Top Loan Apps in Nigeria That Are Safe, Reliable, And Have The Best Interest Rates

Apr 19th, 2023

Last updated on November 25th, 2023 at 11:28 am

Getting a loan in Nigeria has become easier than a few years ago. Thanks to an increasing number of loan apps, you can apply and get a loan within minutes.

But this also has a downside, as some loan apps are just scam tools set up to steal people’s data. You don’t want to put sensitive data like your BVN into the hands of hackers.

Here we have a list of the top loan apps in Nigeria that are safe to use:

1. Carbon

Carbon is rated 4.5 out of 5 stars by over 18,000 users. This positions it as one of the best loan apps in Nigeria. Carbon offers loans without collateral, from ₦1,500 to ₦1 million, with a repayment period of up to 64 weeks.

For a 3-month loan of ₦50,000, you’ll pay 2% monthly interest, making the total repayment ₦53,000 after 90 days.

We noticed a delay in confirming repayment while testing the Carbon app. You may notice that you keep getting notified to repay your loan even after you have done so.

2. CredPal

CredPal is rated 4.4 out of 5 stars by over 2,000 users. You can get a collateral-free loan of up to ₦500,000 for up to 180 days at interest rates between 4-9%.

They also offer a Buy Now Pay Later service for items with a limit amount of ₦100,000, and a limit term of 2 months.

3. Renmoney

Renmoney is rated 3.7 out of 5 stars by over 2,000 users. You can borrow up to ₦6,000,000 without collateral and repay in 3 – 24 months.

If you take a loan of ₦2,000,000 for a 12-month tenure, you’ll pay back ₦214,667 monthly. And by the 12th month, you’d have paid back ₦2,567,000.

4. FairMoney

FairMoney is rated 2.3 out of 5 stars by over 1,000 users. You can take collateral-free loans between ₦1,500 to as much as ₦3,000,000 within 5 minutes.

Their interest rates are quite reasonable. If you take a FairMoney loan of ₦10,000 for a period of 2 months, you’ll pay back a total of ₦10,301.


Using every loan app you come across will put you at risk of exposing valuable data like your BVN to hackers. This is why I have created this list so you can have a guide on the safest apps to apply for loans on.

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Last updated on November 9th, 2023 at 11:19 am


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