10 best instant loan apps in Nigeria with little interest (2021)

Many people today seek instant and quick loans for personal and business goals, as well as to settle bills and cover expenses, whether they are experiencing financial difficulties or a financial emergency. Loans are no longer within the exclusive control and responsibility of financial institutions. There are various lending platforms and organisations that today provide quick and easy access to small and medium-sized loans, as well as instant payment, a low yearly interest rate, and a reasonable repayment time frame, among other features. These platforms are secure and dependable, and they can be accessed quickly and easily using a mobile application.

1. Carbon

Carbon Loan

A recent update revealed that Carbon is now a digital bank, and we hope it continues to operate in Nigeria for a long time because it not only provides access to loans, but it also offers possibilities for investment, funds transfer, airtime purchase and bill payment among many other things.

All that is required is that you download the app from the Google Play store. Fill out your Biodata and submit it along with all of the essential information, including your BVN, and a loan amount will be generated and approved for you based on the information you supply.

Then, if you need to return a loan on or before the due date, you simply fund your Carbon wallet with funds from a bank transfer or the USSD option available on the Carbon mobile app.


2. Fairmoney

Fairmoney Loan

When you register with FairMoney, you can get loans in minutes, purchase airtime, and pay bills all using your registered account information.

To get started, simply register using your phone number attached to your BVN (an OTP will be sent to the registered number for verification) You will be required to enter your contact information, just like you would with any other loan application.

For more information, you could visit Fairmoney.


3. Branch

Branch Loan

Branch is yet another dependable lending app that allows you to receive up to N200,000 in cash within 24 hours with a minimum deposit of N1000. In most cases, payback can be completed in 4 to 40 weeks, and the interest rate charged varies based on the amount of the loan and the borrower’s repayment history. For this platform, there is no requirement for collateral or proof; all that is required is your phone number and bank account verification number, after which you are ready to go.


4. PalmCredit

Palm Credit Loan

Borrowing money with the PalmCredit app is simple and can be completed in a matter of minutes. This app provides an easy service that enables users to access instant loans ranging from N2000 to N100,000 without the need for any documents or hassle. Individuals who will be eligible for the loans, on the other hand, must be at least 18 years old. Users who refer others to the lending service will also receive incentives through the app.


5. AellaCredit

AELLA Credit Loan

AellaCredit is a company that specialises in employee lending. It offers users quick loans with monthly interest rates ranging from 6 percent to 20 percent and requires loan repayment within three months. AellaCRedit also offers a variety of other financial services, such as investments, bill payments, and low-cost insurance.




Nigeria’s first-ever fully digital bank is the first on this list of best loan apps in Nigeria. This is a simple, and entirely digital platform that grants quick and instant loans without any form of paperwork. ALAT does not require a visit to a physical location and response time between loan acceptance and loan disbursement is in minutes.

All you have to do is

  • Download the app from Play Store or App store,
  • Sign up and
  • Click on the loan option from the menu.
  • After you have completed all necessary documentation, an evaluation of your risk store will be conducted and a range of loan offers will be presented to you along with the applicable duration and interest rate.
  • Once you click on your preferred loan offer and accept it, your account will be credited. With this platform, you can borrow as much as 2 Million Naira without collateral.

ALAT loan also provides a variety of services, like the Device-lending offer and the Goal-based loan, which allow you to acquire a loan to help you achieve a specific goal, such as purchasing a specific device or gadget. The interest rate is also totally geared toward the benefit of the user. Salary earners can receive about 50,000 and even up to 4 million within hours and will have between 3 months to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis.


7. Specta

Specta Loan

The same as Alat, Specta is owned and managed by a financial institution, Sterling, and does not require any type of security, guarantor, or bank visit in order to obtain speedy loan approvals and funds.

You can acquire a loan amount of up to 5,000,000 to suit your financial demands, regardless of your occupation or financial institution of choice.

The software is available for download from the Google Play Store and has a variety of additional useful features.


8. Quickcheck

Quickcheck Loan

With the QuickCheck app on your phone, you may acquire quick loans that are deposited directly into your bank account at any time of day or night. This is one of the top loan applications in Nigeria, and this is due to the fact that their method of borrowing money is quite exceptional.

You get to access quick cash loans at single-digit interest rates, anywhere, anytime. This loan app for Nigerians enables Nigerians to obtain instant online quick loans without the need for collateral, and it does it in a frictionless manner.

Using the app is as simple as using the other loan applications we’ve discussed; the only difference is that after signing up and applying for a loan, the app will run a credit score using an algorithm within a few seconds of your submission.

Some of the reasons why this app is unique are as follows: 1. You have the option to choose when to pay back. 2. You will be able to borrow up to $200,000 in total.


9. Kiakia

KiaKia Loan

The KiaKia Platform is yet another safe and secure platform for borrowing money and obtaining rapid loans in Nigeria. In Yoruba land (Nigeria) KiaKia actually means Fast Fast which means this money giving is fast at the process.

If you own a business and require finances to expand it, KiaKia Money is ready to provide loans in the form of KiaKia Money loans.

With a simple dialling of *822# on your cell phone, you can gain access to loans from Sterling bank, which is the rightful owner of Kiakia loans.

For other bank subscribers? Dial this USSD code for loans in Nigeria to access loans from other lending organisations.

All you have to do is go to the Kiakia official website (kiakia.co/) at any time of day or night to begin the loan application process. There is a virtual tailored agent allocated to you who is available to assist you at any time.


10. Okash

Okash loan

Remember the popular Opay app, where you could make transactions, buy airtime, pay bills and still book a ride? Okash is a subsidiary of Opay, and it was previously included in the Opay mobile application.

The loan application itself is available for download and install via the Playstore, which makes Okash one of the few standalone loan apps available in Nigeria.

Loan amounts of up to 50,000 are available without the need for collateral, while the maximum loan amount available varies depending on the credit history.

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