Top Picks: The Leading Loan Apps in Nigeria

Even though loan apps in Nigeria are heavily reported by many because of how most of them defame and embarrass their users, they remain a pivotal part of the economy. This is why theFCCPC has taken it upon itself to track and clamp down on all loan apps breaching their customers’ privacy.

On the other side, loan apps in Nigeria have become popular due to their convenience and accessibility. With just a few taps on your smartphone, you can apply for a loan and receive the funds. It will be directly sent into your bank account.

Top Loan Applications in Nigeria

As of May 2024, the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN) have approved 284 loan apps in Nigeria. This list consists of fully approved digital lenders and those that have conditional approval. In this blog post, the focus will be on the loan apps in Nigeria with full approval. 

Some of the top loan applications in Nigeria include Fairmoney, Carbon, Branch, RenMoney, etc. These apps have gained a reputation for their user-friendly interfaces, quick approval processes, and competitive interest rates. Whether you need a personal loan, business loan, or emergency funds, these loan apps have covered you.

Features to Look for When Choosing to Use a Loan Application

When choosing a loan application in Nigeria, there are several features to consider that help you choose the most suitable. Below are some of the features to look out for:

Quick Approval: A loan app should have a streamlined approval process to ensure that you receive the funds you need promptly.

Competitive Interest Rates: Since you will pay back with interest, it is best to know which loan app has the least interest. 

Flexible Repayment Options: Also check for a loan app that offers flexible repayment options, such as weekly or monthly installments.

User-Friendly Interface: They must have an excellent user-friendly interface. This makes it easy to navigate the app and complete the application process with ease.

By considering this, you can choose a top loan app in Nigeria that meets your borrowing needs and provides a seamless borrowing experience.

Top Picks: The Leading Loan Apps in Nigeria

Here are some of the leading loan apps in Nigeria that have gained popularity among borrowers:

Branch Online

Branch online loan has to be the best loan application in Nigeria with over 10 million downloads on the Google Play store and a whopping 4.5 stars rating from over 1.6 million reviews. I guess no other loin app in Nigeria can boost that. The amount of loan you’re given is known by the information from your phone number. Although, you can build your credit score as you use the app.

Think of Branch as a combination of MMOs and loan apps into one body. You have access to a loan of up to ₦1,000,000 and pay bills with a 2% cashback, which means for ₦1,000 bills you pay, you receive a cashback of ₦20.


FairMoney is more than a “loan app” but a microfinance bank. This has helped them gain tremendous growth, earning them over 10 million downloads on PlayStore with a 4.4-star rating. With just your BVN, you can access a loan of up to ₦3,000,000. You can repay on up to 24 months, depending on your lending history and positive behavior. 

The app also has a convenient and easy-to-use design and interface, making it one of the top choices for several people. FairMoney doesn’t just have the full approval of the FCCPC, licensed by the CBN and insured by Nigeria Deposit Insurance Corporation (NDIC).


Another loan app that is among the top in Nigeria is the Carbon loan app. This is because of the ever-expanding mentality of the company since its inception in 2012. Carbon was once a “loan only” app named Paylater but later included several other financial services which gave birth to their new name in 2019.

With the Carbon loan application in Nigeria, you can borrow between ₦2,500 to ₦1,000,000 with 61 days to 12 months repayment periods. You don’t need collateral or paperwork, just your bank verification number, BVN. You can also use the app for saving with their several investment opportunities offering up to 15% returns.


This is a fast-growing loan app in Nigeria with over 10 million downloads and a 4.3-star rating from over 180 thousand reviews, within 10 years. PalmCredit gives a loan from ₦2,500 to ₦100,000 with no collateral or paper works and you can repay the money lent between twelve weeks to 26 weeks.

Palmcredit is a product of Newedge Finance Ltd, the owner of the popular loaners for mobile devices, Easybuy. With the figures they have on the Google Play Store, they are effectively satisfying a good number of their users. 


EasiMoni is another instant loan provider in Nigeria with over 5 million downloads with a 4.5-star rating out of over 250 thousand reviews. The loan application has seen a huge number of Nigerians borrowing from them since their first launch in 2021. You can apply for an easy loan of up to ₦1,000,000 on the EaseMoni loan app. Your credit score will be evaluated and you’ll know the amount you’re eligible to collect. The more you borrow and pay back on time, the higher your credit score will go.

EaseMon is a product owned by Blue Ridge Microfinance Bank Ltd. They have a license from the CBN to operate as a microfinance bank in Nigeria plus a ful approval from the FCCPC. 


Besides EaseMoni, Blue Ridge Microfinance Bank Ltd. also owns another loan app in Nigeria called Okash. Just like EaseMoni, you can borrow between ₦3,000 to ₦1,000,000 with a minimum of 3% up to 15% interest rate monthly. Their interest rate is daily.

Okash has over 5 million downloads on the Google Play Store with a 4.4-star rating from over 215 thousand ratings. Unlike other loan apps in Nigeria, the age range for the users on OKash is between 20 years and 55 years.


Renmoney is a financial technology company in Nigeria that offers loans to individuals and businesses. Beyond giving loans, you can use the platform for saving, investment, and other banking services. They offer loans from ₦5,000 to ₦1,000,000 for a repayment period of up to 730 days.

Renmoney will request your bank details while you open an account. This bank detail will give them access to your bank statement over the last 6 months so as to evaluate your credit status. They are fully approved by FCCPC and they are a CBN-licensed microfinance bank.


Another top loan application in Nigeria is the NewCredit loan app with over 5 million downloads. The loan app gives between ₦10,000 to ₦300,000 loans with a repayment validity from 91 days to 365 days.

Like others, they evaluate your credit status by looking into your bank transactions but you can increase it by lending and repaying in time.

Fitloan (Originally SpeedLoan)

Fitloan is a loan app in Nigeria, a product of the Finnew Fintech Ltd. With the app, you can access loans ranging from ₦2,000 to ₦600,000 with loan terms of 91 days to 365 days. 

The app has over a million downloads on Google Play Store with its users giving it a 4.5 star rating reviews. They are approved by the FCCPC and thus, you always report them if they harass or breach your privacy contract. 


Lastly, the Xcrosscash. This is a loan application in Nigeria that offers Nigerians instant loans, ranging from ₦10,000 to ₦50,000. This loan repayment time is from 91 to 180 days, giving the users enough time to repay. They also offer one of the lowest monthly interest rates of 4% to 4.7%.

Despite the fact that this is a new loan app, launched in 2021, it gained over a million downloads on Google Play Store. They also have a 4.0-star rating from over 34 thousand users, which is better than others they have been serving for a while.

Xcrosscash is a loan app that lets the user activate their credit limit. It offers instant loans ranging between N10,000 and N50,000 with repayment plans from 91 days to 180 days.

The Xcrosscash app has been downloaded over 1 million times on the Google Play Store and, despite having one of the lowest loan ranges, it has one of the highest ratings from users, though it is the lowest among the top 10. The app has a rate of 4.0 stars by 32,846 users as of January 2024.

These loan apps have revolutionized the lending landscape in Nigeria, negatively and positively. We will be looking at each of them closely, you can look at this space for more updates. 

How to Apply for a Loan Using These Apps

Applying for a loan using these loan apps is straightforward. Here’s a step-by-step guide to help you get started:

  1. Download the loan app from the Google Play Store or Apple App Store and install it on your smartphone.
  2. Register an account by providing the required information, such as your name, phone number, email address, and most importantly the BVN. 
  3. Complete the loan application form by providing accurate details about your personal and financial information.
  4. Apply and wait for the loan app to process your request.
  5. Once your loan is approved, the funds will be disbursed directly into your bank account.

It’s important to review the terms and conditions of the loan before accepting it. Make sure you understand the repayment schedule and any associated fees or charges.

By following these steps, you can easily apply for a loan using these top loan apps in Nigeria and get the financial assistance you need.

Benefits of Using Loan Apps in Nigeria

Irrespective of the cry by Nigerians of the irregularities that come with borrowing from apps, the place of loan apps in the country is irreplaceable. Some of the advantages of using these apps are:

Convenience: Loan apps allow you to apply for a loan anytime, anywhere, using your smartphone. This helps you to avoid going to the bank to queue and also cut out collateral with no paperwork.

Quick Approval: Online loan apps typically approve loans within minutes. This is especially beneficial for emergencies.

Accessibility: With over 250 loan apps approved in Nigeria, accessibility isn’t a problem. By just typing “loan apps in Nigeria” on Google you will be slapped with several options.

Competitive Interest Rates: With so many loan apps in Nigeria, there are different applications with different interest rates, which means you can easily choose the one most convenient for you.

Bottom Line

By using loan apps in Nigeria, you can enjoy these benefits and gain easy access to the funds you need for various purposes. In our subsequent post, we will look closely at the top ten loan apps in Nigeria, stating their pros, cons, interest rates, reviews, etc.

Do you feel other apps should be on this list? Mention it in the comment section and we will be glad to review it.


Hey there! This website is sponsored by affiliate partners.

We are proud affiliates for some of these tools. Affiliate links are used for each tool that we are an affiliate of, which means that if you click that link and subsequently make a purchase, we will earn a commission. You pay nothing extra – any commission we earn comes at no additional cost to you.

Akeem Feyisupo

Writer & Blogger

My name is Akeem, a writer who loves making complex stuff easy to understand. I spend a lot of time online seeking information, but often dead ends or confusing explanations. Thus, this has sparked my interest in writing about confusing topics in an engaging and informative way. I believe everyone deserves to understand the world around them, and I love using words to bridge that gap.

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