In recent years, mobile loan apps in Nigeria have transformed how people access quick cash, offering instant loans without collateral in just a few taps.
From students to entrepreneurs, millions now rely on online loan apps for urgent financial needs. With the rapid rise of fintech, online loan apps and other best money lending apps are filling a huge gap left by traditional banks.
According to the Central Bank of Nigeria, over 60% of adults in the country now use digital financial services, a figure driven largely by the growing adoption of the best mobile loan apps for everyday borrowing needs.
Key Takeaways
- Mobile loan apps in Nigeria provide instant, collateral-free loans through simple app-based processes.
- The best loan apps in Nigeria offer flexible repayment plans, transparent rates, and fast disbursement.
- Users should compare online loan apps based on interest rates, loan limits, and customer reviews before borrowing.
- Responsible use of loan apps can help build a positive credit history and improve financial access.
Top 10 Mobile Loan Apps in Nigeria For Instant Loans
Small business owners in Nigeria are increasingly turning to mobile loan apps for quick, hassle-free funding to keep their operations running smoothly.
From covering urgent expenses to seizing growth opportunities, these platforms offer instant, collateral-free loans tailored to the needs of entrepreneurs.
Below, we break down the top 10 mobile loan apps every Nigerian business owner should know.
1. Branch
Branch is a popular digital lending and money app that offers instant, collateral‑free personal loans in Nigeria alongside a wallet for free bank transfers, bill payments, and in‑app investments.
It is one of the FCCPC‑approved digital lenders, listed as Branch International Financial Limited, and operates entirely via smartphone, with underwriting driven by mobile data and a simple onboarding flow.
Loan amounts in Nigeria typically range from ₦6,000 to ₦1,000,000, with decisions and disbursement completed in minutes.
App Features
Branch bundles lending with everyday banking utilities. You can apply for a loan, receive funds to your wallet or bank account, transfer money, pay bills with cashback, and invest, all inside one Android app.
| Feature | What you get |
|---|---|
| Platform | Android app (download via Google Play). |
| Loan size | ₦6,000 – ₦1,000,000 (limits grow with on‑time repayments/credit history). |
| Disbursement | Minutes after approval, to your Branch wallet or linked bank account. |
| Collateral/guarantor | Not required. Decisioning is data‑driven. |
| Wallet & transfers | Free transfers to Nigerian bank accounts; pay bills (electricity, TV, airtime/data). |
| Bill‑pay rewards | 2% cashback on eligible bill payments (caps apply). |
| Investments (Nigeria) | Flexi Investment: 10% p.a., Target Investment: 19% p.a. (subject to taxes). |
| Card/ATM | A branch debit card available in Nigeria, ATM withdrawals with no charges (per Branch). |
| Eligibility (key requirements) | Phone number, BVN, NIN, bank account number, and permission to access phone data for credit scoring. |
| Regulatory note | Listed by the FCCPC among digital lenders with full approval. |
Interest Rates and Repayment Period
Branch Loan offers flexible, collateral-free credit with repayment terms tailored to each borrower’s profile. Rates are risk-based, and repayment periods range from short-term emergency loans to longer-term instalments.
| Loan Amount Range | Monthly Interest Rate | APR (Estimated) | Repayment Period | Notes |
|---|---|---|---|---|
| ₦6,000 – ₦1,000,000 | 3% – 23% (risk-based) | 34% – 281% | 62 days – 12 months | No origination fees and late fees may apply. |
Pros and Cons
Branch is fast and feature‑rich, but costs can escalate on short tenures. Here is the balanced view:
| Pros | Cons |
|---|---|
| Fast, collateral-free loans with instant disbursement | A very high effective APR on short repayment terms |
| Wide loan limits from ₦6,000 to ₦1,000,000 that increase with good repayment behaviour | Late fees if you miss your repayment date |
| Approved by the FCCPC as a licensed digital lender | Requires access to your phone data for credit scoring, which some users may find intrusive |
| Extra features such as free transfers, bill payment, cashback and investment options | No option to reschedule a loan once it has been issued |
| Android-friendly app with quick and simple onboarding | Not available for iOS users |
See Also: List of Loan Apps Approved by CBN in Nigeria – A Comprehensive Guide
2. FairMoney
FairMoney is a digital finance platform and licensed microfinance bank in Nigeria that has evolved into a full-service digital banking app offering more than just instant loans.
It allows users to apply for unsecured personal loans, ranging from as little as ₦1,500 up to ₦3,000,000, with flexible repayment periods of 1 month to 2 years, depending on their credit profile and lending history. The app features quick approvals, disbursement within minutes, and no collateral or stressful paperwork required.
Over time, users can access higher loan amounts with better terms based on their repayment behaviour. FairMoney also offers savings products such as FairSave, FairTarget, and FairLock, with attractive interest rates of up to 30% per annum.
App Features
Below is a breakdown of FairMoney’s core app features:
| Feature | Description |
|---|---|
| Unsecured Loans | Loans from ₦ 1,500 to ₦ 3,000,000 with no collateral required |
| Flexible Tenure | Repayment options from 1 month up to 24 months, depending on user profile |
| Instant Approval and Disbursement | Funds are transferred to the bank account in minutes with a streamlined digital process. |
| Savings Tools | FairSave, FairTarget, FairLock with rates up to 30% p.a. for fixed-term savings |
| Digital Banking Services | Includes ATM card, bill payments with zero fees, facial recognition, and card freezing |
Interest Rates and Repayment Period
Here is a breakdown of Fairmoney’s interest rates and repayment period:
| Loan Amount Range | Interest Rate (Monthly) | Repayment Duration |
|---|---|---|
| ₦1 500 – ₦3 000 000 | Approx. 2.5% to 30% per month | From 1 month up to 2 years (24 months) |
Pros and Cons
Here is a breakdown of the advantages and challenges of using FairMoney:
| Pros | Cons |
|---|---|
| Licensed microfinance bank, regulated by CBN | Only available on Android with no iOS version currently |
| Quick approval and fast disbursement | Interest rates can be high, ranging from 2.5% to 30% per month, depending on the profile |
| No collateral or paperwork requirement | Occasional technical issues reported, such as app instability or linking difficulties |
| High-yield savings via FairSave, FairTarget, FairLock | Some user complaints about arbitrary interest increases, even with timely repayments |
| Additional services like bill pay, ATM card, and secure features | Customer experience is mixed due to app compatibility and support issues |
See Also: Top 9 Lending Apps in Nigeria for Instant Cash and Loans- A Comprehensive Guide
3. RenMoney
RenMoney is a licensed Nigerian fintech operating as a microfinance bank under the oversight of the Central Bank of Nigeria (CBN), with its deposit products insured by the NDIC.
It provides both personal and business loans, as well as savings, fixed deposit, and payment services, all via its mobile app and web platform.
Customers can access instant loans without collateral, enjoy digital banking features like bill payments, and benefit from savings accounts that offer competitive returns.
App Features
RenMoney’s mobile app is designed for ease, speed, and security. It enables fast loan applications, transparent terms, and a suite of digital banking functions.
Here are the standout features:
| Feature | Description |
|---|---|
| Quick and simple loan application | Apply in about five minutes with online approval and instant disbursement |
| Secure personal data protection | Uses encryption and privacy measures to safeguard user information |
| Flexible loan options | Offers varied loan amounts and repayment terms to suit individual needs |
| Transparency in charges | No hidden fees, loan terms are clearly displayed before commitment |
| Additional banking services | Includes bill payments, airtime purchases, money transfers, and savings or investment products |
Interest Rates and Repayment Periods
RenMoney offers varied loan sizes with multiple repayment terms, featuring competitive monthly interest rates and management fees.
Here is a breakdown:
| Loan Type | Loan Amount Range | Repayment Period | Monthly Interest Rate (approx) | APR / Additional Fees |
|---|---|---|---|---|
| Standard loan | ₦5,000 to ₦10,000,000 | 3 to 12 months | 2.12 % to 2.65 % | APR range 25.44 % to 31.8 %, 1 % management fee |
| Personal loan | ₦100,000 to ₦20,000,000 | 3 to 24 months | about 3.73 % monthly | 1 % management fee (min ₦ 1,000) |
| Self-employed loan | ₦100,000 to ₦5,000,000 | 3 to 9 months | about 8.12 % monthly | 1 % management fee (min ₦ 1,000) |
| SME loan | From ₦5,000,000 | 3 to 6 months | about 3.12 % monthly | Standard documentation applies |
Pros and Cons
Here is an objective breakdown of RenMoney’s strengths and limitations:
| Pros | Cons |
|---|---|
| Higher loan limits and flexible repayment terms, which are suitable for both small and large borrowing needs | Interest rates can be high, reaching up to 8.12% monthly and APR up to 31.8% |
| No collateral required, loans are unsecured and do not require a guarantor | The application process can be demanding, requiring documents like valid ID, bank statements, proof of address, and sometimes CAC or employment letters. |
| Fully licensed by the Central Bank of Nigeria (CBN) and NDIC-insured, ensuring deposit security | A 1% management fee applies to loans, and penalties may be charged for early withdrawal from fixed deposits. |
| Offers extra services like bill payments, savings accounts, fixed deposits, and credit score building | Limited to customers with verifiable income sources, which can exclude some informal sector workers. |
See Also: How to Start a Business and Get a Loan: Your Comprehensive Guide
4. Quick Check
QuickCheck is a prominent Nigerian mobile loan app that provides instant, collateral‑free loans directly to smartphones.
Available only on Android, the app employs AI‑based credit scoring to evaluate eligibility and offers loans ranging from ₦1,500 up to ₦500,000, and potentially up to ₦1,000,000 for some users with flexible tenures between 91 days and one year.
Users benefit from a streamlined, paperwork‑free process: download, sign in, apply, get approved in minutes, and receive funds instantly. Emphasis is placed on transparency and ease, with no collateral or guarantor required, and promises of no hidden charges.
App Features
QuickCheck’s appeal lies in its simplicity and smart technology use. It is especially designed for those in urgent need of quick access to cash, and it provides borrowers with an interface that is both reliable and user‑friendly.
| Feature | Description |
|---|---|
| Platform Availability | Android‑only app for users in Nigeria |
| Loan Range | ₦1,500 to ₦500,000 (potentially up to ₦1,000,000 based on profile) |
| Loan Tenure | 91 days to 1 year |
| Credit Scoring | Automated decisioning via AI and machine learning |
| Collateral Requirement | None required |
| Speed of Disbursement | Approval and fund delivery within minutes |
| Transparency & Charges | No hidden fees; clear terms |
| Data Privacy | NDPR and NDPA-compliant and secure data handling |
Interest Rates & Repayment Period
QuickCheck features a tiered interest structure that starts with promotional low rates and scales based on borrower profile and tenure.
Interest rates typically range from single digits on first-time loans to higher percentages for subsequent or longer-term borrowing. Repayment is offered in flexible terms, giving users the ability to plan according to their financial capacity.
| Loan Amount | Monthly Interest Rate | APR Range | Repayment Terms |
|---|---|---|---|
| First-time loans | From as low as 5% | N/A | 91 days to 1 year |
| General range | 2% to 30% per month | 30% to 260% per annum | 91 days to 1 year |
Pros and Cons
QuickCheck offers undeniable advantages for users in need of fast, uncomplicated loans, but it is not without its drawbacks. Below is a breakdown of its pros and cons:
| Pros | Cons |
|---|---|
| QuickCheck offers fast approval and disbursement, with loans approved and credited within minutes. | Interest rates can be high for some users, with APR reaching up to 260% annually. |
| Loans are 100% unsecured and require no collateral or guarantor. | The app is only available for Android users, which limits access for iOS device owners. |
| The platform provides flexible loan amounts ranging from ₦1,500 to ₦500,000 and up to ₦1 million for select users. | Customer service has received mixed feedback, with some users reporting slow responses or unresolved complaints. |
| The mobile interface is user-friendly with simple navigation and a straightforward application process. | The app can experience glitches with occasional crashes or failed transactions reported by users. |
| Loan terms are transparent with no hidden charges and clear interest rate disclosures. | Approval is not guaranteed as it depends on credit score and the AI evaluation process. |
| The company complies with NDPR and NDPA regulations to ensure secure handling of user data. | Repayment reminders can be aggressive with frequent notifications before the due date. |
See Also: Apps You Can Borrow Money From in Nigeria
5. PalmCredit
PalmCredit is a mobile lending platform operated by Newedge Finance Limited, designed to deliver fast, collateral‑free credit to Nigerian users.
The app enables borrowers to access loans ranging from ₦2,500 to ₦100,000 within minutes, with application, approval, and disbursement all handled via mobile. Its lightweight design and intuitive interface make it highly accessible, particularly for users seeking quick, uncomplicated loans.
PalmCredit offers flexible repayment terms, from roughly two weeks up to six months, and applies monthly interest rates of approximately 4 % to 4.7 %, which translates to Annual Percentage Rates (APRs) in the 48 % to 56 % range.
App Features
Here is a concise table summarising PalmCredit’s core features:
| Feature | Details |
|---|---|
| Loan Range | ₦2,500 to ₦100,000 and sometimes up to ₦300,000 |
| Repayment Term | 14 to 180 days (12–26 weeks), with noted flexibility between 91 to 365 days |
| Collateral | Not required |
| Paperwork | None, fully app-based with instant application and approval |
| Fees | Promises no hidden fees, rollover charges or transaction fees |
| Credit Limit Growth | Can increase with timely repayment and “limit-building” tasks |
| App Design | Lightweight (9.6 MB), and easy to navigate |
Interest Rates and Repayment Terms
Here is a clear table of the interest and repayment details:
| Loan Amount | Monthly Interest Rate | APR Range | Repayment Terms |
|---|---|---|---|
| First-time loans | From 4% | N/A | 14 to 180 days |
| General range | 4% to 4.7% | 48% to 56% | 91 days to 365 days |
Pros and Cons
Here is a breakdown of PalmCredit’s strengths and weaknesses:
| Pros | Cons |
|---|---|
| No collateral or paperwork needed | High interest rates with an APR between 48 % and 56 % |
| Fast, app-based loan processing | Reports of unauthorised debits and delayed dispute resolution |
| Lightweight, easy-to-use interface | Occasional unexpected disbursements, as some users reported loans they did not request |
| Transparent claim of no hidden fees | Complaints of interest rate or credit limit changes without clear notice |
| Potential limit increases with good repayment behaviour | Mixed user reviews on customer support responsiveness |
See also: Loan Apps in Nigeria with Low Interest Rates
6. Carbon (Paylater)
Carbon is a full-service digital bank under Carbon Microfinance Bank, licensed by the CBN and NDIC, offering seamless banking, savings, and credit solutions via its mobile app.
Borrowers can access loan amounts ranging from ₦2,500 to ₦1,000,000, with no collateral, guarantor, or hidden fees required.
As your repayment history improves and you engage more with the app, Carbon unlocks higher loan limits coupled with potentially lower interest rates.
App Features
| Feature | Details |
|---|---|
| Loan Range | ₦2,500 to ₦1,000,000 – increases with on‑time repayments and app activity |
| Repayment Terms | 61 to 365 days (approx. 2 months to 12 months) |
| Monthly Interest Rates | 4.5% to 30% (varies by user and loan amount) |
| APR Range | Up to 195% per annum |
| Late Fee | 0.03333% per day of the outstanding balance |
| Loan Extensions/Top-ups | Available—Carbon allows loan top-ups and extensions within the app |
| Additional Services | Savings (up to 20% p.a.), credit report, BNPL (Carbon Zero), and debit card |
Interest Rates and Repayment Terms
| Loan Category | Monthly Interest Rate | APR Range | Repayment Terms |
|---|---|---|---|
| First-time loans | From 4.5% | N/A | 61 to 365 days |
| General range | 4.5% to 30% | Up to 195% | 61 to 365 days |
Pros and Cons
| Pros | Cons |
|---|---|
| Licensed by the Central Bank of Nigeria and insured by the NDIC, giving regulatory assurance | High APRs that can reach up to 195% per year, making borrowing expensive for some users |
| Wide loan range from ₦2,500 up to ₦1,000,000 | Late payment penalties of 0.03333% per day add to the overall loan cost |
| Transparent loan terms with no hidden fees | Monthly interest rates can be as high as 30% for certain borrowers |
| Credit-building model that rewards good repayment history with better loan terms | APR can vary widely depending on the borrower’s profile |
| All-in-one app offering loans, savings, buy-now-pay-later, debit card, and credit monitoring | It may not be the cheapest option compared to other mobile loan apps |
See also: Top 20 Online Loan Apps in Nigeria
7. Alat by Wema
Alat by Wema is Nigeria’s first fully digital banking platform, launched by Wema Bank in May 2017.
Designed as a seamless mobile-first banking experience, Alat empowers users to manage finances, open accounts, save, transfer money, pay bills, obtain debit cards, and even access instant loans, all via the app.
It provides a swift, paperless loan process, offering salary loans and quick loans without collateral, and delivers funds almost instantly to users’ accounts.
App Features
Below is an overview of Alat’s key features:
| Feature | Description |
|---|---|
| Account opening | Fully online sign-up with no branch visit required |
| Debit card issuance | Instant debit card upon account creation |
| Account management | Balance checks, transfers, bill payments, and expense tracking via app |
| Savings tools | Support for personal and group savings (like Goals) |
| Loan services | Instant salary and quick loans without collateral |
| Rewards and deals | Exclusive discounts, travel bookings and insurance offers |
| Security | Strong encryption, NDIC deposit insurance and PCI DSS plus NDPR compliance |
Interest Rates and Repayment Periods
Alat’s loan offerings come with competitive interest rates on a reducing balance basis, paired with flexible repayment tenures tailored to different borrowing needs.
| Loan Type | Interest Rate (Monthly) | Repayment Period |
|---|---|---|
| Quick Loan | 2% on reducing balance | 1 to 24 months |
| Personal/Salary Loan | Approximately 2% per month | Not explicitly stated, but similar structure |
Pros and Cons
Alat by Wema offers a pioneering digital banking experience in Nigeria, but like all financial products, it comes with both benefits and limitations.
This table summarises the key points to help readers make an informed decision.
| Pros | Cons |
|---|---|
| Fully digital account opening with no branch visits | Limited physical ATM network compared to major banks |
| Instant loan disbursement into your account | Occasional technical glitches with the app |
| Competitive interest rates from around 2% monthly | Customer support may be slow to respond |
| Easy-to-use mobile app interface | Loan eligibility criteria can be strict |
| Multiple loan options, including salary and quick loans | Some loan types require salary domiciliation |
| Offers other banking features like savings goals and bill payments | Internet access is required for all services |
| Secure platform with NDIC insurance and encryption | Interest rates may be higher than some traditional bank loans |
| Access to exclusive rewards and deals | App performance may vary depending on the device |
See Also: 10 business funding opportunities for aspiring entrepreneurs to grow their businesses.
8. Soko Loan
Soko Loan, operated by Soko Lending Company Limited, is a mobile-based lending platform in Nigeria that offers fast, unsecured personal loans via its Android app.
It requires users to register by providing basic personal details, BVN, and bank information before applying. Sokoloan promises instant approvals and credit access ranging from ₦5,000 up to ₦100,000, with flexible terms and repayment options of approximately 3 to 6 months.
App Features
Sokoloan markets itself as a quick and secure digital lender. Users can apply and receive credit directly into their bank accounts within minutes, without collateral or physical documentation.
| Feature | Description |
|---|---|
| Loan amount range | ₦5,000 to ₦100,000 |
| Repayment terms | Approximately 3 to 6 months payable through auto-debit |
| Application process | Fully via mobile app; requires personal details, BVN, bank info |
| User-friendly interface | Simple and streamlined for fast loans |
| Credit limit increase | The limit may increase with successful and timely repayment |
| Data access privileges | Requires access to phone data, including SMS and contacts |
| Security and encryption | Uses standard encryption techniques |
Interest Rates and Repayment Periods
Sokoloan’s interest rates are notably high and variable, often quoted as a broad range depending on term and loan amount. It operates on a daily or monthly interest model with a significant APR.
| Metric | Value |
|---|---|
| Interest rate range | 4.5 % to 34 % (one-off or flat rate) |
| Equivalent monthly | Approximately 3 % to 29 % |
| APR (annualised) | Around 29 % to 365 % |
| Repayment duration | 91 to 180 days (roughly 3 to 6 months) |
| Disbursement time | Generally, instant after approval |
Pros and Cons
Here is a balanced assessment to help readers weigh the convenience of Sokoloan’s services against its potential risks.
| Pros | Cons |
|---|---|
| Easy-to-use mobile app with fast onboarding | Extremely high effective interest rates and APR |
| No collateral required for small personal loans | The app may access personal contacts and messages |
| Auto-debit facility simplifies repayment | Regulatory red flags regarding privacy and data protection |
| Potential for increased loan limit with consistency | Borrowing ceiling remains relatively low at ₦100,000 |
| Instant disbursement upon approval | Mixed user reviews; some report poor customer service and delays |
9. Page Financials
Page Financials is a leading contender in the mobile loan apps space, offering a blend of quick, collateral-free personal loans, online payment services, and investment products, all via its intuitive mobile platform.
Designed as a one‑stop financial solution, the app allows salaried users (primarily in Lagos and Ibadan) to apply for loans of between ₦100,000 and ₦5 million and receive funds in under three hours, with no paperwork or guarantor.
Alongside its lending arm, Page offers investment notes with yields up to 17% per annum, and supports bill payments, airtime top‑ups, and transfers, all with zero transaction charges.
App Features
As one of the most trusted loan apps in Nigeria, Page Financials delivers a seamless and secure digital banking experience. Its well‑designed app empowers users with loan access, instant top‑ups, payments, investments, and more, all at their fingertips.
| Feature | Description |
|---|---|
| Loan range | ₦100,000 to ₦5,000,000 for new users, up to ₦5 million depending on salary and creditworthiness. |
| Fast disbursement | Loans are disbursed into your account in under three hours after approval. |
| No collateral | Fully unsecured loans with no guarantors or physical documentation required. |
| Top-up feature | “Instant Top-Up” lets qualified users top up an existing loan instantly |
| AddX overdraft | Overdraft up to 10% of the existing loan at 0.05% daily interest |
| Zero transaction charges | Free transfers, bill payments, airtime purchases, and loan top-ups |
| App functionalities | Fingerprint login, in-app chat, loan management, and account monitoring |
| Investment option | Page investment notes yield up to 17% annually; minimum tenor 60 days |
| Platforms supported | Accessible via mobile app, web platform, and linked Page Card for ATM/POS use. |
Interest Rates and Repayment Periods
One of the best mobile loan apps in Nigeria, Page Financials offers transparent interest rates and flexible repayment options designed for ease and clarity.
| Metric | Details |
|---|---|
| Monthly interest rate | Approximately 5% per month (varies by salary, loan amount, tenor) |
| Interest rate range | Between 3% and 37% per month, depending on terms and user profile |
| Loan repayment term | 3 to 12 months for new customers; up to 15 months for existing customers |
| Repayment trigger | Loans are repaid automatically on payday via Remita, Direct Debit Mandate, online banking, or cheque fallback |
Pros and Cons
Below is a summary of the strengths and limitations of Page Financials, solidifying its position among the best loan apps in Nigeria with full context.
| Pros | Cons |
|---|---|
| Fast loan approvals and disbursement within three hours | Monthly interest rates can be relatively high (up to 37%) |
| Wide loan range with no collateral or guarantor needed | Eligibility is limited to salaried individuals only, and largely in Lagos and Ibadan |
| Transparent terms and zero hidden charges | Requires proof of salary income and a valid ID, which excludes many informal workers. |
| Convenient top-up and AddX features for flexible credit access | Overdraft (AddX) carries daily interest, which may lead to cost accumulation. |
| Secure app with reliable login and customer support via chat | Loan terms may still be costlier than traditional bank-based personal loans |
See Also: 12 best crowdfunding sites to fund your business or project in Nigeria.
10. Aella Credit
Aella Credit, now widely known as the Aella App, stands tall among mobile loan apps in Nigeria for its wide-ranging financial services, offering quick, collateral-free loans, high-yield savings, seamless bill payments, micro-insurance, and investment tools via its mobile platform.
Licensed by the Central Bank of Nigeria and insured by NDIC, it serves over two million users across Africa, championing financial inclusion for underbanked populations.
The app promises lightning-fast access to credit as loans are delivered within minutes, with zero paperwork. It also rewards prompt repayments with discounts and benefits, flexibility and transparency across its features.
App Features
As one of the best mobile loan apps in Nigeria, the Aella App is more than just a lending tool. It is a comprehensive financial platform with an emphasis on speed, flexibility, and user empowerment.
Here is what users can do on the app:
| Feature | Description |
|---|---|
| Loan access | Quick loans up to ₦1,500,000 in under 5 minutes, with no collateral needed |
| Bill payments | Pay for electricity, airtime, TV subscriptions, internet, education, and gaming |
| Money transfers | Instant transfers to any Nigerian bank; free after the first four per month |
| High-yield savings (Vault) | “Chest” offers 14% pa; “Chest Lock” up to 20% pa; monthly payouts |
| Card transactions | POS, ATM, and online spending with zero transaction and maintenance fees |
| Scheduled payments | Automate future payments and transfers to never miss due dates |
| AI-powered identity checks | Strong identity verification via Amazon Rekognition for robust KYC |
Interest Rates and Repayment Periods
Ranked among the top online loan apps in Nigeria, Aella’s lending terms are flexible and designed to meet varied borrower needs, with transparent rates and early repayment perks.
| Metric | Details |
|---|---|
| Loan range | ₦2,000 to ₦1,500,000 |
| Monthly interest rate | 1.5% to 22% |
| Annual Percentage Rate (APR) | 22% to 264% |
| Repayment tenor | 61 to 365 days (approx. 2 months to 1 year) |
| Early repayment discount | Up to 60% off if the loan is repaid early |
Pros and Cons
Here is a balanced comparison of the strengths and limitations of Aella, positioning it well among the best loan apps in Nigeria:
| Pros | Cons |
|---|---|
| Fast loan approval and disbursement within minutes | Interest rates can be high (up to 22% monthly or 264% APR) |
| Full range of services: loans, savings, payments, insurance | Some user complaints about app glitches, customer support issues |
| Attractive high-yield savings (up to 20% pa) | Permissions include device location and personal data access |
| No paperwork, collateral, or maintenance fees | Limited to users with smartphones and internet access |
| Robust identity verification using AI (Amazon Rekognition) | APR may still exceed traditional banking personal loan rates |
Top 10 Mobile Loan Apps in Nigeria – Side-by-Side Comparison
The Nigerian fintech ecosystem is thriving, with mobile loan apps in Nigeria making it easier than ever to secure fast, collateral-free credit.
From digital banks offering integrated savings tools to pure-play online loan apps focused on speed, borrowers now have a wide variety of options.
In this table, we compare the best loan apps in Nigeria, including their loan ranges, interest rates, repayment periods, and standout features, helping you pick the best mobile loan app for your needs.
| App Name | Loan Range | Interest Rate (Monthly) | APR Range | Repayment Period | Key Features / Highlights |
|---|---|---|---|---|---|
| Branch | ₦6,000 – ₦1,000,000 | 3% – 23% | 34% – 281% | 62 days – 12 months | Collateral-free, instant loans, free transfers, bill-pay cashback, investments up to 19% p.a. |
| FairMoney | ₦1,500 – ₦3,000,000 | 2.5% – 30% | N/A | 1 – 24 months | Licensed MFB, instant loans, high-yield savings up to 30% p.a., ATM card, zero bill-pay fees |
| RenMoney | ₦5,000 – ₦10,000,000 | 2.12% – 8.12% | 25.44% – 31.8% | 3 – 24 months | CBN-licensed, NDIC-insured, personal and business loans, savings, fixed deposits |
| QuickCheck | ₦1,500 – ₦1,000,000 | 2% – 30% | 30% – 260% | 91 days – 12 months | AI-based credit scoring, Android-only, no collateral, NDPR/NDPA compliant |
| PalmCredit | ₦2,500 – ₦300,000 | 4% – 4.7% | 48% – 56% | 14 – 365 days | No collateral, instant processing, limit increases with good repayment |
| Carbon | ₦2,500 – ₦1,000,000 | 4.5% – 30% | Up to 195% | 61 – 365 days | Licensed digital bank, loans, savings up to 20% p.a., BNPL, credit report |
| Alat by Wema | Up to ₦2,000,000 | 2% (reducing balance) | N/A | 1 – 24 months | Fully digital banking, instant loans, savings goals, rewards, and NDIC-insured |
| Sokoloan | ₦5,000 – ₦100,000 | 3% – 29% | 29% – 365% | 91 – 180 days | Quick unsecured loans, Android-only, privacy concerns noted |
| Page Financials | ₦100,000 – ₦5,000,000 | 3% – 37% | N/A | 3 – 15 months | Fast disbursement (under 3 hrs), top-up and overdraft features, investments up to 17% p.a. |
| Aella App | ₦2,000 – ₦1,500,000 | 1.5% – 22% | 22% – 264% | 61 – 365 days | Quick loans in 5 mins, bill payments, high-yield savings up to 20% p.a., early repayment discount |
What Are Mobile Loan Apps?
Mobile loan apps are smartphone-based platforms that allow you to apply for, receive, and repay loans entirely online. In Nigeria, they have revolutionised access to credit by removing the need for physical bank visits, lengthy paperwork, or collateral.
Using technology such as mobile data analytics, credit scoring, and digital payments, these apps disburse funds, often within minutes, directly to your bank account or in-app wallet, making them a fast and convenient alternative to traditional lending.
How to Choose the Best Mobile Loan App in Nigeria
With so many mobile loan apps in Nigeria competing for attention, choosing the right one can be tricky. The best choice depends on your financial needs, repayment ability, and the app’s trustworthiness.
Factors such as interest rates, loan limits, repayment flexibility, regulatory approval, and extra features like savings or bill-pay cashback should guide your decision.
The table below summarises the most important things to look for before downloading and applying.
| Factor | What to Look For |
|---|---|
| Interest Rate & APR | Low, transparent monthly rates and clear APR with no hidden fees |
| Loan Range | Loan limits that match your required amount, with growth potential on good credit |
| Repayment Terms | Flexible tenures that align with your income cycle |
| Approval Speed | Apps that disburse within minutes or hours after approval |
| Regulatory Approval | CBN licensing or FCCPC approval, NDIC insurance for deposit features |
| Collateral Requirement | Prefer collateral-free loans unless you can comfortably provide security |
| Extra Features | Savings with high interest, bill-pay rewards, debit card, credit score building |
| Data Privacy & Security | NDPR compliance, encryption, and minimal intrusive data permissions |
| Customer Support | Multiple support channels, responsive service, good user reviews |
| User Reviews | Look for apps with high ratings and consistent positive feedback |
Conclusion
The rise of mobile loan apps in Nigeria has made borrowing faster, easier, and more accessible than ever before. If you need quick cash for emergencies, business capital, or flexible credit to manage expenses, the right app can deliver funds in minutes without collateral.
However, always compare interest rates, repayment terms, and regulatory approval before choosing, and borrow responsibly to maintain a healthy financial profile.
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Frequently Asked Questions (FAQs)
What are mobile loan apps in Nigeria?
Mobile loan apps in Nigeria are digital platforms that let you apply for and receive loans directly on your smartphone. They often require no collateral and use your mobile data and credit history to assess eligibility.
How quickly can I get a loan from a mobile loan app?
Most mobile loan apps in Nigeria disburse funds within minutes to a few hours after approval. For example, Aella App and Branch typically transfer funds in under five minutes.
Do I need collateral to use a mobile loan app?
No. The majority of the best mobile loan apps in Nigeria offer collateral-free loans. Instead, they use your BVN, bank history, and phone data to determine your creditworthiness.
Are mobile loan apps in Nigeria safe?
Only use mobile loan apps that are licensed by the Central Bank of Nigeria (CBN) or approved by the Federal Competition and Consumer Protection Commission (FCCPC). Also, look for NDIC insurance and NDPR-compliant data handling.
What are the typical interest rates on Nigerian loan apps?
Interest rates vary widely, from as low as 1.5% per month to as high as 30% per month. Always check the APR and repayment terms before committing.
Can I increase my loan limit on these apps?
Yes. Most loan apps in Nigeria increase your credit limit if you repay on time and use the app’s services regularly. Branch, PalmCredit, and Carbon are known for limit growth.
What happens if I miss a repayment?
If you miss a repayment, you may incur late fees, higher interest, and potential reporting to credit bureaus. Apps like Branch and Carbon also send frequent reminders before your due date.
Can I use a mobile loan app without a smartphone?
No. All online loan apps in Nigeria require an Android or iOS device. However, some apps (e.g., Page Financials) also have a web application option.
Which mobile loan app has the lowest interest rate in Nigeria?
Among our top picks, Alat by Wema (around 2% per month) and Aella App (1.5% per month for top borrowers) offer some of the lowest rates.
2 responses
I Need to apply for a business loan
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