Top 7 Best Loan Apps in Nigeria in [2025]

Times are tough, and for many Nigerians, Loan apps are now part of everyday survival. According to recent data, 27% of Nigerians across various income levels now rely on loan apps to manage their daily expenses.

These apps allow people to borrow money quickly without visiting a bank or filling out long forms. Loan apps offer instant access to credit without paperwork, long queues, or the collateral that traditional banks require.

After testing and comparing several loan apps firsthand, I’ve put together a list of the top 7 that actually deliver on their promises. In this article, I’ll walk you through how each app works and which ones stood out in terms of speed, interest rates, and reliability.

Top 7 Personal and Business Loan Apps in Nigeria

Mobile loan apps have transformed the way people access credit in Nigeria. In no particular order, after careful research, here are the top seven loan apps in Nigeria as of 2025 that I recommend:

1. Branch
2. Carbon
3. EaseMoni
4. FairMoney
5. RenMoney
6. OKash
7. Palmcredit 

Let’s take a detailed look at them and what they offer. 

1. Branch

Branch is a leading loan app in Nigeria known for its efficiency and ease of use. This app was launched in 2015, and it provides instant personal loans with minimal paperwork. It uses technology to evaluate your creditworthiness and offer loans based on your financial behaviour. 

The app is simple to use, and once you apply, your loan is processed in minutes. Branch is available on both Android and iOS platforms, making it accessible to a wide range of users.

Pros

• Branch does not contact your phone contacts or guarantors.
• Fast disbursement, up to ₦200,000 within 24 hours.
• Spread payments over 4 weeks and even more (after initial loan).
• Lightweight (10MB) and easy to navigate.
• Users report no aggressive follow-up calls or messages.
• Offers investment opportunities with competitive interest rates.

Cons

• New users are only eligible for a 2-week repayment period on their first loan.
• Late repayments may hurt your credit score and affect future loans.
• Some users report that loan amounts don’t grow much over time.
• Loan limits and rates are system-generated, with little room for negotiation.
• Requires access to personal phone data to assess creditworthiness.

2. Carbon

Formerly known as Paylater, Carbon provides personal and business loans with an emphasis on fast approval and easy management. It offers a range of financial services, including credit, investment, and bill payments. 

The app has a smooth interface, making it easy to navigate and apply for loans. Carbon is available on both Android and iOS. It also provides notifications and reminders to help users stay on top of their loan commitments.

Pros

• Application takes less than 5 minutes.
• Terms range from 14 days to 6 months and beyond.
• All-in-one financial services which includes loans, transfers, savings, credit scoring, and investments.
• Simple, clean design praised by many users.
• Transparent process once documentation is complete.

Cons

• Some users reported being denied further loans despite good repayment history.
• Long-time users report getting lower loan amounts after the update.
• Some users report poor or delayed responses from the support team.

3. EaseMoni

EaseMoni is one of the popular loan apps in Nigeria, designed to provide quick loans for personal emergencies and other needs. The app focuses on simplicity and speed. 

The EaseMoni app is user-friendly, with a straightforward application process. You can apply for a loan in just a few steps, and the app provides instant feedback on your loan request. However, the app is available for download only on Android devices.

Pros

• Loans are credited within minutes of approval.
• Simple onboarding and user-friendly interface.
• Access loans without guarantors or paperwork.
• Borrow between ₦4,000 to ₦1,000,000 with tenures from 14 days to 12 months.
• Repeat users occasionally receive better rates and longer terms.

Cons

• Users frequently report steep rates, for example, repaying ₦143,000 for a ₦100,000 loan in one month.
• Persistent spam calls, texts, and WhatsApp messages even when no loan is active.
• Delayed responses or unresolved issues, especially around repayment errors and declined applications.
• Some users feel their data is mishandled or used across affiliated platforms like OKash, a sister app under the same microfinance provider.
• Even with good repayment history, some users see no increase in loan limits.

4. FairMoney

FairMoney is an established loan app that offers quick personal and business loans without requiring collateral. It is known for its fast loan approval process and flexible repayment options.

FairMoney’s app is designed to be simple and efficient. Users can apply for loans, check their loan status, and manage their repayments with ease. The app also offers savings features and provides good customer support to assist with any issues. It is available on both Android and iOS platforms.

Pros

• Approved loans are typically disbursed within minutes.
• Offers loans from ₦1,500 up to ₦3,000,000 with repayment periods from 2 to 18 months.
• Requires only BVN, phone number, valid ID, and a debit card.
• Users who repay on time may be eligible for higher amounts and longer tenures.
• Offers interest-bearing accounts with rates between 17% and 30% annually.

Cons

• Many new users are capped at small amounts, regardless of repayment history.
• Services are only available via the mobile app, no web or desktop support.
• Some users receive repeated loan invitations but get denied when they apply.
• Several users cite unresolved issues and difficulty getting timely help.

5. RenMoney

RenMoney is one of the top loan providers in Nigeria, offering both personal and business loans. It provides a range of financial products and is known for its customer-friendly approach.

The RenMoney app is designed for ease of use, with a simple application process and quick loan approvals. The app also offers tools to help users manage their loans effectively. You can download the app on both Android and iOS devices, making it accessible to a wide user base.

Pros

• Offers substantial loans, ideal for users needing significant financial support.
• Loans are disbursed quickly once approved.
• Loans are granted based on income verification, not assets.
• Services are available anywhere in Nigeria.
• Clean design with good digital banking features like transfers and investments.

Cons

• Multiple users report slow responses, unresolved complaints, and lack of follow-up.
• Complaints about final repayment amounts increasing unexpectedly during application.
• Monthly rates between 2.5%–7.5% (APR 30%–90%), with reports of loan offers nearly doubling in cost.
• Users face repetitive ID/selfie verification loops and delays in loan approval.

6. OKash

OKash offers quick personal loans designed to address urgent financial needs. The app focuses on providing fast, short-term loans with minimal documentation.

The OKash app is straightforward, making it easy to apply for and manage loans. Users can get instant feedback on their loan requests and track their repayment schedules. It is available for download on Android devices.

Pros

• Quick registration and disbursement with minimal documentation.
• Access loans without guarantors or assets.
• Most users report a smooth, glitch-free experience.
• Offers loans from ₦3,000 to ₦500,000 with repayment periods of 91 to 365 days.
• Entire process is available online, anytime.

Cons

• Repeated complaints about rude agents, ignored emails, and unresolved issues.
• Customers allege misleading claims about increased limits and reduced interest that never materialize.
• Some users feel tricked by the app’s loan re-offer process and unclear conditions.

7. Palmcredit

Palmcredit is a loan app in Nigeria that offers easy access to funds for various needs, including personal emergencies and business expenses. It is known for its quick approval process and user-friendly interface.

The Palmcredit app provides a simple and efficient loan application process. Users can easily apply for loans, check their status, and manage their repayments. It is available for download only on Android devices.

Pros

• Loans are disbursed instantly.
• Just 9.6MB with a clean, easy-to-navigate interface.
• Loans available without collateral or guarantors.
• Offers loans from ₦10,000 to ₦300,000 with durations up to 365 days.
• Easy to reloan after repayment with few approval delays.
• Some users report credit increases with consistent repayments.

Cons

• Several users report receiving loans they didn’t apply for after tapping features like “coupon” or “reloan.”
• Some users report being marked as “still owing” even after payment leading to auto-debits and late fees.
• Slow or unresponsive support for resolving repayment issues or unauthorized charges.
• Aggressive SMS, robocalls, and in-app notifications even for users who stopped borrowing.

Factors to Consider Before Using a Loan App

Before picking one of the loan apps in Nigeria to use, it’s important to make sure it fits your needs and financial situation. While some apps are ideal for short-term, quick repayments, others offer longer tenures that may come with higher interest rates. 

Purpose of the Loan

First, think about why you need the loan. Are you borrowing money for an emergency, a big purchase, or to start a business? Considering the purpose will help you choose the right app and loan type. Some apps are better for quick personal loans, while others suit longer-term financial needs. 

For example, FairMoney allows top-up loans and lets you spread repayment across two to four months, suitable for managing medium-sized expenses over time. In contrast, Branch starts with smaller amounts but can be ideal for building credit gradually due to its lower interest rates.

Interest Rates

Interest rates are the cost of borrowing money. Different apps offer different rates, so it’s important to compare them. Lower interest means less to repay over time. Branch is one of the better options in terms of interest rate, but users may start with lower loan limits. 

FairMoney, on the other hand, offers larger amounts but charges higher interest especially for longer tenures. Always check the total repayment before accepting a loan offer.

Repayment Terms

Repayment terms refer to how long you have to repay the loan and how frequently you’re expected to make payments. Some apps offer short-term loans, while others allow for extended repayment plans. FairMoney offers flexible repayment options ranging from two to four months, though at a higher cost. 

EaseMoni and Palmcredit provide quick disbursement but often have shorter durations with high daily interest penalties for late repayment. Choose a repayment plan that fits your cash flow and financial comfort zone.

Customer Reviews & Ratings

It’s wise to check customer reviews and ratings before choosing a loan app. Real user feedback can tell you a lot about loan approval speed, hidden charges, and customer support. Carbon is often praised for its easy-to-use interface and repayment flexibility. 

However, OKash and EaseMoni have been consistently flagged for poor customer service and aggressive follow-ups. Look for apps with a strong track record of transparency and responsive support.

Frequently Asked Questions About Loan Apps in Nigeria

1. Can I get a loan in Nigeria instantly?

Yes, many loan apps in Nigeria offer instant loan approvals. Once you complete your registration and meet the eligibility criteria, funds can be disbursed within minutes to a few hours.

2. How long does it take to get a loan in Nigeria?

The processing time varies by app. Most apps offer same-day approval, and disbursement is usually within a few minutes to 24 hours after approval. 

3. What loan apps don’t require collateral in Nigeria?

Most digital loan apps in Nigeria are unsecured, meaning no collateral is required. Top apps like Branch, Carbon, FairMoney, Palmcredit, and OKash offer loans based on your BVN, financial history, and phone data, not physical assets.

4. What are the interest rates for loan apps in Nigeria?

Monthly interest typically ranges from 10% to 30%, depending on the app, loan amount, repayment period, and your credit score. For example, Branch has relatively low interest but smaller initial loan limits, while FairMoney offers longer repayment but with high rates.

5. Which loan apps offer the longest repayment period?

Apps like FairMoney and Renmoney offer longer tenures, ranging from 2 to 6 months or more. 

6. Are loan apps safe to use in Nigeria?

Most loan apps registered under CBN-licensed microfinance banks are relatively safe. However, always read user reviews and confirm the app’s legitimacy before applying. Avoid apps known for unethical practices or unauthorized data access.

7. Do loan apps report to credit bureaus in Nigeria?

Yes, many reputable loan apps like Branch, FairMoney, and Carbon report to Nigerian credit bureaus. Late repayment can negatively affect your credit score, which can make it harder to access future loans from banks and fintech platforms.

8. Can I get more than one loan at a time?

It depends on the app. Some platforms like EaseMoni and FairMoney allow top-up loans or multiple loans based on your creditworthiness, while others only approve one active loan at a time.

9. What happens if I don’t repay my loan on time?

Late repayment often leads to penalty fees, increased interest, and damage to your credit score. Some apps may also send persistent reminders via SMS or calls. In extreme cases, your BVN may be flagged with credit bureaus.

Conclusion

Loan apps are a convenient way to access quick loans in Nigeria, but many users report downsides like persistent calls, unsolicited loan ads, and auto-borrow pop-ups that can feel intrusive or even traumatic over time.

Before applying, consider the purpose of the loan to ensure the app meets your needs. Also, compare interest rates to find the most cost-effective option, and carefully read the repayment terms, as they may contain clauses that could lead to unexpected charges or stricter conditions if missed.