10 Best Loan Apps in Nigeria to Get Quick Loans Without Collateral

You may have landed here while searching on Google for the best loan apps in Nigeria or any related queries such as “how do I get quick loan in Nigeria without collateral”, “where and how can I get loan in Nigeria” and whole lot of questions pertaining to that.

The amazing thing about this blog post is that, all loan apps in Nigeria recommended here are free to download and you can request for loan without any collateral…!

I don’t need to talk much about the reason why people secure quick online loan in Nigeria.

Getting quick online loan in Nigeria is important because, every now and then, one will need some good amount of money to do certain things such as starting a business, getting that degree in higher institution, for building house or acquiring a new digital, technical or vocational skill.

All these things and more requires money, which at some point may be not be available at the right time. Hence, the need for a loan to finance these needs is embraced.

Thanks to advancement in technology, you now probably don’t need to queue up in a bank in other to borrow money, the whole process has been simplified using any of these loan apps in Nigeria.

Today, you just need some clicks on your smartphone here and there, using any of these loan apps in Nigeria and viola, you get the loan online quickly. But hey, it’s not all simple and rosy, there are certain prerequisites to meet in order to get a loan request approved, I’ll be telling you about it and other thing you need to know below.

This article explain ten (10) of the best loan apps and how you can get quick online loan in Nigeria.

But before we start, you need to note this:

For safety reason, all the loan apps listed below can be downloaded from the Google Play Store, Google performs regular checks on apps on its store and kicks out any app found guilty.

You’ll be sharing financial information on the apps below, and for your safety these app developers encrypts your information shared with them.

You might be thinking…..

Benefits of these loan apps in Nigeria?

  1. Firstly, the app offer only micro loans, why go through the same stress as someone seeking a million naira loan, when you can get it done with just a few clicks.
  2. No collateral needed before you can get quick loan using these loan apps
  3. Secondly, the time of processing and subsequent decline or disbursement is pretty fast, you can’t get it on any commercial banks, none!

Requirement to Get Quick Online Loan Using Apps in Nigeria Without Collateral

  • A Smartphone (Android)
  • Good Internet Connectivity
  • A Functional Bank Account
  • Your Bank Verification Number (BVN)
  • A valid ID card for identification
  • No need for a collateral

How to Get Quick Online Loan in Nigeria Without Collateral

Once you’ve secured the necessary requirements, go to Google Playstore and search for these loan apps in Nigeria, apply for the loan via any of the app listed below. Although it’s important to get these things in place in order to get the loan online quickly but, it doesn’t automatically guarantee you getting that loan.

Once you’ve entered your account details, these app scour through your previous transactions, SMS/Call record etc. If you’re deem fit enough, you’re loan request will be accepted and disbursed appropriately to you.

So, what are the apps that you can use to get quick online loan in Nigeria?

Let’s see the top 10 loan apps in Nigeria and what they’ve got in stock for us!

Top 10 Loan Apps in Nigeria to Get Quick Loan Online Without Collateral

1.      Carbon (Paylater)

Carbon which was formerly known as Paylater brought about the idea of granting loans via smartphones. The firms has metamorphosed now to Carbon.

Not just the name change, the overall app layout has been revamped to something cool looking. Moving away from the aesthetics, the app check all the boxes in terms of security.

Getting eligible for a quick loan in Nigeria using Carbon isn’t a tough ask, it requires permission to go through your banking history and information so as to suggest a loan amount.

Also, repaying your loan before schedule gives you some loyalty benefits and also qualifies you for higher denominations.

With the UI and UX design, this is absolutely the best loan apps in Nigeria to get loan without collateral.

2.      Branch  Personal Finance

Branch, a loan app in Nigeria created by the branch International group seeks to simplify the process of getting quick loans online. The major challenges faced by loan seekers – collateral.

All forms of collateral is eradicated and you don’t need to worry about it anymore.

The app is pretty straightforward; no paperworks of any kind, no running helter skelter from offices to offices. All you need do is, create an account via your smartphone after installing the app, apply for your loan and get it delivered to your bank account or mobile money account within seconds.

In Nigeria, loans via Branch goes from N1,500 to N200,000 lasting for between 4 weeks to 40 weeks. Security wise, your details share on the app are encrypted to ensure your safety.

3.      FairMoney

Another top credit or loan app in Nigeria is FairMoney from FairMoney group.

FairMoney provides you credits of up N150,000 which you can use for any purpose. Securing credits via FairMoney is quite fast, easy, secure and reliable.

Repayments can be done in installments and you can even start paying an hour after receiving your loan. As with others, paying back on time qualifies you for bigger loan amount and lesser interest rates.

FairMoney currently ranks 4th in top free finance apps section of Google Play Store( as at when writing), but from a personal standpoint, it has to be 3rd on our list.

4.      Palmcredit

Palmcredit is another reputable credit group and one of the best loan apps in Nigeria. Palmcredit brings loan of several amounts from N2,000 to N100,000 to your smartphone, making it easy to get that loan needed for that shoe business, opening that hair saloon, starting a restaurant business or invest in your already running business.

With Palmcredit your financial details are secure, there’s little to worry about.

Once approved disbursement of loan to your bank account take just 3 to 5 minutes. There’s also a referral program with which you can earn up N80,000 by referring your friends.

5.      Sokoloan

Halfway through the list of top 10 loan apps in Nigeria we have Sokoloan, let’s see what’s in store for us.

With Sokoloan you can get instant loans for your business and personal needs. For starters, you’re limited to N10,000 but repaying promptly qualifies you for higher amounts.

How can I get loan on Sokoloan?

Download the app from play store, sign up by filling out your correct details (it should corroborate with the details on your bank account), apply, and if you meet the requirements, you get your loan in a jiffy.

Talking of requirements, one of the requirements stated clearly is that persons from age 25 to 50 wishing to apply should have a fixed job, other requirements will be requested of you while signing up.

6.      LendMe Loan App

If you ever need a quick loan online in Nigeria for a certain reason, be sure to try out LendMe, they offer fast, secure and convenient loan which you can use for whatever you intend doing.

You get your loan in few minutes, via the LendMe app which you can find on Google Play Store. Credit amount ranges from two thousand to two hundred thousand naira.

The company will notify you on a regular basis on your repayment deadline so as not to miss it, and you can repay in installments or one off payments.

7.      Aella Credit

Aella credit is another trusted credit lending platform that give out loans to individuals and employees. The app caters for all your credit needs by offering loans of various amount in little to no time.

Aella Credit app is mainly focused on employers and their employees, offering loans to employees of certain firms. But before you run to go get your loan, your company will have to be registered on the Aella Credit network.

8.      Quick Credit

Just as the name suggest, the Quick Credit app offers quick loan facilities to individuals. It uses technological methods to check and offer loans to various persons.

It pretty easy to get started, get the app from play store, install and you could get your loan.

9.      KKMoney – Easy Loan App

KKMoney by Cashigo group is quite new in the biz but they certainly do offer quality. They offer loans services in little to no time, once you’ve had the required “Credit score” you get your loan instantly.

In spite of their relatively new comer status, they tend to offer huge loan amount of up to N50,000.  You don’t need a guarantor, collateral or much paperwork, just get the app installed on your Android phone and you’re good to go.

10.  Jumia One

This may look surprising but yeah, the Jumia One app from Jumia now offers personal loans in Nigeria.

The app which primarily deals with bill payments of all forms like; cable/tv subscriptions, electrical bills, airtime and data purchase and many more, now offers credit with latest update.

Although, I haven’t tried my hands on the loan part of the app, I’m confident of the credibility of this app.

Given Jumia’s reputation as an online shopping website in Nigeria, for quality product and service Fnadelivery, and its payment method – JumiaPay, seamless integration with various commercial banks, one should expect the best from this app.

Wrapping it – Best Loan Apps in Nigeria, Get Quick Loan Online Without Collateral

Getting loans from financial institutions in Nigeria could prove to be a hectic task; filling out forms, submitting several documents and also, looking for and presenting a guarantor. All these could discourage you from getting that credit, but with the advent of these loan apps in Nigeria, these tasks are almost irrelevant.

One major disadvantage is that you can get huge sums, the app above don’t offer above N250,000, so if you’d be needing a huge amount, you’ll have to stick to the traditional methods.

……. And now over to you

I hope you like the article, what’s your take on these listed loan apps in Nigeria?

Have you tried any? Let me know in the comments!

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