Mobile loan in Nigeria – Top 10 loan apps in Nigeria for Android and iOS Users

Apr 11th, 2021

Although loans are desired by a majority of businesses and individuals in Nigeria, it is not readily accessible. In addition, this is especially true when dealing with commercial banks or lenders that set a lot of criteria as minimum requirements for a loan. These criteria usually filter out a majority of the low to middle-class individuals that may require one. However, as a way out, you can make use of any mobile loan in Nigeria, which offers you cash in a matter of minutes. As of now, there are a ton of them to choose from, therefore, feel free to select based on the perks that most suit you.

What are the best loan apps in Nigeria for Android and iOS Users?

Mobile loan apps are applications that lending companies have designed to allow you obtain a loan without the hassle of going to a bank or paperwork. Therefore, in a few simple steps, you can obtain a mobile loan in Nigeria within minutes. Here are some of the best loan apps in Nigeria for both Android and iOS users:

1. Carbon (Formerly Paylater): 

Formerly paylater, carbon is one of the best and most popular applications for obtaining a mobile loan in Nigeria. It features a simple design that is easy to use, and also a less stringent application process that allows you to apply any time of the day. Therefore, all you need is to supply a few pieces of information, and you would know your loan application status within minutes. Also, asides from loans, you can also use the app to make payments for utility bills and purchase recharge cards. Simply visit the official google play or iOS store to download the app.

2. Fair money: 

With fair money, you can obtain a loan without collateral or any form of paperwork, and payback within 15 days to a month. Also, like carbon, the app also allows you to pay for other utility bills. In addition, fair money has one of the best services for obtaining a mobile loan in Nigeria, therefore, it is available any time of the day or week.

3. Credit Ville: 

Credit Ville is a mobile loan application in Nigeria that provides loans for individuals who have formal employment. Therefore, the loan is subtracted from your next salary. Due to this, it is only available to individuals through their employers.  

4. Sokoloan: 

Simple, reliable, and easy to use, those are the characteristics that describe sokoloan. Also, it requires no collateral and takes only minutes before disbursement. Sokoloan gives you the option of choosing the loan tenor with varying interest depending on the total sum and tenor.

5. Palm Credit: 

Palm credit loan ranges from as low as N2,000 to as high as N100,000, and you would be done in a few steps. However, it requires that you are a minimum of 18 years of age and that you provide your bank account details. Also, asides from that, the app also gives commission to customers for referring them to someone else.

6. Kia Kia Loans: 

The name of this app was taken from the Yoruba word “Kiakia” which means quick, and the app portrays exactly that. KiaKia Loans takes into account your credit score, and have a varying interest rate with a tenor between 7 and 30 days. Also, it is very easy to use, and quick when disbursing loans.

7. Aella Credit: 

Aella credit is known for its zero fees on late payment unlike other apps offering mobile loan in Nigeria. Also, its interest rate varies, and it has a tenor between 30 and 60 days. However, as a reward, you are granted access to a higher loan amount, every time you repay your loan before the deadline.  

8. Quick check: 

Quick check loan is designed for single individuals who are in need of little emergency funds. As of the time of this writing, they offer up to N30,000 for a start with a tenor between 15 and 30 days. Also, as you pay in time, your maximum accessible loan amount is increases.

9. Kwikmoney (Formerly Migi): 

Kwikmoney is one of the quickest and most popular mobile loan apps in Nigeria. All you need to use the app is the sim that is registered to your bank account. Also, it allows you to apply for a loan through USSD codes or through their application or online website.

10. Branch loan app: 

With your bank account details, and phone number, you can apply for a loan on the branch and receive it within 20 minutes. Also, the app allows up to N200,000 in loans or more as you pay up previously taken loans in time.

Rundown on the best loan apps in Nigeria for Android and iOS users 

  • Carbon (formerly pay later)
  • Fairmoney 
  • Credit ville
  • Sokoloan 
  • Palmcredit
  • Kiakia loans
  • Allea credit
  • Quick check
  • Kwikmoney (Formerly migi)
  • Branch 

What are the benefits of online loans in Nigeria? 

Online loans have numerous benefits that distinguishes them from ordinary loans, as they are quick and can be easily gotten in a matter of minutes. Here are some of the benefits of online loans: 

  • Easy accessibility 
  • Unrestricted availability for 24 hours every day
  • No need for collateral or paperwork 
  • Quick disbursement 
  • The money is disbursed directly into your account

What should I know before obtaining an online loan in Nigeria?

You Should note that each loan apps comes with its respective terms and conditions. Therefore, it is important that you read and understand them before applying. Also, it usually includes interest rates, penalty fees, as well as other conditions that follow the loan.


Loan applications are easy to use and offer the most convenient loans in Nigeria. As an individual or business personnel, you can obtain a loan with ease. However, be sure to go through the terms and conditions of the loan before completing your application to be sure that you know exactly what it entails.

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