The best digital loan apps in Nigeria for 2023

If you find yourself strapped for money before your next salary, it might be worth researching apps that loan money in Nigeria. Need an instant loan in Nigeria? Here is a list of the best loan apps in Nigeria with low-interest rates and fast disbursement without harassment.

As you know, many Nigerians mourned negatively as a result of the pandemic’s impacts. Businesses were failing, there were job losses, and earnings were declining. In general, it was difficult to stay afloat. As a result, many turned to loans. It was just easy to apply for and get a loan.

Unfortunately, some loan apps have been flagged as fraudulent and blocked by authorities. Some Nigerians have had bad experiences using loan apps,  some had very different experiences.

There are many online lenders, but only a small number of them have been selected as the best lending applications in Nigeria. 


Carbon provides improved financial services to Nigerians through free transfers, high-yield savings, and “buy now, pay later” at 0% interest.

The co-founders, Chijioke and Ngozi Dozie, have tested finance professionals with Ivy League MBAs. They are the children of one of Nigeria’s foremost bankers, Paschal Dozie, who established the defunct Diamond Bank, which was later acquired by Access Bank Plc.

Beyond merely a borrowing app, Carbon has a lot more to offer. It is a platform for internet banking. Just like in commercial banks, all users have access to their bank accounts.

It adds money to your bank account. Either a real card or a virtual card is available. Users can send money, buy data, transfer funds, and complete many other operations. The lowest interest rate for a loan in Nigeria is 15% for a carbon loan.

Additionally, it provides customers with an investment opportunity. You can put aside, say, 50% of your savings to invest for a while. Depending on how much time one invests in that, one could earn between 5 and 10%.


Palmcredit is an online loan platform that offers you loans without collateral. Anybody who qualifies can usually get this loan in minutes, as long as they meet all the requirements.

Palmcredit is a loan app in Nigeria owned by Newedge Finance Limited where you can get a loan without collateral.

Low-interest loans with various repayment options are available through Palmcredit. For example, the loan length ranges from 14 to 180 days. From Palmcredit, you can borrow up to N100,000.

Due to the automated nature of all loan applications and the inability to reverse them, Palmcredit does not extend the term of any loans. Additionally, missed payments result in late fees and a low credit score.

The Palmpay app is compatible with both IOS and Android devices, so you can conveniently make a loan repayment regardless of the device you are using.


It’s a digital bank that gives instant loans, and no collateral is needed. You can get as much as ₦1 million, a bank account with free transfers, a debit card for spending, and more. Laurin Hainy is the CEO of FairMoney. 

FairMoney, which has been offering credit via a lending app for four years, has transformed into a digital bank as a result of receiving a Microfinance Bank (MfB) license from the Central Bank of Nigeria (CBN).

Underbanked populations can get loans thanks to the app’s credit score system, which is based on information collected from smartphones

To confirm your identity and ensure you haven’t defaulted on prior contracts, they ask for your BVN. FairMoney has European data security requirements but never gives out customers’ BVN data to any parties.

FairMoney reports to all credit bureaus, including CIBIL, as required by law. Your CIBIL score will suffer if you don’t make your loan payments on time, which could prohibit you from getting future loans.


Blue Ridge Microfinance Bank Limited owns the OKash loan app, which is one of the apps providing quick and collateral-free loans to many Nigerians today. It is efficient for anybody to access credit anytime, anywhere. 

The app offers loans with repayment terms of 91 days to 365 days and amounts ranging from N3,000 to N500,000. The app asserts that its interest rate is between 0.1% and 1%, even though some customers have allegedly been charged rates higher than that

By the end of the rollover term, you will be in default if the loan balance and costs are still unpaid. Additionally, customers are threatened with alerting everyone on their contact list if they fall behind on their loan payments.

Again, it is worth knowing that many individuals are still perplexed by the ongoing cooperation between OKash and the OPay app. OKash in Nigeria is utilizing the OPay wallet to transfer payments to and from its users, claims Opera. However, OKash is a stand-alone app outside of Nigeria.


Branch is the world’s leading personal finance app that provides access to instant loans with no physical documentation. Branch was founded in 2015 by Daniel Jung and Matthew Flannery.

Branch is perhaps among the top loan apps available in Nigeria. With an interest rate of only 20%, they now offer one of the lowest rates. The fact that Branch does not charge a late payment fee, in contrast to other lending apps, is a significant change that sets it apart from other loan apps.

Once more, Branch makes it simple to make payments. A Mastercard or Verve Card is not required to make payments. Branch provides you with a virtual card that may be used for the same thing. One drawback of Branch is that you won’t be eligible for loans in the future if you truly miss the loan payback deadline. Thus, it is simply red.

We expect more digital loan apps to spring up. According to reports, many Nigerians are creditworthy and paying up their loans. Not many of the lenders are out of business, instead what has been the experience is a surge in the lending business. 

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