top mobile bank loans in nigeria

Top 10 Mobile Loan Apps In Nigeria

The rise in mobile loan apps in Nigeria has helped to provide succor to the Nigerians who need quick loans to sort out a few personal or business issues. These loans are often provided without any collateral or required paperwork in the processing.

As an applicant, you’ll fill a form online – and it doesn’t matter what educational level or societal status you have – once you qualify, you’ll get credited in less than a few minutes. The loans are there to help you in certain situations and you can also apply once you are capable of paying back the loan on the due date.

So, in a pool of loan apps, the top and most reliable loan apps in Nigeria to be considered are enlisted below:


Branch is one of the top mobile loan apps in Nigeria. You can receive quick loans through this platform to sort immediate needs. Loan provision ranges from N1000 to N200,000, and they are credited into qualified applicants’ accounts within 24hours. You do not need to be physically present at any office or provide documents or collateral to claim it.

Loan pay-back period is between 30 days to 10 months with interest rates that range between 15% to 34%, depending on the amount, lender’s history of repayment, and a few other factors.

You can get started by downloading the app on your smartphone from Google Play and App Store.


PalmCredit is another app to consider for getting quick loans. You can easily access a loan anytime you want for up to N100,000. Once you repay your loan, your credit score will be updated. So, if you pay back in time, you’ll have the opportunity to apply for a bigger loan amount. Duration for repayment ranges between 91 days to 180 days. While interest rates could be between 14% to 24%.

The platform comes with no origination fees, transaction fees, or rollover charge. Only flexible loan products are offered. However, applicants must be 18 years or above.

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To get a loan, simply apply, get approved, receive cash, and pay back on or before the due date. Your loan interest rates can be reduced if you pay back in time.

You can download the PalmCredit app on Google Play to get started.


Carbon prides itself as a “simple digital finances management platform” that gives users the opportunity to receive urgent loans during unexpected needs for cash. It determines your loan worth by gaining access to your BVN.

Unlike Branch, Carbon is a massive loan provider, giving applicants opportunity to receive a loan amount of up to N20 million! But then, interest rates range between 5% to 15%. The app can be used on different mobile devices such as Android, iOS, and on the web.

Aside from receiving quick loans, Carbon also gives users access funds transfer, airtime recharge, and payment of bills.

You can download the app on Google Play.


Fairmoney is one of Nigeria’s most reliable and secure mobile finance apps. Aside from the quick loan opportunities they provide, you can also earn cash through referrals. When you invite a friend to the platform, you’ll receive bonus cash for the effort.

Your loans can be paid using your debit card or a unique Providus Bank account number. The company is regularly working to upgrade their services and make life much better for Nigerians. They claim that the app will be beneficial to checking your current account, savings, and for paying electricity bills soon among other planned features.

To begin, simply download the FairMoney app and sign up using your phone number and your security PIN. You can receive quick loans from between N2,500 to N150,000 with loan interest from 5% to 28% and a duration of between 4 to 26 weeks. FairMoney reduces interest rates when you pay back before the due date.

You can download the app on Google Play.

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Renmoney provides applicants with a good income statement history with steady income loan opportunity of up to N6 million. The minimum loan figure is N100,000 and the interest rate is 2.8% monthly.

Whether you are employed or not, Renmoney allows you to save yourself during unexpected financial crises with their wide range of loan opportunities.

Other products you can access on Renmoney are fixed deposits and savings. Using any of these products is also one of those ways smart people make a smart decision about their finance.

You can download the app on Google Play.


In 2017, Migo launched in other cities around the world aside Lagos, Nigeria. They launched in Washington, D.C., Seattle, Portland, and now in over 75 cities across Europe, Canada, and the United States. And they say even with all that, they are just getting started!

The platform was created from a partnership between technology companies, other companies, and banks, and with your Account number and BVN, you can access up to a loan of N500,000 without collateral.

Aside from their loan app, you can use the web lending services, and also even without the internet, you can harness the Migo USSD code! Interest rates range from 5% to 15% with repayment periods from 14 to 30 days.

You have simple and fast cash loans provided to help you stay secure during unexpected cash needs. Download the app on Google Play and App Store for iPhone users only.

Kiakia Loan

Kiakia is a Yoruba way of saying “quickly”. So, as a mobile loan app, the platform ensures provision of quick loans to Nigerians. It is a leading Peer-to-Peer lending platform that offers between N10,000 to N100 million on pay-back period from between 30 days to 24 months.

Kiakia also allows you to earn through the platform by investing in other businesses and earning interests on your investments. You can lend from between N50,000 to N2,500,000 and can receive up to 40% on interests. You may also choose to share your profits from business earnings in specific industries.

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The app is safe and secure, and loans require no hidden charges or processing fee. Interest rates on loans range between 6.5% to 15%.

Download the app on Google Play.

Aella Credit

With Aella Credit, you only need a few minutes to pay your bills, boost your business, get health, insurance, or make investments. Their company takes pride in simplifying the loans of Nigerians.

So, whether you are a private individual or a business person, Aella Credit offers you the controls with straightforward features designed to help you develop your financial freedom through simple finance products provided.

The platform leverages technology and multiple mobile adoption to offer customers the kind of products that meet their needs.

You can download the app on Google Play and App Store.

Social Lender

Social Lender was founded in 2014, and has its own proprietary algorithm to carry out a social audit of users on diverse online platforms, to determine the social reputation score of every user. It offers financial solutions based on the social reputation of individual applicants.

So, a user with a good social profile can easily be guaranteed of loan approvals on the platform. They offer loans from N1000 to N100,000 without collateral or paperwork. What stands as collateral for you is your social reputation score.

The app can be downloaded on the App Store.

Soko Loan

Soko loan lands your requested cash straight in your bank account once you have created an account on the platform and applied for a loan. It practically takes just seconds to process your loan, while repayment can be done within 2 to 6 months.

Interest rates depend on a number of factors such as the loan amount, credit history, and others. But it generally ranges from 4.5% to 34%. However, you must be between 25 to 50 years old to be eligible for loans and must also have a steady job.

When you pay back in time, you are given access to higher credit limits for your next loan.
Download the app on Google Play.

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