10 Best Loan Apps in Nigeria: Borrow Without Stress and Collateral

Loan acquisition in Nigeria has gone past standing on long bank queues to a simple online Phone application designed to grant loans in a couple of minutes or seconds.

When you are almost at the margin line, separating you from those who have, and those who don’t have, and you need instant cash to stock up a business or fund an investment, this is where these loan apps come in.

We understand there are numerous digital banks out there as they are commonly called, and so when making choices on the platform to choose, credibility, authenticity and national reputation has to be taken note of, in order not to get oneself into unplanned trouble.

On this note, we bring you a list of trusted digital banks, so as to guide your loan acquisitions.

How To Get Started

Collaterals are the least possible consideration, when it comes to accessing loans from this apps, all that is needed is you Following this simple steps:

  1. Download the app on Google play store or any other store, depending on your device.
  2. Upload these very important details about yourself: NIN, BVN, Bank details, passport photograph.
  3. Start applying after filling up all the necessary requirements.

Trusted Best Instant Loan Apps in Nigeria


Branch is one of the leading loan apps in Nigeria known for delivering instant cash as research on customers feedback shows.

Top notch features the branch app offers include: Instant access to a loan of half a million naira, money transfer for free without extra charges, an investment yields of 20% per annum and lots more.

Fair money

FairMoney follows up on our list, trusted nationally to loan amounts ranging from ₦1,500 to ₦1,000,000 with repayment coming in 61 days to 18 months at monthly interest rates that ranges from 2.5% to 30% depending on the loan acquired.


Formerly, it used to be known as Paylater, seeing how that the principle runs on borrowing, and repaying later as at when due.

Meanwhile, loaning grows progressively, as one is able to Meet up deadlines for repaying small loans, he can be trusted with larger funds.

Alat by Wema

No collateral needed, no physical meeting arrangements with any agent, no paperworks, just you and your smart phone, you can start accessing loans instantly on Alat by Wema, as loan disbursement is in minutes. You can now borrow as much as N2,000,000 (Two million naira) without collateral.


Lendigo as a digital lending platform, is designed to meet the interest of Small Medium Enterprises (SMEs). Very easy, fast and reliable for SMEs to access working capital and other materials to boost their business ventures.

Business owners can apply for up to a loan of ₦10million in a matter of Minutes at low Interest Rate.


Formerly going by the name kwikmoney, migo is presently one of the apps known to for it’s accountability and reliability in disbursing loans.

Amounts ranging from N10,000 to over N500,000 can be obtained as loan.

Access More

Been an offshoot, or if you like an extension of Access Bank Plc, it’s a banking app that gives PayDay loans to its customers among other things.

As is the case with others already mentioned, it is trusted and reliable, however, the stark reality is that services are only available to Access bank Customers.


The umba app is known to be one of the leading digital bank in Africa. The app allows users to apply, drawdown and repay loans directly from their smartphone or desktop computer.


In need of an instant personal or business loan ? You can borrow from ₦6,000 to ₦6,000,000 and repay in 3 to 24 months on Renmoney.

Quick Credit

With Quick Credit, in a matter of minutes of application and approval, the loan applied is immediately transfered to your bank account.

Here we have it, all stacked up for you to access anytime you need a loan. But remember to always apply for loans responsibly, and avoid incurring unnecessary debts.

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