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Five Best Instant Loan Apps in Nigeria

Obtaining a loan for personal or professional purposes has become a more transparent process; with a smartphone and an internet connection, anyone with a bank account can apply for a loan at any time and receive it instantly in most cases. Some loan companies even allow you to use a multifunction phone by dialing a specific USSD code.

Nigeria, like all other emerging markets, is experiencing a surge in money lending companies. But not all of these companies provide reliable and secure services. The best loan services should provide instant disbursement, have a low interest rate, sufficient time and options for repayment, and ultimately good customer relations.

In no particular order, here are some of the best instant loan apps that democratize access to credit and bridge financial inclusion.


Carbon loan

Originally launched as PayLater, Carbon gives instant access to credit to anyone needing an urgent loan within minutes.

Carbon asks its users to enter their Bank Verification Number (BVN) for verification, and once done, they can apply for a loan.

Carbon loans ranging from 1,500 yen ($ 3.6) to 1 million yen ($ 2,430.13) in Nigeria and from Ksh 500 ($ 4.55) to Ksh 30,000 ($ 273.10) in Kenya; it allows repayments over a maximum of 64 weeks with interest ranging from 1.75% to 30%, with an equivalent monthly interest rate of 1 to 21%.


branch mobile app dashboard mockup
Loan application in branch

Launched in 2017, Plugged simplifies obtaining a personal loan by providing an app with a seamless onboarding process. Branch uses the user’s phone data, including SMS history, to verify identity and create a credit score.

It operates in four countries – Nigeria, Kenya, Tanzania and India – and the amount of its loan and the interest rate in each country are different.

For example, in Nigeria loan amounts range from 1,000 ($ 2.43) to 200,000 ($ 486.03) with monthly interest ranging from 1.6% to 23%, depending on the loan amount and the amount of the loan. repayment history. In Tanzania, loan amounts vary from Tsh 5,000 ($ 2.16) to Tsh 700,000 ($ 301.87) with monthly interest ranging from 4% to 27%, under the same conditions.

Across the countries, Plugged users have the option of choosing repayment terms for up to 336 days, but each loan amount comes with an option to repay within a minimum of 60 days.


Fairmoney mobile app dashboard on an iphone
Fairmoney app

FairMoney is another fast, reliable and free android loan app available in Nigeria and India.

Loan amounts on this app range from 1,500 ($ 3.6) to 500,000 ($ 1,215.07) with repayment periods of 61 days to 1 year at monthly interest rates between 2.5 % and 30%.

This app is available on Google Playstore and claims that 3 million customers rely on it for loans.

Palm Credit

palmcredit logo on black background

Palmcredit Loan apps allow users to borrow money instantly online with a “flexible repayment plan and great interest rate”. The loan amount is between 5,000 ($ 12.15) and 300,000 ($ 729.04).

Palmcredit’s interest rate is between 4% and 24%. The app offers two flexible repayment options of 91 days and 365 days, leaving users to choose which one works best for them.

Palmcredit does not charge any postponement or transaction fees. It also rewards customers who pay off their loans on time with a high credit score and a reduced interest rate.

Quick check

young smiling man with a fan of 500 naira banknotes
QuickCheck loan

Like all other loan apps and their money promises, Quick check promises its users that they will never go bankrupt again. Artificial intelligence is used to manage credit scoring and make instant loan decisions.

The loan amount ranges from 1,500 ($ 3.6) to 500,000 ($ 1,215.07) with interest rates ranging from 2% to 30%. The repayment lasts from 30 days to six months, depending on the type of loan.

This loan app is only available to serve customers in Nigeria with Android phones only.

All of these lending apps started out as a single-product, lending-only fintech company, but a few of them have evolved into digital banks. Carbon, Branch and Fairmoney now offer banking services to their customers such as payments, savings, investments, among others.

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