In this guide, we have compiled a comprehensive list of the top online loan apps/websites to access personal and business loans in Nigeria.
As an individual, there are some situations that may arise when we need some extra cash to sort out some pressing bills. Most times, business owners might need extra funds to take care of some emergency financial needs in their business.
In situations such as these, getting access to quick and easily affordable loans is a life saver especially when all other means of getting the needed cash has been exhausted with no results.
Also considering the fact that Nigerian banks have made it difficult and time-consuming for individuals that are looking to get a small amount of loan as quickly as possible, instant loans come to the rescue.
This is also beneficial for employees looking for a quick loan or a small business owner looking for extra capital to complete a project as soon as possible.
With the advent of online loan apps/websites, getting quick online loans in Nigeria have never been easier.
Online lending platforms/startups birthed by the Fintech Industry in Nigeria are making it easy for individuals and business owners to gain access to quick loans when they need it.
If you are looking for instant loan in Nigeria where you can apply for quick loans without much stress, you have come to the right place.
So without further ado, let’s dive right in.
Top 11 Quick Loan Apps/Websites in Nigeria
Paylater is an online digital financial services platform that specializes solely in consumer lending.
Paylater provides short-term instant and easy-to-access loans to individuals and small business owners to sort out emergency financial needs.
Individuals and business owners can access up to ₦1,000,000 without any collateral. You can easily apply for an instant loan at any time and receive your funds in your bank account within minutes.
No collateral, guarantors or paperwork is needed to procure the loans.
By repaying your loan on time, you will able to unlock higher loan amounts as well as lower interest rates.
An additional benefit of using the Paylater loan app is the ability to track your personal expenses with Paylater finance manager. Great isn’t it?
How Paylater Works
1. Download the Paylater loan app
The Paylater loan app is only available on Android smartphone devices. You can download the app on Google play store using the link below.
2. Introduce yourself
This is where you fill out Paylater application with your personal information such as your full name, date of birth, gender, email address, phone number, and bank account details amongst others. Your application is reviewed immediately.
3. Money in your account
Once your application has been reviewed and it is approved, you will receive the funds within 5 minutes.
4. Repay your loan
On or before the payment due date, you must repay your loan to increase your chance of getting higher loan limits and lower interest rates for subsequent loans.
Download the Paylater loan app today to get easy access to instant loans with affordable interest rates.
Palmcredit is one of the top loan apps for Nigerians which operates in the form of a virtual credit card that makes it easy for individual and small business owners to access instant loans anytime and anywhere.
Palmcredit loan app currently offers instant cash loans of up to ₦100,000 loan limit. At the moment, they offer quick easy-to-access “NANO cash loans” of ₦2,000 – ₦20,000 and “Airtime loans” of ₦1,000 – ₦10,000.
Your interest rate will be determined by the loan repayment tenor selected. At the moment, the available loan repayment tenors are 14, 21, and 28 days with 12%, 18%, and 28% interest rates respectively.
The faster you repay your outstanding loans, the more you save in fees. Also, your credit score is updated thereby increasing your loan limits for future loan procurements.
How Palmcredit works?
To get started with Palmcredit, follow the steps below.
1. Download the Palmcredit loan app
The Palmcredit loan app is only available on Android smartphone devices. You can download the app on Google play store using the link below.
2. Complete your application
Fill in the application with your personal information.
3. Apply for your loan
Download the Palmcredit loan app today to get easy access to instant loans with affordable interest rates.
Branch is another mobile loan app for Nigerians that allow easy access to instant loans without any collateral or hidden fees whatsoever. You can quickly get a fast loan to take care of your immediate financial needs.
Branch offers quick loans from ₦1,000 – ₦200,000. And the loan terms range from 4 – 64 weeks. Interest rates range from 14% – 28% with an equivalent monthly interest of 1% – 21%, depending on the loan option selected.
The precise interest rate for your loan is determined by a number of deciding factors which includes your repayment history and the cost of lending for Branch.
There are no late or rollover fees and no collateral necessary to obtain instant loans from Branch.
How Branch Works
1. Download the Branch loan app
The Branch loan app is only available on Android smartphone devices. You can download the app on Google play store using the link below.
2. Create your account
This is where you set up your account with your personal information and submit for a quick review.
3. Apply for the loan that matches your needs
Loans are conveniently sent to your mobile money or bank account in minutes.
4. Receive your loan into your bank account
Repay your loans with your mobile account. Build your credit score to unlock larger loan limits.
Download the Branch loan app today to get easy access to instant loans with affordable interest rates.
4. Aella Credit
Aella Credit is a Fintech company simplifying financial access for the unbanked and underbanked in Africa.
Aella Credit focuses strongly on employee lending and empowerment through credit score rating. They help business owners and employees build credit in three steps;
Step 1: Out of Network Loans
Starting with Aella Credit “Out of Network Loans”, business owners that repay on time, get reduced interest rates on subsequent loans.
Step 2: In Network Loans
At this stage, you bring in your coworkers to Aella employee network and get the lowest interest rates
Step 3: Micro Merchant Loans
You can start a small business and get financed with micro-merchant loans based on your credit score and cash flows.
Aella Credit “Out of Network Loans”
Aella Credit offers new users “Out of Network Loans” amounts of ₦1,500 – ₦90,000. The loan tenors are usually 30 – 60 days with monthly interest rates of 4% – 29%.
How Aella Credit “Out of Network Loans” Works
1. Download the Aella Credit loan app
The Aella Credit loan app is only available on Android smartphone devices. You can download the app on Google play store using the link below.
Create your account with your personal information.
3. Fill in the application
Here, you simply, fill in your application for a loan.
4. Receive your money
Once your application has been approved, you will receive your loan to your bank account.
Aella Credit “In Network Loans”
Business owners can help their employees build strong credit with Aella Credit “In Network Loans”.
Aella Credit offers employees “In Network Loans” amounts of ₦5,000 – ₦720,000. The loan tenors are usually 4 – 68 weeks with monthly interest rates of 1% – 14%.
How Aella Credit “In Network Loans” Works
2. Your employee logs in using company credentials
3. They fill in the form & apply for a loan within minutes
4. Funds are disbursed instantly upon confirmation
Download the Aella Credit loan app today to get easy access to instant loans with affordable interest rates.
Quickteller is a popular and robust consumer financial digital services platform that provides a swift and convenient way to buy airtime, make payment for utility bills, send and receive money easily.
Quickteller has now expanded its services to collateral-free loans. If you are a frequent user of Quickteller, this is an opportunity to get easy-to-access instant loans to handle your immediate financial needs.
Individuals can access up to ₦50,000 without collateral. Loan amounts are determined by your Quickteller transaction history and the loans are disbursed instantly!
How Quickteller Loans Works
1. Login to your Quickteller account.
3. Apply for a loan amount and fill in your bank information.
Or you can simply dial the USSD code *322*6# to get started with Quickteller loans.
Once your application is reviewed and approved, you will receive your loan within minutes.
Alat is a robust platform launched by Wema Bank to function as a digital bank. As a digital bank, you can open an Alat bank account, save money and get up to 10% in interest, pay bills automatically, transfer funds, and have your ATM card delivered to you anywhere in Nigeria at no cost!
One of the major benefits of the Alat app is the option of applying for an instant loan of up to ₦200,000 without any collateral, paperwork or visitation to any physical location.
Once your application is approved, the funds are disbursed to your Alat bank account within minutes!
How Alat loans Works
Visit https://alat.ng/ to get started.
Or download the Alat app on your Android or Apple smartphone devices.
For Android smartphones, download the Alat app on Google play store using the link below.
For Apple smartphones, download the Alat app on Apple store using the link below.
After successfully registering your account, you can then try to request for an instant loan.
QuickCheck is another Fiintech startup that aims to provide banking services to individuals and small business owners in the form of quick easy-to-access loans.
QuickCheck uses machine learning technology based on the current market trends to predict user’s behaviour and evaluate loan applications in order to determine loan limits.
Loans applications are usually reviewed and approved in less than 24 hours. Interest rates for approved loans are as low as 1% per day.
Individuals and small business owners can access a loan of up to ₦30,000. However, as a first time user, you can access up to ₦10,000 Naira for a period of 30 days.
Early repayment of loans unlocks higher amounts and lower interest rates. So as you pay your loan on time, and build trust with the system, your loan limit is raised for subsequent loans.
How QuickCheck Works
1. Download the QuickCheck loan app
The QuickCheck loan app is only available on Android smartphone devices. You can download the app on Google play store using the link below.
2. Fill out the form
This is where you complete the application form with your personal information and submit for a review.
3. Apply for a loan that matches your needs
4. Receive your loan into your bank account
Once your application has been reviewed, you will receive your loan within 24 hours of loan validation (queued for disbursal).
Download the QuickCheck loan app today to get easy access to instant loans with affordable interest rates.
FairMoney is a mobile loan app for Nigerians that facilitates access to credit via your mobile phone anytime, anywhere for all your financial needs.
They offer individuals and small business owners quick short-term easy-to-access loans of up to ₦150,000 without paperwork, collateral or documents whatsoever.
Loan amount ranges from ₦2,500 – ₦150,000 with loan term durations of 4 – 26 weeks and equivalent monthly interest rates which ranges from 5% – 28%.
There are no additional fees for processing your loan applications or any hidden costs.
Build your credit score and get rewards such as access to higher loan amounts or discounts when repayments are made on time.
How FairMoney Works
1. Download the FairMoney loan app
The FairMoney loan app is only available on Android smartphone devices. You can download the app on Google play store using the link below.
Sign up with Facebook or your phone number. Answer quick questions in 2 minutes.
3. Receive a loan offer
Receive a loan offer, instantly!
4. Receive payment
Fill in your banking details to receive your loan.
Download the FairMoney loan app today to get easy access to instant loans with affordable interest rates.
Kikia is a mobile web app that provides financial digital service in the form of quick and easy-to-access short terms loans to individuals and small business owners.
Kikia uses an artificial intelligence virtual agent chatbot called Mr K to grant access to personal and small business instant loans, and also enable savers to lend out funds at negotiated interests through intuitive conversations.
Mr K carefully accesses user’s application using a credit risk assessment algorithm to grant quick loans to individuals and small business owners in real time 24/7.
You can easily build your credit score based on your activity on the platform as well as your financial behaviour.
Therefore, the more you use the platform to access quick loans and repay on time, you unlock more benefits such as higher loan amounts and lower interest rates.
How Kikia Works
2. Select your option
First, you will want to create an account with your personal information before applying for a loan.
Is that easy!
Visit Kikia chatbot app today to get easy access to instant loans with affordable interest rates.
Kwikmoney is an automated instant loan service that offers “Kwik” (slang for quick) easy-to-access to individuals and business owners without collateral or documentation.
Whether you are in need of capital to support your business or need some cash to take care of some emergency needs, KwikMoney lets you access instant loans of up to ₦500,000.
With KwikMoney, you can easily and conveniently access instant loan amounts from ₦500 – ₦500,000.
KwikMoney usually starts with a small amount and subsequent loan amount is increased as you build trust with the system by prepaying your loan on time.
KwikMoney loan tenors are usually 14-30 days, with interest rates between 5% and 15%.
As you take loans and pay back early, the system trusts you more, hence, offering you higher amounts for subsequent loans.
How Kwikmoney Works
Visit https://my.kwikmoney.com and register with your phone number to see your loan offer.
Or dial *561# and navigate to “Request Loan”.
Visit https://my.kwikmoney.com today to get a loan in 60 seconds.
Sokoloan is an online lending platform that provides short-term instant loans to help take care of unexpected financial needs or expenses.
Sokoloan is simple, straightforward and funds are typically received within 5 minutes to your bank account.
Also, no collateral, paperwork or documents is needed whatsoever to get a quick loan. All that is needed is a means of identification and valid bank details to be able to successfully procure a loan.
How Sokoloan Works
1. Download the Sokoloan app
The Sokoloan app is only available on Android smartphone devices. You can download the app on Google play store using the link below.
2. Introduce yourself
Here you fill out the brief application form with your personal information and apply for a loan.
3. Money in your account
Once your loan is approved, funds are typically received within 5 minutes to your bank account.
4. Repay loan
Timely repayment of your loans will grant you access to higher credit limits for subsequent loans.
Download the Sokoloan app today to get easy access to instant loans with affordable interest rates.
There you have it, top 11 loan apps/websites available to individuals and business owners looking to secure an instant loan in Nigeria to sort out some financial needs.
Before you send in your application for a loan procurement to any one of them, ensure that you read their terms and conditions very well to know the terms of the loans.
Another factor to consider before diving in is the interest rates, payback periods and repayment plans.
The goal here is to get access to quick loans with favourable conditions to ensure a good experience. If you have tried any one of these loan apps, please let us know your experience in the comment sections below. By sharing, you can help others learn from your experience. Thanks
Bobby is a computer scientist and a tech enthusiast with over 7 years developing web and mobile applications. He has extensive experience in building profitable online businesses. He is also a freelancer, digital marketer and a technology blogger.