Top 7 best loan apps in Nigeria 2022 [The One That Works Best]

Top 7 best loan apps in Nigeria 2022

Are you trying to borrow money from any of the loan apps online but don’t know which one is the best? This post has got you covered. There are many loan apps in Google Play store, but knowing the best without having to download them all is a crucial issue that will be addressed in this post.

If you haven’t updated Google Play store on your android phone, please do that immediately because most of these apps can only be downloaded from the Play store app.

One major reason for patronizing these online loan apps is because they offer quick solutions to small business and personal issues. You don’t need any collateral to borrow. Unlike the commercial banks, where you will be asked to bring collateral and other documents before they can offer you a loan.

However, the procedure to borrow money online is quick and easy, but you will have access to a small amount of loan, especially if you are a first–time borrower. But the good part is that, as you continue to pay any loan on time, this is how your quota for the next loan will be increasing.

So borrowing from these online apps can be financially wise for people who want to expand their business and avoid the problems of these commercial banks that will ask for documentation before giving you a loan.

How do you know the best app to loan from that also has a low interest rate? If this is the question you have been finding an answer to, then keep reading this post.

Pros and cons of borrowing money online


  • Quick access to a loan providing no collateral or paper-work.
  • You get automatic loan adjustment whenever you pay your loan on time.
  • Access to their customer service when you have any issues. Your complaint will be addressed quickly as possible without stress.
  • You can deactivate your account if you don’t want to use their service again.
  • It is a quick loan and fast disbursement


  • Some have high interest rates, so it is advisable to do proper research or better still approach someone who has been borrowing online.
  • Additional interest fee will add to your loan if you cannot repay on the initial date.
  • You must bind your debit card on the app–this is compulsory in some online loan apps.

By understanding these pros and cons, you should be able to proceed with a loan request. But you must have a reason before requesting a loan.

What to know before borrowing money online

  • You must have a good reason to borrow before downloading the app.
  • You must have a business or income before attempting to borrow this service.
  • Inform your referees if you are using some for the loan.
  • Some of these apps will request for your BVN.
  • You must have a good loan record.

Now that you know all these, let’s check out the top 7 loan apps in Nigeria 2022



Carbon Loan Nigeria Review 2021 - Interest rate, USSD Code & Credit Report | Koboline

Carbon was formerly known as PayLeter. The app is very simple to use and gives access to loans without collateral or paperwork. They are one of the most used loan apps in Nigeria because of their swift response to loan requests and other great services.

You need to provide your BVN and other information before your loan request will be granted. Don’t know how to use the app? Don’t worry, just download it from the Play store, sign up, fill the requirements, and you are ready.



FairMoney Secures EUR 10 Million Seed Funding, to Widen Mobile Banking Services in Nigeria – Nigerian Investment Promotion Commission

FairMoney is another loan app with outstanding features. Apart from rendering loans to business owners and individuals, the app can also be used for other services like recharge airtime, pay bills, and many more. Its loan interest rate is one of the best in Nigeria, and you can borrow as much as N200,000 depending on your needs.

To use their service, just download the app, register with your phone and BVN number, and complete the procedures.


How To Apply For Loan From Branch Loan App - Branch Loan App | Get Loan Using Branch Loan App - TechGrench

Another reliable online loan app is branch. The app has grown over the years, making it one of the oldest in Nigeria. With its long-term repayment framework, users can borrow up to N250,000 with a minimum of N1000. Unlike any other loan app, you can have access to a loan without a collateral or any other financial document.

The app can be downloaded on Google Play store. After downloading, fill in your correct information and proceed with your loan. Once you are successful, they will notify you on the app. It’s very easy. Just make sure all the information you provided tally with your bank details.


Palmcredit - Instant Loans for PC Windows or MAC for Free

Another great app to borrow from is PalmCredit. Their loan disbursement is one of the fastest in Nigeria.

They also have great services that allow new people to borrow up to N2000 to N200,000 at a spot without requesting for documentation. However, with these outstanding features, you must provide genuine information about yourself, otherwise, your loan request will be disapproved.


Newcredit is not that old like Carbon and Branch. But the app is great with its low interest rate and responsive customer services. Once you download the app, they will ask you to bind your card. Please do because this is one of their major requirements. After binding your card, you are good to go. Now you can proceed with your loan, which will be credited into your bank account in just a few minutes.

To apply for a loan, you must first download the app from the Play store and register with your mobile number. The app will automatically calculate how much you can borrow. At this stage, you can either reduce the amount or proceed with their recommendation.


If you are looking for a very easy loan app in Nigeria, then this is the best option. The app stands at number 6 on this list because it doesn’t have many features like FairMoney, Branch, and others.

But apart from that, the app is very easy to use and doesn’t request any information except your bank account details where the funds will be disbursed. Just register with your phone number and proceed with the loan. New users can borrow up to N10,000 at a spot, as long as you are not a loan defaulter.

Okash and Opay

Easy loan on Opay Okash with no collateral

Opay is an online financial institution that provides POS terminals to its users, and they owned Okash loan. The reason why is on this list and probably the last one is because of small businesses who want access to a large loan amount without visiting a bank. Okash can lend you up to N100,000 even if you are a new user.

So, the app is ideal for business owners who want to expand their business or start a new one. I have written a post about how to secure a loan with Opay and Okash, you can read it here.. Opay app: How to get a loan in Nigeria


Now you know some of the best loan apps in Nigeria. Remember, you must maintain a good loan record to continue enjoying these services. Some of them will mount pressure on you once your loan is overdue and even threaten to report you. So, it is advisable to borrow what you can easily pay without being harassed.

2 thoughts on “Top 7 best loan apps in Nigeria 2022 [The One That Works Best]

  1. Good morning and seasons greetings.pls am in the oil and gas business and I have need of 100 million Naria draft not the cash but a scan copy to my buyer of the AGO product that am credit wordy to pay them as soon as the delivery is made into the tank farm storage in Calabar.pls I I need your help on how to go about it in the year 2020 tnx.

  2. It is so funny that an applying for a loan, with all your many questions and you are approval N3,500. Thanks I don’t need the money. I appreciate.

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