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Top 20 Best Loan Apps In Nigeria 2022 for Instant Loans



Top 20 Best Loan Apps In Nigeria 2022 for Instant Loans

In this article, ENigeria Newspaper highlights Top 20 Best Loan Apps in Nigeria 2022 as well as steps to follow when applying for a loan.

The article also analyzes what each lending platform is best known for and why they are the 20 “Best For” Picks In 2022. You are therefore in the right place if you need an instant loan for your financial emergency.

There are quite a number of complaints we have received from customers about the unethical practices by fraudulent and illegal online lending platforms, and we have decided to change the narratives by making our own recommendation from customer feedbacks and practical experiences of our own top 20 “best for” picks for quick lending in Nigeria.

The makeup of this carefully selected list are in our opinion the most legit instant loan apps in Nigeria in 2022 for emergency cash loans, for low interest, with the highest loan amounts of up to N100,000, to N200,000 and even more, for business loans and generally considered by customer feedback and reviews as most reliable and reputable.

These recommended digital lenders are dependable, are reachable and operate fast loan processing procedures with no need of collateral, documentation or guarantors, to meet your emergency demand for funds and urgent financial obligations.


There are many lending platforms and digital banks out there and you may be tempted to contact just anyone that comes handy. However with the threatening and defamatory messages from many fake loan apps and loan sharks these days, it may be necessary to only patronize platforms that are customer friendly and wont compromise your private data to unsolicited public and practice only high ethical lending standards.

Complete List of Top 20 Loan Apps in Nigeria 2022

ENigeria Newspaper presents below a comprehensive list of Top 20 Best Loan Apps in Nigeria 2022 (And What Each of Them Are Best For!).

1. Branch — Best Overall
2. Carbon — Best for Building Credit Score
3. FairMoney — Best for Highest Loan Tenure
4. Aella — Best for Easy Loan Processing
5. Umba — Best for Low Interest
6. Renmoney — Best for Microfinance Bank Loan
7. QuickCheck — Best for Customer Data Privacy
8. Alat By Wema — Best for Salary Earners
9. Lendigo — Best for Small Business Loans
10. Quick Credit — Best for Good Customer Service
11. Access More — Best for Payday Loans
12. Specta — Best for Non-Salaried Individuals
13. Lidya — Best for High Amount Business Loans
14. SukFin — Best for Indirect Lenders
15. Money In Minutes — Best for Fast Loan Processing
16. Migo — Best for Quick Lending Decision
17. Coolbucks — Best for Monthly Instalment Loans
18. GTWorld QuickCredit — Best for Account Holders
19. Page Financials — Best for Financial Inclusiveness
20. Moneypal (Zedvance) — Best for Rapid Disbursement

Top 20 Best Loan Apps In Nigeria 2022 for Instant Loans


1. Branch Loan App — Best Overall

With over 10 million downloads on Google Play Store, Branch lending platform is the overall best loan app in Nigeria and our top pick for low interest, fast and emergency loans in 2022. Branch’s 2.5% to 20% monthly interest is the most competitive obtainable in the quick loan industry. The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.

The money lending app makes it easy for borrowers to get quick loan of up to ₦500,000, to transfer money for free, and enjoy investment yields of 20% per annum. You can simply apply through the Branch app and get approved in under 24 hours.


Branch don’t charge late fees or rollover fees, nor put restrictions on how you spend your money, and our customer support team is available 24/7. If you ever needed loan apps in Nigeria for instant cash that are reliable, this is one of your best pick.

How to borrow from the Branch instant loan app.

Requirements to borrowing money from Branch are simple – all you need to apply is your phone number or Facebook account, bank verification number (BVN) and bank account number. They will also request access to the data on your phone in order to build your credit score. Simply follow the steps below:

1. Download Branch on your Android device from the Google Play store.
2. Fill out the short form and send it in for a rapid evaluation to create your account.
3. When you fill out an application for a loan, the money will be paid directly to your bank account or mobile money within minutes.
4. Repay the loan using your smartphone and improve your credit score to access more significant loans in the future.
To Apply for a Loan from Branch, CLICK HERE.

2. Carbon Instant Loan App — Best for Building Credit Score

Carbon, formerly known as Paylater, is the second-best instant loan app in Nigeria in 2022 and the best pick for customers willing to build positive credit score across the nation. It has gathered over 1 million downloads on Google Play Store since it was unveiled.


With Carbon, you can borrow up to N1 million (One Million Naira) without collateral, guarantors, or paperwork. At your first try, you may not be able to access big cash, you start by borrowing small, and paying back as at when due, thus gradually building good credit history which eventually makes you to have access to bigger funds.

With these mouthwatering features, the Carbon Loan App has become the second best overall loan app in Nigeria.
How to borrow from the Carbon loan app.

The platform is available 24/7. You can apply for instant cash on weekends and holidays and get your loan approved. Just following the simple steps below:

1. Install the Carbon application from the Google Play Store or the App store.
2. By giving your information, you get closer to gaining access to financing. It is secure and safe.
3. Carbon will evaluate your application and inform you of your eligibility when you’ve specified the amount you want to borrow.
4. Once accepted, Carbon will immediately deposit the cash into your account.
To download the app on Google Play Store CLICK HERE.


3. FairMoney Loan App — Best for Highest Loan Tenure

FairMoney digital platform is the third best loan app in Nigeria in 2022 and it has the exceptional quality of granting higher loan tenure than many other similar lending applications. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods tenure ranging from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).

However as good as FairMoney loan app is, the application has a very high interest rate that is consodered unfavourable to a large chunk of customers and borrowers.
To authorise a payback debit, you need to link your card or bank account and give your BVN information during the loan application process.

Due to the legislation, if you attempt to default on the loan, you risk losing your FairMoney account, getting blacklisted and a credit report sent to CRC and FirstCentral.

How to borrow from the Fairmoney instant loan app

1. Download and install the app using the installation buttons above
2. To get a loan offer, you’ll need to register using the phone number connected to your BVN and answer a few questions.
3. If you agree to it, your loan will be sent directly into your bank account of choice.
You can download the FairMoney app on Google Play Store.  CLICK HERE


4. Aella Instant Loan App — Best for Easy Loan Processing

Aella otherwise called Aella Credit exists to simplify and open up financial access for all in emerging markets by leveraging technology and widespread mobile adoption for Nigerian borrowers. It is our “best lending app pick” for easy loan processing for consumers in 2022 and by implication the fourth best loan app in Nigeria.

With the position of the 4th best loan app, Aella Credit has a rich history of innovation and was the first digital lender to pilot in Africa’s biggest market.

The lending platform offers loans at low-interest rates and demands no late fees. It allows borrowers to build their creditworthiness via prompt loan repayment in order to qualify for larger loan amounts and reductions.
The mission statement of the credit company is to help customers build financial independence by providing access to simple products; quick loans, instant cash, investment opportunities and bill payments. And this organization does it seamlessly.

How to get loan from Aella Credit loan app

1. Download and install the app on your smartphone.
2. Create an account.
3. Complete all required fields with valid and relevant data.
4. Click the “Check Eligibility” button to find out how much you may borrow.
5. Apply for a loan that meets your needs.
6. Obtain money in your Aella Wallet.
You can download Aella Credit app on Google Play Store by clicking here.
You can download Aella app on App Store CLICK HERE.


5. Umba — Best for Low Interest Among Top 20 Best Loan Apps in Nigeria 2022

Umba is the best loan app pick in Nigeria for no late fees, no rollover charges and no origination fees in the year 2022. The lender prides itself as the leading digital bank in Africa. With it, users can apply, drawdown and repay loans directly from their smartphone or desktop computer.

As the 5th best loan app in Nigeria, Umba does not impose late fees or rollover costs, and you may have access to larger loans, reduced rates, and more flexible payment terms as you repay. It uses your phone’s data, including your SMS history, to authenticate your identity and generate a credit score, making obtaining a personal loan straightforward.

As one of the best loan apps in Nigeria, Umba also ranks among Nigeria’s most secure, as they prioritise your privacy and pledge never to share your information with other parties.

Features of Umba Loan App

1. Umba quick loan puts you in control of your finances. The Umba app lets you apply for credit on the go and it works 24/7.
2. No paperwork, collateral or office visits needed
3. You can use your Umba loan to send money directly to your M-Pesa account, to merchants, or utility providers
4. No late charges or rollover fees
5. Get access to bigger loans, lower fees, and flexible payment terms as you repay
6. Loans are approved and disbursed quickly


How to borrow from the Umba instant loan app

Once an individual is verified, it makes lending decisions based on an assigned risk rating.
1. Download and install the app using your smartphone
2. Create an account
3. Apply within minutes.
4. Receive an Umba Loan
5. Increase your borrowing limit whenever a loan is repaid on time.
You can download the Umba app on Google Play Store. CLICK HERE.

6. Renmoney — Best for Microfinance Bank Loan

Renmoney is the 6th on our list of top 20 best loan apps in Nigeria and “best pick” for microfinance bank loan in 2022 across the country. The platform has its head office in Lagos.
You can get a quick loan on the Renmoney app in just a few steps. Renmoney quick online loans are for employed or self-employed people as well as business owners. So, if you need an instant personal or business loan, you can borrow from ₦6,000 to ₦6,000,000 and repay in 3 to 24 months.

How to borrow money from the Renmoney loan app

1. Download and install the app using your smartphone
2. Choose your loan amount & tenure then share some relevent information about yourself
3. Verify the information that you’ve provided
4. Sign your documents and get the money in your bank account within 24hrs, if your loan is approved.
You can download the Renmoney app on Google Play Store. CLICK HERE

7. QuickCheck Loan App — Best for Customer Data Privacy

QuickCheck is the 7th best loan app in Nigeria and our best pick for customer data privacy and protection in 2022. The app uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications.
In this era where many loan apps indulge in unethical banking practices relating to data breach, QuickCheck loan application stands tall for instituting best lending practices to ensure customer data privacy. The app will never share your contacts and information with third parties.


This is because the Quickcheck app is PCI DSS-compliant to provide the highest levels of data protection. If youdefault on a loan, the National Credit Bureaus will classify you as a high-risk borrower, making it more difficult for you to get credit in the future.

A QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. However as you stay loyal and make repayment as at when due, you should be able to get an interest rate as low as 1% per day, making the digital lender one of the market’s lowest interest rates. However, processing a loan request takes over 24 hours, making QuickCheck a non-competitive lender when it comes to evaluating the fastest loan apps in Nigeria.

Loans range from ₦1,500 to ₦500k with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. (APRs from 30% to 260%).
Once you apply, your credit score will be instantly evaluated and let machine learning decide if you qualify. All applications MUST be completed on your android device.

How to Apply For A QuickChek Loan

You can begin your application by downloading the QuickCheck app from the Google Playstore. After downloading the app, sign in with your Facebook email address and password and fill the provided fields correctly. If you live in Nigeria, need quick cash to settle emergencies and have an android device, all you have to do is:


Step 1: Download and install the loan app using your smartphone
Step 2: Sign up to create an account
Step 3: Apply for a collateral-free loan in less than one minute
Step 4: Credit scoring using our algorithm will be carried out (no collateral needed)
Step 5: If eligible, the cash loan will be credited into your account within 24 hours.
If you are not eligible, you will be required to apply again.
To apply for QuickCheck loan on Google Play Store, CLICK HERE.

8. Alat by Wema — Best for Salary Earners

Alat By Wema is one of the leading instant loan apps in Nigeria and it is best platform for salary earners looking for quick cash loans without paperwork or collateral. Loans are available to all Alat customers via Alat App or the website.
As with everything else on ALAT, you can now apply for a quick loan without collateral or paperwork, no visitation to any physical location, and response time between acceptance of offer and loan disbursement is in minutes. You can now borrow as much as N2,000,000 (Two million naira) without collateral.

How To Apply for A ALAT By Wema Loan

1. Login to ALAT or sign-up if you do not have an account
2. From the menu items, click on ‘’Loans’’
3. Read through and understands the ALAT disclaimer
4. Upon successful credit evaluation and checks, a loan offer is presented with duration and applicable interest based on the user’s current risk score
5. Accept the Terms & Conditions which will contain consent to having your account debited for repayment at loan due date and provide your debit card details to be debited.
6. Your account will be immediately credited.
To download the app on Google Play Store for android devices, CLICK HERE.
To download the app on Apple Store for iOS devices, CLICK HERE.

9. Lendigo Loan App — Best for Small Business Loans

Lendigo digital platform prides itself as Nigeria’s No 1 SME Finance Provider and it is arguably the best loan app in Nigeria for small businesses. The platform offers Nigerian small and medium scale businesses (SMEs) easy, fast and flexible access to working capital according to their business requirements and suited to their finance needs.
If you are a small or medium scale business (SMEs) owners that provide retail and professional services as well as traders of general merchandise such as electronics, computing, phones, fashion & apparel, household goods among others, then you can apply for Lendigo loan in minutes and get it processed for you.


How to borrow money from the Lendigo loan app

1. Download the app from Google Play Store with your smartphone
2. Register and Complete your Personal Profile
3. Submit your Business and Financial Details
4. Make a Loan Request
5. Get a Loan Offer based on your details
6. Once you accept the loan offer, your Account is credited.
To Apply for Lendigo Loan, CLICK HERE.

10. Quick Credit  Loan App — Best for Good Customer Service

Quick Credit is one the best lending platforms and instant loan apps in Nigeria giving customers fast and emergency loans. The platform which is best for good customer service strives to provide borrowers and mobile users with convenient lending and quick loan services.

With simple steps and minimal documentation, Quick Credit loan applicants can get qualified loan products which is 100% online process. Once approved, the loan amount will be immediately transferred to the applicant’ s bank account.
Product Features of Quick Credit Loan App.

1.Tenure: From 91 days to 365 days.
2. Loan Amount: From NGN.1,500 to NGN.50,000.
3. The maximum Annual Percentage Rate (APR) is 36%.
4. Origination fee: From 1% to 9%.
How to borrow money from Quick Credit Loan App
1. Register through the app’s website, their MoneyPal app or by chatting Zee on Whatsapp
2. Fill out our brief application form with your information and we’ll review your application within Five (5) minutes.
3. Once approved, funds are typically received within 5 minutes.
You can download the Quick Credit app on Google Play Store. To download, CLICK HERE.


11. Access More — Best for Payday Loans

The Access More App is owned by Access Bank Plc and it’s a banking app that gives payday loans to its customers among other things. It’s the 11th on our list of leading loan apps in Nigeria in 2022. Only limitation is that the services are only available to account holders of the bank, therefore you need to open an account to benefit.
To download the app on Google Play Store for android devices, CLICK HERE.

12. Specta — Best for Non-Salaried Individuals

Specta is an online lending platform that gives you loans of up to 5 million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office. It is our 12th reviewed loan apps in Nigeria and our “best pick” for non-salaried individuals in 2022.

With Specta, you can take care of urgent personal and business needs anywhere, anytime. The Specta4individuals package is particularly tailored towards accessing a personal loan of up to N5 Million without collateral in 5 minutes.
To apply for a Specta Loan, CLICK HERE.

13. Lidya — Best for Highest Business Loan

Lidya is a USA holding financial institution though operating its arm in Nigeria while providing instant small business loans without collateral across the country. The company is spread across 3 continents and 5 countries which are USA, Portugal, Nigeria, Poland and Czech Republic.


Lidya grants instant credit between N50,000 to N30m to small businesses in 24 hours. Little wonder we choose this platform as our “best pick” for highest business loan amount in 2022.

How Lidya Loan Works
To assess credit risk, Lidya SME loan uses close to 100 data points to evaluate businesses, build a credit score unique to each business, and disburse loans in 24 hours or less.

The following are the processes to access Lidya small business loans
• Use your bank statements to get your loans
• Upload your transaction history. Upload your data quickly and safely in our platform. Your data will be analyzed in 24 hours.
• Understand your transaction data. Have a record of all your transactions that you can access online, anytime and anywhere.
• Be qualified for a loan. If your business needs more working capital to grow, this is the premier option for you.
• Get loans. Get access to funds immediately!
To Apply for a Lidya Business Loan CLICK HERE.

14. SukFin — Best for Indirect Lenders – Among Top 20 Best Loan Apps in Nigeria 2022

SukFin is our 14th pick in our comprehensive list of best instant loan apps in Nigeria for 2022, providing a free and easy way for SMEs in Nigeria, to research and find finance for their businesses. The organization employs the use of tech and expertise to match SMEs with a variety of lenders — giving access to a number of funding products across Nigeria. It’s easy to apply and as long as you provide them with requested information — funds can be in your account quickly and instantly.
How SukFin Small Business Loans Without Collateral Works


• 1. Tell how much money you need and what it’s for
• 2. SulFin will match your requirements with their lenders
• 3. They will get your loan approved and your small business financed
The company works with numerous lenders across the whole business funding market. They claim to have helped many of their customers find unsecured loans, invoice financing, equipment leases, startup loans and more.
To apply for SukFin Small Business Loan, CLICK HERE.

15. Money in Minutes — Best for Fast Loan Processing

Money in Minutes is our 15th pick on the list of top instant loan apps in Nigeria and our “best for” fast loan processing in 2022. The platform is managed by MIM Finance Company, a UK-originated lending platform with presence across three (3) continents and Nigeria’s 1st Credit Membership that gives instant cash.
The platform has a robust and wide range of products to help you access affordable finance for various needs and purposes.
To apply for a Money In Minutes Loan, CLICK HERE.

16. Migo — Best for Quick Lending Decision

Migo (formerly kwikmoney) is a cloud-based lending platform and the 16th on our list of top instant loan apps in Nigeria and best for quick lending decisions. The app strives to ensure your online loan request enters your account (or the account of the merchant you are paying) right after you complete your application session.

Migo loan amounts range from N10,000 to over N500,000 but limited to N50,000 for a new customer. You do not need any collateral, guarantor or documentation to request a Migo loan.


All you need is an android phone, your banking details including BVN and a complete online application form.
You can also get a Migo loan by dialing *561# for MTN, 9mobile, and Glo or *554*561# for Airtel. From the list, select “Request Loan” to see a list of your customized loan offers.
To apply for a Migo loan, CLICK HERE

17. Coolbucks — Best for Unsecured Monthly Instalment Loans

Coolbucks makes the 17th position on our list of top 20 best instant loan apps In Nigeria for 2022. The online lending platform is best for unsecured monthly instalment loans without collateral within minutes of completing your application.
Depending on your profile, Cool bucks can disburse within 5 minutes to 24 hours of completing our application. The platform provides you up to N5,000,000 within minutes.

The platform also offers small ticket loans from N15,000 to low-income customers and up to N5,000,000 to high income customers. Borrowers can access loans within 30 minutes maximum. To download CLICK HERE.

18. GTWorld Quick Credit — Best for Account Holders

With GTWorld, you have a mobile and banking loan app for instant cash that is designed to cater for your banking and money needs. However, to enjoy its services, you first have to open an account with the bank. The platform is our 18th pick and it is best for bank account holders seeking instant loan apps in Nigeria in 2022.
Key Features:


• Login and complete your transactions using your face, fingerprint or a 4-digit PIN.
• Check your account balance; transfer money within your accounts and buy airtime; all without having to sign in.
• Turn your contacts into a beneficiary list; send money to someone using just their mobile number.
• Apply for loans and set savings target right from your phone.
• Send your Account Statements to your email or to an embassy of your choice.
You can download the GTWorld app on Google Play Store, CLICK HERE.

19. Page Financials — Best for Financial Inclusiveness

Page Financials is one of the best instant loan apps in Nigeria for financial inclusiveness in 2022 with its varying financial and investment products. It is licensed by the Central Bank of Nigeria (CBN) with over 6 years’ experience in providing cutting edge digital solutions.

The organization provides instant cash once your loan is approved, it also provides investment and other financial services through its various channels including internet and mobile app platforms. Its outstanding products and services are created to suit the financial requirements of its diverse clientele.
To apply for Page Financials Loan, CLICK HERE.

20. MoneyPal (Zedvance) — Best for Rapid Disbursement

MoneyPal, a lending platform owned and managed by Zedvance Limited is our “best pick” for quick and rapid disbursement in 2022.


The consumer finance company offers loan packages that cater to all your financial needs regardless of what they may be. The company claims an eligible individual or small business can get up to N5million quick loan in 5 hours. Customers can enjoy loan tenors up to 24 months at Annual Percentage Rate (APR) of 34.8% – 365%.
To apply for MoneyPal loan, by downloading the app on Google Play Store, CLICK HERE.

Now that you have seen the Top 20 Best Loan Apps in Nigeria 2022, kindly bookmark this new site for more doses of Nigerian News, Naija News, Business News, Breaking News and Investigative reports.


Culled from Quickloan Arena

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