Looking for the best loan apps in Nigeria for fast & seamless loan processes? You’re in the right place. In reviewing the best personal and business loan apps in Nigeria, our team researched all the current online loan apps in Nigeria, reviewed their features, and formed our own original thoughts about each. It should be noted that all these loan apps are legit loan apps.
1. Palmcredit

Palmcredit is a digital lending platform in Nigeria that offers quick loans to individuals and small businesses. It is the best loan app in Nigeria. The platform can be accessed through its mobile app, allowing users to borrow up to NGN 100,000 without collateral.
To apply for a loan, users must first download the Palmcredit app, complete the registration process, and apply for a loan. Approval and disbursement of loans are typically done within a short period.
The interest rate for Palmcredit loans ranges from 14% to 24%, with loan terms ranging from 14 days to 180 days. Palmcredit also offers instant loan online but it depends on the individual.
Repayment of loans can be made through the app or bank transfer, and Palmcredit has a customer service hotline available for questions and complaints. Also, Palmcredit gives reward offers for referring people to Palm Credit.
The parent company, Newedge Finance Limited, is fully licensed by the Central Bank of Nigeria to operate as a finance company.
How to Borrow Money From Palmcredit
- Download the Palmcredit App
- Fill out the registration form displayed on the app, verify your phone number through the code sent to you, and complete the verification process. Kindly note that if you already have a Palmcredit login details, all you have to do is login.
- Choose the amount and duration of the loan you wish to apply for.
- After submitting your loan application, wait for it to be processed and approved.
- Loan will be disbursed into your account.
Pros
- It gives rewards for referrals
- Loan application is fast and easy
Cons
- The interest rate seems a bit too high.
- It is not available on AppStore
2. FairMoney

Fairmoney is a popular loan app in Nigeria known for its fast disbursement of loans, which can be completed in just five minutes. If you need a loan urgently, Fairmoney is the app for you.
These loans’ annual percentage rate (APR) ranges from 30% to 260%, with a monthly interest rate of 2.5% to 30%. These competitive rates make Fairmoney a top choice for individuals seeking low-interest loans.
Fairmoney is highly regarded as one of Nigeria’s top loan apps, partly due to its minimal document requirements and lack of loan collateral. These factors make it a convenient and accessible option for borrowers. Asides from offering personal loans, Fairmoney also offer business loans to small and medium-sized enterprises. The maximum loan offer for businesses is 5 million Naira.
To apply for a loan from Fairmoney, you must have the Fairmoney app and an account with them. You also need a valid Bank Verification Number (BVN) and correct bank details, a valid mobile number, and the phone numbers of two guarantors. These requirements must be met to apply for a loan from Fairmoney successfully.
You can receive your funds without providing collateral and pay them back within 15 days or one month. The process is straightforward.
Some specific terms and restrictions will be associated with the loan, so read them before applying.
FairMoney also allows you to spread your repayments over multiple instalments to have more flexibility, making the app and services much more accessible. Paying your loan on time allows you to get more benefits.
How to Borrow From Fairmoney
- Download the FairMoney Loan App
- Register on the app by providing personal information like your name, BVN, phone number, and next of kin.
- Fairmoney will offer you a loan.
- Tap receive Loan Offer
- Accept the loan offer, and your funds will be released to your account immediately or within 15 minutes.
Pros
- Easy way to get a loan
- Your loan amount increases as you pay early
Cons
- The interest rate is too high.
Download the Fairmoney App on AppStore
3. Branch

Branch is a mobile loan app that is easy to use and quick. It is available in Nigeria and Kenya. With Branch, you can quickly and easily get instant loans to help you resolve your financial issues in real time.
Branch is a trusted loan app in Nigeria known for its competitive monthly interest rates of 1.5% to 20%. Its APR of 18% to 260% is lower than that of many other popular mobile loan apps, including Fairmoney, Carbon, and Palmcredit, making it a the best loan app in nigeria with low interest. Branch also gives loan with bvn only.
Like the other loan apps described above, Branch does not demand any collateral to obtain loans. You will need your phone number, Facebook account, bank verification number, and account information to apply for a loan. That’s all you need to get started.
The Branch loan app allows you to borrow from #1,000 to #200,000 at competitive interest rates. The app offers a convenient and accessible way to get financial support.
One of the standout features of the Branch app is its ability to offer more significant loan amounts as you build credit with them. Once approved for a loan, the money is disbursed and repaid directly through the app, making the process convenient and efficient.
Another advantage of using Branch is that they don’t charge late or rollover fees, which can add up and further strain your finances. Additionally, Branch has a reputation for providing excellent customer support, available 24/7 through the app.
Overall, Branch offers a reliable and convenient way to access loans when needed.
How to Borrow From Branch
To apply for a loan after downloading the app, follow these steps:
- Download the Branch loan app either on playstore or app store
- Create an account and complete a simple form with accurate information to avoid processing delays.
- Determine your loan eligibility and submit an application.
- Specify the bank account where you want to receive the loan.
- Expect your loan to arrive in your bank account within 24 hours.
Pros
- Easy way to get a loan
- Reasonable interest rate
Cons
- Some customers complained of app glitches.
4. Aella Credit

Aella Credit is a digital lending platform in Nigeria that offers instant loans to individuals and small businesses. It was founded in late 2015 by Akin Jones, CEO, and Akanbi Wale, CTO, in Lagos.
It offers loans to individuals and companies, focusing on granting credit access to those who are unbanked and underbanked. Aella Credit stayed committed to building trustworthy credit facilities for emerging markets, with the main focus on Nigeria and the Philippines.
Aella Credit is also one of the list of loan apps approved by CBN. This loan app gives credit loans to individuals either for personal use or business purposes within five minutes.
With Aella Credit, you can apply for loans ranging from N2,000 to N1,000,000, with repayment periods of up to 3 months. The platform boasts competitive interest rates ranging from 6% to 20%, with no late or rollover fees.
To increase your chances of qualifying for higher loan amounts and more favourable interest rates, it is essential to make prompt repayments to build your credit score. Aella Credit is available through their mobile app, which can be downloaded from the Google Play store.
How to Borrow From Aella
- Download and install the Aella Credit app.
- Create an account
- Verify your Phone number and email
- Apply for a loan
- Wait for the approval of your loan.
- Receive your funds in your bank account.
Pros
- Easy way to get a loan
Cons
- Starting loan amount is a bit low.
5. Kiakia

Kiakia financial institution was founded in 2016 as a licensed non-banking institution by Chimeziem Anyadike and Olajide Abiola. Kiakia got its name from Kiakia Bits Limited can offer secure and unsecured loans to people and participate in well-structured profit-sharing.
Kiakia loans are simple, fast, and reliable but with higher interest rates and lesser repayment tenure. Kiakia enables people to fund loans with their money and get interested in them. Kiakia’s investment plan ranges from N50,000 to N10,000,000.
A First-time borrower is given a maximum repayment tenure of a month. However, the repayment time is extended as the user builds creditworthiness. The loans are between #10,000 and #200,000 only and are perfect for people who need to access loans quickly and return them within a brief period.
Kiakia has pegged its maximum loan at #200,000 and only gives above to responsible borrowers who have been prompt on their loan payments.
How to Borrow from Kiakia
To apply for a loan, please follow these steps:
- Visit the website and register with accurate information.
- Create an account by filling in the required details.
- Upload your government-issued ID or work ID.
- Enter your desired loan amount.
- Submit proof of income.
- If approved, accept the loan terms.
- Verify the accuracy of the bank account information provided.
- Receive the loan credit.
Pros
- Loan application is simple and fast.
Cons
- The interest rate is too high
- Shorter repayment tenures
- The maximum loan is 200,000
6. Carbon

Carbon is a digital banking platform based in Lagos, Nigeria that offers users financial services, including access to loans, convenient payment solutions, and high-yield investment opportunities. Carbon was previously known as PayLater.
This convenient online lending platform offers short-term loans to meet unexpected expenses or urgent cash needs. The process is simple and easy to use.
Carbon is an online lending platform that provides short-term loans to help with unexpected expenses or urgent cash needs. The Carbon loan app allows you to borrow more than 500k loan in 5 minutes, with no collateral required. You only need a smartphone and an active bank account in Nigeria to get started. Carbon’s service is available 24/7 and is open to everyone, regardless of occupation or background.
To apply for a loan through the Carbon app, you must complete the mandatory Know Your Customer (KYC) process, which includes your name, phone number, address, and other basic personal information. You must also provide a bank verification number (BVN), bank account details, and a government-issued identification card.
Carbon’s interest rates range from 5% to 15% based on the amount financed and the repayment duration. As you borrow and repay on time, Carbon may offer you lower interest rates on future loans.
Repaying your Carbon loan is easy and can be done through the app. Log in and select the “Repay Loan” option. You can also provide a credit card as a repayment method if desired. The Central Bank of Nigeria fully licenses carbon and is expanding to become a mobile money operator, allowing you to save, withdraw, and transfer money within Nigeria.
Applying for a Carbon Loan
- Download the Carbon app from either Playstore or Appstore.
- Register and provide your name, phone number, and email.
- Take a real-time photo using the Carbon app.
- After registering, you’ll receive a personal account number.
- Tap “Request a Loan” on your dashboard and complete the required information.
- Carbon will review and approve your application within an hour, disbursing the loan into your personal account.
Pros
- Loan application is simple and fast
- The loan limit is up to 1 million naira
Cons
- The interest rate on the app is high.
7. ALAT Loan

Alat is a digital bank in Nigeria that Wema Bank owns. Alat users can access various financial services such as loans, savings, transfers, payments, and physical and virtual cards.
The platform offers loans up to N2,000,000 Naira with an interest rate of 2% per month on a reducing balance basis.
One of the advantages of Alat loans is that they do not require collateral, paperwork, or documentation and can be easily applied for and obtained through the Alat app. Applying for a loan and receiving the funds should take only 5 minutes.
It has different types of loans, including salary-based loans, goal-based loans, and device loans. To qualify for an Alat loan, you must have an Alat standard savings account, an upgraded profile, and a history of credit and debit transactions on your Alat account.
How to Apply for an ALAT Loan
Here are the steps to apply for a loan on ALAT after downloading the app :
- Download and install the loan app
- Create an account on the app
- Verify your phone number.
- From the menu list, select “Loans.”
- Review the ALAT app’s disclaimer page for any additional information.
- Loan offers are made after a successful credit check and review.
- By accepting the loan, you agree to repay it on the due date as outlined in ALAT’s terms and conditions.
- Submit your information and loan request.
- Your loan will be deposited into your bank account within five minutes.
- Make timely payments to increase your credit limit.
Pros
- It is safe, efficient, and confidential.
- It has low-interest rates.
- It has flexible repayment plans.
Cons
- It is only available to customers with ALAT standard savings accounts.
- Applying for a loan is not instant
8. SokoLoan

Sokoloan is a legitimate online lending platform in Nigeria that offers short-term loans to help individuals cover unexpected expenses. You only need valid identification and accurate bank details to apply for a loan.
Interest rates range from 4.5% to 35%, and the loan repayment is automatically debited from the linked bank account on the scheduled date. It is important to note that the repayment date cannot be rescheduled, and defaulters may be reported to the National Credit Bureau, which can negatively impact your credit score.
Some users have also reported high-interest rates, with some being charged up to 45% on loans as low as ₦10,000.
How to Get a Loan with Sokoloan
Here is a step-by-step guide on how to use the Sokoloan app for a loan.
Step 1: Download the App Get the app from the Google Play Store by searching for “sokoloan” or download it directly from a link.
Step 2: Fill out your details and verify your phone number to complete your registration.
Step 3: Request a Loan: Click “Apply” and fill out the form with your BVN and other necessary information.
Step 4: Review and Submit: Read the loan terms and conditions, including the interest rate, before submitting your loan application.
Step 5: Processing and Approval: Your loan application will be processed, and if approved, the funds will be credited to your desired account. You will be notified if your application is unsuccessful. The processing takes up to 24 hours.
Pros
- Easy loan application
Cons
- Defaulting in repayment can reduce credit score
- Interest rates are high
9. QuickCheck

The QuickCheck loan app is a trusted Nigerian lending platform that provides fast and flexible loans to customers in need. According to the platform, users can access quick loans of up to #30,000 without collateral for 15 or 30 days.
With a maximum loan amount of NGN200,000 and a referral program that rewards you with NGN500 for each friend you invite, QuickCheck is a convenient choice for those seeking quick financial assistance. In addition, their excellent customer service is available to address any questions or concerns you may have.
QuickCheck is owned and managed by Arve Nigeria Limited, a registered and licensed financial institution. The loan interest rate is fixed at 1% daily, with the total interest amount depending on the loan tenure.
Repayment options include using a debit card through the app, utilizing a bank’s USSD code, or making a cash or bank deposit to QuickCheck’s account.
Steps to Apply for a Loan on QuickCheck
Download the App: Get the Quickcheck app on your phone by downloading it from the Play Store or App Store using the links provided.
Create a profile: After downloading the app, fill in the required information to create your profile.
Apply for a loan: To apply for an instant loan, state the reason for the loan and select the repayment duration of 15 to 30 days.
Choose repayment date: Choose the date you want to repay the loan.
Qualification check: Quickcheck will check your credit score to determine your eligibility for a loan.
Receive funds: If you qualify, you will receive cash in your bank account within 12 hours.
Pros
- It does not require any form of collateral or documentation or visiting any physical office.
- It is fast, and your loan is disbursed almost immediately.
Cons
- It gives low offers for new offers
- It is only for Nigerians
11. RenMoney

RenMoney Microfinance Bank, formerly RenCredit, is a Nigerian fintech company that operates under a microfinance banking license. It was founded in 2012 and rebranded to RenMoney in 2013.
Since then, the company has experienced significant growth, obtaining a state license to operate in multiple locations across Lagos. RenMoney’s offices are in Surulere, Apapa, Lagos Island, Ikota, Ikeja, and Ikoyi.
RenMoney is regulated by the Central Bank of Nigeria (CBN) and offers collateral-free, guarantor-free loans to salary earners and business owners in Nigeria. It also provides personal and microbusiness loans, fixed deposit accounts, and savings accounts, which are insured by the Nigeria Deposit Insurance Corporation (NDIC).
To qualify for a RenMoney loan, you must be between the ages of 22 and 59, have a verifiable source of income, live and work in a city where RenMoney operates, have a good credit record, and have a savings or current account with a commercial bank in Nigeria.
You can apply for a loan through the RenMoney website or mobile app. You must provide a valid government-issued ID, bank statements, utility bills, passport photographs, and Bank Verification Number (BVN).
How Does the Renmoney Loan Process Work?
- Download the App: Find Renmoney on the Google Playstore or use the provided links to download the app.
- Register: Complete a free registration by providing your personal information, including your BVN, phone number, birth date, and more.
- Loan Limit Determination: Based on the information in your profile, Renmoney will automatically determine your loan limit.
- Accurate Information: Ensure to provide accurate information in your profile to avoid rejection of your loan application.
Note: Renmoney has received over 1 million downloads and is a legitimate loan app. Do not worry about its authenticity.
Pros
- It gives high offers for loans, and your loan is up to 6 Million with Renmoney.
- Good customer service
- The application is easy to fill
Cons
- The interest rate varies.
12. Zedvance

Zedvance is a financial company in Nigeria that offers loan packages to a variety of individuals, including non-salary earners, petty traders, and salary earners in both the private and public sectors.
One advantage of Zedvance loans is their quick disbursement times, and they offer flexible packages that can accommodate a wide range of people. However, the loan application process can be complicated, and the company’s offices are currently only in Lagos.
There are three categories of Zedvance loans:
- Nano loans for petty traders,
- Payroll loans for salary earners, and
- loans for businesses (which still need to be made available).
You will need a government-approved ID and a bank debit card to qualify for a Nano loan. To be eligible for a Payroll loan, you will need a valid ID, utility bills, passport photographs, and employment documents for the private sector or an ID and work identity card for the public sector.
To apply for a loan, you can do so online through the MoneyPal app or via WhatsApp. To sign up for an account, you will need your email and mobile phone number linked to your BVN, which is a 11 digit number unique to each individual in Nigeria banking sector, and date of birth.It should be noted that there are no urgent loan in Nigeria without documentation.
The Nano loan package allows you to borrow between ₦2,500 and ₦100,000, depending on your credit history. Payroll loans for private sector workers can range from a minimum of ₦50,000 to a maximum of ₦5,000,000, while loans for public sector workers can range from a minimum of ₦20,000 to a maximum of ₦3,000,000.
How to Apply for a Zedvance Loan
The process of applying for a loan at Zedvance is simple and fast. You can access the loan through their website or download the app for an easier experience. Here is a step-by-step guide on how to apply:
- Download the App: Use the links below to get the Zedvance app, or Moneypal, on either the Google Play Store or Apple App Store.
- Register: Create a profile by providing the necessary information, such as your name, email, BVN, date of birth, and password, during the registration process.
- Submit Loan Application: Once you have signed up, log in and submit a loan application by following the instructions and providing any required documentation.
- Loan Approval: If your loan request is approved, you can expect to receive your loan within 48 hours.
Pros
- It has high loan amounts, unlike other apps
- With zedvance, you have a longer repayment time
Cons
- The application procedure is difficult and takes a lot of time.
13. Quickteller

Quickteller is a financial service platform allowing users to make online transactions such as transfers, bill payments, and airtime recharge. Quickteller offers loans to customers in Nigeria, which can be applied for through various options, including USSD, the Quickteller mobile app, or the website.
The amount of the loan that a first-time customer is eligible for may depend on their credit history and transaction history. Quickteller loans have an interest rate ranging from 3% to 15% and have a repayment period of 10 days to 3 months.
To qualify for a Quickteller loan, customers must provide personal information; the more information provided, the better the chances of approval.
Quickteller loans are disbursed quickly, and repayment can be made through various methods, including ATM payments, the Quickteller mobile app, or cash/bank payments.
Steps to Apply for a Loan on Quickteller
- Open the Quickteller app on your phone
- Tap on “Loans” and select “Request a Loan”
- Enter the required information, including the loan amount, bank name, and account number
- If approved, you will receive the loan in your account within 24 hours of the application
Using USSD Code:
- Dial *723# on your phone
- Tap on “Get Loan”
- Enter the required details to receive the loan disbursement
Loan Extension with Quickteller:
- Dial *561# from your registered number
- Select “Loans”
- Tap “Extend Loan” to request a loan extension via Migo.
Pros
- The application procedure is fast and easy to fill
- It comes with other additional services like airtime recharge and many more
Cons
- The repayment time is short.
14. JumiaOne

Jumia One loan is a fully automated lending platform provided by Jumia, which aims to make credit facilities more accessible to a broader range of people, particularly those who may not be eligible for traditional bank loans.
The Loans are available in various categories, including payday loans for employees of any functional organization, education loans to aid in educational expenses, and business loans to help businesses cover cash flow payments and assist with overall transactions.
Loan processing on Jumia One is very fast, with loan options provided to the applicant within 15 seconds and loan approval and disbursement secured within 5 minutes. The loan can be applied for through the Jumia One mobile app.
First-time borrowers can borrow up to 10,000 nairas, while those with higher credit scores may be eligible for up to 100,000.
Jumia One loans are short-term loans expected to be paid back upon the borrower’s next paycheck. To apply for a Jumia One loan, you will need to provide your bank details, BVN (bank verification number), a mobile phone with an internet connection, and the Jumia One app.
How to Borrow From JumiaOne
To apply for a JumiaPay loan:
- Download the JumiaPay app on Android or IOS.
- Navigate to “Loans” under the “Financial Services” section.
- Fill in all required information.
- Wait for approval.
- Once approved, you will receive an email for disbursement details.
Pros
- No guarantor or collateral requirements
- The loan process is fast.
Cons
- The loan offers are low.
15. VULTe

VULTe is a digital bank offered by Polaris Bank that provides individuals and small and medium-sized enterprises with a range of products and features to improve their banking experience.
Through VULTe, customers can apply for various loans such as term loans for business expansion, overdrafts for business emergencies, auto loans for personal car purchases, salary advance loans for salary earners, and Lite loans for personal needs.
One of the benefits of using VULTe is that there are no bank visits required, no collateral is needed, and there is no need for paperwork.
VULTe is also convenient for all devices and available to new and existing customers. Customers can apply for loans easily through the VULTe Digital Bank app or the VULTe website.
How to Borrow From VULTe
- Login to the Vulte app
- Create an account
- The eligibility message will be shown on your dashboard. Click on it
- Input the loan amount you wish to request for
- Read and then accept the terms and conditions
- Provide your details and submit your application.
Pros
- No collateral or paperwork is required.
- The app is easy and convenient to use and access.
Cons
- The maximum loan offer is low.
16. Easemoni

Easemoni is a Nigerian loan service provider that allows customers to apply for instant loans through their mobile app.
The app allows users to apply for loans without collateral and can receive their loan within 10 minutes of applying. Easemoni offers loans of up to N1,000,000 to both new and existing users, with the ability to increase their credit score by frequently using the app and paying back loans on time.
To register for Easemoni, users must download and install the mobile app, enter their basic details, and apply for a loan.
The interest rate for loans on Easemoni ranges from 5% to 10% per month, with a loan tenure of 91 to 365 days. To be eligible for a loan on Easemoni, customers must be Nigerian citizens, be within the age range of 20 to 55 years, have a good source of income, and provide valid personal information.
How to Borrow From Easimoni
- Go to the Easimoni website or download the app and click on the “Apply Now” button
- You will be prompted to create an account by providing your personal information
- Fill out the loan application form
- Wait a few minutes for approval
- Easimoni will send you a loan offer
- If you are satisfied with the loan offer, you can accept it by providing your electronic signature.
- After you have accepted the loan offer, Easimoni will disburse the funds to your bank account.
- Then You will be required to repay the loan according to the agreed-upon terms
Pros
- It offers quick and easy approval.
- It has a good and flexible repayment plan.
Cons
- The loan is not for everyone but for only Opay users
17. Lidya loan

Lidya is a fintech company transforming Nigeria’s lending landscape by providing small and medium-sized businesses with access to finance. Founded in 2016 by Co-Founder & CEO Tunde Kehinde, Lidya is now the leading digital financier of SMEs in Nigeria, with teams based in Portugal and the US.
The platform offers unsecured business loans of up to ₦10,000,000 to eligible SMEs, with repayment terms ranging from 1 to 12 months and interest rates ranging from 3.5% – 5%. Lidya’s proprietary algorithms and data analytics enable quick loan decisions, and funds are disbursed directly to the business owner’s bank account within 24 hours if approved.
Lidya also offers a range of solutions for credit providers, including customer acquisition and collection tools, competitive fees, and digital repayment plans that cover multiple banks. The company has digitized and analyzed over US $50 Billion worth of credit application data from 100k customers, issued ~ 32,500 loans, and powered close to $150m in loan disbursements.
Using Lidya’s Finance-on-Demand platform, business owners can access quick and easy operating loans to pay invoices and suppliers and invest in their business growth. With a simple application process that takes about 15 minutes and the ability to connect their bank accounts for secure data sharing, business owners can enjoy Finance-on-Demand in just a few steps.
How to Borrow From Lidya
- Visit Lidya’s website or download the app and click the “Apply for a loan” button.
- Create an account by providing your personal and business details
- Provide information about your business, such as the type of business, industry sector, and business performance metrics like revenue and profit.
- Choose the loan amount you want to borrow, the repayment term, and the purpose of the loan.
- Upload the required documents
- Submit your application and wait for a decision from Lidya.
- If your application is approved, you will receive the loan in your business bank account within 24 hours.
Pros
- It offers a simple and efficient online application process.
- It also offers other financial services, such as insurance and invoice financing.
- Lidya offers flexible loan terms, including up to 12 months repayment periods.
Cons
- There is a limited number of businesses that can access its services.
- Its other services, such as invoice financing, have higher interest fees.
18. LendMe

LendMe is a loan app that provides quick and easy loan access in Nigeria. The platform is designed to provide instant loan disbursement to customers without collateral or extensive documentation. The app uses sophisticated algorithms to assess loan applications and provide funds to approved customers within minutes.
To apply for a loan with LendMe, first download the app from Google Play Store, create an account and then provide basic information such as their name, phone number, and bank account details. Once the application is submitted, its algorithm reviews and approves it within minutes.
LendMe offers loan amounts ranging from ₦5,000 to ₦500,000 with a repayment period of 60 to 180 days. The interest rates on loans from LendMe vary depending on the loan amount, repayment period, and the borrower’s credit score. It ranges from 12%-36%
To repay a loan, users can use their debit card to make payments straight from the app or transfer funds to the company’s bank account. LendMe also offers a grace period of 3 days after the due date for borrowers to repay without incurring additional charges.
How to Borrow From Lendme
- Download the app and fill out their online application form. You must provide personal information, employment details, and the amount you wish to borrow.
- Once you submit your application, Lendme Loan will review it and pre-approve you if you meet their criteria.
- You’ll then need to upload documents such as proof of income, a valid ID, and bank statements.
- Lendme Loan will provide a loan agreement to sign electronically. Carefully review the terms and conditions of the loan before signing.
- Once you sign the loan agreement, Lendme Loan will deposit the funds into your bank account within one to three business days.
Pros
- It has a fast approval process and funding time.
- It makes loans available to individuals even with low credit scores.
- It has a simple and straightforward loan application process.
Cons
- It has a high-interest rate.
- It has a slow operating process.
19. Kredi

Kredi is a financial institution in Nigeria that offers a range of services, including loans, savings plans, bill payments, fund transfers, and insurance. With Kredi, customers can access loans without collateral and get them approved within minutes. The institution has disbursed over ₦500,000,000 to over 100,000 loan applicants.
Kredi offers different types of loans, including Nano Loans, SME Loans, and Kredi-SympliFi Loans. Customers can access up to ₦100,000 in emergency cash with SME Loans and up to ₦50,000 with Nano Loans. The Kredi-SympliFi Loan is a low-interest loan that guarantees instant cash up to ₦50,000 with help from friends or family abroad.
In addition to loans, Kredi offers savings plans such as {Daily Flex and Bill Payment options for airtime, DSTV, and GOTV. The Kredi POS app allows customers to become agents and boost their income every month from anywhere.
Kredi prides itself on simplifying banking for its customers with its all-in-one app. Since 2021, the institution has helped over 200,000 customers gain control over their finances and meet their financial demands with innovative solutions.
How to Borrow From Kredi
- Download the Kredi app to your smartphone or tablet and create an account.
- Apply for the loan.
- Wait for Kredi to review your application and make a decision.
- Review the loan terms and sign the loan agreement if approved.
- Receive the funds
Pros
- Applying for a loan through the Kredi loan app is convenient and fast.
- The app offers flexible repayment options.
- Kredi offers low-interest rates compared to traditional banks.
Cons
- Kredi offers loans up to a certain limit.
- It is currently only available in certain countries.
20. CreditVille

Creditville Loans is a subsidiary of Creditville Group that provides a range of secure loan options for customers in Nigeria. The company offers payday, SME, and Lady Flexy loans that cater to different financial needs. With a competitive interest rate, quick turn-around time, and loan coverage for various locations, Creditville loans cater to all levels of income earners.
Creditville uses digital technologies and innovations to replace traditional banking and financial services. The loan app is designed to cater to borrowers who need access to finance but may need access to traditional financial institutions. The platform offers loans ranging from ₦100,000 to ₦6,000,000 with a 3 to 12 months repayment period.
To apply for a loan with Creditville, download the app from the Google Play Store, create an account, and provide essential information such as their name, phone number, and bank account details. The app’s algorithm reviews the application and approves it within minutes.
Interest rates on Creditville loans vary depending on the loan amount, repayment period, and the borrower’s credit score. It ranges from 6% to 31%, and the company charges a one-time processing fee of 5% on every loan.
Repaying a loan is easy and convenient. Users can make payments directly from the app using their debit card or transfer funds to the company’s bank account. Creditville also offers a grace period of 5 days after the due date for borrowers to make their repayments without incurring any additional charges.
CreditVille also offers a “CreditVille Rewards” feature, where users can earn points for timely repayments, referrals, and other activities. These points can be used for discounts on interest rates, free loan insurance, and other rewards.
How to Borrow From CreditVille
- Start by downloading the Creditville app on your smartphone or tablet
- Create an account to access their services.
- Filling out an application and providing any necessary documentation
- CreditVille will review your loan application and determine whether you are approved and what interest rate you will receive. This process may take a few days.
- If approved for a loan, you will receive the funds through direct deposit into your bank account or a check mailed to you.
Pros
- It allows you to improve your credit score.
- It offers features like CreditVille Rewards.
- Repaying a loan is easy and convenient.
Cons
- It is difficult to release money saved on this app.
- It has a bad locator
21. Specta

Specta is an innovative loan app from Sterling Bank that provides fast and secure loans to individuals and businesses in Nigeria. The app is designed to provide quick access to credit facilities without requiring collateral, paperwork, or office visits. The loan application process is easy and straightforward, and funds are disbursed to successful applicants within minutes.
Specta offers a wide range of loan products to meet the needs of its customers. The app provides personal loans of up to ₦5 million for individuals with a repayment period of 1 to 12 months. The interest rates on personal loans range from 25.5% to 28.5%, and there is a one-time payment for insurance of 2.5% and management fees of 1%.
Specta offers a business loan of up to ₦2 million for businesses, which can be used to boost sales and grow the business. The loan is repayable within 1 to 12 months, and the interest rates are between 25.5% and 28.5%, with a one-time payment for insurance of 2.5% and management fees of 1%.
The lending platform also provides an Ultra Credit Card that offers a spending limit to users. With this credit card, users can purchase without worrying about insufficient funds. Specta offers a PayWithSpecta feature that allows users to buy now and pay later. Users can get a spending limit of up to ₦2 million to purchase from any of Specta’s merchants.
Specta Score is another app feature that allows users to check their credit ratings and forecast their net worth. The app uses standardized data processing techniques and analytics to review loan applications and provide customers with personalized loan offers based on their credit scores and other factors.
Specta Prime is a unique feature of the app that provides investment opportunities to customers. With Specta Prime, customers can invest their funds at competitive interest rates and get loans at reduced interest rates.
How to Borrow From Specta
- Go to the Google Play Store and download the Specta app.
- Sign up for an account by providing your personal information, such as your name, phone number, email, and BVN.
- Log in to the app and check your eligibility for a loan.
- Enter the amount you want to borrow and select the repayment period that suits you.
- Accept the terms and conditions and get the loan.
Pros
- Specta has a quick and easy application process.
- No collateral is required.
- Specta offers competitive interest rates.
Cons
- Limited loan amounts.
- Specta’s loan eligibility criteria are not accessible to everyone.
22. Page Financials

Page Financials is a licensed financial services provider in Nigeria, offering various digital solutions to empower its customers to be financially intelligent. With over six years of experience, the company provides quick loans, investment options, and easy payment solutions to meet basic financial needs.
Page Financials’ quick loans offer up to N5 million to cover unexpected expenses and emergencies. The company promises hassle-free loans with simple repayment terms, rates, and no hidden charges. Loans are available for at least 3 and 12 months, and customers can get the funds in less than 3 hours.
In addition to loans, Page Financials offers investment options for customers looking to earn higher returns. The company thinks about customers by providing investment options that require little effort to generate cash flow.
Page Financials also provides easy payment solutions, allowing customers to transfer funds and make payments on the go without incurring transaction fees.
How to Borrow From Page Financials
- Download the app
- Choose the type of loan that best fits your needs
- Once you’ve selected the type of loan you want, you’ll need to fill out an application form.
- Depending on the type of loan you’re applying for, you may need to submit supporting documents, such as bank statements, pay slips, and proof of identity.
- After submitting your application, you’ll need to wait for Page Financials to review your application and supporting documents.
- Once your loan application is approved, Page Financials will disburse the funds to your bank account.
Pros
- Page Financials also offers investment opportunities.
- The app provides financial education to its users.
- The app offers flexible repayment terms.
Cons
- Late Payment Penalties.
- The app offers limited loan amounts.
Conclusion
There are pros and cons to taking out a loan online in Nigeria. One of the main benefits is that the process is fast and straightforward, as there is no need to visit a lender’s office in person. In addition, online loans offer more flexibility and convenience, with the ability to compare loan terms and potentially receive the loan disbursement within the same day.
However, how certain information is presented and interpreted can be unclear, and hidden fees may exist. There is also a need for more human contact, which can be a drawback if clarification is needed on the fine print.
It is important to be aware of predatory lenders who may take extreme measures to collect on the loan if it is not repaid on time. Overall, it is important to carefully consider the pros and cons of taking out a loan online and choosing a reputable lender.