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5 Best Instant Loan Apps in Nigeria (2021)

Looking for the best instant loan apps in Nigeria? That’s what we will be discussing.

Doing business in Nigeria, or any other country can be difficult without sufficient capital and money for sustainability. People often save up money for months, and sometimes years even, to raise up money for capital. The sad truth here is that you are wasting months and years which that amazing business idea of yours is supposed to manifest.

There’s something you can do instead of waiting around. You can request a loan, use it to start up your business, and as usual pay up later when you make profit. This brings us to the best loan app in Nigeria – mobile applications that you can sign up with and get instant loans. Check out the 5 best ones that are available;

1. Carbon (PayLater)

From One Finance and Investment Limited, the Carbon mobile app, previously called PayLater is the first on this list of best instant loan apps in Nigeria. The app works not for requesting loans alone, it can also be used for investment and for saving money. Workers, self-employed persons, and students can request for loans.

It easy to register as it takes just minutes after downloading and loans are available 24/7. So long as you have an Android device and a valid Nigerian means of identification, you’re good to go. For now, the Carbon loan app is yet to be available for iOS devices.

Carbon is also one of the best loan apps in Nigeria with low interest rate. You can get a loan for a low interest rate of just 5% per month. However, that’s for the first loan alone and the standard interest rate charged can be from 1% to 21% per month; this depends majorly on the amount of loan you request.

With this app, you can request for loan amounts from N1,500 (One Thousand, Five Hundred Naira) up to N1,000,000 (One Million Naira). There’s flexibility in the payback time range as there are both short term and long term loans.

2. QuickCheck

QuickCheck is a Fintech company based in Nigeria. This app was launched to ensure that Nigerians never go broke as they can request for loans as easily as possible. It is an android app and QuickCheck loans are available 24/7. Furthermore, their interest rates are relatively fair, not to mention that you won’t be required to provide any collateral.

You can download the app for free and create an account in a matter of minutes. However, not all loan requests get accepted. To know if you’re eligible to borrow a loan, the application uses an algorithm to give you a credit score based on the details you provide. This is essential to certify if you can pay back the loan or not since no collateral is involved.

The lowest loan you can get with QuickCheck is N1,500 (One Thousand Five Hundred Naira) while the highest loan you can get is N500,000 (Five Hundred Thousand Naira). QuickCheck’s interest rates are from 2% to 30% depending on how much you borrowed and the payback time range is from 3 months to a year.

3. Palm Credit 

The Palm Credit loan app is made available by Newedge Finance. It’s a quick and very responsive means of requesting for loans in Nigeria and is open for everyone, provided you are more than 18 years. In addition to requesting loans, Palm Credit features a refer program that gifts bonus; up to N80,000 (Eighty Thousand Naira).

Palm Credit is not ideal as the best instant loan app in Nigeria for very large loans as the highest amount you can borrow is N100,000 (One Hundred Thousand Naira) and the minimum amount is N2,000 (Two Thousand Naira). For the interest rates, they are relatively low ranging from 4% to 4.7% per month which is about 48% to 56% in a year.

4. FairMoney 

FairMoney might just be the most popular instant loan app in Nigeria. With this app, you can borrow loans, recharge your phone, pay your bills, and it’s very easy to use. Loan request on this app requires no collateral and everything can be done in a little as 5 minutes.

The amount of loan you can request using the FairMoney loan app ranges from N1,500 (One Thousand, Five Hundred Naira) to N500,000 (Five Hundred Thousand Naira). The interest rates are from 10% to 30% based on the amount you borrowed and up to 60 days and above to repay the loan.

5. Aella Credit 

The number 5 app on my list of best instant loan apps in Nigeria is Aella Credit. This app is not available in Nigeria alone but also in Philippines. Aella Credit is more than just a loan app as it has other functions like money transfer, airtime purchase, bills payment, investment, and health insurance. Aella Credit is one app that can be used by both Android and iOS users as it is available on Play Store and App Store.

You can request from N2,000 (Two Thousand Naira) to N1,000,000 (One Million Naira). However, Aella Credit has a relatively short time frame compared to other loan apps. You have from 1 to 3 months to pay back and the interest rates range from 6% to 20%. Nevertheless, Aella Credit does not charge any fees for late payments.


You now know which apps are the best lending apps in Nigeria and also the best lending platforms in Nigeria. All you have to do is to sign up and kick start your business. The loan apps listed are all Nigerian based and they offer instant loans.

Most of them as you find out do now require any collateral even though they let you borrow very high amount, up to a million naira. If you are optimistic that your business will scale up, go ahead and request for the loan using the best instant loan apps in Nigeria.