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Instant Online Loans in Nigeria – Where and How To Get Loans Within 24hrs

Last updated on August 30th, 2023 at 10:34 am

There are several ways to get an urgent loan in Nigeria. With the increasing number of digital service financial platforms providing quick loans to prospective customers, you can now get an instant online loan within 24hrs or sometimes in less than five minutes on different loan apps.

With a plethora of lenders giving loans within 24hours, We thought that it would be really helpful to throw into the list, a platform where you can compare requirements and interest rates from 50+ loan apps in Nigeria.

With technology, traditional financial services institutions are now experiencing disruption with innovative digital services that are making the borrowing process simple and more convenient.

In no particular order, let’s review a list of loan organizations in Nigeria. The list below was generated based on dominance and acceptability by the general populace: It’s important to note that there are no hidden charges and you can compare loan offers from different online lenders here.

However, some of them will require that you have a good credit score before you can access a loan. You can discover how you can raise a capital of up to N10,000,000 for your business without stress.

Top loan apps that offer instant online loans in Nigeria Without Collateral

Here’s a list of some of the best loan apps in Nigeria that provide you with quick access to all types of loans. You can click on any one to jump to the section.

1. Loanspot

Loanspot is one of the leading loan apps in Nigeria that provides users with instant loans. The goal of this platform is to make it easier for businesses, entrepreneurs, and everyday individuals to have access to credit that would enhance the quality of their livelihoods.

On this note, they design this platform to connect you with several lenders across Nigeria by giving you the power to compare loans from different lenders in minutes. The amazing thing about this platform is that you will always get a lender to meet your needs.

They prototype this platform using the marketplace model. Just like Uber, which helps you get access to cost-effective transportation with a button click, Loanspot exists to help you get access to credit options at a cheaper rate.

In fact, at the time of this article, Loanspot has helped over 180,000 individuals get access to information on credit products.

App Features

As of the time of this article, the Loanspot app is currently unavailable. In a short while, the app should be available for download on the google play store and iOS app store.

2. Renmoney 

Renmoney is one of the loan companies in Nigeria that provides micro-business loans up to N4 million. To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments. The minimum loan amount is N100,000 while the interest rate is 2.8% per month.

For capital-intensive businesses like in the case of a real estate company in Nigeria, the platform also makes their process of getting access to funds quick and easy.

Renmoney Website

App Features:

  • Instant Access to all Renmoney Services. These include quick loans, savings, and investment.
  • The app allows you to transfer from your Renmoney account to other bank accounts
  • Dowloand size is 7MB


  • The Renmoney loan app has a highly responsive page with great user experience.
  • Convenient and secure
  • They design the app using the best security and privacy standards.
  • Loan application process on the app is seamless and hassle-free.


  • There is no way to cancel loan application when loan application is submitted.

3. Carbon

Formerly (and popularly) known as PayLater, Carbon Loan is a lending platform that gives you access to a loan in minutes in Nigeria. The 3-year old lending app prides itself as “a simple digital finances management platform” that provides instant online loans to help you cover urgent and unexpected cash needs.

The platform accesses your Bank Verification Number (BVN) to determine your loan worth. Its loan amount is up to N20 million while interest varies. See how to check BVN if you no longer have your details.

Carbon is available on the web, and on mobile apps (Android and iOS). Their rates range from 5 – 15%, and this depends on the loan repayment period and the amount of money you wish to borrow. 

Apart from being one of the top loan companies in Nigeria, Carbon provides a platform that allow its customers to recharge airtime, transfer funds, and pay bills.

Carbon Website

App Features:

  • Free fund transfer to any Bank in Nigeria.
  • Instant Access to Carbon Services. This includes loan options ranging from N1500 – N1 Million, investment, bill payments and savings.
  • 11% interest on savings
  • Available for download on Google playstore and the iOS app store. Download Size is 21MB


  • Carbon financial services are available on the app 24/7
  • Easy and secure loan app
  • The bank transfer is fast, and the charges are pocket friendly


The app experiences bugs. But, more often an update on the app corrects most of the bug issues on the app.

4. Branch

Branch Loan is another platform that offers quick online loans in Nigeria. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, with a period of 4 to 40 weeks to pay back. 

It is arguably regarded as one of the most reliable loan apps in Nigeria because of its mode of operation. Its interest rate rages from 15% to 34%.

As a borrower, you don’t need any collateral or income-generating assets to get a loan. Interest rates are determined by a number of factors, including the lender’s repayment history and the cost of lending for Branch.

Branch has made it easy for Nigerians to access loans from anywhere in the country without physical engagement or collateral.

Branch Loan app

App Features:

  • Quick access to Branch loan options
  • The app has an excellent saving feature that allows you to save and earn up to a 20% return
  • Free Transfer to any Bank in Nigeria.
  • Pay bills all at zero Naira
  • The app is available for download on Google playstore and the Ios Store. The download size is 7MB.


  • The app is easy and straightforward to use
  • Branch Mobile app uses word-class security and data encryption to keep user data secure.
  • The user interface design is beautiful and easy to interact with.

5. Aella Credit

Aella Credit is a loan app in Nigeria designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly. Aella Credit is available in Ghana, Nigeria, and the Philippines. Like other platforms, the Bank Verification Number is one of its requirements. Its loan tenure spans between 1 to 2 months.

Aella Website

App Feature

  • Quick and easy access to loans in 5 minutes.
  • Bill Payment feature. You can pay for your electricity bills, airtime recharge, etc.
  • Aella care. Access to health insurance on the mobile app
  • Aella Notes. You can invest on the app and earn returns of up to 26%.
  • The app is available for download on google playstore and the Ios store. App size is 5.3MB


  • The app is easy to use with first-time users in mind.
  • You do not have to pay any agent or convenience fee to make any transfer

6. FairMoney

FairMoney is a licensed loan app that offers quick loans to cater for needs like bill payments. It requires your Bank Verification Number and your debit card to obtain a loan (from ₦2,500 to ₦150,000). Loan interests on FairMoney start at 5% and can grow up to 28% depending on how much you are borrowing. Also, it runs a loan term duration of 4 – 26 weeks.

If you pay back your loan before the due date on FairMoney, you’d repay at a reduced interest rate. 

FairMoney Website

App Features:

  • Easy and quick access to Fairmoney Loan options
  • Send money to any Bank account in Nigeria
  • Account number. With this app, you can get an account number that you can use to receive money from any account in Nigeria.
  • Bill Payment


  • Loan processing on the app is seamless and hassle free
  • The app is easy to use with first-time users in mind
  • Nice user interface

7. Migo, formerly Kwikmoney

Formed out of a partnership between companies, banks, and other technology companies, Migo loan is a platform where you can get a quick loan in Nigeria. With your Bank Verification Number (BVN) and your account number, you can access up to N500,000 instant collateral-free loans.

You can access Migo’s lending services their web interface, or the loan app. If you don’t own an internet-enabled device, you can use the Migo USSD code.

You can check out this post to see the USSD code for loans in Nigeria.

Depending on how much money you borrow, Migo charges 5 – 15% on loans and you have to repay between 14 – 30 days.

It provides innovative financial services to the financially underserved mass retail segment. It’s a simple, digital-finance-management platform that provides fast cash loans to help cover unexpected expenses or urgent cash needs.

Migo Website

App Features:


8. Lidya 

Lidya is one of the leading loan companies in Nigeria. It launched in November 2016 with a mission to close the credit gap, both in Nigeria and across emerging markets.

Businesses seeking a loan at Lidya can do so online or via their mobile phone and get a decision within a few hours pending all requirements are satisfied. 

The loan amount at Lidya ranges from N150,000 and above with an interest rate of 3.5% per month.

Lidya Website

App Features

  • Easy and user intuitive design
  • Quick responsive system
  • Finance management option

Who is eligible?

Businesses or individuals with proof of steady cash flow within the past 6 months


  • Easy loan access
  • Quick disbursement time
  • No collaterals or guarantors required


  • The maximum loan amount is dependent on your credit rating, therefore, it is usually relatively low

9. Kiakia 

KiaKia Loan is a platform where you can get a loan in Nigeria as an individual or a business. Backed by Sterling Bank Plc, the lending platform also allows savers to lend out funds at negotiated interests through intuitive conversations. Its minimum loan amount starts at N50,000 with an interest rate of 3.5% per month.

Kiakia Website

App Features

  • Amazing P2P lending opportunities
  • Quick response time and loan approval duration

Who is eligible?

You must meet the following requirement to be eligible for a Kia Kia loan:

  • Be resident in Nigeria
  • Above the age of 21
  • Applicant must possess a Bank Verification number (BVN) and bank account with a main stream commercial bank
  • Evidence of verified source of income (paid employment or business)
  • Valid means of identification including Work ID for employed applicants
  • Proof of income within the last 6 months through bank statements or screenshots of alerts


  • Rapid loan disbursement time
  • Easy loan application process
  • No collaterals or guarantors required


  • Loan is only available to the employed or steady income earners
  • Maximum loan amount is limited to your level of employment and income

10. Social Lender

Social Lender is a lending solution based on social reputation on mobile, online, and social media. It bridges the gap of immediate fund access for people with limited access to formal credit.

With its own proprietary algorithm to perform a social audit of the user on social media, online and other related platforms, Social Lender gives social reputation score to each user.

Social Lender Website

App Features

  • Version: 1.3.0
  • Last Update: 19th April 2021
  • Downloads: 10,000+
  • Download Size: 11.50 MB
  • Availability: app is available for android and iOS

Who is eligible?

Applicants must have a good social reputation score which is evaluated by connecting your social media accounts to the app


  • It allows access to quick loans
  • Easy application process through the mobile app
  • USSD application option
  • No collaterals or guarantors required


  • The app requires access to your social media accounts to rate you
  • Relatively low maximum loan amount of N10,000.
  • Your access to borrowing more depends on your social reputations core

11. QuickCheck

QuickCheck provides up to NGN 500,000 instant loan online in minutes in Nigeria. As a first time user, however, you can only access up to N10,000 for a period of 30 days.

Their repayment terms state that early repayment of loans guarantees lower interest rates and higher amounts. Additionally, interest on loans is only paid for the number of days you use the loan.

Like other loan platforms, QuickCheck requires your BVN for security and verification purposes; and bank account number for disbursal of your approved loan. 

QuickCheck Website

App Features

  • Version: 4.3
  • Last Update: 23rd June 2021
  • Downloads: 1,000,000+
  • Download Size: 16.25MB
  • Offered By: get loans
  • Released On: 5th July 2016

Who is eligible?

Loan eligibility is determined by your credit score after registering and supplying all the necessary details


  • No collaterals or guarantors required
  • Quick disbursement time of a few minutes after loan approval
  • Easy to use platform


  • Maximum loan amount of N200,000
  • High-interest rate of up to 30%

12. C24 Loan

C24 Loan is another platform where you can get an urgent loan in Nigeria. Their application form can be completed within 5 minutes after which application feedback is sent to you almost immediately.

They have a flexible repayment structure which means you don’t have to break the bank to pay back.

The loan platform claims to have empowered over 150,000 customers with credit facilities of over NGN 5 billion.

C24 Website

App Features

  • Supports personal, business loans and quick cash
  • Loan calculator
  • Easy to use and user intuitive platform

Who is eligible?

  • Personal individuals and business owners
  • Personal loan is only available to those who work and reside in Lagos
  • Minimum age of 22 with proof of steady income through you last 6 months bank statement
  • Good credit history and functional salary bank account


  • Fairly high maximum loan amount of up to N1,000,000


  • Lots of paperwork required for registration and application
  • Relatively slow loan disbursement time

13. Fint Loan

Fint Loan grants you access to affordable loans. This is one of the loan companies in Nigeria that gives you the opportunity to borrow at as low as 2% monthly for your rent, medical bills utilities, school fees for yourself and your co-workers once you register your company on the FINT employment model.

Fint Website

App Features

  • Amazing platform to find investors for your business

Who is eligible?

  • Loans are only available to verified business owners


  • It offers a platform for businesses to get alternative funding
  • Fint helps investors identify high-value businesses to invest for a profit


  • Lengthy verification process
  • Fint is more of an investor to business platform, therefore, making competition very high as several businesses are in need of investment

14. Specta Loan

Specta loan is your source for an emergency loan in Nigeria. The company offers 3 different loan products which include:

  • MySpecta – for quick loans of up to NGN 5m in 5 minutes
  • SpectaScore – for checking your credit standing and forecasting your networth
  • Specta4Business – for accessing business loans
Specta Website

App Features

  • Version: 13.0.1
  • Last Update: 16th June 2021
  • Downloads: 50,000+
  • Download Size: 11.43 MB
  • Offered By: Sterling Bank Plc
  • Released On: 13th February 2020

Who is eligible?

  • Proof of steady income within the last 6 months
  • Minimum age of 21
  • Applicant must possess a BVN and salary account


  • Does not require a guarantor or collateral
  • Quick disbursement time of about five minutes after loan approval
  • Available to customers with account outside sterling bank
  • Relatively high loan amount of up to N2 Million


  • High interest rate between 26 to 30% per annum

See also top 10 Best Loan Apps in Nigeria with low interest

15. Jumia Loan

This is a quick cash loan platform created by Jumia to provide users with instant loans. Jumia loan can be accessed from the JumiaPay Android app on Google Play Store.

All you have to do is to download the app, go through the ‘financial services’ section, and provide your details. Once your request is approved, you’ll get your loan without collateral. The next time you’re wondering how to get a loan, you might want to consider Jumia loan.

Jumia Loan

App Features

  • Version: 4.5.0
  • Updated on: 10th May 2021
  • Downloads: 1,000,000+
  • Download Size: 11.81 MB
  • Released On: 8th September 2017

Who is eligible?

  • You must meet the following eligibility requirements:
  • You must have a registered Jumia account
  • Functional bank account with BVN


  • Does not require a guarantor or collateral
  • Easy application process
  • Quick disbursement time
  • Low-interest rate of 3.5%


  • Relatively low maximum loan amount

16. Opay Loan

Mainly known as the Okash loan, this is a lending platform owned by the tech giants – Opera. They have positioned themselves as one of the reputable loan companies in Nigeria today.

To get an instant loan, all you have to do is to download the Okash mobile app, open an account, provide you details, and wait for the approval. You’ll get your loan within 24hrs.

Opay Loan

App Features

  • Version: 1.3.8
  • Updated On: 9th June 2021
  • Downloads: 1,000,000+
  • Download Size: 11.86 MB
  • Offered By: Blue Ridge Microfinance Bank Limited
  • Released On: 28th November 2019

Who is eligible?

The eligibility requirements are:

  • Applicant must be a Nigerian resident
  • The age range of applicants must be between 20 to 55 years
  • Possess steady monthly source of income with a valid reason to obtain the loan
  • Valid ID card and BVN number
  • What are the pros and cons of the app?


  • Easy loan access
  • Relatively low maximum loan amount of N50,000


  • High-interest rate of up to 36% per annum

17. PalmPay Loan

Certainly, not least, PalmPay is a digital bank designed to ease financial transactions. It is also a favored platform for accessing loans quickly and easily in Nigeria today.

Accessing the PalmPay instant loan starts with downloading the PalmPay app, then you choose a loan option, register, and fulfill all necessary requirements – Instant loans!

App Features

  • Version: 4.18.3
  • Updated On: Jul 25, 2023
  • Downloads: 10,000,000+
  • Download Size: 38 MB
  • Released: July 2019
  • Availability: Andriod and IOS

Who is eligible?

The eligibility requirements are:

  • Must be a Nigerian citizen.
  • Applicant must be 22 years old and above.
  • Applicant must have a good credit score with no outstanding loans.
  • Applicant must own an active bank account with BVN.


  • Easy and secure loan access.
  • No collateral and guarantor are needed.


  • Has a low maximum amount for a loan.

Choosing the right loan for you

Due to the limitless amount of loans available today, people find it difficult to select which is best and most befitting. In making this decision, several factors need to be taken into consideration like the rate, tenor, and general terms and conditions. To simplify this, the loanspot Africa platform offers allows you to compare loans easily as well as recommend the best for you. Simply visit to get started today.

Frequently Asked Questions

Some of the most frequently asked questions when it comes to instant online loans in Nigeria include:

1. How do I qualify for a loan?

The criteria for a loan are usually stated by the lender. Basically, all you need to do is visit their website and read the terms and conditions on the particular loan you’re aiming at. Usually, lenders set criteria based on income, credit rating, assets, and collateral. This means that some are more demanding than others and one of the least demanding when it comes to loan qualification is Loanspotafrica.

2. What do banks check before giving a loan?

Most banks start by checking your credit rating and history. Depending on how shinny or poor it is, they then make a decision on your loan application. However, they also consider other factors like your income, place of work, assets, net worth, and more. The exact parameters they consider varies from one bank to another. 

If you’re in need of a platform to get loans without difficult checks, then loanspotafrica is your go-to spot. They offer legit loans with one of the most minimal background checks and qualifications. 

3. What will happen if I wasn’t able to pay back at the right time?

The exact penalty that follows being unable to pay back at the right time depends on your agreement. Usually, the penalties are stated in the loan terms and conditions and are enacted once there’s a default. Most lenders either increase the interest percentage or sell off collaterals. 

On the bright side, loanspotafrica do not require collaterals and don’t take brute force in enforcing repayment after the deadline passes. This is why they run a flexible repayment structure that ensures you almost never miss the deadline. 

4. What questions will I be asked when applying for a loan?

Lenders can literally ask anything pertaining to your finance, business, or loan intent when applying for a loan. The questions usually circle around these factors and play an important role in the success of your loan application. 

Modern lenders today like loanspotafrica, however, ask minimal questions and focus on getting the loans to you as quickly as possible.


There are several other channels that can be used to access loans without any collateral provision. However, it is clear that fintech businesses are leading when it comes to accessing instant loans and answering the question ‘where to borrow money in Nigeria’ with platforms like Quickteller Loan, Page Financials, and Palmcredit Loan. They have continued to improve and update their services in tandem with customer’s needs at a given period of time.

Borrowing money has become easy. We have outlined some of the top platforms where you can get a loan in Nigeria.

Yes, you can get a loan in Nigeria without providing any collateral. Just go through the list and choose a preferred lender.

The highest amount of money you can borrow differs. Each lender has its own borrowing limits.

Some of these lenders approve your loan request in as little as 5 minutes.