[Instant Approval] 20 Best Loan App in Nigeria 2022

In a nation with a super-high inflation rate with a population of over 200 million people, it is no surprise that the demand for the best loan app in Nigeria 2022 with a low-interest rate is unquenchable.

Would you blame the nation’s citizens for looking to get help from these types of financial services in Nigeria? Of course not!

There are many loan apps available in Nigeria, but not all of them are created equal. In this blog post, we will explore the best loan app in Nigeria for 2022. We will take a look at the features and benefits of each app, as well as the interest rates and repayment terms.

Which App Is Best For Loan In Nigeria?

There are many loan apps in Nigeria, and it can be difficult to choose the best one. Here are some factors to consider when choosing a loan app:

  • Look for an app with a low-interest rate to save on costs.
  • Choose an app with flexible repayment terms to make it easier to pay back your loan.
  • Good customer service is important in case you have any questions or problems.
  • Make sure the app is secure and your personal information is protected.

Once you consider all of these factors, you can choose the best loan app for your needs.

  • Carbon (Pay Later)

Carbon is arguably the #1 amongst the top 10 best online loan apps in Nigeria at the moment and for good reasons.

For starters, Students and workers can borrow money on this app without collateral. How cool is that?


  • You can enjoy loans up to N1,000,000 (one million naira)
  • Enjoy free transfers,
  • You can save and earn 15.5 percent
  • It lets you pay bills, recharge airtime, buy data, and plenty more.
  • Verifications are easy and quick.
  • No late fees for loans you get.
  • Apply for the debit card on the app and get it ready within 2 days.
  • PalmCredit

Perhaps the most reliable loan app in Nigeria, PalmCredit lets you borrow anywhere from N10,000 to NGN300,000 with a flexible repayment plan that takes 91 days to 365 days.

With PaCredit – An instant loan online app, there are:

  • No hidden fees
  • No transaction fees, and
  • No rollover charges

Isn’t that awesome?

  • FairMoney

Personally, I think fair money is the highest loan app in Nigeria.


With FM, you enjoy unlimited bank transfers and instant loans – no collateral needed!

What’s more? You get access to online loan amounts ranging from N1,500 to N1,000,000 with a repayment phase of 61 days to 18 months.

You also enjoy APR from 30% to 260% per annum and interest discounts of up to 90% for early repayments.

  • Branch

Branch is yet another instant loan app you enjoy online. In fact, it is one of the quickest ways to borrow loan in Naija.

Branch loan and online banking is perfect for instant cash loans, transfers, bill payments and investing money.

You can get personal cash loans anywhere from N2,000 to N500,000.


  • No rollover charges
  • Flexible payment plans
  • Zero late payment fee
  • Repayment periods take anywhere from 62 days to 1 year.
  • QuickCheck

QC lets you enjoy fast personal loans and quick loans for business too without collateral.

This loan app is available to serve customers residing in Nigeria who use ANDROID phones only.


  • You can borrow money up to N1,000,000
  • Pick a payment tenure
  • Fast and simple access to loans, with no hidden charge whatsoever
  • No guarantor or collateral required
  • Secure and reliable
  • Support is available 24/7
  • Aella Credit

With Aella loan app, you enjoy quick and easy loans and bill payment solutions. No African time! 5 minutes is 5 minutes.


  • Loan up to N1,500,000
  • No late fees
  • No convenience fees or agency fees for any bill payments
  • Store securely in your app with no fees included
  • App transfer to banks in Nigeria
  • KwikMoney (MIGO)

If you’re wondering how KwikMoney is different from other peer-to-peer lending apps, there are a few ways. Unlike other services, you don’t need to download an app to get a loan. All you need is your Smartphone and your SIM registered with your bank account.

No documentation is required to get your loan approved. The sooner you repay your loans, the higher your credit rating will be on the platform.

If you want a fast way to borrow money, there’s Kwikmoney. They offer extremely flexible loans with quick approval and no credit checks at all. You’ll receive the money straight into your bank account and have 14 to 30 days to pay it back.

If you repay the loan on or before the 14th day, you’ll be paying no interest. If you only pay back the loan after the 14th day, there will be a 5% increase in interest on the money borrowed.

  • SokoLoan

SokoLoan is one of the best loan apps in Nigeria. It’s super easy to use and very convenient, and it gives you access to quick loans any time of day, every day.

Soko Lending Company Limited intends to provide opportunities to poor people who want to access financial services but can’t afford them. They offer a range of financial services which are mostly targeted at low-income entrepreneurs, students and the elderly. Helping these people finance their businesses, disabilities and educations will help them improve their lives.

In order to increase your borrowing limits, you have to pay your borrowed cash earlier. The Sokoloan money lending platform is always there for quick loans in Nigeria.

  • KiaKia Loan

KiaKia is a loan platform for Nigerians looking for quality loans. It’s another guaranteed way to borrow money and receive an instant loan. They’re often referred to as Fast Loans in Yoruba land because they are fast and efficient, which means you’ll get the best of both worlds.

If your business needs financial support, KiaKia Money is here to help. They offer loans and other financial solutions to help grow your business.

On your mobile phone, *822# will connect you to the Kiakia loans offered by Sterling bank.

For other bank account holders? Dial this USSD code for loans in Nigeria to access loans from other lending organizations.

To get started, all you need to do is visit the Kiakia website (kiakia.co) anytime any day and you can drive the process of getting your loan. We’ll give you a personal virtual assistant to help throughout the process.

  • CreditVille

When it comes to loans, CreditVille is one of my favorite money-borrowing platforms. CreditVille offers CASH LOANS (For Salary Earners & Business Owners) to meet urgent needs and accomplish any goal.

CreditVille is so good that if you need a Vehicle loan in order to get your desired choice of vehicle, CreditVille can help.

If you want to get a loan but don’t want to put up collateral, CreditVille can help. We offer loans between N100,000 and N4,000,000 for up to 18 months without verifying your credentials.

CreditVille Limited specializes in Payday Loans in Nigeria. They offer fast loans for Nigerians who are salary earners, and also Salary Loans to cover bills that need to be paid.

CreditVille is a company that specializes in making the lending process easy and straightforward. Their website offers a straightforward application form, eliminating the need for an in-depth credit inquiry that often leaves borrowers frustrated and feeling pressured.

  • PalmPay

Palmpay is an automated lending service focused on providing credit to financially-underprivileged individuals in Africa. Since launching in Nigeria in 2019, Palmpay has helped over 5,000,000 people access essential payments through digital platforms.

The company guarantees a loan decision in as quickly as 15 seconds and if approved, funds are available within 5 minutes, 24-hours a day, 7 days a week. On the app, new borrowers are typically approved for N10, 000.

  • Zedvance

Zedvance is a micro-lending platform that offers quick and easy loans to salaried workers in Nigeria. With Zedvance, you can get access to funds within 24 hours of applying for a loan. The company offers loans of up to N100, 000 with repayment periods of up to 3 months.

Zedvance is a great option for those who need quick access to funds. The company offers competitive interest rates and repayment terms. You can also be sure that your personal information is safe and secure with Zedvance.

  • Kwikcash

Kwikcash is a mobile app that provides instant loans to users in Nigeria. It is one of the most popular loan apps in the country, with over 1 million downloads on the Google Play Store.

The app offers loans of up to N100,000 (about $280) with repayment periods of up to 30 days. Interest rates are relatively high, starting at 5% for first-time borrowers and rising to 15% for repeat borrowers.

Nevertheless, Kwikcash remains a popular choice for many Nigerians who need quick access to cash. The application process is simple and fast, and funds can be received within 24 hours.

  • Paylater

Paylater is a mobile app that allows users to access loans of up to NGN100, 000 (approximately $556 USD). It is one of the most popular loan apps in Nigeria with over 1 million downloads on Google Play Store. The app is available in both English and Yoruba language.

To be eligible for a loan, you must be 18 years old, have a valid Nigerian bank account and a steady source of income. repayment period is between 2 to 30 days.

The interest rate for Paylater loans is 5% per month which means that if you take out a NGN100,000 loan, you will need to repay NGN105,000 at the end of the month. There are no additional fees or charges.

To apply for a loan, simply download the Paylater app from Google Play Store and follow the instructions. Once your application is approved, the money will be deposited into your bank account within 24 hours.

  • Konga credit

Konga credit is a mobile loan app that provides quick and easy loans to users in Nigeria. The app is available for both Android and iOS devices. Konga credit is one of the most popular loan apps in Nigeria with over 1 million downloads on Google Play Store. The app has a 4.5-star rating with over 12,000 reviews.

Konga credit offers loans ranging from N2,000 to N100,000 with repayment periods of 7 to 30 days. The interest rate on the loans is 5% per week. Konga credit also charges a service fee of 2.5% of the loan amount.

The application process for a loan on Konga credit is simple and straightforward. First, you need to download the app and create an account. Then, you will need to provide some personal and financial information. Once your information is verified, you will be able to choose the loan amount and repayment period that best suits your needs.

Once you have been approved for the loan, the money will be transferred into your bank account within 24 hours. You can then use the money for any purpose you need it for. Konga credit is a convenient way to get access to quick and easy loans when you need them most.

How do Loan Apps Work in Nigeria?

Loan apps in Nigeria are becoming increasingly popular as a way to access quick and easy credit. But how do they work?

Generally, loan apps in Nigeria work by taking your basic personal information and using it to assess your eligibility for a loan. This usually includes things like your name, contact details, income and employment history. Once you’ve been approved for a loan, the money is then deposited directly into your bank account.

One of the major advantages of using a loan app is that you can often get access to funds much faster than if you were to apply for a traditional bank loan. Loan apps also tend to have lower interest rates than most other types of credit, making them more affordable in the long run.

If you’re looking for a loan in Nigeria, there are plenty of great options available through loan apps. Be sure to shop around and compare different lenders before choosing one that’s right for you.

The Pros and Cons of Loan Apps in Nigeria

Loan apps are a popular way to access credit in Nigeria. There are many advantages to using loan apps, including the ability to access credit quickly and easily, and the ability to repay loans in installments. However, there are also some disadvantages to using loan apps, including the risk of default and the high interest rates charged by some lenders.

Some of the most popular loan apps in Nigeria include Paylater, Zidisha, and Kwikcash. Each of these apps has its own advantages and disadvantages, so it’s important to compare them before choosing one.

Paylater is one of the most popular loan apps in Nigeria. It offers quick and easy access to credit, with repayment terms of up to 30 days. However, it also charges high interest rates, which can be as high as 8% per month.

Zidisha is another popular loan app in Nigeria. It offers longer repayment terms than Paylater, with repayment terms of up to six months. However, it also charges higher interest rates than Paylater, with rates as high as 12% per month.

Kwikcash is a newer loan app in Nigeria that offers competitive interest rates and flexible repayment terms. However, it doesn’t have a very wide network of lenders, so it may not be available in all areas of the country.

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