Best Loan App In Nigeria That Grants Loan Without Any Collateral : Current School News

Best Loan App In Nigeria That Grants Loan Without Any Collateral

Filed in Articles by on April 28, 2021

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Most often, many individuals and business owners might need some extra cash to in handling some financial issues around them. In times like this when all means of getting money have been exhausted, the best alternative is to consider getting a quick and easily affordable loan online.

Best Loan App In Nigeria

The process of accessing the Best Loan App In Nigeria is quite lengthy and tedious for any individual that is only looking to access a small amount of loan for only a short period of time.

Which are the most reliable loan apps in Nigeria to get funds right on your android smartphone or iOs? Millions of Nigerians have lost all or part of their income because they can’t work most especially during this global pandemic.

In case you don’t have an emergency fund and are struggling to make ends meet don’t worry, you’re not alone in this financial stress.

Loan Apps in Nigeria Providing Quick Loans Without Collateral

The following are apps/platforms where you can get instant access to loans. you can click on any one to jump to the section.

  1. Loanspot

Loanspot is one of the online lending platforms in Nigeria that provides users with instant online loans in Nigeria. The goal of this platform is to make it easier for businesses, entrepreneurs, and everyday individuals to have access to credit that would enhance the quality of their livelihoods.

In fact, as at the time of this article, Loanspot has helped over 180,000 individuals get access to information on credit products.

  1. Renmoney

Renmoney is one of the loan companies in Nigeria that provides micro-business loans up to N4 million. To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments.

The minimum loan amount is N100,000 while the interest rate is 2.8% per month.

  1. Carbon

Paylater also known as carbon or getcarbon is a loan app that makes it easy for you to control your finances with a few clicks by providing loans for individuals and small business owners alongside making it easier to invest your money online.

Carbon is one of the FINTECH companies that enable you to also save money from all bank transactions you carry out.

Best Loan App

  1. Branch

Branch loan is an online quick loan platform that offers quick loans to users of the Branch loan app.

Just like the other loan app listed here, Branch does not require any collateral to get loans. All you need to get a loan on Branch is your phone number or Facebook account, bank verification number, and bank account number.

  1. Aella Credit

Aella Credit is an app-only platform for getting quick online loans in Nigeria. It is designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly. Aella Credit is available in Ghana, Nigeria, and the Philippines. Like other platforms, the Bank Verification Number is one of its requirements. Its loan tenure spans between 1 to 2 months.

  1. Fairmoney

FairMoney is a licensed loan app that offers quick loans to cater to needs like bill payments. It requires your Bank Verification Number and your debit card to obtain a loan (from ₦2,500 to ₦150,000).

Loan interests on FairMoney start at 5% and can grow up to 28% depending on how much you are borrowing. Also, it runs a loan term duration of 4 – 26 weeks.

  1. Migo

Kwikmoney is a quick loan app now rebranded to Migo. Migo offers a simple platform to enable users to apply for loans through their website.

To get a loan at Migo, visit the Migo loan portal and enter your phone number, upon which you will be asked the amount of loan you are requesting, and then enter your bank details for easy deposit of the loan. This is also simple to use and doesn’t require you to download any app. All processes will be carried out on the website.

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  1. Kiakia

KiaKia is a mobile web app that gives you access to personal and small business loans and also enables savers to lend out funds at negotiated interests through intuitive conversations.

KiaKia utilizes psychometry, big-data, machine learning, and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.

  1. QuickCheck

QuickCheck provides up to NGN 500,000 instant loans online in minutes in Nigeria. As a first-time user, however, you can only access up to N10,000 for a period of 30 days.

Their repayment terms state that early repayment of loans guarantees lower interest rates and higher amounts. Additionally, interest on loans is only paid for the number of days you use the loan.

loan apps in nigeria


  1. Sokoloan

Sokoloan, also made it to our list of online loan apps in Nigeria. Sokoloan is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses and urgent needs.

For online loans in Nigeria without collateral, fast loans, and quick loans in Nigeria, download and apply for Sokoloan.


There are several other channels that can be used to access some Best Loan App In Nigeria without any collateral provision. However, it is clear that fintech businesses are leading when it comes to accessing instant loans and answering the question ‘where to borrow money in Nigeria’ with platforms like Quickteller Loan, Page Financials, and Palmcredit Loan.

There you have it. The list of the Best Loan App In Nigeria for quick loans online. The best loan apps as we have said depending on your need and the requirements for the loans.

So go ahead and try any of these loan apps out.

CSN Team.

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