1. Branch Loan App — Best Overall
With over 10 million downloads on Google Play Store, Branch lending platform is the overall best top 20 loan apps in Nigeria and best 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. 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.
2. Carbon Loan App — Best for Building Credit Score
Carbon formerly known as Paylater, is the second top 20 best loan app in Nigeria in 2023 and the best for customers willing to build positive credit. 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.
3. FairMoney Loan App — Best for Highest Loan Tenure
FairMoney digital platform is another trusted and legit top 20 best loan apps in Nigeria in 2023 coming with 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%).
4. Aella Loan App — Best for Easy Loan Processing
Aella allows you to access non-collateralized loans up to N1,000,000 to cushion the shock when you are in need of emergency cash. 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.
5. Umba — Best for Low Interest
Umba is one of the best top 20 loan apps in Nigeria. It is unique from other lending platforms because it doesn’t charge late fees, rollover charges and origination fees. The lender prides itself as the leading digital bank in Africa that allows users to apply, drawdown and repay loans directly from their smartphone or desktop computer.
6. Renmoney — Best for Microfinance Bank Loan
Renmoney is another legit and reliable top 20 best loan apps in Nigeria. It operates one of the best small scale microfinance bank across the country.
You can get a quick loan on the Renmoney app in just a few steps ranging from ₦6,000 to ₦6,000,000 and repay in 3 to 24 months.
7. QuickCheck Loan App — Best for Customer Data Privacy
QuickCheck is the 7th rated legit and reputable loan platform among the top 20 loan apps in Nigeria. It is particularly a custonmer’s delight because of its high respect for customer data privacy and protection. The app uses machine learning to predict borrower’s behaviour and instantly evaluate and approves loan applications.
8. Alat by Wema — Best for Salary Earners
Alat by Wema is one of the leading top 20 loan apps in Nigeria and best platform for salary earners looking for quick cash loans without paperwork. documentation or collateral. Loans are available to all Alat customers via Alat App or the website. You can borrow as much as N2,000,000 (Two million naira) without collateral on the Alat platform.
9. Lendigo Loan App — Best for Small Business Loans
Lendigo digital platform prides itself as Nigeria’s No 1 SME loan provider and one of 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.
10. Quick Credit — Best for Good Customer Service
Quick Credit is one the top best 20 lending platforms 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 applicants 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.
11. Access More — Best for Payday Loans
The Access More App is owned by Access Bank Plc and it’s a banking app that gives payday loans to its customers among other things. It’s the 11th on our list of leading loan apps in Nigeria in 2022. Only limitation is that the services are only available to account holders of the bank, therefore you need to open an account to benefit.
12. Specta — Best for Non Salaried Individuals
Specta is an online lending platform that gives loans in Nigeria up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office required. With Specta, you can take care of urgent personal and business needs anywhere, anytime and get instant cash.
13. Lidya — Best for Highest Business Loan
Lidya is a USA holding financial institution though operating its arm in Nigeria while providing instant small business loans without collateral across the country. Lidya grants instant credit between N50,000 to N30m to small businesses in 24 hours or less.
14. SukFin — Best for Indirect Lenders
SukFin is the 14th best 20 loan apps in Nigeria. It provides fast loans for SMEs in Nigeria, to research and find finance for their businesses. The organization employs the use of tech and expertise to match SMEs with a variety of lenders — giving access to a number of funding products across Nigeria. It’s easy to apply and as long as you provide them with requested information — funds can be in your account quickly and instantly.
15. Money in Minutes — Best for Fast Loan Processing
Money in Minutes is yet another reliable and legit platform among the top 20 best loan apps in Nigeria. It has a robust and wide range of products to help you access affordable finance for various needs personal and professional needs and purposes.
16. Migo — Best for Quick Lending Decision
Migo (formerly kwikmoney) is a cloud-based lending platform and one of the best cash advance apps for quick and instant loan. The app strives to ensure your online loan request enters your account (or the account of the merchant you are paying) right after you complete your application session.
Migo loan amounts range from N10,000 to over N500,000 but limited to N50,000 for a new customer. You do not need any collateral, guarantor or documentation to request a Migo loan.
17. Coolbucks — Best for Unsecured Monthly Instalment Loans
Coolbucks disburses cash within 5 minutes to 30 minutes of completing your application and provides you with loan amount up to N5,000,000 within minutes and offers small ticket loans in the range of N15,000 to low income customers .
With GTWorld, you have a mobile and banking loan app for instant cash that is designed to cater for your banking and money needs. However to enjoy its services, you first have to open an account with the bank.
The platform is a reliable top 20 loan app in Nigeria and best for bank account holders seeking emergency cash within minutes.
Page Financials provides instant cash once your loan is approved, it also provides investment and other financial services through its various channels including internet and mobile app platforms. Its outstanding products and services are created to suit the financial requirements of its diverse clientele.
MoneyPal, a lending platform owned and managed by Zedvance Limited is reputed for quick and rapid disbursement.
The consumer finance company offers loan packages that cater to all your financial needs regardless of what they may be. The company claims an eligible individual or small business can get up to N5million quick loan in 5 hours. Customers can enjoy loan tenors up to 24 months at Annual Percentage Rate (APR) of 34.8% – 365%.
