Best 5 Loan Apps in Nigeria

Are you in need of instant loan apps to use in Nigeria? In this article on the 5 Best Loan Apps in Nigeria, we will be sharing some of the top loan apps to use. Money is a vital necessity for daily survival, and in times when it’s hard, you can resort to instant apps.

Whether in times of difficulty or just needing extra cash to add up for something, there are lots of loan apps you can download and sign up for to use. In Nigeria, there are plenty of lending apps you can use. However, we will be sharing the 5 Best Loan Apps in Nigeria.

Best 5 Loan Apps in Nigeria

With these apps, you can get instant cash effortlessly. Getting a loan from banks these days may be difficult, and that is why these loan apps are your best bet. They offer instant payment, a low-interest rate, and a good repayment time frame. Also, the loan apps I will be sharing below are safe and reliable in times of need.

What are The Best 5 Loan Apps in Nigeria?

The best app for obtaining a loan to help you in times of financial need is listed below;


Carbon provides individuals with lots of financial services, including business, payments, personal loans, funds transfers, credit scoring, savings, and investments. The applications serve as a loan app and a mobile banking app. Carbon gives you instant loans to meet urgent financial obligations, pay bills, recharge airtime, and many others.

When you make a loan request on Carbon, in less than 10 minutes, you will get the cash disbursed into your Carbon account. It is free to request loans; all you have to do is to download the Carbon mobile app to your device. No documentation and no collaterals. All that you need to use the Carbon loan app is your Bank Verification Number.


ALAT is Nigeria’s first fully digital bank that is designed to help you do more with your money. With the ALAT you can schedule transfers, save and pay bills, take loans with no collateral, and also get your card delivered to you anywhere in Nigeria. Also, there are saving options on the ALAT app that make it one of the best after Carbon.

Everything carried on ALAT is digital, and no paperwork is needed. All you have to do with ALAT is download the app from your device store, create a profile, and request a loan. If your loan request on ALAT is accepted, your loan amount will be credited to your account.


PalmCredit is one of the easiest apps you can use to borrow money in Nigeria. The app is straightforward and transparent for users. You can access an instant loan within a few minutes. To qualify for a loan on PalmCredit, you must be 18 years and older.

PalmCredit is only available for Android operating system users. That is to say, you can download the mobile app from the Google Play Store, create a profile, and make your loan request.


The Branch app allows you to apply for loans, save funds, or monitor your financial health. It lets you request loans with just your Android device, Bank Verification Number, and a valid phone number. No collateral. Loan repayment with the Branch is within 4 to 40 weeks, and it attracts varying interest rates depending on the amount.


OKash is an instant loan app that is powered by OPay and it is one of the best loan apps to use in Nigeria. Borrowing on OKash is for individuals who are 20 years old and those below 55 years old.

In addition to the age preference, the app uses information from your smartphone, such as the specifications, financial transaction messages, and reason for the loan request, to create a customized credit score. By so doing, they select the most suitable loan offer for you.

To use OKash for your loan requests, you just have to install the app into your device, create a create, and make your loan request. OKash is free on the Play Store.


It’s crucial to carefully read these loan apps’ Terms and Conditions before applying for a loan. Yes, these loan apps offer you loans without collateral, but ensure you take the interest rate and payback time frame into good consideration. I hope you find this article useful for questions or suggestions regarding loan apps that you can use in Nigeria. Use the comment box.

Frequently Asked Questions

Which app can borrow me 200k in Nigeria?

Many loan apps can lend you money for a time frame, but if you are going for a higher loan amount, then you should try Branch. On Branch, you can borrow up from as low as N1000 to as high as N200,000. Keep in mind that it comes with an interest but is considerable enough.

Can Palmpay borrow me money?

Yes. Palmpay is an automated lending service focused on increasing access to credit for financially underserved individuals around Africa. It is available on both Android and iOS devices, so no matter what type of device you use, you can use Palmpay to get a loan.

How can I get a loan from my phone?

You can get loan offers from your phone by downloading and signing up for loan apps. There is a wide variety of loan apps you can use to get a loan in Nigeria. These apps offer you loans digitally with no documentation or collateral required. Some of these include;

  • Branch
  • Carbon
  • FairMoney
  • AellaCredit
  • PalmCredit
  • OKash

These apps offer you instant loan offers with a time frame to pay.

How can I get a loan in 5 minutes?

You can only get a loan within 5 minutes if your request is approved. One such loan app that gives you a loan in less than 10 minutes is Carbon. Carbon gives you instant loans within a few minutes of your application.

How do loan apps work in Nigeria?

Loan applications in Nigeria are approved within 5 minutes. All that is required to get loans via apps is to download the app, create an account, and apply for a loan. Get approved, and your loan amount will be disbursed into your account.

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