5 Best Loan Apps In Nigeria (Latest 2022)

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The advent of mobile loan apps in Nigeria has changed the narrative of how money is being loaned. People can access faster fund disbursement and customized repayment plans through these apps without tons of paperwork. Check out these 5 best loan apps in Nigeria and I am sure you will not be disappointed with any of them

To be frank, lending money through loan apps does not require leaving your comfort zone to any official branch or district to make documentation. All you need to do is to submit your details and make the necessary transactions.

Yet, some people have chosen to criticize mobile loan apps and prefer the traditional methods of lending money. However, we think such people definitely do not keep up with their words after borrowing from these apps. If you pay on time then you should not have any issue with the use of loan apps. This misconception can also arise from the use of low-quality loan apps with overly strict policies, especially on repayment.

The good news is that this article will suggest some of the best loan apps available to Nigerians and ensure the next time you take a loan on the internet, you make the right decision.

Where Can I Download Loan Apps?

Every smartphone, especially Android devices, comes with the Google PlayStore preinstalled. This is where essential apps for Android can be navigated and installed for usage. You can also access the Apple Store on iPhones to download many of the apps we will recommend. Let’s get down to the list.

Okash App

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This application is effective and offers convenience to Nigerians willing to obtain loans. The platform is managed by a reliable financial institution known as Blue Ridge Microfinance Bank Limited and can be accessed 365 days a year and 24 hours a day.

It offers its users a loan range of ₦3000 to ₦500 000 with a repayment period of 3 to 12 months. According to the analysis on Google PlayStore, this app has over 1 million downloads and approximately 4.3 ratings from 97.3k reviews.


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FairMoney loan app is another well-known mobile app available to Nigerians to secure loans. The app has over 5 million downloads on Google Playstore and Apple Store for iPhone users. You can secure a long within 5 minutes on FairMoney although this depends on the loan amount and repayment history.

The platform offers users a loan range of ₦1500 to ₦1,000 000 which should be repaid between 60 and 180 days (2-6 months) with an interest rate of 10 to 30%. FairMoney has over 4.4 ratings and 468k+ reviews on the Google PlayStore.


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Umba is a loan app developed by Beatha Technology develops and has a user-friendly interface. The app offers low-interest rates and a wide range of loan opportunities with the proper documentation. Users can apply for loans, make a drawdown, and repay their loans using a smartphone or computer system.

As you keep borrowing and repaying within the time frame, Umba gives you the privilege to increase your loan limit. The app has a low rating of about 3.9 and 24.3k reviews with approximately 1 million downloads on the Google PlayStore.

Palmcredit Instant Loan Online

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Palmcredit is one of the earliest and most used loan apps in Nigeria. With collateral provisions, users can secure a quick loan ranging from ₦2000 to ₦300 000.

However, there is a chance of your loan request being declined, especially if the platform cannot confirm the accuracy of your documents. Palmcredit has approximately 5 million downloads on Google PlayStore with 4.2 ratings and 173k reviews.

Carbon Loan App

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Carbon lets its loyal customers borrow up to a million naira without any form of collateral and documentation. The app was developed and is managed by Carbon Finance & Investments Ltd and it provides a user-friendly experience to its users. Hence, Carbon makes it convenient for you to secure a loan and make payments within the stated deadline.

Note that Carbon has a high-yield investment option for those willing to invest their wealth. Users can also get more cashback on the interest they pay and enjoy cheaper interest rates if they repay their loans on time. The app has over 1 million downloads with a 4.4-rating and 127k reviews on Google PlayStore.


The essence of loan apps is to save you the stress of moving from one place to another in search of urgent funds. You can secure loans in minutes on these apps and spread the repayment according to your preferences.

However, these loan apps might have their downsides, but they offer a lot to the general public. Hence, a lot of people rely on loan apps when they cannot borrow cash from their friends and loved ones.

You would be able to worry less about your financial issues when you have loan apps installed on your phone. In the long run, you even get lower interest rates when you pay on time. Nonetheless, do not take more than you can chew when using these apps.

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