Do you need an instant cash loan from reliable online lending platforms? In this article, you would read my review of the top 9 best loan apps in Nigeria that guarantee quick approvals, for the highest loan amount, flexible monthly repayments and fast disbursement.
The make up of this carefully selected list constitute the most reputable and legit instant loan apps obtainable in Nigeria in 2023 for emergency cash loans. The loan processes are seamless, dependable and fast with no need of collateral, documentation or guarantors. And none of them would invade your contacts even if you have a late payment. We advise customers to avoid borrowing money or transacting business with fake and malicious loan applications.
What Are The Best Loan Apps In Nigeria for Instant Online Lending?
The best loan applications in Nigeria for instant online lending are Branch, Carbon, FairMoney, Aella Credit, Umba, Renmoney, QuickCheck, Alat by Wema, Lendigo and Quick Credit. These apps approve and disburse loans in minutes and have flexible monthly repayments and low interest.
1. Branch App
With over 10 million downloads on Google Play Store, Branch is the overall best loan app in Nigeria for low interest, fast and emergency loans in 2023. Branch’s 2.5% to 20% monthly interest is the most competitive obtainable in the quick loan industry and its 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 few minutes or hours.
2. Carbon App
Carbon, formerly known as Paylater, is one of the best instant loan apps in Nigeria for customers willing to build positive credit score across the nation. With this platform, you can borrow up to N1 million (One Million Naira) without collateral, guarantors, or paperwork. The platform is available 24/7. You can apply for instant cash on weekends and holidays and get your loan approved.
3. FairMoney App
FairMoney is the best loan app in Nigeria in terms of its exceptional quality of granting highest 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%).
To borrow from FairMoney, download and register using your 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 Credit
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 one of the best lending applications for easy loan processing for consumers in Nigeria.
The app offers loan 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. To borrow from this app, download either on Google Play Store or on the App Store.
5. Renmoney App
Renmoney is one of the best loan apps in Nigeria for microfinance bank credit. You can get a quick loan from ₦6,000 to ₦6,000,000 and repay in 3 to 24 months on the Renmoney app in just a few steps whether you are employed, self-employed or even as a business owner.
To apply, simply download the app from Google Play Store using your smartphone and choose your loan amount and tenure and share some few information about yourself. Once you sign and upload your documents, the loan is approved and paid into your bank account within 24hrs.
6. QuickCheck App
QuickCheck, a very reputable and trusted loan app in Nigeria ensures its customer data privacy and protection is guaranteed. The app uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications. 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%).
7. Alat by Wema
Alat by Wema is one of the leading and top rated instant loan apps in Nigeria and it is also one of the 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.
With Alat by Wema app, you can now apply for a quick loan and get immediate response while loan disbursement takes place in minutes. You can borrow as much as N2,000,000 (Two million naira) without leaving your home or office.
8. Specta App
Specta is an online lending platform that gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork, and no visit to any office required. It is one of the top 20 best loan apps In Nigeria with very low interest and superfast lending processes.
With Specta, you can take care of urgent personal and business needs anywhere, anytime. The Specta4individuals package is particularly tailored towards accessing a personal loan of up to N5 Million without collateral in 5 minutes.
9. Quick Credit
Quick Credit is one the best instant loan apps in Nigeria giving customers fast and emergency loans from NGN.1,500 to NGN50,000 at a tenure from 91 days to 365 days. The platform which harps on good customer service strives to provide borrowers and mobile users with convenient lending and unique 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.
There are many loan apps in Nigeria today, up to 500 and even more. However the above analyzed are our list of the best and credible lending applications for the fastest loan processing and low interest.