Best Loan Apps in Nigeria: Looking for fast and safe loan apps in Nigeria? Discover the best CBN-approved loan apps that offer instant loans without collateral, low interest rates, and zero harassment. Perfect for students, salary earners, and business owners.
Getting an online loan in Nigeria can be frustrating. Many loan apps have turned out to be unreliable or downright fraudulent. Some borrowers end up paying outrageous interest rates on small loan amounts, while others are harassed, shamed, or even physically threatened if they miss a payment.
To help you avoid such experiences, we’ve carefully compiled a list of trusted online loan apps in Nigeria that offer reasonable interest rates, higher loan limits, and a stress-free borrowing process. These platforms also do not engage in harassment tactics—rather, they use professional and legal methods to recover their funds.
So to save you the headache, this guide covers only trusted loan apps in Nigeria that are:
CBN-Approved & Licensed
Offer Instant Loans without Collateral
Low Interest Rates
Do Not Harass or Call Contacts
Whether you’re a student, salary earner, business owner, or side hustler, you’ll find a reliable option here.
All the lending apps listed here are fully licensed and approved by the Central Bank of Nigeria (CBN). Below are the top online loan apps in Nigeria:
Best Loan Apps in Nigeria (CBN-Licensed & Harassment-Free)
1. FairMoney
FairMoney is one of the most popular and reliable loan apps in Nigeria, ranking as the second most downloaded after Branch. It is well-known for its fast loan processing and user-friendly system. The only major downside is its relatively high interest rate. However, aside from that, FairMoney remains one of the most recommendable options.
FairMoney has evolved beyond just a lending platform. Users can now pay utility bills, save money, transfer funds, and even apply for a debit card—all within the app. The debit card delivery is also impressively fast.
What makes FairMoney stand out is its simplicity. Loans are disbursed using only your BVN—no collateral required. Many users confirm that funds hit their accounts within minutes of applying.
With loan amounts ranging from ₦1,500 to ₦3,000,000, FairMoney offers one of the highest loan limits in Nigeria. Repayment terms are also flexible, stretching from 61 days to as long as 18 months, giving borrowers enough breathing room to repay conveniently.
Why It’s Trusted:Licensed by NDIC & CBN, and they don’t call your contacts
Best for salary earners and business people who need higher loan amounts.
2. Branch
Branch is another top-rated loan app in Nigeria known for its low interest rates and flexible repayment. Your loan limit increases as you repay on time.
Loan Amount: ₦2,000 – ₦500,000
Interest Rate:8% – 20% monthly
Repayment: Up to 12 months
No Contact Harassment — Branch relies on your repayment history, not intimidation.
Perfect for students and beginners who want small loans without stress.
3. Carbon (Formerly Paylater)
Carbon is more than just a loan app — it also offers bill payments and savings features. It’s registered as Carbon Microfinance Bank, fully CBN-licensed.
Loan Amount: ₦1,500 – ₦1,000,000
Interest Rate: 2% – 30% depending on duration
Repayment Tenure: 1 – 12 months
Why People Love It:No hidden charges, no spam calls, and instant approval
Best for smart borrowers who want transparency.
4. Palmcredit
Palmcredit is a great option for quick emergency loans, especially for students or small business owners.
Loan Amount: ₦10,000 – ₦300,000
Interest Rate: 4% – 24%
Repayment Tenure: 14 – 180 days
No Collateral, No Guarantor Needed
Once approved, the money lands in your bank account immediately.
5. Renmoney
If you’re a salary earner or business owner, Renmoney offers one of the highest loan amounts without collateral in Nigeria.
Loan Amount: ₦50,000 – ₦6,000,000
Interest Rate:5% – 9% monthly
Repayment Tenure: 3 – 24 months
Fully Licensed by CBN
You’ll need valid ID and bank statements, but no collateral is required.
6. Umba
Umba is relatively new but has gained trust due to its soft approach and zero harassment policy.
Loan Amount: ₦2,000 – ₦200,000
Interest Rate: 5% – 20%
Repayment Period: Up to 2 months
Good for first-timers who just want to test a reliable loan app.
7. QuickCheck
QuickCheck is another excellent option for those who need instant loans. It is one of the fastest loan disbursement platforms in Nigeria, making it perfect for urgent financial needs.
QuickCheck offers loans ranging from ₦1,500 to ₦500,000, giving users a fair range of borrowing options. The app also provides flexible repayment plans between 61 days and 12 months, allowing borrowers to choose what best suits their financial situation.
Loan Amount: ₦1,500 – ₦500,000
Interest Rate: From 2% monthly
Repayment Tenure: 1 – 6 months
No Embarrassing Calls or Messages
Which Loan App Is Best for You?
Category
Best Loan App
Students
Branch / Palmcredit
Salary Earners
FairMoney / Renmoney
Small Business Owners
Renmoney / Carbon
First-Time Borrowers
Umba / QuickCheck
High Loan Amounts
Renmoney / FairMoney
Frequently Asked Questions (Rich Snippet Ready)
Which loan app gives the fastest loan in Nigeria?
FairMoney and Branch are among the fastest — most users get approved within 5 minutes.
Which loan app does not call contacts in Nigeria?
Branch, Carbon, Umba, QuickCheck, and FairMoney are known for being professional and harassment-free.
What loan app is approved by CBN?
Some officially licensed loan apps include FairMoney (Microfinance Bank), Carbon (MFB), Renmoney (Finance Company License), and Branch (MFB license).
Which loan app has the lowest interest rate in Nigeria?
Branch and QuickCheck generally offer the lowest interest rates, especially for consistent borrowers.
Can I get a loan without BVN?
Most licensed apps require BVN for identity verification. Avoid platforms offering loans without BVN — they are usually unregulated or risky.
Notable Mentions
Some Notable mentions you should also consider are:
While there are hundreds of loan apps in Nigeria, only a few are truly safe, licensed, and respectful. If you want quick money without harassment or hidden charges, stick to CBN-approved apps like FairMoney, Branch, Carbon, and Renmoney.
Borrow wisely — and only when necessary. Your future self will thank you!
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