Where and How: To Get Instant Access to Online Loans in Nigeria in 2023

In Nigeria, there are numerous ways to obtain an urgent loan. You can now get an instant online loan within 24 hours or sometimes in less than five minutes on different loan apps thanks to the growing number of digital service financial platforms offering quick loans to potential customers.


A platform that allows you to compare requirements and interest rates from 50+ loan apps in Nigeria was added to the list because there are so many lenders offering loans within 24 hours.


With the help of technology, established financial institutions are now being disrupted by cutting-edge digital services that make borrowing easier and more convenient.


Here is a list of loan companies in Nigeria, in no particular order. It’s important to note that there are no additional fees and you can compare loan offers from various online lenders here. The list below was compiled based on popularity and acceptance by the general public.


Nevertheless, some of them will demand that you have a strong credit history before you can apply for a loan. Learn how you can stress-free raise up to N10,000,000 in capital for your business.


Loan Apps in Nigeria Offering Collateral-Free Instant Online Loans

Here is a list of loan apps in Nigeria that let you easily access loans of all kinds. 


  • Loanspot
  • Renmoney
  • Carbon
  • Branch
  • Regarding Aella
  • Fairmoney
  • Migo
  • Lidya
  • Kiakia
  • Lender Social
  • QuickCheck
  • C24 Loan
  • Loan, Fin
  • Spot Loan
  • A Jumia Loan
  • Payday Loan


  1. Loanspot


One of the top loan apps in Nigeria that offers users quick loans is called Loanspot. This platform aims to make it simpler for businesses, entrepreneurs, and regular people to gain access to credit that will improve their ability to support themselves.


In light of this, they created this platform to allow you to compare loans from various lenders in Nigeria while also connecting you with a number of them. This platform’s incredible feature is that you can always find a lender who can meet your needs.


The marketplace model was used to prototype this platform. Loanspot exists to assist you in accessing credit options at a lower cost, much like Uber, which enables you to access affordable transportation with the click of a button.


At the time this article was written, Loanspot had actually assisted more than 180,000 people in gaining access to information on credit products.


Functions of the App


The Loanspot app isn’t available right now, as of the writing of this article. The app ought to be accessible for download on the iOS and Google Play stores soon.


  1. Renmoney


One loan company in Nigeria that offers microloans up to N4 million is called Renmoney. Your company must be a small to medium-sized enterprise (SME) and have a solid track record of income statements in order to qualify for a Renmoney SME loan. The smallest loan amount is N100,000, with a monthly interest rate of 2.8%.


The platform also streamlines the process of gaining access to funds for capital-intensive businesses, such as a Nigerian real estate firm.


Renmoney Web Page

Functions of the app:


All Renmoney Services are Instantly Available. These include investments, savings, and short-term loans.

You can transfer funds using the app from your Renmoney account to other bank accounts.

Doodle size is 7 MB.




A great user experience can be had on the highly responsive Renmoney loan application page.

secure and practical

The highest privacy and security standards were used in the app’s development.

The application process for loans through the app is simple and hassle-free.




Once a loan application has been submitted, it cannot be canceled.


  1. Carbon


Carbon Loan is a lending platform that allows you to access a loan in Nigeria within minutes. It was formerly (and formerly known as) PayLater. The three-year-old lending app prides itself on being “a simple digital finances management platform” that offers instant online loans to support you in meeting unforeseen and urgent cash needs.


In order to calculate how much your loan is worth, the platform uses your Bank Verification Number (BVN). The interest rate varies, and the loan amount is up to N20 million. If you’ve forgotten your login information, see how to check BVN.


There are mobile apps and the web versions of Carbon (Android and iOS). Depending on the length of the loan repayment period and the requested loan amount, their rates can range from 5 to 15%.


In addition to being one of the top loan providers in Nigeria, Carbon offers a platform that enables its users to reload airtime, send money, and settle bills.


The Carbon Website

Functions of the app:


Transferring money for free to any Nigerian bank.

Carbon Services are available right away. This covers a range of loan options, from N1500 to N1,000,000, as well as investments, bill-paying, savings, and savings options.

Interest on savings is 11%.

both the iOS app store and the Google Play store offer downloads. Download Size: 21 MB




On the app, carbon financial services are available round-the-clock.

Loan application that is simple and secure

Both the bank transfer and the fees are reasonable.




The application has bugs. The majority of app bugs are usually fixed by an update, though, which happens more frequently.


  1. Branch


Branch Loan is another website in Nigeria that provides quick online loans. With a repayment period of 4 to 40 weeks, you can access loans ranging from $1,000 to $200,000 within 24 hours.


Due to the way it operates, it is arguably one of the most trustworthy loan apps in Nigeria. Interest rates on it range from 15% to 34%.


No collateral or income-producing assets are required of the borrower in order to obtain a loan. A number of variables, such as the lender’s history of repayment and the cost of lending to Branch, affect interest rates.


With no physical presence required and no need for collateral, Branch has made it simple for Nigerians to access loans from anywhere in the nation.


Functions of the app:


Branch loan options are easily accessible.

The app’s fantastic saving feature lets you save money and get up to a 20% return.

Transfers are free to any Nigerian bank.

Pay all of your bills with Naira.

Both the Ios Store and the Google Play Store offer the app for download. The 7MB download size.




Utilizing the app is simple and easy.

To protect user data, the Branch Mobile app employs world-class security and data encryption.

Beautiful and simple to use, the user interface is designed well.


  1. Regarding Aella


With an interest rate ranging from 4% to 29% per month, the Nigerian loan app Aella Credit was created to make it easier for employees to access funds between $1,500 and $700,000. Ghana, Nigeria, and the Philippines all offer Aella Credit. Its requirements include the Bank Verification Number, just like other platforms. Its loan term is one to two months long.


App Feature


5 minute access to loans that are quick and simple.

Feature for paying bills. You can pay your utility bills, recharge your mobile phone, etc.

I care, Aella. On a smartphone app, you can get health insurance.

Notes by Aella On the app, investing can net you rewards of up to 26%.

Both the Ios store and the Google Play store offer the app for download. 5.3MB are used to make the application.




First-time users will find the app to be simple to use.

To make any transfer, there is no agent or convenience charge required.


  1. FairMoney


Fast loans are available via licensed loan app FairMoney to cover demands like paying bills. For a loan (from 2,500 to 150,000), your Bank Verification Number and debit card are required. Depending on how much you borrow, loan interest rates on FairMoney can range from 5% to 28%. It also has a loan term duration range of 4 to 26 weeks.


You would repay at a lower interest rate if you paid back your loan before the scheduled due date on FairMoney.


Functions of the app:


Fairmoney Loan options are easily and quickly accessible.

Money should be sent to any Nigerian bank account.

bank account number. With the help of this app, you can obtain an account number that you can use to withdraw money from any Nigerian account.

pay my bills




The app offers smooth and hassle-free loan processing.

With new users in mind, the app is simple to use.

pleasant user interface


  1. Kwikmoney’s successor, Migo


Migo Loan is a platform where you can get a quick loan in Nigeria. It was created through a partnership between businesses, banks, and other technology companies. You can access up to N500,000 in immediate collateral-free loans by providing your account number and bank verification number (BVN).


Both the loan app and Migo’s web interface are ways to access their lending services. Use the Migo USSD code if you don’t have an internet-connected device.


For information on the USSD code for loans in Nigeria, see this post.


You have between 14 and 30 days to pay back your loan, and Migo charges between 5 and 15% of the total amount borrowed.


To the financially underserved mass retail segment, it offers cutting-edge financial services. It is an easy-to-use platform for managing digital finances that offers quick cash loans to help with unforeseen costs or immediate cash needs.


  1. Lidya


One of Nigeria’s top loan providers is Lidya. With a goal to close the credit gap in Nigeria and other emerging markets, it was established in November 2016.


Businesses can apply for loans at Lidya online or via a mobile device, and, provided all requirements are met, they will receive a decision within a few hours.


Lidya offers loans with amounts starting at N150,000 and higher and monthly interest rates of 3.5%.


Functions of the App


Design that is simple and intuitive

rapid response system

Option for managing finances


Who may apply?


Those companies or people who can demonstrate consistent cash flow over the previous six months




accessible loans

rapid time for payments

No collateral or guarantee is necessary.




Since your credit rating determines the maximum loan amount, it is typically low.


  1. Kiakia


KiaKia Loan is a platform where individuals and businesses in Nigeria can apply for loans. The lending platform, which is supported by Sterling Bank Plc, also enables savers to lend out money at agreed-upon interest rates through natural conversations. Its minimum loan amount is N50,000, with a monthly interest rate of 3.5%.


Functions of the App


wonderful opportunities for peer-to-peer lending

Rapid response and loan approval time


Who may apply?


To qualify for a Kia Kia loan, you must satisfy the following criteria:


  • to live in Nigeria
  • more than 21 years old
  • A bank account with a major commercial bank and a Bank Verification Number (BVN) are required of the applicant.
  • proof of a legitimate income source (paid employment or business)
  • For applicants who are employed, a valid form of identification includes a Work ID.
  • Bank statements or screenshots of alerts can be used as evidence of income from the previous six months.




Loans are disbursed quickly.

simple process for requesting a loan

No collateral or guarantee is necessary.




Only those with jobs or stable incomes are eligible for loans.

Your level of employment and income determine the maximum loan amount.


  1. Lender Social


A lending solution called Social Lender is based on social reputation on social media, the internet, and mobile devices. For those who have little access to formal credit, it fills the gap of quick money access.


Social Lender assigns each user a social reputation score based on its own unique algorithm that conducts a social audit of the user on social media, online, and other related platforms.


Online social lending


Functions of the App

the 1.3.0 revision

Latest Update: April 19, 2021

Over 10,000 downloads

11.50 MB, Download Size

App is accessible on iOS and Android devices.


Who may apply?


Candidates must have a high social reputation score, which the app calculates by integrating your social media accounts.




It makes quick loans available.

straightforward application process using a mobile app

Application for USSD

No collateral or guarantee is necessary.




To rate you, the app needs access to your social media accounts.

A relatively small N10,000 is the maximum loan amount.

Your ability to borrow more depends on your overall social reputation.


  1. QuickCheck


Up to NGN 500,000 can be borrowed instantly online in Nigeria with QuickCheck. However, you can only access N10,000 for the first 30 days if you are a first-time user.


According to their repayment terms, early repayment of loans ensures lower interest rates and greater amounts. In addition, interest on loans is only charged for the days that you actually use them.


QuickCheck, like other loan platforms, needs your BVN for security and verification as well as your bank account number to disburse your approved loan.


Functions of the App

the 4.3 version

23rd June 2021, latest update

1,000,000+ downloads

16.25 MB, Download

Provided By: obtain loans

released on July 5, 2016


Who may apply?


After registering and providing all the required information, your credit score will be used to determine loan eligibility.




No collateral or guarantee is necessary.

Several minutes after loan approval, quick disbursement.

an intuitive platform




N200,000 is the maximum loan amount.

30% or more in high interest


  1. C24 Loan


Another website in Nigeria where you can apply for an urgent loan is C24 Loan. You can fill out their application form in just five minutes, and you’ll get application feedback almost immediately.


You don’t have to break the bank to pay them back because they have a flexible repayment schedule.


According to the loan platform, more than 150,000 customers now have access to credit facilities worth more than NGN 5 billion.


Functions of the App


supports personal loans, business loans, and fast money

Loan estimator

a platform that is simple to use and intuitive

Who may apply?

Business owners and private individuals

Only those who live and work in Lagos are eligible for personal loans.

with a minimum age of 22 and your most recent six-month bank statement as proof of a reliable income

an effective salary bank account, and good credit history




Maximum loan amount of up to N1,000,000 is quite big.




Registration and application processes include a lot of paperwork.

Loan disbursement time is comparatively slow.


  1. Loan, Fin


You can obtain reasonable loans thanks to Fint Loan. Once you register your business on the FINT employment model, this is one of the loan firms in Nigeria that offers you the chance to borrow at rates as low as 2% per month for your rent, utility costs, and school costs for both you and your coworkers.


Functions of the App

wonderful tool for finding investors for your business


Who may apply?


Only verified business owners are eligible for loans.




It provides a venue for companies to obtain alternative investment.

Fint assists investors in finding valuable companies to invest in and make money from.




extensive verification procedure

Given that many firms need funding and because Fint is more of an investor-to-business platform, competition is fierce.


  1. Spot Loan


Your best option for an emergency loan in Nigeria is Specta Loan. The company provides 3 distinct loan packages, including:


MySpecta offers rapid loans up to NGN 5 million in just five minutes.

SpectaScore: for evaluating your credit history and estimating your net worth

Access business loans through Specta4Business.


Functions of the App


the 13.0.1 update

Updated on June 16, 2021

Over 50,000 downloads

11.43 MB, Download Size

from Sterling Bank Plc

Posted On: February 13, 2020

Who may apply?

evidence of consistent revenue throughout the previous six months

Age 21 as the minimum

A BVN and salary account are required for the applicant.




requires neither a guarantor nor security

Five minutes or less following loan approval for quick payout

for clients with accounts outside of Sterling Bank

Up to N2 million in relatively large loans




High interest rate of 26 to 30 percent annually


  1. 15. A Jumia Loan


This is a platform for rapid cash loans developed by Jumia to provide people instant loans. You may get the Jumia Loan through the JumiaPay Android app on the Google Play Store.


Downloading the app, visiting the “financial services” area, and entering your information are the only requirements. If your request is granted, you will receive your loan without providing any security. You might want to think about a Jumia loan the next time you’re trying to figure out how to secure a loan.


Functions of the App


the 4.5.0 version

Updated on May 10, 2021

1,000,000+ downloads

11.81 MB for downloading

Release Date: September 8, 2017

Who may apply?

The following qualifying requirements must be met by you:

You must have a Jumia account that is active.

BVN and a working bank account




requires neither a guarantor nor security

simple procedure for applying

rapid time for payments

a 3.5% low interest rate




Maximum loan amount somewhat modest


  1. Payday Loan


This lending platform, which is controlled by the tech behemoth Opera, is mostly known as the Okash loan. They have established themselves as one of the most reliable lending organizations operating in Nigeria right now.


All you need to do to acquire an immediate loan is download the Okash mobile app, create an account, enter your information, and wait for approval. You’ll receive your loan in 24 hours.


Functions of the App


the 1.3.8 version

updated on June 9, 2021

1,000,000+ downloads

11.86 MB, Download Size

by Blue Ridge Microfinance Bank Limited

released on November 28th, 2019


Who may apply?


The criteria for eligibility are:


  • The candidate must live in Nigeria.
  • The applicant’s age must fall between 20 and 55 years old.
  • possess a regular source of income each month and a good reason for needing the loan.
  • the BVN number and a valid ID
  • What are the benefits and drawbacks of the app?




accessible loans

Maximum loan amount of N50,000 is comparatively small.




Up to 36% annual high interest rate

selecting the ideal loan for you

People find it difficult to choose the best and most appropriate loans because there are so many options available today. The rate, tenor, and general terms and conditions are just a few of the variables that must be taken into account when making this choice. This is made easier by the loanspot Africa platform, which lets you compare loans quickly and suggests the best options for you. To get started right away, go to


Question and Answer Sheets

When it comes to instant online loans in Nigeria, the following are some of the most frequently asked questions:


  1. How do I get approved for a loan?


Typically, the lender specifies the requirements for a loan. The only thing you really need to do is visit their website and read the terms and conditions for the specific loan you’re interested in. Lenders typically establish requirements based on collateral, assets, income, and credit scores. This indicates that some lenders are more demanding than others, and LoanspotAfrica is one of the less demanding lenders when it comes to loan qualification.


  1. What do banks examine before disbursing loans?


Your credit rating and history are typically checked first by banks. They then decide whether to approve or deny your loan application depending on how shiny or dull it is. They also take into account things like your net worth, assets, place of employment, income, and more. From one bank to another, different criteria are taken into account.


Loanspot Africa should be your first choice if you’re looking for a platform to obtain loans without onerous checks. With the fewest requirements and background checks, they provide legitimate loans.


  1. What would happen if I couldn’t make my repayment when I was supposed to?


Your agreement will determine the specific penalty that will be imposed if you are unable to make a timely repayment. Usually, the penalties are imposed after a default and are outlined in the loan terms and conditions. The majority of lenders either raise their interest rate or sell their collateral.


The good news is that don’t demand collateral and don’t use force to make people repay loans after the due date has passed. To ensure you almost never miss the due date, they operate a flexible repayment structure.


  1. What inquiries will I face when requesting a loan?


When you apply for a loan, the lender may essentially ask you any question about your finances, business, or loan intent. The answers to the questions, which frequently revolve around these elements, are crucial to the outcome of your loan application.


But today’s lenders, like loanspotafrica, only ask a few questions and concentrate on getting the loans to you as soon as possible.




To obtain loans with no requirement for collateral, there are a number of other options. However, it is evident that fintech companies are in the lead when it comes to instant loan access and providing solutions to the problem of “where to borrow money in Nigeria” with websites like Quickteller Loan, Page Financials, and Palmcredit Loan. According to the needs of the customers at a particular time, they have continued to update and improve their services.


It’s now simple to borrow money. We’ve listed a few of the best online loan marketplaces in Nigeria.


In Nigeria, you can obtain a loan without putting up any security. Just scan the list and pick your preferred lender.


You can borrow up to a different maximum amount. Each lender sets their own borrowing restrictions.


In as little as five minutes, some of these lenders will approve your loan application.

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