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Home Loan Top 12 Peer To Peer Lending Platforms 2023

Top 12 Peer To Peer Lending Platforms 2023

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P2P loans in Nigeria are loans made by individuals and investors rather than banks. People looking for alternative investments offer to lend that money to others (

individuals and businesses) in need of cash. P2P loans in Nigeria are offered by P2P lending services or platforms – such as a website or an app) making the whole process of matching willing lenders and borrowers easy for all involved.

Peer-to-peer lending is also referred to as direct lending, alternative business funding, debt crowdfunding,g, or crowdlending. The difference between peer-to-peer lending and other types of crowdfunding is that P2P lending is about loans — rather than buying equity, rewards, or donations.

Most p2p loans in Nigeria are arranged through peer-to-peer lending apps. Everything takes place online as it would for an online loan app and usually takes about the same amount of time for everything to work out.

The loans you can get on a P2P platform are usually unsecured; you do not need any collateral to borrow.

How does a P2P loan or Peer-to-Peer Lending work?

Peer-to-peer lending or what some might call p2p loans in Nigeria is a way for individuals and organizations to borrow and lend money to other people instead of banks or online lenders.

Peer-to-peer lending has always existed one way or the other, people have always lent money to each other based on trust since communities at the time were small. But globalization, technology, and migration have made it harder for P2p lending to happen. Giving traditional financial institutions the mantle of providing loans to people.

But getting loans from banks in Africa is hard. And online loan platforms or what others call digital lenders; which are also fintech – are now popular as they are easier to get loans from than banks despite their over-the-top rates.

This is why Peer-to-peer lending is becoming popular. People invest their money by borrowing it from other people and getting returns on the interest paid back on the loans. This is why peer-to-peer lending apps in Nigeria exist. They help in removing friction for the private lenders (investors) by helping them easily invest in loans and the borrowers by matching them with suitable lenders.

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P2p loans in Nigeria can be risky for the people providing the funding for the loan – the investors. Because if borrowers don’t repay their loans and they go into default, investors probably won’t get their money back. This is why peer-to-peer lending sites and apps exist.\

It matches people who have the cash to invest — with other people and businesses that want to borrow. Peer-to-peer lending growing in popularity because of digital lending platforms and crypto as well. P2p lending enables peer-to-peer lending apps and sites in Nigeria to charge lower rates for borrowers — while offering investors better returns at the same time.

Here’s how these p2p loans in Nigeria work:

Prequalification: This is the prequalification process to ascertain if you’re eligible for your loan. You’d be asked for some documentation and information, If you’re found eligible and you submit a formal application, the peer-to-peer lending app in Nigeria will give you the lender will give you an estimate of the loan term,s and  — your interest rate, annual percentage rate (APR) plus any fees.

Apply For Loan: If you qualify for a loan, you can now apply for a loan if you consider the terms and rate offered suitably.

Approval: After applying, the next thing is for a lender to decide to approve your loan

Loan Funding: Once your loan has been approved, multiple investors will review your loan application and decide whether to fund all or a portion of your loan or not at all, depending on how much you want to borrow.

Transfer of funds: Once your loan has been fully funded by investors, the loan amount you requested will be transferred to you..y.

Loan payments: You’ll have to repay your loan through fixed monthly payments that will be disbursed to all the investors that are funded based on your repayment terms.

A time to get your loan funded with a Peer to peer lending app in Nigeria, you might have to pay an up-front origination fee of 1% to 5% of the amount of your loan.

1. Surfin – P2p loans in Nigeria for SMEs

SukFin provides a free and easy way for SMEs in Nigeria to find finance for their businesses. They use technology and their expertise to match SMEs with a variety of lenders across Nigeria. It’s easy to apply for a p2p loan on SurFin for your business if you provide them with the requested information.

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Surfin will need you to answer queries like how much mo you need ait’sat I t’s .f? If they are satisfied with your profile they’ll connect you with their lenders and your loan application will be approved and your business will be financed

Surfin works with numerous lenders across the whole business funding market in Nigeria. They’ve helped their `customers find unsecured loans, invoice financing, equipment leases, startup loans, and more.

2. P2Vest

P2Vest is one of the P2P new loan apps in Nigeria gaining popularity by offering people alternative funding.

P2Vest peer-to-peer lending platform connects screened borrowers to lenders and investors who are looking for better returns on their capital compared to savings accounts and fixed deposits.

P2Vest also has a B2B loan service called P2VFB for businesses to manage their money lending activities.

3. Kiakia

Kiakia is a popular loan app in Nigeria. It is a peer-to-peer lending app for users to earn higher returns on their idle funds while providing credit to people in need of it

With Kiakia’s app any Nigerian (investors) over the age of 18 years who have legitimate income sources, can provide money to fund secured MSME loans

This allows the lenders (investors) to earn returns monthly, quarterly, bi-annually, and annually while providing businesses with low-interest capital that can help them grow.

With Kiakia Lenders get to choose the industry or sector they want their funds to be offered as loans. Th

KiaKia was launched in 2016 allowing people with as little as N50,000 now to invest in loans and contribute funds to qualified borrowers and earn returns on their money. Loan Packages for investors are between N50,000 and N10,000,000.

Kiakia also has a Halal option where Muslims can participate in permissible earnings. This Halal option is in line with the Islamic principles governing non-interest funding. So when KiaKia gives funds to businesses under this Halal package, it is for profit-sharing not payment of iintinterestakia has a safety fund where if a borrower misses any payment, the investor/lender is reimbursed from the safety fund.

Interest rates on the Kiakia app range from 12% to 40%, and span 6 to 18 months loan tenure. The interest/profit payout options for investors are – 3 months, 6 months, 12 months, and 18 months, payments are credited automatically

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4. Feint

FINT is an online peer-to-peer lending site in Nigeria that was founded in early 2017.

FINT allows investors to sign up to its platform, find their accounts, and finance loan requests from a pool of anonymous borrowers. While people seeking loans can sign up and make requests for loans. Borrowers on FINT are screened using algorithms.

FINT wants to make loans more accessible and affordable to Nigerians through peer-to-peer lending. For them to have an option aside from borrowing directly from banks or online loan apps in Nigeria.

Investors can get returns as high as 39% on FINT.

Lenders on FINT can also choose the purposes or industries they want their funds to be put towards.

5. Ajobox

ajobox investment

Ajobox is another P2P loan platform that is focused on SME financing. These SME loans are funded by individuals and groups of investors with low-interest rates and guaranteed ROI.

Ajobox is one of the interesting new investment apps in Nigeria. With the Ajobox investment plan, investors can earn up to 16% interest p.a by investing in MSMEs.

The investment period with this app is 6 – 12 months at a minimum investment amount of N50,000.

Benefits of P2P

P2p loans in Nigeria aren’t always better than loans from a bank or loan apps in Nigeria. However, they tend to be very competitive because of their low costs – you can borrow at relatively low rates using P2P loans in Nigeria. You just need to pay enough interest to make your lender happy – and most of the interest you pay goes directly towards compensating your lender.

Peer to peer Lending — considerations

Peer-to-peer (P2P) lending is a way to borrow in Nigeria without using a traditional bank or any loan organization. If you need a loan in Nigeria, P2P lending apps in Nigeria are a good place to shop around. If you’ve got a good credit score, a P2P loan in Nigeria rates can be surprisingly low. Even with not-so-good credit, you can still be eligible for p2p loans in Nigeria.


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  1. You said 12 and posted only 5. Where is the remaining 7? You should learn not to mislead people with wrong information. It is better to write 5 top lending than say 12.

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