Top 10 Best Loan Apps In Nigeria (Instant Lending in 2022)

1. Branch — Best Overall (10 million+ downloads)
2. Carbon — Best for Building Credit Score (1 million+ downloads)
3. FairMoney — Best for Highest Loan Tenure (5 million+ downloads)
4. Aella — Best for Easy Loan Processing (1 million+ downloads)
5. Umba — Best for Low Interest (1 million+ downloads)
6. Renmoney — Best for Microfinance Bank Loan (0.50 million+ downloads)
7. QuickCheck — Best for Customer Data Privacy (1 million+ downloads)
8. Alat By Wema — Best for Salary Earners (1 million+ downloads)
9. Lendigo — Best for Small Business Loans (0.10 million+ downloads)
10. Quick Credit — Best for Good Customer Service (0.50 million+ downloads)

1. Branch Loan App — Best Overall

With over 10 million downloads on Google Play Store, Branch lending platform is the overall best loan app in Nigeria and our top pick for low interest, fast and emergency loans in 2022. Branch’s 2.5% to 20% monthly interest is the most competitive obtainable in the quick loan industry. The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.

The money lending app makes it easy for borrowers to get quick loan of up to ₦500,000, to transfer money for free, and enjoy investment yields of 20% per annum. You can simply apply through the Branch app and get approved in under 24 hours.

Branch don’t charge late fees or rollover fees, nor put restrictions on how you spend your money, and our customer support team is available 24/7. If you ever needed loan apps in Nigeria for instant cash that are reliable, this is one of your best pick.

How to borrow from the Branch instant loan app

Requirements to borrowing money from Branch are simple – all you need to apply is your phone number or Facebook account, bank verification number (BVN) and bank account number. They will also request access to the data on your phone in order to build your credit score. Simply follow the steps below:

1. Download Branch on your Android device from the Google Play store.
2. Fill out the short form and send it in for a rapid evaluation to create your account.
3. When you fill out an application for a loan, the money will be paid directly to your bank account or mobile money within minutes.
4. Repay the loan using your smartphone and improve your credit score to access more significant loans in the future.

To Apply for a Loan from Branch, CLICK HERE

2. Carbon Instant Loan App — Best for Building Credit Score

Carbon, formerly known as Paylater, is the second best instant loan app in Nigeria in 2022 and the best pick for customers willing to build positive credit score across the nation. It has gathered over 1 million downloads on Google Play Store since it was unveiled.

With Carbon, you can borrow up to N1 million (One Million Naira) without collateral, guarantors, or paperwork. At your first try, you may not be able to access big cash, you start by borrowing small, and paying back as at when due, thus gradually building good credit history which eventually makes you to have access to bigger funds.

With these mouth watering features, the Carbon Loan App has become the second best overall loan app in Nigeria.

How to borrow from the Carbon loan app

The platform is available 24/7. You can apply for instant cash on weekends and holidays and get your loan approved. Just following the simple steps below:

1. Install the Carbon application from the Google Play Store or the App store.
2. By giving your information, you get closer to gaining access to financing. It is secure and safe.
3. Carbon will evaluate your application and inform you of your eligibility when you’ve specified the amount you want to borrow.
4. Once accepted, Carbon will immediately deposit the cash into your account.

To download the app on Google Play Store CLICK HERE.

3. FairMoney Loan App — Best for Highest Loan Tenure

FairMoney digital platform is the third best loan app in Nigeria in 2022 and it has the exceptional quality of granting higher loan tenure than many other similar lending applications. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods tenure ranging from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).

However as good as FairMoney loan app is, the application has a very high interest rate that is unfavourable to a large chunk of
customers and borrowers.

To authorise a payback debit, you need to link your card or bank account and give your BVN information during the loan application process.

Due to the legislation, if you attempt to default on the loan, you risk losing your FairMoney account, getting blacklisted and a credit report sent to CRC and FirstCentral.

How to borrow from the Fairmoney instant loan app
Download and install the app using the installation buttons above
To get a loan offer, you’ll need to register using the phone number connected to your BVN and answer a few questions.
If you agree to it, your loan will be sent directly into your bank account of choice.

4. Aella Instant Loan App — Best for Easy Loan Processing

Aella otherwise called Aella Credit exists to simplify and open up financial access for all in emerging markets by leveraging technology and widespread mobile adoption for Nigerian borrowers. It is our “best lending app pick” for easy loan processing for consumers in 2022 and by implication the fourth best loan app in Nigeria.

With the position of the 4th best loan app, Aella Credit has a rich history of innovation and was the first digital lender to pilot in Africa’s biggest market.

The lending platform offers loans at low-interest rates and demands no late fees. It allows borrowers to build their creditworthiness via prompt loan repayment in order to qualify for larger loan amounts and reductions.

The mission statement of the credit company is to help customers build financial independence by providing access to simple products; quick loans, instant cash, investment opportunities and bill payments. And this organization does it seamlessly.

How to get loan from Aella Credit loan app

1. Download and install the app on your smartphone.
2. Create an account.
3. Complete all required fields with valid and relevant data.
4. Click the “Check Eligibility” button to find out how much you may borrow.
5. Apply for a loan that meets your needs.
6. Obtain money in your Aella Wallet.

You can download Aella Credit app on Google Play Store by clicking here.

You can download Aella app on App Store by clicking here.

5. Umba — Best for Low Interest

Umba is the best loan app pick in Nigeria for no late fees, no rollover charges and no origination fees in the year 2022. The lender prides itself as the leading digital bank in Africa. With it, users can apply, drawdown and repay loans directly from their smartphone or desktop computer.

As the 5th best loan app in Nigeria, Umba does not impose late fees or rollover costs, and you may have access to larger loans, reduced rates, and more flexible payment terms as you repay. It uses your phone’s data, including your SMS history, to authenticate your identity and generate a credit score, making obtaining a personal loan straightforward.

As one of the best loan apps in Nigeria, Umba also ranks among Nigeria’s most secure, as they prioritise your privacy and pledge never to share your information with other parties.

Features of Umba Loan App

1. Umba puts you in control of your finances. The Umba app lets you apply for credit on the go and it works 24/7.
2. No paperwork, collateral or office visits needed
3. You can use your Umba loan to send money directly to your M-Pesa account, to merchants, or utility providers
4. No late charges or rollover fees
5. Get access to bigger loans, lower fees, and flexible payment terms as you repay
6. Loans are approved and disbursed quickly

How to borrow from the Umba instant loan app

Once an individual is verified, it makes lending decisions based on an assigned risk rating.

1. Download and install the app using your smartphone
2. Create an account
3. Apply within minutes.
4. Receive an Umba Loan
5. Increase your borrowing limit whenever a loan is repaid on time.

You can download the Umba app on Google Play Store by clicking here

6. Renmoney — Best for Microfinance Bank Loan

Renmoney is the 6th on our list of top 19 loan apps in Nigeria and “best pick” for microfinance bank loan in 2022 across the country. The platform has its head office in Lagos.

You can get a quick loan on the Renmoney app in just a few steps. Renmoney quick online loans are for employed or self-employed people as well as business owners. So, if you need an instant personal or business loan, you can borrow from ₦6,000 to ₦6,000,000 and repay in 3 to 24 months.

How to borrow money from the Renmoney loan app

1. Download and install the app using your smartphone
2. Choose your loan amount & tenure then share some relavent information about yourself
3. Verify the information that you’ve provided
4. Sign your documents and get the money in your bank account within 24hrs, if your loan is approved.

7. QuickCheck Loan App — Best for Customer Data Privacy

QuickCheck is the 7th best loan app in Nigeria and our best pick for customer data privacy and protection in 2022. The app uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications.

In this era where many loan apps indulge in unethical banking practices relating to data breach, QuickCheck loan application stands tall for instituting best lending practices to ensure customer data privacy. The app will never share your contacts and information with third parties.

A QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. However as you stay loyal and make repayment as at when due, you should be able to get an interest rate as low as 1% per day, making the digital lender one of the market’s lowest interest rates. However, processing a loan request takes over 24 hours, making QuickCheck a non-competitive lender when it comes to evaluating the fastest loan app in Nigeria.

Loans range from ₦1,500 to ₦500k with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. (APRs from 30% to 260%).

Once you apply, your credit score will be instantly evaluated and let machine learning decide if you qualify. All applications MUST be completed on your android device.

How to Apply For A QuickCheck Loan

You can begin your application by downloading the QuickCheck app from the Google Playstore. After downloading the app, sign in with your facebook email address and password and fill the provided fields correctly.

Step 1: Download and install the loan app using your smartphone
Step 2: Sign up to create an account
Step 3: Apply for a collateral-free loan in less than one minute
Step 4: Credit scoring using our algorithm will be carried out (no collateral needed)
Step 5: If eligible, the cash loan will be credited into your account within 24 hours.

If you are not eligible, you will be required to apply again.

8. Alat by Wema — Best for Salary Earners

Alat By Wema is one of the leading instant loan apps in Nigeria and it is best platform for salary earners looking for quick cash loans without paperwork or collateral. Loans are available to all Alat customers via Alat App or the website.

As with everything else on ALAT, you can now apply for a quick loan without collateral or paperwork, no visitation to any physical location, and response time between acceptance of offer and loan disbursement is in minutes. You can now borrow as much as N2,000,000 (Two million naira) without collateral.

How To Apply for A ALAT By Wema Loan

1. Login to ALAT or sign-up if you do not have an account
2. From the menu items, click on ‘’Loans’’
3. Read through and understands the ALAT disclaimer
4. Upon successful credit evaluation and checks, a loan offer is presented with duration and applicable interest based on the user’s current risk score
5. Accept the Terms & Conditions which will contain consent to having your account debited for repayment at loan due date and provide your debit card details to be debited.
6. Your account will be immediately credited.

To download the app on Google Play Store for android devices, CLICK HERE.

To download the app on Apple Store for iOS devices, CLICK HERE.

9. Lendigo Loan App — Best for Small Business Loans

Lendigo digital platform prides itself as Nigeria’s No 1 SME Finance Provider and it is arguably the best loan app in Nigeria for small businesses. The platform offers Nigerian small and medium scale businesses (SMEs) easy, fast and flexible access to working capital according to their business requirements and suited to their finance needs.

How to borrow money from the Lendigo loan app

1. Download the app from Google Play Store with your smartphone
2. Register and Complete your Personal Profile
3. Submit your Business and Financial Details
4. Make a Loan Request
5. Get a Loan Offer based on your details
6. Once you accept the loan offer, your Account is credited.

10. Quick Credit — Best for Good Customer Service

Quick Credit is one the best lending platforms and instant loan apps in Nigeria giving customers fast and emergency loans. The platform which is best for good customer service strives to provide borrowers and mobile users with convenient lending and quick loan services.

With simple steps and minimal documentation, Quick Credit loan applicantss can get qualified loan products which is 100% online process. Once approved, the loan amount will be immediately transferred to the applicant’ s bank account.

Product Features of Quick Credit Loan App

1.Tenure: From 91 days to 365 days.
2.Loan Amount: From NGN.1,500 to NGN.50,000.
3.The maximum Annual Percentage Rate (APR) is 36%.
4.Origination fee: From 1% to 9%.

How to borrow money from Quick Credit Loan App

1. Register through the app’s website, their MoneyPal app or by chatting Zee on Whatsapp
2. Fill out our brief application form with your information and we’ll review your application within Five (5) minutes.
3. Once approved, funds are typically received within 5 minutes.

You can download the Quick Credit app on Google Play Store by clicking here