The Best Loan Apps in Nigeria

For years, a credit economy was lacking in Nigeria. But a number of Fintech startups have sprung up to fill that gap. Here is a list of the best loan apps in Nigeria.

A common denominator of these loan apps is that they offer paperless, digital access to fast loans. On the flip side, the interest rates are often rather on the high side, so use them only if you absolutely need a loan.

They all work with credit rating agencies (at least, they all claim to) to keep harmonised records of your loans and repayments.

These are the Best Loan Apps in Nigeria

Froma trickle, the number of loan apps in Nigeria has multiplied in the last few years, so much that it is a crowded space now. As expected, som of them are better than the others. Some are no more than scam operations. For example, there are loan apps that require you to make a payment to process your loan application, though your chances of getting approved are slim. That looks like an opportunity to make lots of money from applicants.

Having studied the fintech landscape in the country for at least two years, we have compiled a list of loan apps that we believe are the very best of those available in Nigeria today.


carbon is one of the best loan apps in Nigeria
Carbon is one of the best loan apps in Nigeria

Carbon is a pioneer and one of the leading loan apps in Nigeria. Carbon was formerly called PayLater before a name change that resulted in the present name. The Carbon system lets you start off with a small loan on the premise that a timely repayment improves your credit rating and will lead to an opportunity to take on bigger loans.

It is a system that worked will for PayLater and helped it quickly build a large user base. As your credit records improve, Carbon lets you take not just larger loans, but also spread repayment over longer months.

If you provide your bank records, uploading them via the app, you can access even larger sums, running into hundreds of thousands of naira,  from Carbon.

Download the Carbon loan app for Android HERE.


branch loan app

Branch is not a Nigerian operation, but it provides its credit facilities to residents of Nigeria alongside a handful of other countries. Branch operates similar to Carbon, running a system that allows users build credibility over time and access larger sums in loans.

Download Branch app for Android HERE.


quick check loan app

QuickCheck started out without a mobile app, but eventually launched one to make its services even more user friendly. Anyone can get loans of up to N30,000 on QuickCheck, and that is the general ceiling. Providing your bank records can help break that ceiling though to access bigger loans.

Download Quick check loan app for Android HERE.


palm credit loan app

If you know TECNO, Infinix, and itel, you are not a stranger to the family that PalmCredit is from. This is a fintech operation by Transsion Holdings, the parent company to those three smartphone brands. Which is why you will find the PalmCredit loan app pre-installed on many TECNO and Infinix phones.

PalmCredit has a general cash loan service with a ceiling of N20,000 for everyone, but there is a VIP loan service that allows you to take a loan of up to N300,000.

You can download the PalmCredit loan app for Android HERE.


okash loan app

Okash is an Opera fintech startup that offers loans to Nigerians via a mobile app.

Okash just manages to make this list. Feedback from users of the service is that they get inundated with random telephone calls from a day to loan due dates. This is in addition to the standard SMS and in-app reminders.

There have been complaints about less-than-pleasant Okash representatives on the line. Generally speaking, the impression is that Okash is the area boy cousin of the rest of the apps on this list.

Download Okash app for Android HERE.

Important Information

Be sure to read the terms and conditions before taking loans off these apps. All of them involve heavy invasion of your privacy, as they require access to read your Contacts list, SMS, and emails, as well as monitor your location.

Their measures for tackling late repayments also differ in severity. Some will call your contacts.


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