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Best Personal Loans In Nigeria

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The very best personal loans in Nigeria grant urgent online loans directly to your preferred bank account in less than 10 mins.

There are many ways you can get the best personal loans in Nigeria. You can get an online loan in as little as 24 hours, or even less than 5 minutes depending on the loan app.

Many lenders offer loans in a matter of hours. We thought it would be helpful to add a platform where you can review requirements and compare interest rates from more than 50 loan applications in Nigeria.

Personal Loans In Nigeria
Personal Loans In Nigeria

Technology is disrupting traditional financial institutions. Innovative digital services are simplifying the process of borrowing.

Let’s look at the best personal loans in Nigerian agencies in no particular order. This list was compiled based on the popularity and acceptance of loan organizations in Nigeria. It is important to note that there aren’t hidden fees and that you can compare loan offers from different online lenders.

Some lenders will require you to have good credit before you can get a loan.

Personal Loans In Nigeria Without Collateral

Below are the personal loans in Nigeria that allow you to quickly access all types of loans in Nigeria. To jump to the appropriate section, click on any of them.


1. Loanspot

Loanspot is one of the personal loans in Nigeria. It offers instant loans. This platform aims to make it easier to access credit that will improve the quality of your livelihoods, for entrepreneurs and businesses.

This platform is designed to enable you to compare loans from various lenders in Nigeria. This platform has the amazing advantage of connecting you with lenders that meet your needs.

This marketplace model was used to prototype the platform. Loanspot is a similar service to Uber that allows you to get affordable transportation by clicking a button.

Loanspot has assisted over 180,000 people to access information about credit products as of the writing of this article.

App Features

The Loanspot app was not available at the time this article was written. The app will be available in a few minutes on both the iOS and Google Play stores.

2. Renmoney

Renmoney offers micro-business loans of up to N4 million. Renmoney SME loans are available to businesses that have a strong income statement and regular monthly earnings. The minimum loan amount is N100,000. The interest rate is 2.8% per month.

The platform makes it easy for capital-intensive companies like the realty company in Nigeria to get access to funds.

App Features:

  • All Renmoney Services Instant Access These services include investment, quick loans, savings, and short-term loans.
  • You can transfer money from Renmoney to other bank accounts using the app
  • The size of the Download is 7MB


  • Renmoney’s loan app is responsive and offers a great user experience.
  • Convenient, secure
  • They use the highest security and privacy standards to design the app.
  • The app makes it easy to apply for a loan.


  • After submitting a loan application, there is no way to cancel it.

3. Carbon

Carbon loan was once known as pay later. This lending platform allows you to get a loan within minutes in Nigeria. This 3-year-old lending app boasts of being “a simple digital finance management platform” that offers instant online loans to cover unexpected and urgent cash needs.

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To determine the value of your loan, the platform will access your Bank Verification Number. The loan amount can be up to N20 million, while the interest rate can vary. 

Carbon can be accessed on the internet and via mobile apps (Android or iOS). The rates vary from 5 to 15% depending on how long you have to repay the loan and how much money you want.

Carbon is not only one of the most reputable personal loans in Nigeria but also offers a platform for customers to recharge their airtime, transfer money, and pay their bills.

App Features:

  • Transfer funds to any Bank in Nigeria at no cost
  • Instant Access to Carbon Services. These include loan options from N1500 to N1 Million, investment, bill payments, and savings.
  • Savings: 11% Interest
  • Downloadable on the Google Play Store and the iOS App Store. The download size is 21MB


  • Carbon Financial Services are available 24/7 on the app
  • Approve for a loan quickly and securely
  • Bank transfers are quick and easy to do.


There are bugs in the app. Fortunately, most bugs are fixed by an app update.

4. Branch

Branch Loan offers fast online loans in Nigeria. With a repayment period of 4 to 39 weeks, you can access loans ranging from N1,000 up to N200,000 in as little as 24 hours.

Because of its operation, it is undoubtedly one of the most trusted loan apps in Nigeria. The interest rate ranges from 15% to 34%.

Borrowers don’t require collateral or income-generating assets to obtain a loan. The cost of Branch lending and the repayment history of the lender are two factors that determine interest rates.

Branch makes it possible for Nigerians without collateral or physical engagement to get loans anywhere in Nigeria.

App Feature

  • In 5 minutes, you can get loans quickly and easily
  • Bill Payment feature. You can pay your electricity bills and airtime recharge.
  • Aella care. Mobile app access to health insurance
  • Aella Notes. The app allows you to invest and receive returns of up to 26%
  • You can download the app from both Google Play Store and Ios Store. The app is 5.3MB in size


  • It is simple to use, especially for first-time users.
  • Transfers are made without the need to pay an agent or convenience fee.

6. FairMoney

FairMoney offers fast loans to help with bills and other financial needs. To obtain a loan, you will need your Bank Verification Number (or your debit card) and your N2,500-N150,000 limit. FairMoney loan interest rates start at 5% and can rise to 28% depending upon how much you borrow. It has a term of between 4 and 26 weeks.

FairMoney will reduce your interest rate if you repay your loan by the due date.

App Features:

  • Fair money Loan Options: Quick and easy access
  • Send money to any bank account in Nigeria
  • Account number. This app will allow you to get an account number that you can use for receiving money from any Nigerian account.
  • Pay your bills


  • The app makes loan processing seamless and easy
  • It is simple to use, even for first-time users.
  • Nice user interface

7. Migo, formerly Kwikmoney

Migo Loan was created by a partnership of companies, banks, and other technology companies. It is a platform that allows you to get a loan quickly in Nigeria. You can get up to N500,000 in instant collateral-free loans by providing your Bank Verification number (BVN), and your account number.

Migo’s loan services can be accessed via the web interface or through the loan app. You can also use the Migo USSD Code if you don’t have an internet-enabled phone.


Migo charges 5 to 15% depending on the amount of money borrowed and you must repay within 14 to 30 days.

It offers innovative financial services to the mass retail segment that is financially underserved. It’s a simple, digital-finance-management platform that provides fast cash loans to help cover unexpected expenses or urgent cash needs.

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8. Lidya

Lidya is a leading loan company in Nigeria. It was founded in November 2016 to address the growing credit gap in Nigeria.

Lidya allows businesses to apply for loans online or by mobile. They can receive a decision in a matter of hours, provided all requirements have been met.

Lidya offers loans starting at N150,000 with an interest rate of 3.5% per month.

App Features

  • Simple and intuitive design
  • A system that responds quickly
  • Option for finance management

Who is eligible?

Individuals or businesses that have shown steady cash flow for the past six months


  • Access to easy loans
  • Quick disbursement time
  • There are no collaterals or guarantors needed


  • Your credit score is a major determinant of the maximum loan amount. It is therefore usually quite low.

9. Kiakia

KiaKia Loan allows you to get a loan in Nigeria for an individual or business. Sterling Bank Plc is the platform’s backer. The lending platform allows savers to lend money at negotiated interest through intuitive conversations. The minimum loan amount is N50,000 and the interest rate per month is 3.5%.

App Features

  • Amazing P2P lending opportunities
  • Rapid response and quick loan approval

Who is eligible?

To be eligible for a Kia Kia Loan, you must meet these requirements:

  • Be a resident of Nigeria
  • Over 21
  • The applicant must have a Bank Verification Number (BVN), and a bank account at a major stream commercial bank.
  • Documentation of income source (paid work or business)
  • Employed applicants need to have valid identification, including a Work ID.
  • Bank statements or screenshots from alerts can be used to prove income for the past 6 months.


  • Rapid loan disbursement time
  • Apply for a loan quickly
  • There are no collaterals or guarantors needed


  • Only those with steady income or employment are eligible for loans
  • The maximum loan amount you can borrow is dependent on your income and level of employment

10. Social Lender

The social lender offers a loan solution that is based on your social reputation via mobile, online, and social media. It provides immediate access to funds for those with limited credit.

Social Lender assigns each user a score for their social reputation using its proprietary algorithm.

App Features

  • Version: 1.3.0
  • Last Update: 19 April 2021
  • Downloads: 10,000+
  • Download Size: 11.50MB
  • The app is available for iOS and Android

Who is eligible?

Applicants must have a high social reputation score. This is assessed by connecting your social media accounts with the app


  • This allows you to get quick loans
  • The mobile app makes it easy to apply
  • Option to apply for USSD
  • There are no collaterals or guarantors needed


  • To rate you, the app will need access to your social media accounts.
  • The maximum loan amount is N10,000
  • Your social reputation is key to your ability to borrow more.

11. QuickCheck

QuickCheck is one of the personal loans in Nigeria that offers instant loans online for as little as NGN 500,000 in Nigeria. For 30 days, you can only access N10,000 as a first user.

The terms of the loan repayments state that loans can be repaid early to receive lower interest rates and greater amounts. In addition, interest is charged only for the days that you used the loan.

QuickCheck, like other loan platforms, requires your BVN to verify your identity and your bank account number to disburse your loan.

App Features

  • Version: 4.3
  • Last Update: 23rd June 2021
  • Downloads: 1,000,000+
  • Download Size: 16.25MB
  • Offer by: get loans
  • Publication Date: July 5, 2016, 5, July 2016.

Who is eligible?

After registering and providing all details, your credit score will determine whether you are eligible for a loan.


  • There are no collaterals or guarantors needed
  • Just a few minutes after loan approval, quick disbursement
  • Simple to use platform


  • Maximum loan amount: N200,000
  • Rates up to 30% for high-interest rates
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12. C24 Loan

A C24 loan is another way to get an emergency loan in Nigeria. After completing the application, you will receive almost immediate feedback.

You don’t need to borrow money to repay them.

The loan platform claims to be able to empower over 150,000 customers with Credit Facilities of over NGN 5 Billion.

App Features

  • Personal, business and quick cash loans are available
  • Loan Calculator
  • Simple to use, intuitive platform

Who is eligible?

  • Business owners and individuals
  • Only those who live and work in Lagos are eligible for a personal loan.
  • Minimum age 22 years old with proof of steady income from your last six months’ bank statement
  • A functional bank account with a salary bank account and good credit history


  • Maximum loan amount up to N1,000,000


  • Many documents are required to register and apply
  • Slow loan disbursement

13. Fint Loan

Fint loan allows you to access affordable loans. After you register your company under the FINT employment model, you can borrow as little as 2% per month for your rent, medical bills, utilities, and school fees.

App Features

  • Incredible platform to find investors in your business

Who is eligible?

  • Only verified business owners are eligible for loans


  • It provides a platform that allows businesses to obtain alternative funding
  • Fint assists investors in identifying high-value businesses that they can invest for a profit


  • Long verification process
  • Fint is more of an investor-to-business platform. This makes competition extremely high, as many businesses are looking for investment.

14. Specta Loan

Specta Loan is the best source for emergency loans in Nigeria. There are three types of loan products offered by the company:

  • MySpecta is a quick loan service that allows you to borrow up to NGN 5m within 5 minutes
  • SpectaScore is a tool for assessing your credit score and forecasting your network
  • Specta4Business is a tool for accessing small business loans

App Features

  • Version: 13.0.1
  • Last Update: 16th June 2021
  • Downloads: 50,000+
  • Download Size: 11.43MB
  • Sterling Bank Plc
  • Publication Date: 13 14 February 2020

Who is eligible?

  • Evidence of steady income for the past 6 months
  • Minimum age 21
  • The applicant must have a BVN, as well as a salary account.


  • It does not require collateral or a guarantor
  • Fast disbursement of funds within five minutes of loan approval
  • Customers with accounts outside of sterling bank are eligible
  • Loan amounts up to N2 million are quite high


  • High-interest rates between 26 and 30% per annum

15. Jumia Loan

Jumia created this platform to offer users instant loans. Jumia loan is available via the JumiaPay Android application on Google Play Store.

You only need to download the app and go to the “financial services” section to provide your details. After your request has been approved, your loan will be granted without any collateral. Jumia loans might be a good option if you are looking for a loan.

App Features

  • Version: 4.5.0
  • Last updated: May 20, 21st, 10
  • Downloads: 1,000,000+
  • Download Size: 11.81MB
  • Published on: 8 th September 2017.

Who is eligible?

  • These eligibility requirements must be met:
  • A Jumia account must be registered
  • Functional bank account with BVN


  • It does not require collateral or a guarantor
  • Simple application
  • Quick disbursement time
  • Low-interest rate of 3.5%


  • The maximum loan amount is relatively low

16. Opay Loan

This lending platform is owned by tech giants Opera. It is commonly known as the Okash Loan. They are one of the most trusted loan companies in Nigeria.

You can get an instant loan by downloading the Okash mobile application, opening an account, providing your details, and waiting for approval. Within 24 hours, you will receive your loan.

App Features

  • Version: 1.3.8
  • Last Updated: 9th June 2021
  • Downloads: 1,000,000+
  • Download Size: 11.86MB
  • Blue Ridge Microfinance Bank Limited
  • Published on: 28th Nov 2019

Who is eligible?

These are the eligibility requirements:

  • The applicant must be a Nigerian citizen
  • Candidates must be between 20 and 55 years old
  • You must have a steady source of income each month and a reason for the loan.
  • Valid ID card and BVN Number
  • What are the pros and disadvantages of the app?


  • Access to easy loans
  • Maximum loan amount: N50,000


  • High-interest rates up to 36% annum
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