Home Phone Apps & Games 10 Best Loan Apps in Nigeria for Android and iOS

10 Best Loan Apps in Nigeria for Android and iOS

loan apps in Nigeria

If you are thinking of getting a loan to purchase any smartphone of your choice, these 10 best loan apps in Nigeria for Android and iOS are highly recommended. The truth of the matter is that all loan companies in Nigeria are not the same. There is what we call “bad loan” and “good loan”. There are a lot of factors that make a loan good or bad. For example, the repayment plan and interest rate are two key factors you should be on the lookout for when applying for a loan. Without wasting much of your time, let’s get straight to these loan apps.

Best Loan Apps in Nigeria


This is one of the best loan apps in Nigeria and it’s owned by One Finance & Investment Ltd. Carbon not only gives out a loan but also serves as an investment platform and you can also pay utility bills on there. Carbon is fast, reliable and available 24/7. With just a valid ID you can get up N1,00,000 loan. Interest rate ranges from 1.75% to 30%, with an equivalent monthly rate of 1% to 21%. The Annual Percentage Rate (APR) on all Carbon loan ranges from 23 – 60.8%.

For example, a 3-month loan of N50,000 attracts a 2% monthly interest rate. With an Annual Percentage Rate (APR) of 24.3%, this means the total repayment amount after 90 days (3 months) is N53,000. There is no processing costs or late fees with Carbon.

Download Carbon for Android

Download Carbon for iOS



Through this app, you can get fast loan and instant cash in Nigeria. It is only available for Nigerians 18 years and above. Palmcredit loan range is between NGN 2,000 to NGN 100,000 which is definitely low compare to Carbon. The loan duration is between 91 to 180 days. In terms of interest rate, Palmcredit loans attract 14% to 24%, which is equivalent a monthly rate of 4% to 4.7%, then you have the Annual Percentage Rate (APR) at 48% to 56%.

To put this into practice, if you borrow the sum of N100,000 for a duration of six months. The interest rate is 24% with 4.7% monthly and the APR is 56%. This means at the end of the six months loan duration, you will/would have paid N124,000. One thing that makes Palmcredit a good loan option is that there is no rollover charge, no transaction fees or origination fees.

Download Palmcredit for Android



This mobile app not only serves for instant loans but also a platform where you can pay bills for airtime, data, cable e.t.c. Without paperwork or collateral, you can get up to NGN 500,000 on FairMoney with a repayment period between 60 to 180 days. Their monthly interest rate is between 10% to 30% which is pretty good.

Download FairMoney for Android


It is very easy to get financial help on this mobile app. It shouldn’t be surprising to see Branch in our 10 best loan apps in Nigeria for Android and iOS. There are no paperwork, collateral or office visits needed before your loan is approved. You get to use the money for anything you want: home or business. No late charges or rollover fees on the loan. Get up to NGN 200,000 on the Branch app. Your loan limit can be increased by repaying your existing loan.

Download Branch for Android

Aella Credit

Get quick and easy money solutions with Aella Credit app. It doesn’t matter if you’re a businessman or an individual if you need a loan Aella will credit you. The Aella app can also be used to pay bills. There is an investment section on the app where you can earn by investing your savings.

Download Aella Credit for Android

Download Aella Credit for iOS


This is one of the most popular and trusted instant cash money loan app in Nigeria. Just download the app, create an account, and request for a loan. The system will run a credit score to determine how much you can get. There is no collateral needed. Once you’re eligible, you’ll be credited the loan amount immediately. You can borrow up to NGN 200,000 on this platform and you get to choose your preferred repayment tenure from 91 days to 1 year. Monthly interest rate is between 1% to 21%.

Download QuickCheck for Android


You can get an instant loan from SokoLoan app to fulfil your extra urgent cash need any time. The money gets paid straight into your bank account. SokoLoan repayment period is within 2 to 6 months and the interest rate ranges from 4.5% to 34%. You must be aged 25-50 years old to be eligible for SokoLoan and also have a fixed-job. This means business owners are not eligible for an instant loan on this platform.

Download SokoLoan for Android

Kiakia Mobile App

Kiakia Mobile App

For those of you that don’t know, “kiakia” is a Nigerian slang which means “fast fast”. Get fast loan with the Kiakia mobile app which is owned and operated by Kiakia Bits Ltd. You can secure business or a personal loan of up to NGN 100,000,000 which makes it the biggest loan limit in the country amongst loan apps. This mobile app has an investment section where you can earn between 12% to 40% either quarterly, bi-annual or per annum.

Download Kiakia for Android


Next on our 10 best loan apps in Nigeria for Android and iOS is the XCredit app. Get fast and reliable loans 24/7 on this platform. Their loan limit network NGN 5,000 to NGN 500,000. The shortest loan tenor is 91 days while the longest tenor is 180 days. You must be 18 years and above to apply for a loan which attracts a 12% interest rate.

Download XCredit for Android


This mobile app is owned by Zedvance Limited. Just like SokoLoan, you must have a fixed job before getting a loan from them. Their loans are very quick with amazing interest rates. The maximum loan amount you can get is NGN 5 million and the longest tenor is 24 months.

Download MoneyPal for Android



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