Top 5 Loan Apps in Nigeria 2023: our top picks

Still looking for the Top 5 loan apps in Nigeria? Loan apps in Nigeria have taken it’s place in the financial world. With the convenience and ease of access they offer, more and more Nigerians are turning to these apps to meet their financial needs. The rise of loan apps in Nigeria can largely be attributed to the increasing use of smartphones and the internet. 

Nigerians rely on loan apps for various reasons. For one, loan apps offer quick and easy access to credit without the need for collateral or a visit to the bank. This is particularly useful for those in urgent need of funds. In addition, loan apps often have more lenient requirements for borrowing than traditional banks. 

When choosing a loan app, there are several factors to consider. Interest rates, repayment terms, and eligibility criteria are all important. It’s also important to consider the reputation and track record of the app, as well as any additional fees or charges. 

So, which loan apps should you consider using? In the following sections, we’ll take a look at the top 5 loan apps in Nigeria in 2023.

Top 5 Loan Apps in Nigeria 2023

Loans have been an important aspect of personal finance for a very long time, and the introduction of loan apps has made it even easier for Nigerians to obtain loans. With the rise of fintech companies and the availability of smartphones, getting loans has become a seamless experience. Nigerians love to use loan apps because they are easily accessible and provide quick access to loans. 

Choosing a loan app can be a difficult task as there are so many options in the market. The key factors to consider when choosing a loan app are interest rates, loan amount, repayment period, documentation requirements, and processing time. 

Without any further delay, here are the top 5 loan apps in Nigeria for 2023:


Top 5 loan apps in Nigeria

If you’re a Nigerian looking for a reliable loan app, Carbon should definitely be on your radar. With over 2 million downloads, Carbon is one of the most popular loan apps in Nigeria. 

But popularity doesn’t always equal quality, does it? Well, in Carbon’s case, it actually does. Unlike other loan apps that boast a lot but deliver very little, Carbon lives up to the hype. 

The app has a simple and user-friendly interface, making it easy for anyone to use. And with features like no-collateral low-interest loans and the ability to pay utility bills, Carbon is more than just a loan app. 

Carbon (formerly Paylater) is one of the leading loan apps in Nigeria. It provides up to ₦500,000 loans, which can be repaid between 1-12 months. The interest rate for Carbon loans is between 5% to 15%. One of the unique features of the app is that it rewards users with higher credit scores with lower interest rates. The app is easy to use, and all you need to do is download the app from the app store, verify your identity, and apply for a loan. 

Carbon also offers a credit score that allows you to access loans of higher amounts once you’ve proven yourself to be a reliable borrower. 

So, if you’re looking for a loan app that actually delivers on its promises, you can give Carbon a try.


Top 5 loan apps in Nigeria

RenMoney is a lending platform that provides loans to individuals and small businesses. It provides loans up to N6,000,000 payable within a 9-24 month period. The interest rate varies from 4% to 4.5% per month, depending on the loan tenure. RenMoney requires a physical presence in the office for documentation; however, the loan is often processed within 24 hours, making it a quick and reliable option.


Next up on our list of loan apps to consider in Nigeria, we have FairMoney. This app promises “fair and instant loans” to users, but what sets it apart from the others? 

First, let’s look at some background information. FairMoney launched in India in 2017 before expanding to Nigeria in 2018. As of 2021, the app has over 1.3 million downloads on Google Play and has raised $42 million in funding. 

Now, onto the features of the app. FairMoney provides loans ranging from ₦1,500 to ₦500,000 with interest rates starting at 10%. The app also offers a loyalty program where users can earn points and unlock higher loan amounts and longer repayment periods. Additionally, FairMoney allows users to top-up existing loans, which can be useful for those who need a bit more cash. 

Finally, let’s talk about how to use the app. FairMoney requires users to create an account and provide some personal information. Once you’ve been approved, you can apply for a loan within the app. The process typically takes less than 5 minutes, and if approved, funds will be disbursed within minutes. 


Let’s talk about KiaKia, a loan app that operates on a peer-to-peer lending model. Interesting, right? 

KiaKia is a Yoruba word that means fast-fast. The app provides loans within a short time frame of 1 hour. KiaKia’s interest rate is between 5.6% to 24%, and it offers loans between N10,000 to N200,000 with a repayment plan between 7 to 30 days. The loan app requires no collateral, and its algorithm is designed to assess the creditworthiness of its users.

The app attracts users with its easy registration and loan application process, which can be done in under 5 minutes. 

Once approved, funds are instantly disbursed to your bank account, and you can repay the loan via bank transfer or debit card. 

Overall, KiaKia offers an innovative peer-to-peer lending model and a straightforward loan application process that is worth checking out.


Branch is an easy-to-use loan app that provides quick loans to individuals. It provides loans within ten minutes of loan application, with a loan tenure duration of 4-40 weeks. The interest rate is between 15% to 34%, depending on the loan tenure. The app requires no collateral, and it’s easy to use.

Branch is a loan app that has made a name for itself in Nigeria. With over 10 million downloads, it has become one of the go-to apps for quick and easy loans. 

Background information about Branch reveals that the app operates in Nigeria, Kenya, Tanzania, and Mexico. Hence, it’s definitely not a Nigerian only app, but it has a presence across Africa and Central America. 

Features of the app include a fast and easy registration process, no hidden charges or fees, and loans can be disbursed within minutes of approval. Users can also increase their credit limit by repaying loans on time and referring friends to the app. 

Wondering how to use the app? Simply download it from the app store, register with your personal details, and apply for a loan. Once approved, the money will be disbursed to your account within minutes.

Overall, while Branch may not be as popular as Carbon or RenMoney, it certainly doesn’t lag behind in terms of functionality and providing instant loans. So if you’re looking for a loan app that is fast and reliable, Branch might just be the app for you.


So, which of the Top 5 loan apps in Nigeria is best suited for your needs? It ultimately depends on what you’re looking for. If speed is your priority, then Carbon is a great option as their loan disbursement is incredibly fast. On the other hand, if you’re looking for more flexible repayment options, then RenMoney might be the way to go. FairMoney offers larger loan amounts, while KiaKia focuses on small loans. Finally, Branch stands out with its credit score building feature.

Overall, loan apps have revolutionized the borrowing experience in Nigeria. They have made it easier, faster, and more accessible. With the options available, it’s important to find the app that best suits your individual needs. So, go ahead and explore the world of loan apps, and find the one that works best for you.