Best Loan App in Nigeria 2023 for personal use

Best loan app in Nigeria 2023

Here, you will learn about the Best Loan App in Nigeria in 2023 for personal use. Gone are the days when getting a loan was never easy, no matter how little it was. Not anymore.

Thanks to recent technology that is spreading like wildfire and making it easy to get a Loan in Nigeria.

Currently, numerous companies in Nigeria are prepared to provide loans with interest rates, and the repayment periods range from 7 days to 12 months.

For the purpose of this article, we won’t be discussing the unregistered company, that is, we won’t be talking about the list of fake loan apps in Nigeria.

If you are the type that doesn’t take nor give interest then we are sorry this post isn’t for you.

If you don’t have any problem taking or giving interest, then you are welcome to this beautiful post on a loan in minutes in Nigeria.

The best loan app in Nigeria 2023

To obtain a loan from the platforms listed below, physical verification is not necessary. Most of the time, all they require is your Bank Verification Number (BVN).

So, if you want to invest in a business opportunity, pick the lending platform suitable for your needs from the below list.

In addition, if you also have personal expenses you need to take care of, these are personal loans in Nigeria you need to look out for.

Based on the advancement of technology, these Nigerian instant loan app platforms come in the form of an app. That’s it.

However, these loans range from as little as 1,000 Naira to millions of Naira. Also to be returned within 7–30 days or more.

Once you know the loan app in Nigeria that meets your demand, download their app, register, and request an urgent loan in Nigeria as easily as that.

How to Obtain a Fast Loan In Nigeria From Loan Apps

Best loan app in Nigeria 2023

Platforms to get a Loan in Nigeria include;

1. AB Microfinance Bank

The first platform we will be talking about on Best Loan App in Nigeria 2023 is the AB Microfinance Bank. It is an urgent loan in Nigeria that we should be focusing on.

However, what makes them unique is the fact that they focus more on loans for businesses, and you have the opportunity to obtain a huge loan of up to ₦20,000,000.

Also, the loans are easy to pay out within 48 hours.

It is important to note that this loan is intended for business purposes only

More About ABMB Apps in Nigeria

On the other hand, you don’t have to be afraid if your business is registered or not because they do not take that as a priority. What they need to see is proof of business ownership and which can be in the form of shop rent receipts, invoices, goods/product receipts, etc.

In short, just evidence that your business has been in existence within the stipulated period on your documents.

As we have known that this is a Bank and not just an app which might make you start questioning if you would need an account with the Bank, but the answer is NO.

So, that is another opportunity for you, no bank account, just apply on their site and you are all set.

We need to tell you this, you actually need at least a guarantor before the loan can be processed. Also, all you need for proof of identification is a valid ID card and proof of business ownership shikena.

How it works

Step 1
Apply online. You have to log in to their website HERE
thereafter, you will see the section “Loan” where you can apply online.

The application will involve asking you questions about yourself and the business you are eyeing or need to expand.

Step 2
Get approved. Your application verification process starts immediately, and you will be notified once it has been approved via email and a phone call from their consultant.

Step 3
Money is made available. Within 48 hours after your application is approved, your loan will be credited to your account, so, It’s that easy, fast, and straightforward.

Step 4
Repay your loan. The repayment periods rages from 7-120+ days

2. Aella Loan App

Owned by Aella Credit and was Launched on 30th Oct 2016. As of Dec 2022, It has gotten over 1,000,000+ downloads on the google play store and I think that is awesome.

People and businesses deserve easy, straightforward products that work. Aella makes it super easy for anyone to borrow, invest and make payments. They hate no excuses.

We all need to take a little credit for one thing or another sometimes, do not worry as you can get simple and easy access to funds on the platform.

They take the hassle out of Finance. Whether you are a business or an individual, they put control back in your hands with simple, straightforward products.

The system is designed to help customers build financial independence by building simple products; loans, investments, bill payments, micro-insurance plans, and peer-to-peer money transfers.


This is owned by WEMA Bank in other to broaden its horizons. ALAT has been saving thousands of Nigerians with its loan opportunities.

ALAT is Nigeria’s first fully operative digital bank for borrowing money. Also, with ALAT, you can do all your banking transactions without being physically present at a bank.

However, ALAT is giving everyone the opportunity to apply for short-term loans without paperwork, no visitation to any physical address and you get a response for the loan to be disbursed to you in no time once you have been accepted in the system.

Furthermore, for you to be accepted by the system, they will have to run a quick credit check on you upon request for a loan. You will also be offered a bank account.

How it works

Step 1
Log in to the ALAT website HERE, at the top right-hand corner, you will see a section that says Sign up, click on sign up and you will be taken to another page, from this page fill out the form in other for the system to recognize you, submit your form and your account is opened immediately.

Step 2
After successful signup, go under the menu and you will see a section that says Loans, click on it, read and understand the ALAT disclaimer.

Step 3
After successful credit evaluation and checks, you will be offered a loan with duration and interest rate based on your current risk score. However, the loan tenure ranges

Step 4
Read through the offer and if interested, accept the terms and conditions which will also entail asking for your consent to have your account debited in other to repay your loan at the due date. Then, your account will be credited immediately.

How to Obtain a Fast Loan In Nigeria From Loan Apps

4. Branch Loan App

Here is another Nigeria instant loan app we will be discussing. It engages in delivering world-class financial services to the mobile generation.

That is, you can get the loan approval you wanted on your mobile phone. However, you do not need a computer, paper works, and the like, but just your mobile phone and you are good to go.

However, in emerging markets across the universe, the middle-class thing is at a fast rate and so they will always need fair, reliable financial services and capital just for them to step up their game.

Furthermore, with smartphone growth at an all-time high, Branch has the best opportunity to build customer-first financial products for everyone.

Furthermore, it is designed to fit everyone’s needs and help to grow financially. The more you build credit with Branch, the more you unlock larger loan amounts.

In conclusion, we gathered that they don’t charge late fees or rollover fees, also, they don’t put restrictions on how to spend the money gotten from them. Their customer support team is available 24/7. Their repayment plan ranges.

More about Branch

Here, we believe in Branch based on information gotten from their site that says;

  • They had over 10 million customers
  • Have been able to issue loans over 50 million time
  • Had disbursed over $500 million

This information shows they are a loan in minutes in Nigeria to look out for on Instant Online Loan in Nigeria.

How it works.

Step 1
Download the Branch app HERE
Use your Android phone to download Branch from the Google Play store.

Step 2
Create your account. Fill out a simple form in under 30 seconds and submit it for a quick review.

Step 3
Apply for the loan that meets your needs. Loans are conveniently sent to your mobile money or bank account in minutes.

Step 4
Receive the loan in your account.

Step 5
Reply with your mobile account. Build your credit to unlock larger loans.

5. Carbon Loan App

According to the Google Play Store, Carbon remains the #4 trending finance app to get loans in Nigeria. The platform owned by One Finance and Investment Ltd. now has over 1 million Google downloads ever since it was released on May 16th, 2016.

Carbon lets you control your finances with a few clicks. You can send and receive money, get instant short-term loans for urgent needs, invest money to earn high interest and make payments for services.

But for this write-up, we will be concentrating on the loan aspect. This loan platform is fast, secure, reliable, and works 24/7.

Currently available in Nigeria and Kenya. You can get loan amount from ₦1,500 or Ksh 500 up to ₦1million / Ksh 30,000 without collateral.

Also, Interest ranges from 10% – 30%. You can get funds, no matter who you are. Whether you’re a student, salary earner, or self-employed, Carbon loans can help you achieve your goals.

How to get a loan on Carbon

  • Download the app HERE
  • Create your account in minutes
  • Get instant access
  • Request and get your loan almost immediately
  • Payback on time to increase your credit score.

More on Best Loan App in Nigeria 2023

6. FairMoney

FairMoney is a licensed, fast, secure, reliable, and free Android top ten loan app in Nigeria. The company’s main aim is to provide instant loans, pay for cable TV, and buy airtime and mobile data bundles with NO transaction fees.

Also, The monthly interest rate ranges from 10% – 30%. The platform gives up to 1% daily discounts to reward their clients for early re-payments and charges up to 1.5% daily late fees for late payments.

It doesn’t take more than 5 minutes to get a loan on FairMoney. They don’t need any paperwork or collateral.

However, you can get up to 12 months of installment repayment on FairMoney, although it depends on your credit score and transaction history.

Furthermore, FairMoney offers loans from N1,500 to N500,000 for a period of one to twelve months. The better your lending history and positive behavior, the more you can access it and the longer the repayment period.

In conclusion, you will only need to submit your BVN during the loan application and connect your ATM card to authorize the platform to debit your account for the repayment.

Truth be told, their interest in much and out of this world. That is the only problem I have with them.

How to get a loan on FairMoney?

  • To get a loan, you need an Android phone.
  • Download the FairMoney app from the Google Play Store.
  • Sign up with the phone number linked to your BVN, answer some basic questions about yourself, and confirm your identity to receive a loan offer.
  • If you meet up with their criteria, you will receive your loan instantly from your preferred bank.

7. Kuda Bank

Here is another loan app I will be talking about in the post on Instant Online loans in Nigeria. Kudabank is the bank of the free. I mean you need to join Kuda Bank to set yourself free.

Also, Kuda Bank is designed for smartphones, free of ridiculous charges, and great at helping you budget, spend smartly, and save more. In Kuda, you can save your money, spend it, and send it.

It’s all up to you to decide what you do with your money.

What makes Kuda Bank different?

  • Kuda’s bank-level security protects your sensitive personal information and prevents unauthorized use.
  • Lost Card. Sometimes debit cards go missing. If that ever happens you can freeze your missing card on the app, and even unfreeze it if you find it later.
  • Obtaining a loan is completely paperless as everything is done on the phone.
  • Responsive customer support.
  • Simple tools for managing your money in the best way.
  • You have total control of your money and loan.

However, whatever you want to do with your money, you can do it from the app with no single queue. We’ll make sure it’s done better and hassle-free.

With Kuda Bank, you are Insured because Kuda is licensed by the Central Bank, and your money is insured.

More reasons to stay with Kuda Bank

  • Ability to qualify for quick loans in the near future.
  • Free withdrawals at over 3,000 ATMs across Nigeria.
  • Plan and keep track of your spending on the app with smart budgets.
  • Save as much as you want automatically and you can be paid up to 15% interest yearly with no excuses.
  • They don’t charge card maintenance or account maintenance fees
  • You will be given up to 25 free transfers to other banks every month. Extra transfers cost just 10 Naira each.
  • You will also be given a free debit card and deliver it for you free.

How does Kudabank work?

Step 1 – Download the app from google play.

Step 2 – Sign up in minutes.

That’s all you need to make the right money moves. No sweat.

Kindly click to join Kudabank

8. Palmcredit

Palmcredit is another loan app in Nigeria owned and released on the 26th of June 2018 by Newedge Finance Limited. They offer loans of up to ₦100,000 within minutes with just your mobile phone.

Also, the company provides its customers with flexible collateral-free loans at the lowest interest rates. One unique thing about Palmcredit is its attractive low interest, which makes it a popular loan provider in Nigeria.

With over 1 million downloads on the Google Play store, it is okay to say that Palmcredit has a large user base.

Steps to get a loan:

  1. Install the Palmcredit APP.
  2. Register an account.
  3. Fill out basic information and submit.
  4. Apply online.
  5. Receive your loan straight into your bank account; Repay your loans in time to build your credit score.

Best Loan App in Nigeria 2023

9. Palmpay

This is another top loan app in Nigeria I will be talking about in the post on Instant Online Loan in Nigeria.

You have another opportunity here to send money for free, pay for your airtime and bills, obtain LOAN, and earn rewards every time you spend with PalmPay. Try it for yourself on Android and iOS:

What makes Palmpay unique

Request loan with no queue
Deposit funds, and pay back the loan to your wallet for free using your ATM card.

Earn Rewards As You Spend
Also, receive rewards for every transaction in the form of PalmPoints cashback. Earn 10% cash back for airtime top-up and 5% for any bill payment.

Fast and Reliable
Receive your loan as fast as possible.

Totally Secure
Your money is protected using the most advanced technology and following GDPR standards for data handling. Also, all of your data are encrypted and do not share information with 3rd parties.

To join Palmpay click HERE.

10. Renmoney

This is another loan app in Nigeria. Renmoney is a financial institution that is available in giving out a loan with no collateral.

However, renmoney is giving out loans in case you need money to pay rent, cover school fees or buy a new car.

Also, renmoney offers loans of up to ₦4,000,000 naira conveniently spread over 12 months, at a flexible repayment pattern. And of course, the goal is to make life easier by providing simple, flexible loans made available for everyone.

Furthermore, the reasons you should go for renmoney are because;

  • They are fast, simple, and convenient
  • You don’t need collateral or a Guarantor
  • It also includes a flexible repayment plan
  • The interest rate is competitive.

The interesting part of it is that Renmoney doesn’t only give out loans as you can also invest in the platform to get up to 17% Return On Investment per annum.

And what made this platform a reliable one to us is the fact that they are being transparent in their finances. some of the things that made us conclude that they are no doubt reliable.

11. Umba

Umba provides you with the best banking experience when you want financial services. That is zero balance account opening, unlimited free transfers, smart & affordable LOANS, and up to 3% cash back on every bill paid and airtime purchase. Top 20 loan apps in Nigeria.

Get a loan!

In the Nigerian market, Umba makes getting a personal loan simple. How? We use the data on your smartphone to verify your identity and create a credit score.

Step 1
Apply for a loan by linking your other bank account(s) for credit scoring upon verification and rating loan is accessible.

Step 2
Repay the loan in due time to increase your loan limit/credit ratings.

Umba loans have a maximum and minimum duration of 62 days. Credit amount: From ₦2,000 to ₦30,000 Terms: 62 days The maximum annual interest rate of 10% Commission: 0% (No commission) VAT: 0% Maximum APR (Annual Percentage Rate): 10% Here is what the above means: for a loan of ₦10,000, there is a 10% interest rate i.e. ₦1,000.

In conclusion, at the end of the term of 62 days, you will be required to pay ₦11,000. No late fees, no rollover charges, or origination fees.

Rates and Fees ?? Loan amounts and interest rates vary. ?? Limits and fees on transactions vary based on the type of transaction, transaction history, payout location, payment instrument, and delivery method.

Download Umba Now!

12. Banks in Nigeria

A bank is a financial institution that provides various services, such as accepting deposits, providing loans, and issuing credit and debit cards. In Nigeria, there are several banks that operate in the country, offering a range of products and services to individuals and businesses.

Some of the major banks in Nigeria include First Bank of Nigeria, United Bank for Africa, Zenith Bank, and Guaranty Trust Bank. These banks offer a variety of services, such as checking and savings accounts, loans, credit cards, and investment options.

In addition to these larger banks, there are also many smaller, regional banks in Nigeria that serve specific areas of the country. These banks may offer similar services to the larger banks but on a smaller scale.

In conclusion, most of the Banks in Nigeria also give loans as long as you are an active account owner. The interesting aspect is you don’t have to visit their branches before getting the loan. You can get a loan from the comfort of your house with their apps.

Conclusion on Best Loan App in Nigeria 2023

All the above listed are the Best loan app in Nigeria. They are all registered and none of them will embarrass you for borrowing. That is, none of them will call/message your contacts by default.

As we have known that a loan is a sum of money that is borrowed by an individual or organization from a lender and is expected to be repaid with interest.

The terms of a loan, such as the interest rate and repayment schedule, are agreed upon by the borrower and the lender.

The purpose of a loan can vary, but it is typically used to finance a large purchase, such as a house or a car, or to cover the cost of education or medical expenses.

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