Best 10 Student Loan Apps in Nigeria

Last Updated on Jun 6th, 2024

The education costs in Nigeria are rising and it’s frustrating. I know.

Good news! Certain Nigerian student loan apps have made paying for school easier and stopped students from leaving because of money problems.

In this article, we’ll navigate through the top 10 student loan apps in Nigeria.

Let’s dive in!

Top 10 Student Loan Apps in Nigeria

Here is a list of the top 10 student loan apps in Nigeria:

1. Carbon Loan App

Easily one of the most popular loan apps in Nigeria, Carbon offers individual loans that can serve several purposes including for schooling.

The platform offers up to N1,000,000 at an interest rate that ranges from as low as 5% to as high as 30% depending on the conditions of the loan.

The loan tenure is flexible.

Carbon student loan app in Nigeria

This platform checks out your BVN (Bank Verification Number) to determine if you can get a loan.

You can find Carbon online, and it’s also on your phone with apps for both Android and iOS.

To be eligible for a Carbon loan, all you need to do is have a valid BVN and ID document which will be requested in the process of opening an account.

App Features

  • Free fund transfer to any bank in Nigeria.
  • You get quick access to cool benefits, like loans from ₦1,500 to ₦1 million, investment opportunities, paying bills, and saving cash.
  • 11% interest on savings
  • Available for download on the Google Play Store and the iOS app store. Download Size is 21MB

App Benefits

  • Financial services on the app anytime, 24/7
  • easy to use and keeps your info safe
  • Bank transfers are fast and charges are pocket-friendly

2. Okash

Initially a subproduct of OPay, Okash is now a stand-alone product that offers loans of up to N500,000 to customers.

This loan can be used for several purposes including paying for school fees and its tenure can span as long as 12 months.

To obtain a loan from Okash, all you need to do is download the app and open an account by providing the requested details.

Okash student loan apps in Nigeria

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

Eligibility requirements

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

App Benefits

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

3. FairMoney

FairMoney is a highly dependable loan app, especially for students in Nigeria.

This app provides loans ranging from ₦10,000 to ₦500,000, offering competitive interest rates between 10% and 30%.

You will need your Bank Verification Number and your debit card to obtain a loan.

Repayment terms are flexible, ranging from 1 to 18 months, and the entire application process is conducted online through the app.

Fairmoney student loan apps in Nigeria

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

App Benefits

  • 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

4. PalmCredit

PalmCredit is a top loan app in Nigeria, great for students.

You can borrow up to ₦100,000 with rates starting at just 14%. The repayment terms are flexible, from 14 to 180 days.

Plus, there’s a credit scoring system – responsible borrowing can get you even more funds due to higher credit scores accumulated over time.

You can apply for a loan by downloading the PalmCredit app from the Google Play Store.

Palm credit student loan apps in Nigeria

5. Branch

The Branch Loan App offers student loans from ₦1,000 to ₦500,000 with reasonable interest rates starting at 15%.

You can repay in 1 to 12 months, and there’s no need for paperwork or collateral, making it an excellent choice for students.

The eligibility requirements are also fair as you only need to have a BVN, a valid bank account, and an ID card. With these, you can open an account and apply for a loan.

Branch student loan apps in Nigeria

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 Play Store and the iOS Store. The download size is 7MB.

App Benefits

  • The app is easy 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.

Read: Loan in Minutes in Nigeria

6. Renmoney

Renmoney provides loans from ₦6,000 to ₦6 million at reasonable starting interest rates of 4.5%.

You can choose repayment terms from 3 to 24 months, and the application process is straightforward with no need for collateral.

Additionally, they offer insurance for added security to protect borrowers from unfortunate and unseen circumstances.

App Features

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

App Benefits

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

7. Kiakia

This platform is ideal for students in need of a platform that offers fairly high loan amounts. It is a Peer-to-peer (P2P) lending platform that connects loan offers and receivers without collateral.

Overall, the application process is fast and you can get a quick loan.

Its minimum loan amount starts at N50,000 with an interest rate of 3.5% per month. However, it has a short repayment tenure of 7 to 30 days.

Also, note that the platform mostly requires that borrowers have a source of income before they can access loans.

kiakia student loan apps in Nigeria

App Features

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

App Benefits

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

8. Aella Credit

Aella Credit provides substantial loans from ₦100,000 to ₦1 million with competitive interest rates, beginning at 4% per month.

You can repay within 1 to 4 months, and the application process is entirely online through their website or mobile app.

aella student loan apps in Nigeria

App Features

  • 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 in the app and earn returns of up to 26%.
  • The app is available for download on Google Play Store and the iOS store. App size is 5.3MB

App Benefits

  • 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

9. Migo loan

Migo, previously known as Kwikmoney and Kwikcash, is a San Francisco-based loan company operating in Nigeria and Brazil. Migo caters to end-users, loan companies, banks, and merchants.

It offers suitable loans to students looking to pay their fees ranging from N500 to over N500,000. Normally, customers start with a small loan amount and grow your loan offers over time as you build trust with the system.

Migo student loan apps in Nigeria

You can obtain a Migo loan through their web interface, or the loan app. If you don’t own an internet-enabled device, you can use the Migo USSD code.

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

10. Quickcheck

QuickCheck is a student-friendly loan app in Nigeria, providing loans of up to ₦500,000 with interest rates ranging from 2% to 30%. Repayment terms can extend up to 12 months.

Getting a QuickCheck loan is a breeze: Simply download the app from your preferred app store, create an account, and submit your loan application. And just like other options, no collateral or guarantor is needed.

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

Quick check student loan apps in Nigeria

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

App Benefits

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

How to Choose the Right Student Loan App

Here are some key factors to keep in mind when choosing a student loan app:

  • Interest Rates: Compare the interest rates offered by different loan apps. Lower interest rates mean you’ll pay less over the life of the loan. Look for apps with competitive rates.
  • Loan Amount: Determine how much money you need for your specific purpose, whether it’s tuition fees, living expenses, or other educational costs. Choose an app that offers loan amounts that meet your requirements.
  • Repayment Terms: Check the repayment terms offered by the loan app. Longer repayment periods can make monthly payments more manageable, but they may result in higher overall interest costs. Consider what works best for your financial situation.
  • Charges: Be aware of any fees associated with the loan, such as processing fees or late payment charges. Some loan apps may have hidden fees that can add to the cost of borrowing.
  • Credit Score Requirements: Some loan apps require a minimum credit score for approval. If you have a limited credit history, look for apps that consider other factors like income or offer loans to borrowers with lower credit scores.
  • Application Process: Consider how easy it is to apply for a loan through the app. A streamlined, user-friendly application process can save you time and frustration.
  • Loan Disbursement Time: If you need funds quickly, check how long it takes for the loan to be disbursed. Some apps offer same-day or next-day disbursement, while others may take longer.
  • Customer Support: Reliable customer support can be essential if you encounter issues or have questions about your loan. Look for apps that provide responsive customer service.

Alternatives to Student Loan Apps

Certainly, there are alternative ways of financing education in Nigeria that don’t involve student loan apps:

a. Scholarships and Grants:

  • Government Scholarships: Many Nigerian state and federal governments offer scholarships to students based on academic merit, financial need, or other criteria. Students can apply for these scholarships to cover tuition, fees, and sometimes even living expenses.
  • Institutional Scholarships: Some universities and colleges in Nigeria offer scholarships to outstanding students. These scholarships may be based on academic achievement, leadership, or other talents.
  • Private Scholarships: Various private organizations and companies offer scholarships to Nigerian students. These can be based on specific fields of study, demographics, or community involvement.
  • International Scholarships: Some foreign governments and institutions provide scholarships to Nigerian students for study abroad programs. These can cover tuition, travel, and living expenses.

b. Work-Study Programs:

Some Nigerian universities and colleges offer work-study programs that allow students to work part-time on campus while pursuing their degrees. These jobs can help cover living expenses and provide valuable work experience.

c. Part-Time Work:

Students can seek part-time employment off-campus to supplement their income. This may include jobs in retail, hospitality, tutoring, freelance work, or online gigs.


There are several loan apps in Nigeria at your disposal today. Essentially, the trick is to understand your peculiar needs and choose a loan app that completely satisfies them. Also, do well to keep the factors in mind that will guide your choice in selecting the best student loan apps in Nigeria for you.

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