
16. Creditwave Finance Limited:  CreditWave Finance Limited is a digital lender based in Nigeria that provides quick loan solutions through their iOS and Android mobile applications. Loan amounts ranging from N10,000 to N500,000 are available through CreditWave. Your payback durations can range anywhere from 61 days to 180 days, which is equivalent to two to six months.  Their Annual Percentage Rate (APR) ranges from 18% to 33.6% of the total amount borrowed.
17.  C24 Capital: C24 Capital is a Nigerian fintech company that lets people get personal loans through a mobile app. Personal loans from N40,000 to N1,000,000 are available from C24. For new customers, the highest limit is N750,000, which is less than for returning customers.
18.  Specta By Sterling Bank: The Specta app for mobile loans was made by Sterling Bank, an established bank in Nigeria. With this connection, Sterling Bank can offer a digital and easier way to apply for a loan through Specta. As a Sterling Bank offering, Specta is indirectly approved by the Central Bank of Nigeria (CBN) because Sterling Bank follows the rules set by the CBN.
19.  EaseMoni: EaseMoni is a Nigerian instant loan app that lets you get personal cash loans. It is one of the most popular loan apps in Nigeria, with over 5 million downloads and loan acceptance is quick and easy. Loans from EaseMoni range from NGN 3,000 to NGN 1,000,000. There are 91 to 365 days to pay back the loan, which is three to twelve months. EaseMoni’s advertised minimum rate is 5% per month, which is equal to an APR of 60% to 120%. To be eligible, you need to have a Nigerian bank account and a BVN (Bank Verification Number).
20. Wecredit: Wecredit is a mobile loan app that works in Nigeria and lets people get loans quickly and easily.  The app has been downloaded over a million times, making it a popular choice in Nigeria. Loans from N10,000 to N200,000 are available from Wecredit to both individuals and small companies. They have a range of flexible payment plans that last from 91 days to 16 months. It is said that interest rates range from 2% to 24%. But old clients who have repaid their loans before might be able to get interest rates lowered by up to 50%. The whole entry process is done through their mobile app.

What To Consider Before Using Loan Apps:

CBN Approval: A loan application should always be checked to ensure that it has been properly registered and approved by the Central Bank of Nigeria (CBN). Because of this, legitimate operations and compliance with legislation governing consumer protection are ensured.

On the website of the Central Bank of Nigeria (CBN), you will discover a list of approved lenders.

Interest Rates and Fees: A comparison of the Annual Percentage Rate (APR) and any other costs that are related to the loan should be done with great care. Choose applications that have transparent price structures and charge rates that are competitive.

Loan Amount and Repayment Terms: One must be aware of the maximum loan amount, loan tenors, and payback schedules that are provided by each application.

Pick a loan amount that you will be able to repay without any difficulty within the allotted amount of time.

Eligibility Criteria: Take a look at the eligibility conditions for each app, which may include verification of your age and income as well as the linking of your BVN (Bank Verification Number).

What Are The Loan Apps Fully Approved By CBN?

FULLY APPROVED

1.         SYCAMORE INTEGRATED SOLUTIONS LIMITED

2.         TRADE DEPOT

3.         TAJOW INVESTMENT

4.         BLUE RIDGE MICROFINANCE BANK LIMITED

5.         GROLATECH CREDIT LIMITED

6.         BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED

7.         P2VEST TECHNOLOGY LIMITED

8.         CREDITWAVE FINANCE LIMITED

9.         KEENEST TECH SERVICE LIMITED

10.       FAIRMONEY MICRO FINANCE BANK

11.       ALTRACRED FINANCE INVESTMENT LIMITED

12.       CREVANCE CREDIT LIMITED

13.       MENACRED COMPANY LIMITED

14.       AFROWIDE DEVELOPMENT LTD

15.       RED PLANET NIGERIA LIMITED

16.       AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED

17.       RANKCAPITAL LIMITED

18.       IBS GOLDEN INVESTMENT COMPANY LIMITED

19.       LENDVISERY SERVICES LIMITED

20.       RENMONEY MICROFINANCE BANK LIMITED

21.       SWIPEBILL TECHNOLOGIES NIGERIA LIMITED

22.       HOMETOWN FINTECH LIMITED

23.       GIASUN TECHNOLOGY NIGERIA LIMITED

24.       BE RESOURCES LIMITED

25.       ROCKIT LENDERS NIGERIA LIMITED

26.       PIVO TECHNOLOGY LIMITED

27.       YES CREDIT COMPANY LIMITED

28.       IRORUN TECHNOLOGIES LIMITED

29.       CSENSE LIMITED

30.       SUPREME HELP COOPERATIVE SOCIETY LIMITED

31.       ORCOM AND ORCOM BUSSINESS SUPPORT LIMITED

32.       PAYHIPPO LIMITED.

33.       EASYCHECK FINANCE INVESTMENT LIMITED

34.       QUARK FINANCIAL NIGERIA LIMITED

35.       EDMOND SOLUTIONS COMPANY LIMITED

36.       TED ROCKET LIMITED

37.       PENAID LIMITED

38.       ARVE LIMITED

39.       DOVER CREDIT LIMITED

40.       RAGEKAY GLOBAL INVESTMENT LIMITED

41.       MAYWOOD LENDING LIMITED

42.       LINKPARK TECHNOLOGY NIGERIA LIMITED

43.       MANGNET LENDING LIMITED

44.       RUBYSTAR GLOBAL LIMITED

45.       BESTFIN NIGERIA LIMITED

46.       FUBRI CENTURY COMPANY LIMITED

47.       BERLY SPRING GLOBAL LIMITED

48.       ROCK FINANCIALS LIMITED

49.       PHOENIX PAYMENT SOLUTION LIMITED

50.       VALUE DRIVER TECHNOLOGY SOLUTION LIMITED

51.       NEXTPAYDAY LIMITED

52.       BLACKCOPPER SERVICE LIMITED

53.       TRAFALGAR ASSOCIATE LIMITED

54.       WINDVILLE FINANCIAL NIGERIA LIMITED

55.       ORANGE LOAN & PURPLE CREDIT LIMITED

56.       CARBON MICROFINANCE BANK LIMITED

57.       NEO-LINK TECHNOLOGY COMPANY LIMITED

58.       FINNEW FINTECH LIMITED

59.       OTP INTERNET TECHNOLOGY LIMITED

60.       RED HARBOR FINTECH LIMITED

61.       PAYLATER HUB LIMITED

62.       SKITLOAN NIGERIA LIMITED

63.       RACEOVA NIG. LIMITED

64.       NEW CREDAGE NIGERIA LIMITED

65.       BETTERLENDING COMPANY LIMITED

66.       FAST-POINT INTEGRATED LIMITED

67.       APEX LENDING LIMITED

68.       PISKA TECH NIGERIA LIMITED

69.       PRINCEP CREDIT SYSTEM LIMITED

70.       OMALEND SERVICE LIMITED

71.       POCKFUL FINANCE LIMITED

72.       HIGHCREDIT NIGERIA LIMITED

73.       HOLLANDALE NIGERIA LIMITED

74.       PAY FINANCIAL TECHNOLOGY SERVICE LIMITED

75.       A1 CAPITAL SOLUTION LIMITED

76.       NEWEDGE FINANCE LIMITED

77.       PAPICHOU TECHNOLOGY LIMITED

78.       GOHARVEST INTERNATIONAL LIMITED

79.       MINO SPARKS LIMITED

80.       XGO FINANCE LIMITED

81.       PRIMERA MICROFINANCE BANK

82.       CREDIT TECH LENDING COMPANY

83.       PROSPERITY ARCHIPELAGO LIMITED

84.       FINESEST LIMITED

85.       SINGULARITY TECHNOLOGY NIGERIA LTD

86.       ECON MART FINTECH LIMITED

87.       PENNEE TECHNOLOGIES LIMITED

88.       OXYMON SOLUTION LIMITED

89.       LANTANA TECHNOLOGY LIMITED

90.       APPLINK CAPITAL NIGERIA LIMITED

91.       YEGON TECH LIMITED

92.       FEZOTECH NIGERIA LIMITED

93.       ERIC VSTA LIMITED

94.       MOBLASPAY COMPANY LIMITED

95.       PAYCREDIT LIMITED

96.       NIZ SERVICES LIMITED

97.       MINO SPARKS LIMITED

98.       FLO WOOD LENDING

99.       LIBERTY ASSURED LIMITED

100.    UNI TECHNOLOGY NIGERIA LTD

101.    TRADE LENDA COM LIMITED

102.    CREDITVILLE MICROFINANCE BANK LTD

103.    LETSHEGO MICROFINANCE BANK LTD

104.    KIOWOPE CAPITAL LIMITED

105.    VEENDHQ LIMITED

106.    UCPLUS ADVANCE LIMITED

107.    MAVEN FINANCE LIMITED

108.    AELLA FINANCIAL SOLUTIONS LIMITED

109.    FLUNA CAPITAL LIMITED

110.    NEWEDGE FINANCE LIMITED

111.    TA PRIME LIMITED

112.    REGXTA GLOBAL SERVICE LTD

113.    PROVEST LIMITED

114.    JM RUBINUS LIMITED

115.    CROSSROADS E-PAYMENT SYSTEMS LIMITED

116.    CONSYNERGY LIMITED

117.    FINTCRED INNOVATION LIMITED

118.    AFROSAY FINTECH LIMITED

119.    MIM FINANCE COMPANY

The Loan Apps with Conditional Approval By CBN?

1.         TRIPODBASE LIMITED

2.         OWOAFARA FINTECH SERVICE

3.         AJAX LENDING LIMITED

4.         THE PLATFORM DIGITAL NETWORK LIMITED

5.         ZIPPY CAPITAL LIMITED

6.         LENDING EDGE LIMITED

7.         LENDHA TECHNOLOGIES LIMITED

8.         DOJA LEMAIRE GLOBAL LIMITED

9.         PAYDAYHUB ONLINE NIGERIA LIMITED

10.       RETAIL BOOSTER LIMITED

11.       CITADELE CAPITALS LIMITED

12.       FEWCHORE FINANCE COMPANY LIMITED

13.       ONE PAYOUT LIMITED

14.       LIDYA GLOBAL LIMITED

15.       KWABA INTERNATIONAL LIMITED

16.       FINPADI TECHNOLOGIES LIMITED

17.       UMBA DIGITAL SOLUTIONS LIMITED

18.       FINTRADE SOLUTIONS LIMITED

19.       U TECHNOLOGY

20.       STELLAR FINANCE LIMITED

21.       DASH INNOVATIONS

22.       GRIT-TECH LIMITED

23.       CAELUM TECHNOLOGIES LIMITED

24.       U THINKING NIGERIA LIMITED

25.       EATON HILL INVESTMENT LIMITED

26.       CREDITPRO BUSINESS SUPPORT SERVICES LTD

27.       MUSKA TECH LIMITED

28.       HELPPO AFRICA LIMITED

29.       RENNERS INVESTMENT LIMITED

30.       PEBBLE FINANCIAL TECH. LIMITED

31.       KIAKIA BITS LIMITED

32.       WEALTHBRIDGE CAPITAL PARTNERS LIMITED

33.       TRIVISTA CAPITAL LIMITED

34.       ATIMI LENDING LTD

35.       ZUVY TECHNOLOGIES LIMITED

36.       ROCKSHIELD MICROFINANCE

37.       DOT MICROFINANCE BANK LIMITED

38.       ALLAWEE TECHNOLOGIES LIMITED

39.       LUCRED TECHNOLOGY LIMITED

40.       NOLT FINANCE LIMITED

41.       SOKO LENDING LIMITED

42.       CITYGATE GLOBAL INVESTMENT LIMITED

43.       OLIVERMEAD INVESTMENT LIMITED

44.       LIGHTING FINANCE TECHNOLOGY NIGERIA LIMITED

45.       MENO FINANCE LIMITED

46.       HOIL INVESTMENT LIMITED.

47.       KIREDI ROCK COMPANY LTD

48.       GLOSH TECH LIMITED

49.       CLEMO FRESH CO. LTD

50.       PASSECO TECHNOLOGY NIG. LTD

51.       TRUST CEN LIMITED

52.       RIVERBANK PARTNERS LIMITED

53.       PRIME AVIS INVESTMENT SERVICES LIMITED

54.       RIVERBRAND TECHNOLOGY LIMITED

What Are The Loan Apps With The Lowest Interest Rates

From the Top 20 Best & Easiest Loan Apps In Nigeria, there are some of them that their interest rate is very low which we have listed below:

1. Palmcredit
2. FairMoney
3. Aella Credit
4. KiaKia
5. QuickCheck
6. Carbon
7. Branch
8. Lydia.co
9. KiaKia
10. Fint Loan

Top 10 Loan Apps That Give Instant Cash in Nigeria

From the Top 20 Best & Easiest Loan Apps In Nigeria, we can still narrow down to bring you the top 10 loan apps that give instant cash in Nigeria below:

1. Carbon (formerly Paylater): Carbon has an easy-to-use interface and it is quick in accepting and processing payment
2. Branch: The application process is quick and easy, and choices about approval are often made right away.
3. FairMoney: They are known for offering quick loans with an easy application process that doesn’t need collateral.
4. Renmoney: They offer loans without security, and the application process is made to be easy for anyone to use.
5. Lidya: Small and medium-sized businesses (SMEs) can get loans quickly and easily from Lidya.
6. KiaKia: They are very fast in approving loans of small amounts and the application process for small loans is quick. Kiakia does not have a mobile app for now, so you can make use of their website for your loan application
7. Fint Loan: Provides quick loans with an easy application process.
8. Okash:  OKash boasts a quick and efficient application process with approvals potentially within minutes.
9. EasyNaira: is a 100% safe and secure lending and financial personal loan platform in Nigeria. It is one of the fastest and easiest ways to borrow money online.
10. Fastmoney:  As an online loan platform, it allows eligible users to access emergency funds up to 300,000 naira, and with flexible payment terms.

Which Loan App Is The Best In Nigeria?

We can not categorically say which loan app is the best in Nigeria, but from our top 20 best and easiest loan apps in Nigeria we can narrow the top contenders to four, then you can make the decision for the best loan app in Nigeria.

Top contenders (all of them have been approved by CBN):

OKash is well-known for its speedy and effective application process, which has the potential to provide approvals in a matter of minutes and funds by the following business day (if granted). Loans ranging from N3,000 to N1,000,000 are available.

Carbon, formerly known as PayLater, is yet another well-liked choice that offers a simplified application process and the possibility of receiving funds on the same day after approval. There is a range of loan amounts from N2,000 to N1,000,000.

The FairMoney Microfinance Bank is supported by a reputed microfinance institution and provides loans ranging from N2,500 to N500,000 at competitive interest rates.

Branch: A user-friendly platform that offers quick loan processing and the possibility of funds being deposited within twenty-four hours of approval is provided by the Branch. You can borrow anything from 1,500 to 500,000 naira.

Which Is The Most Trusted Loan App In Nigeria?

From the top 20 best and easiest loan apps in Nigeria, we can narrow the top contenders for the most trusted loan app in Nigeria to only three.

Top Contenders with Trustworthiness Factors:

Several loan applications that have been approved by the CBN exhibit the following trustworthiness indicators:

Carbon, formerly known as PayLater, is a company that is well-known for its user-friendly design, transparency in terms and fees, and a positive reputation with well-established media outlets.

FairMoney MFB:  With a dedication to responsible lending procedures and low-interest rates, FairMoney Microfinance Bank (MFB) is a microfinance institution that is backed by a respected microfinance bank.

Branch: A platform that is recognized all over the world that emphasizes responsible lending practices and transparency, ensuring that fees and terms are communicated clearly and concisely.

CONCLUSION

With so many CBN-approved loan applications accessible in Nigeria and based on our top 20 best & easiest loan apps in Nigeria, you can now decide on the one that best meets your requirements. Before making your selection, consider the loan amount, interest rates, payback conditions, and customer feedback. Remember, borrow only what you can afford to return on time.