21 Best Loan Apps in Nigeria in 2021 (Instant! No Collateral)

There are times businesses and individual needs little cash support to move on from their present state of drought, there are several new generation financial companies online that are offering personal loans to individuals and entrepreneurs online without collateral or any of security required.

In this post, you shall learn about:

  • Best loaning apps in Nigeria
  • Websites offering quick online loans in Nigeria
  • Where to get 24hrs loan in Nigeria
  • Fast Cash loans Nigeria
  • How to get instant or urgent online loans in Nigeria
  • How to apply for a loan without collateral on your mobile phone
  • How to get loan in Minutes without internet

Best Loaning Apps in Nigeria

If that sounds cool and you would like to explore the opportunities of getting a quick online loan or fast cash in Nigeria, here are 20 of the best loan apps in Nigeria giving quick loans to Nigerians without any form of collateral or security.

1. Lidya – SME Digital Lender

For small and medium-sized businesses looking for finance to bootstrap their startup, Lydia can be an ideal lender, Lydia is a digital lending platform that leverages technology-powered algorithms for risk assessment before granting unsecured loans, you do not need a collateral to get a microloan from Lydia. The loan offer is between N150,000 and N500,000 for small scale businesses.

  • Loan offer: N150,000+
  • Interest rate: 3.5% per month

2. Renmoney – micro-business loan

Renmoney is a Microfinance bank that started in Nigeria in 2012 under the name Rencredit, they offer micro business loans to entrepreneurs and startups. The company is one of the first platforms online that is offering Nigerians fast cash loans.

However, credit opportunities are also opened to individuals who are gainfully employed and need payday loans to bootstrap themselves. Small and medium business owners can get up to N4,000,000 without having collateral or any form of security to get a loan within a period of 24 months.

  • Minimum Loan Amount: N100,000
  • Interest rate: 2.8% per month

3. Branch-Loan for Individuals and micro startups

Branch is one of Nigeria’s best fast loan platform offering quick online loans in Nigeria, you can get personal loans for Medical, travel, business and emergencies, whatever the case, there is a personal loan offer from Branch loan Nigeria to help get you to get an urgent loan.

Mobile loan in Nigeria used to be very new until a couple of lenders start offering credit to individuals in without collateral, Branch is one of the major lenders offering instant online loan in Nigeria on mobile.

The loan application is simple, to get a loan, individuals are only required to download their Android app on Playstore to their mobile phone and start their application process if you have an internet-enabled mobile phone, your BVN, and your bank account detail, you’re just a few clicks away to get a fast cash loan in 24 hrs.

  • Loan offer: N1,500 to N150,000
  • Interest Rate: Up to 21% per month or per 2 month

4. Fairmoney-Startup loans and quick credit

Fairmoney is yet another new lending company that offers loans to Nigerians. You can receive a personal loan, business loans, and education loan, all you need to do is download their mobile app on Google play store and apply for a loan, it is super fast and you should get your loan in about 24 hours.

You can as well check for their requirements, interest rate, and other information about Fairmoney loan app on this page.

  • Loan offer: up to N150,000
  • Interest Rate: 15% to 30%

5. Migo (formerly KwikMoney)

Formerly Kwikmoney or Kwikcash started as a lender to 9mobile users only, they started accommodating more users from other platforms much later, Kwikmoney has now evolved under a new brand name Migo, the company claims to give loans for personal and business needs in seconds without collateral once you are eligible to get a loan.

Migo does not yet have a loan mobile app, at least none for Nigerians, they take loan applications VIA their website, Migo Money, or VIA USSD code, so if you don’t have a phone that is internet enabled, you can then use Migo USSD loan code to put up your application for a plan, the process is super easy and simple.

Migo Loan USSD Codes

561# for MTN, 9mobile, and Glo or *554561# for Airtel.

  • Loan offer: 500 to over N500,000.
  • Interest Rate: 5% to 15% (14 days), up to 25% for 30 days

6. SokoLoan

Sokoloan lending firm is another microlender in Nigeria that is allowing individuals, low-income earners, entrepreneurs to have access to loan without any form of collateral.

Sokoloan via their mobile app provides short-term loans in Nigeria for those who need urgent or instant cash, this is a short term loan for people in need and should not be taken in a situation of financial difficulty or crisis. To apply for Sokoloan go-ahead to your play store app and download the sokoloan mobile app from there, your loan approval will take less than five minutes and within 24 hours, you should get your first loan.

  • Loan offer: N30,000
  • Interest Rate: 4.5% – 34% (2 to 6 months)

7. SnapCredit

Snpacredit is a loan facility made available for employed individuals, so if you are looking for an instant fast cash loan to pay medical bills,  offset personal bills and expenses or probably start a small scale business, Snapcredit might be what you need.

The company was started in Nigeria in 2014 and has since been offering microloans to individuals and also employers who are looking for a way to help their employees have access to payday loans.

This is how Snapcredit works; for example, if your monthly earnings are N50 000 and you have agreed to pay N5000 every month, you earn N45,000 each month until your loan is fully paid.

  • Loan offer: Uo to N1,000,000
  • Interest Rate: Unconfirmed

8. Kiakia – Quick digital loan

Kiakia is another digital lender that is quite popular, the company offers loan to their individuals and small scale businesses that are looking for short term instant loan support without collateral, they offer the facility VIA their website online as they don’t have a mobile app, at least not yet at the time of putting together this account.

Kiakia loan has partnered with Sterling Bank to offer its micro-lending services in Nigeria.

  • Loan offer: N10,000 to N200,000
  • Interest rate: 5.6% – 24%, payback within 7 to 30 days

9. Carbon-FinTech & Startup Loans

Paylater is an online credit platform that’s offering Nigerians a chance to obtain a short-term loan in just minutes. The organization behind Paylater is One Finance & Investments Limited.

You can access a loan facility with Carbon (formerly PayLater) without having to have a guarantor, no application fee is also required and the process of application is pretty simple, all you need do is download their mobile app from Play Store and sign up to access a loan today.

  • Loan offer: N1,000,000 to N20 million
  • Interest Rate: 5% to 15%

10. Eazzicash – Business loan

Most investors and borrowers in Nigeria are extremely careful about their finance and often deplore how financial institutions make money from it; hence, Eazzicash created a new, creative and secured pawn & lending system for finance and investment that offers simplicity, clarity, integrity, and quality.

  • Maximum Loan offer: N5 million
  • Interest rate: Not clear

11. C24- Consumer retail loans

Feeling down because you are out of cash? They can relate! C24 is a super easy system that is designed to be a convenient way to get back on your feet quickly and to achieve your objectives.

In a nutshell, without collateral, you can get a personal loan from C24, They provide top-class financial services with competitive interest rates and a streamlined repayment system in a climate of transparency.

  • Loan offer: Up to 5 million
  • Interest rate: 4% per month

12. QuickCheck – quick SME loans online

Get fast cash anytime anywhere. You don’t have to go broke, never again with QuickCheck. You can get an instant loan when you need it without any bulky paperwork, collateral or guarantor.

The process is super fast and easy, all you need to get going is your smartphone and Quickcheck app and you are ready to get a loan in the next minutes.

  • Loan offer: N1,500 – N500,000
  • Loan Interest: 5% per month

 13. FastCredit SME loan

Fast Credit Limited is offering value-based loans to corporate employees who do not have access to loans through traditional banking

The company provides consumers and small enterprises using quick, efficient and conscientious lending using modern risk assessment technology. Employed Nigerians with a proven track record in the workplace can access a payroll deductible loan.

  • Minimum Loan offer: 100,000
  • Loan Interest Rate: 4% month.

14. Aella Credit

Aella Credit is a corporate lending organization that is offering accessible loans to employees who have a proven work record with organizations in the Aella credit network. You can access from N90,000 to N720,000 loan facility.

People out of Network or individuals can as well access Aella Credit loan for a short term period up to 60 days at minimal loan offer of N90,000.

  • Loan Offer: N90,000 to N720,000
  • Interest Rate: Unconfirmed

15. Zedvance

Zedvance is offering financial assistance to Nigerians who are eligible and have and untanned credit, Zedvance Limited is a consumer lending firm in Nigeria) with a loan facility that allows individuals to borrow from N50,000 to N3,000,000 for business, personal, educational purpose or a loan needed for a travel purpose.

  • Loan Offer: N50,000 to N3,000,000
  • Interest Rate: Varied

16. Specta loan

Specta is a website for online lending, offering Nigerians up to 5 million lendings in one process in 5 mins! No collateral is required, also no documentation is needed and you do not need to visit their office.

You need no collateral, no guarantors or any other office visit with Specta in order to receive your loan, once you have completed your application, you get instant scoring and disbursement, all done in less than five minutes. Everyone irrespective of occupation and bank can access Specta loan.

  • Loan Offer: N20,000 to N5,000,000
  • Interest Rate: 26%

17. Palmcredit loan app

Palmcredit provides a fast and convenient loan for personal and commercial use. They pride in their service of offering to anyone who needs an instant way out of need. They offer zero interest fee if customers pay back their loans in 48 hours.

  • Loan Offer: N10,000 to N100,000
  • Interest Rate: 20% (14 days)

18. Alat loan

Alat is a financial mobile app powered by Wema bank, users of Alat can get short term loan up to N200,000 within 10 minutes
from Alat mobile app.

  • Minimum Loan offer: 100,000
  • Loan Interest Rate: 15% month.

19. Opay Loan-OKash

You can as well get a loan from your Opay mobile app, with OKash you can get up to N200,000 in short term loan.

  • Loan offer: N1,000 above
  • Interest Rate: 18% (15 days)

20. Quickteller Loan

Quickteller is a fastgrowing online payment platform in Nigeria, they recently introduced the Quickteller loan facilities that allow individuals and small business owners to have access to quick loans in Nigeria VIA their web platform. The interest rate is not too off at 15%, but they only offer petty cash loans of N1,000 to N10,000.

If that’s all you need at the moment, you cool to put an application on their website, if you require much more, you can explore tens of other microlenders on the this page.

  • Loan offer: N1,000 to N10,000
  • Interest Rate: 15%

21. Jumia One Loan

Jumia one is a mobile payment platform powered by Jumia; Nigeria’s biggest eCommerce website, months ago, they introduced personal loans as part of their in-app offerings just loke Quickteller too.

If you have been using the Jumia One app to make payment, buy airtime, it may come as a good news to you that you can now get microloans from the platform without collateral, so if you need fast cash or instant microloans to sort out some urgent needs, the Jumia One personal loan facility might be a thing for you.

To apply for loans without collateral and stress-free, download the Jumia One app on Google Play Store to get started and unlock the opportunity to get bigger loans with low-interest rates.


Government-Backed Loans

1. SMEDAN

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN is offering a government-backed credit facility for Small enterprises and individuals VIA their Credit Information Portal.

Personal loans are designed to help people easily reach their set objectives, this type of credit is encouraged to improve economic potential.

  • Minimum Loan Amount: N10,000 to N100,000
  • Interest Rate: 4%/month

2. Bank Of Industry Loan (BOI)

The Nigerian Senate recently approved 0%  BOI loan collection for small and medium enterprises or individuals with potential business ideas within the ages of 18 to 40 years.

The Bank of Industry is committed to creating the best climate for Nigerian graduates and those who chose to go into a vocation, they intend to do this with the new 0% N11 billion entrepreneurship Fund programs. Find out more about how to apply for BOI loans in Nigeria.

  • Minimum Loan Amount: N50,000 (BOP Platform)
  • Interest Rate: 4% month

3. TraderMoni

TraderMoni is a federal loan program for small-scale traders and craftsmen throughout Nigeria, It was established by the Federal Government through the Bank of Industry as a part of the Federal Government’s Enterprise and Empowerment program (GEEP).

TraderMoni allows you to receive interest-free loans from N10,000 to N100,000 while you repay as scheduled. The Federal Government is on a mission to change your level by offering Nigerians who run small businesses with continuous loans that will increase each loan offer so they expand their businesses.

  • Minimum Loan: N10,000
  • Interest Rate: Free

https://www.techlaunchpad.com.ng/branch-loan-app-nigeria/

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  1. PETER E. EMEJO

    I need some loan from Bank of industry Nigeria