Loan app in Nigeria is one sure way to get a loan without collaterals, the sector is getting bigger every day as industries and organization has seen the need to give loan to individuals of both household and Small & medium enterprises.

If you have an SME, or you are a student, civil servant, private worker or other work segment and you want money in one way or the other to add up to your routine. This could be money for shopping, goods and services, and even for business expansion, there are quite a number of loan app in Nigeria you can apply with and get funded within 5 minutes of loan approval.

We have made a research on the available loan app in Nigeria and have come to the conclusion to outline the best 10 loan app in Nigeria in 2021. This selection was based on public opinion and most people who have collected loans from these apps, and based on personal assessment.

Personal I have collected loans from a few of these apps and I have seen their pros and cons, their fundamentals and ease of term, credit duration and accessibility. Below is a list of the 10 best loan app in Nigeria, you should also do your own personal research and agree on the one that best suits your comfort.

List of Best 10 Loan Apps in Nigeria 2021


Carbon is a financial institution that grants access to credit and financial services to people who are in need. According to Carbon, the company’s aim is to make sure that they empower people financially and help individuals who seek refuge with them to pursue a life of dignity and prosperity.

The company was established in 2018, founded by Chijioke Dozie who has MBS from the Harvard Business School; the company is currently located in Ghana, Kenya and headquartered in Lagos, Nigeria with over 90 employees.

Carbon is one of the best loan apps in Nigeria, it grants access to personal loans, SMEs, Loans for other businesses and more. You can get up to 1 million Naira in Carbon loan without collateral, guarantor or paperwork. The app has over 2 million active installs across all platforms.

How to Apply for Carbon Loan in Nigeria

  • Download the app from Google Playstore or iOS store
  • Install and create an account by providing your personal details and other information that are required.
  • After filling the form, go ahead and apply for your desired loan amount, after which your application will go under review and usually takes between minutes to get response from the company.

After approval, the fund will be disbursed into your Carbon Wallet and thereafter be transferred into your local bank account, other bank accounts, pay a utility bill or recharge your phone lines. You will enjoy zero interest rates and unlock higher amounts when you pay your credit loan on time and complete it.


The branch is another financial institution that lends money to household individuals, growing businesses and large scale businesses.

The company is currently headed by Matt Flannery who is the Co-founder and CEO. The branch is regarded as one of the world's leading lending personal financial apps which provides access to instant loans with no physical collateral or documentation.

The company was first launched in 2015 but became fully available in Nigeria in the year 2017 and over the few years branch has stood out to be one of the best loan apps in Nigeria.

Over the years, the branch has created a remarkable customer experience and has disbursed more than six hundred million dollars, with over 4 million customers. Foundation Capital, VISA, Trinity Ventures, TriplePoint, formation 8, Khosla Ventures are all partners of the Branch. Some of the benefits you stand to get with the Branch are Data privacy protection, Security and Ethical collections.

Brach uses the technology to know the exact loan limit to offer you; this is based on user usage and experience. Some of the ways they determine the loan include a collection of GPS data, Contact List, phone details, SMS Logs and repayment history.

Branch loan terms include interest range of 17% - 40% over N2,000 - N500,000 between 4 - 52 weeks. This depends on the loan offer given at the specified time.

How to Apply for Branch Loan in Nigeria

  • Download the Branch mobile App on Google Play Store
  • Create an account with your personal details
  • Apply for the loan that best suit your needs and
  • Wait for approval
  • Receive the specified loan into your local bank account.

Note: To increase your credit score limit, you'll have to pay back your loan quickly and maintain a good credit record. (As at the time of making this post, Branch is not on Apple Store, we would update this article as soon as the App is available on Apple play store).


PalmCredit is one of the best money lending mobile loan app in Nigeria,  it was established in 2018 by Newedge Finance Limited. The company provides low-interest rates between 4% - 24%. PalmCredit has over 1 million downloads on Play Store with 4.5/5.0 rating reviews.

The company equally provides loans to household individuals and SMEs without documentation or collateral. This simply means it is a collateral-free loan. Its official mascot is known as Paddy and does not allow you to pay any fee before being granted loan offers. The available loan offers in PalmCredit is between N2000 - N300,000.

You also stand the benefit of flexible repayment between 91 days and 356 days.

To calculate your interest rate on PalmCredit, you simply need to follow the simple guide. For instance, if you borrow N10,000 for a tenure of 6 months with a charge of 4% on interest rate per month. The total amount to pay will be N12,400.

"Interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. In simple terms, it is the cost of debt for the borrower and the rate of return for the lender".


ALAT is Nigeria's Number one first digital bank developed to cater for financial assistance through loan disbursement. With ALAT you can carry out seamless banking transactions online with your mobile or personal computer devices.

The company provides a wonderful user customer relationship with undiluted and great infrastructure.

ALAT provide loan for household individuals, small and medium enterprise businesses. One other great feature of ALAT is that it allows you to save money aside from collecting loans. You can save money with ALAT and receive 10% annual interest, quite more than the standard bank interest rate.

ALAT gives you access to a virtual dollar card and more. When collecting a loan in ALAT you will be accessed with your previous credit check. Similarly, ALAT allows you to schedule transfers, pay bills automatically and at the same time get collateral-free loans, the virtual bank card can also be delivered to you anywhere around Nigeria.

  • Migo

Migo formally known as Kwikmoney is a financial-based organization that enables you to borrow money to sort your daily needs and demand, it is recommended for small business owners and students. The platform was created in 2019 and has been doing well over time. Unlike other platforms, Migo does not have a mobile App instead it makes use of its existing website, QuickTeller or your banking mobile app.

Similarly, you can apply for the Migo loan via USSD command on *561# for MTN users, *554*561# for 9Mobile, Glo and Airtel users.

Also, to collect a loan from Migo, you do not need to provide any documentation or collateral with all you need to provide is your Bank verification number and phone number and you will be ready to go. To be eligible for a higher loan and qualification you will need to provide your full details via the application form as demanded by the institute.

Migo gives between N500 to over N500,000 depending on the level of trust you have with the loan agency. However, your loan starts from a small unit, most times from N2,000 and as you repay your loan your credit limit will be increasing gradually to your desired loan goal expectations.

Migo provide 10% discounted loan interest when you refer a friend to the platform; the option to refer is a friend is available on the loan offer page where it is stated as recommend a friend.

Migo Loan repayment is a less hassle-free task, all you need to do is to visit the link and select the option that works best for you from the list of options provided in the form.

One good thing about Migo is that you can choose to pay instalments or partially, depending on the cash you currently have at hand. When you do this, Migo will not penalize you for anything, what's most important is that you are making a commitment and that is what matters after all. But, to be on the good side and have your loan granted in the feature, it is better you pay all at once to avoid other predicaments as may arise in your subsequent loan request.

How to Apply for Migo Loan in Nigeria

  • Go to the official website
  • Enter your phone number in the box provided
  • Wait for OTP to be sent to your number
  • Enter the OTP provided
  • Fill in your BVN and other personal details
  • Specify the loan amount you want to request
  • Click the Apply Now button
  • Wait for Loan Disbursement

NOTE: Migo is among the top best loan app in Nigeria but the company do not currently have a mobile app on Google Play Store or iOS Store only on the web app which is available on the stated link


FairMoney is a licensed financial institution that lends money in form of loans to people to cater for their basic needs and grows small businesses they own.

FairMoney delivers at a speed of light, usually within 5 minutes of application approval, also you stand to enjoy flexibility by repaying before the due date to reduce your loan interest amount. The platform does not have any hidden charges apart from the interest rate charges that are applied on the specific loan amount requested. The customer care is exceptional and 24/7 online available chat option.

FairMoney is similar to other loan apps in Nigeria as you will need to submit your Bank verification number and phone number. However, you do not need documentation, collateral or a guarantor to stand for you before you will be credited with any loan amount. You can apply for a maximum loan of 1 Million Naira (N1,000,000.00) for a period of 18 months that is 1 year 6 months.

You can also get a 21% return on investment when you invest with FairMoney, Ger all your liquidation charges when you liquidate your existing investment from other providers to invest in FairMoney. More information regarding the FairMoney Investment Plans is available on the official website. Please kindly refer to the page for more information regarding this option.

How to Apply for FairMoney Loan in Nigeria

You can get FairMoney loan when you download the app from the Google Play Store or iOS market.

Sign up with your phone number linked to your BVN, answer the few questions that will be provided and confirm your identity to receive the loan offer. Once you accept, you will receive your loan instantly in your preferred bank account.


Okash was founded in 2017 by Darlington Onyeagoro to give loan offers to small and medium-term business enterprises and to households. The company has created a remarkable trademark that makes them outstanding with others.

You must be between 20-55 years old to be eligible to apply for the Okash Loan and your data from your device will be collected to determine the loan amount and eligibility status before you can be credited.

Unlike other Loan apps in Nigeria, Okash gives a maximum of N500,000 for a period of 6 months only and charges 1.2$ per day for a fixed term of 15 days.

Also, your security and privacy are secured with Okash, but we would not be held responsible for giving out this information. It is required you do your own diligent research before you submit your Bank Verification Number or granting access to any mobile application.

Okash customer representatives are available to respond to your questions and queries as regard your loan offer via calls, WhatsApp, Email and Social Media handles.

To get started with Okash you will need to download and install the mobile app from the Google play store. Register an account with them and then select the product loan you will like to apply for.

Fill out your basic information and required by the loan app and submit it for the approval process. Once your application is approved, your loan will be disbursed to your local bank account as specified


Jumia Pay loan is a great mobile loan app in Nigeria that provides financial loan service to the public. Jumia offers you an easy access to instant loan and this is made available via the Jumia pay app.

Jumia Loan app was made to enable household and SMEs obtain loan in other to purchase household equipment’s or grow their businesses.

The Jumia Pay loan was initiated by Jumia ecommerce market to enable her users’ shop even where they don't have money to spend, but this is not limited to Jumia specific customers as everybody including those who have never user the Jumia platform to purchase product can apply.

To apply for the Jumia Pay loan, you will have to download the mobile app via the official Google Playstore or iOS store.

How to apply for the Jumia Pay Loan via official App

After downloading and installing, kindly register and fill in the application form including your bank verification number, family contact and friends contact. This is in case you default in paying back your  loan; meanwhile, you will not be eligible if you do not specify contact address and personal information.

You can borrow up to N300,000 in the Jumia Pay loan app; also, the faster you pay back your loan, the more loan limit you will receive in your next loan request.


There are a lot of mobile loan apps in Nigeria that can allow you to apply for micro loans, choosing the right choice that suite your needs either for household or for business is what that matters. It is also important to note that default in repayment of loan can lead to DISGRACE, some of these companies can go as far as putting your picture on social media and sending all kind or irrelevant text messages to your love ones and colleagues.

Be careful and do your own wise research before opting for any of the stated loan apps in Nigeria above.