Top 6 Best Reputable And Reliable Loan Apps in Nigeria

Top 6 Loan Apps in Nigeria With Over 100K Customer Reviews (Q4 2022)
Top 6 Loan Apps in Nigeria With Over 100K Customer Reviews (Q4 2022)

Quite a number of feedbacks, commendations and complaints have been received from users of loan apps in Nigeria about the lending practices by FINTEC platforms that have cropped up to help millions of unbanked and underbanked citizens of the country have access to quick loans and around the clock financial services.

We have decided to change the narratives by making our own recommendation of the top 6 best reputable loan apps in Nigeria that have exceeded 500k reviews from customers and crossed 5 million downloads as of Q4 2022 from customer feedbacks, with lowest interest and best ethical lending practices.

The make up of this carefully selected list of 6 best lending apps and most downloaded lending platforms in Nigeria are in our opinion the most legit  instant loan apps in Nigeria  in 2022 for quick cash loans, for low interest, and with the highest loan amount.

List of Top 6 Best Reputable Loan apps in Nigeria For Instant Approval  (As of Q4 2022)

Find below the top 6 best loan apps in Nigeria for instant approval and with the best ethical and lending practices and greatest patronage.ogle Play Store as at the beginning of Q4, 2022.

  1. Branch Loan App — (10 million+ downloads)
  2. FairMoney Loan App — (5 million+ downloads)
  3. Palmcredit Loan App — (5 million+ downloads)
  4. Okash Loan App — (5 million+ downloads)
  5. PalmPay Loan App — (5 million+ downloads)
  6. Carbon Loan App — (1 million+ downloads)

Below is an analysis of Top 6 loan apps in Nigeria that have crossed 100k reviews and 5 million downloads (As of Q4 2022)

S /No.

Application Name

Best For

Loan Amount up to

Number of Reviews

1 Branch Loan App Lowest Interest N500,000.00 800,000 Reviews
2 FairMoney Loan App  Highest Loan Tenure N1,000,000.00 497,000 Reviews
3 Palmcredit Loan App  Flexible Repayments N300,000.00 176,000 Reviews
4 Okash Loan App  Multiple Financial Products N500,000.00 104,000 Reviews
5 PalmPay Loan App  Banking Services N500,000.00 261,000 Reviews
6 Carbon Loan App  Building Credit Score N1,000,000.00
133,000 Reviews

1. Branch Loan App — (10 million+ downloads)

Top 6 loan apps in Nigeria that have exceeded 500k reviews, 5 million downloads (Q4 2022)
Branch App – Over 800k reviews, 10m downloads

With over  800,000 reviews and 10 million downloads on Google Play Store, Branch lending platform is the overall best loan app in Nigeria. 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.

A user of the Branch App, Abayomi Ogunde gave a review of the platform on 14 August 2022 as follows:

The experience has been so far very good. They don’t harass you with calls or threatening messages. Really awesome service. But in terms of credit rating, am not satisfy with the loan amount after over 6-months and the amount remains ridiculously small while the interest increases faster. This is not fair. Lastly, customer service button on the app is not readily available to send complaints like this.

Over 1,758 people found this review helpful.

To Apply for a Loan from Branch, CLICK HERE

2. FairMoney Loan App — (5 million+ downloads)

Top 30 Best Instant Loan Apps In Nigeria By Reputation 2022
FairMoney App – Over 497k reviews, 5m downloads

FairMoney digital platform is the second best loan app in Nigeria in 2022 in respect of number of downloads and customer rate of reviews. The platform has over 5 million downloads and over 497,000 reviews on Google Play Store from its million of users as of beginning of Q4 2022. 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.

How to borrow from the Fairmoney instant loan app

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

A user of the FairMoney loan app, Teju Daniels gave a review of the platform on 10 September 2022 as follows:

Easy to access loan but the rate is too high; easy to repay, just that even when I’ve paid back, seems they don’t check on time and they get to call me at least once for my repayment which I’ve already done, before they later now start acknowledging that they’ve seen it. Customer feedback is quite okay. Overall, I can recommend them to anyone that doesn’t mind their rate.

Over 811 people found this review helpful.

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

3. Palmcredit Loan App — (5 million+ downloads)

Top 6 loan apps in Nigeria that have exceeded 500k reviews, 5 million downloads (Q4 2022)
PalmCredit App – Over 176k reviews, Over 5m downloads

Palmcredit quick loan digital app comes third in our analysis of the best loan apps in Nigeria where you can borrow between N2,000 to N300,000 instant and fast loan and if you meet the lending criteria, you can get your disbursement in few hours not more than a business day, the platform claims. The platform has over 176,000 user reviews and well over 5 million downloads on Google Play Store as of the beginning of 4th Quater 2022.

When your financial obligations are overwhelming you and the bills piling up, Palmcredit app can provide an emergency quick loan for you. The lending platform says it can provide a quick loan of up to ₦300,000 in less than 3 minutes without any form of collateral.

How to borrow from the Palmcredit loan app


2. Complete the registration process from your mobile device

3. After completing these two processses, you can proceed to applying for your loan

4. Once you have applied for the loan, you will have to wait to get approval. This usually does not take too long. Just make sure you provided the necessary information correctly.

5. Once you get your approval, you will then receive the loan. You can decide to send the money to your bank account right away.

4. Okash Loan App — (5 million+ downloads)

Top 6 loan apps in Nigeria that have exceeded 500k reviews, 5 million downloads (Q4 2022)
Okash App – Over 103k reviews, Over 5m downloads

Okash is a convenient quick online loan app in Nigeria for mobile users and it is managed by Blue Ridge Microfinance Bank Limited. The platform has gathered over 5 million downoads and over 103,000 customer feedbacks and reviews as of Quarter 4 year 2022.

OKash fulfills customers’ financial needs completely online 24/7. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account.  Okash claims its tenure ranges from 91 days to 365 days and loan amount from NGN 3,000 to NGN 500,000.

Interest Rate is  minimum of 0.1% up to 1%. Their interest rate is calculated on a daily basis. Annual interest rates from 36.5% to 360%. While origination Fee: Range from NGN 1,229 – NGN 6,000 for a one-time charge.

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

5. PalmPay — (5 million+ downloads)

Top 6 loan apps in Nigeria that have exceeded 500k reviews, 5 million downloads (Q4 2022)
PalmPay App – Over 259k reviews, Over 5m downloads

Palmpay is an automated lending service and loan app in Nigeria, focused on increasing access to credit to financially under-served/excluded individuals around Africa. With the app, it is goodbye to transfer charges, allowing fast and free transfers! The organization says you can enjoy over 90 free bank transfers per month on PalmPay. Sending to other PalmPay users is always free.

Launched in Nigeria in 2019, the company says it has provided over 5,000,000 customers with convenient and affordable digital payments. It has been downloaded over 5 million times on Google Play Store with over 259,000 reviews and feedback from the users.

The company also claims that loan decisions on its app are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes, 24 hours a day, 7 days a week. On the app, the usual amount for new borrowers is N10, 000.

You can click here to access PalmPay App

6. Carbon Loan App — (1 million+ downloads)

Top 30 Best Instant Loan Apps In Nigeria By Reputation 2022
Carbon App – Over 133k reviews, Over 1m downloads

Carbon, formerly known as Paylater, is the 6th and final loan app in Nigeria in quarter 4 as of 2022 for our analysis as regards customer reviews and number of downloads. Though Carbon hasn’t been downloaded for up to 5m times as of Q4 2022, it has well over 133,000 customer reviews and feedback and it is arguably the best pick for customers willing to build positive credit score across the Nigeria. It has gathered well 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.