Mobile Loan In Nigeria – Top 10 Loan Apps In Nigeria For Android And IOS Users |
loan & finance

Mobile loan in Nigeria – Top 10 loan apps in Nigeria for Android and iOS Users

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Although loans are desired by a majority of businesses and individuals in Nigeria, it is not readily accessible. In addition, this is especially true when dealing with commercial banks or lenders that set a lot of criteria as minimum requirements for a loan. These criteria usually filter out a majority of the low to middle-class individuals that may require one. However, as a way out, you can make use of any mobile loan in Nigeria, which offers you cash in a matter of minutes. As of now, there are a ton of them to choose from, therefore, feel free to select based on the perks that most suit you.


Accessing loans in Nigeria has always been a challenge for both individuals and businesses, with commercial banks and lenders setting stringent criteria for eligibility. This often leaves a majority of low to middle-class individuals struggling to access credit facilities. However, with the emergence of mobile loans in Nigeria, it is now possible to get quick access to cash in a matter of minutes.

Mobile loans are typically offered by fintech companies and can be accessed through mobile applications. These loans are designed to cater to the needs of individuals who may not meet the stringent requirements set by traditional lenders. They offer a more flexible and accessible option for people who need quick cash for emergencies, business investments, or personal expenses.

One of the significant benefits of mobile loans is the speed at which they are processed. Once you submit your application, you can receive the loan in a matter of minutes. The entire process is done online, eliminating the need for physical visits to banks or filling paper-based forms.

There are several mobile loan providers in Nigeria, each with its unique features and benefits. Some of the popular ones include Carbon, Branch, FairMoney, Renmoney, and QuickCheck. These platforms offer loans ranging from as low as N1,500 to as high as N2 million, depending on your creditworthiness and repayment history.

To access these loans, you need to download the mobile app of your preferred loan provider and create an account. The app will require you to provide personal information, such as your name, phone number, email address, and BVN. Once your account is verified, you can apply for a loan by inputting the amount you need and the desired repayment period.

It is essential to note that mobile loans come with some risks, such as high-interest rates and penalties for late repayment. Therefore, it is crucial to read and understand the terms and conditions of the loan before applying. You should also ensure that you borrow only what you can repay to avoid accumulating debts.

In conclusion, mobile loans offer a convenient and accessible option for individuals and businesses seeking quick cash in Nigeria. With the increasing number of loan providers available, it is crucial to compare the features and benefits of each platform before making a decision. Remember, borrowing responsibly is key to maintaining a healthy credit history and financial stability.

Mobile loan in Nigeria – Top 10 loan apps in Nigeria for Android and iOS Users 14

mobile loan

What are the best loan apps in Nigeria for Android and iOS Users?

Mobile loan apps are applications that lending companies have designed to allow you to obtain a loan without the hassle of going to a bank or paperwork. Therefore, in a few simple steps, you can obtain a mobile loan in Nigeria within minutes. Here are some of the best loan apps in Nigeria for both Android and iOS users:

1. Carbon (Formerly Paylater):

Formerly Paylater, carbon is one of the best and most popular applications for obtaining a mobile loan in Nigeria. It features a simple design that is easy to use, and also a less stringent application process that allows you to apply any time of the day. Therefore, all you need is to supply a few pieces of information, and you would know your loan application status within minutes. Also, asides from loans, you can also use the app to make payments for utility bills and purchase recharge cards. Simply visit the official google play or iOS store to download the app.

2. Fair money:

With fair money, you can obtain a loan without collateral or any form of paperwork, and pay back within 15 days to a month. Also, like carbon, the app also allows you to pay for other utility bills. In addition, fair money has one of the best services for obtaining a mobile loan in Nigeria, therefore, it is available any time of the day or week.

3. Credit Ville:

Credit Ville is a mobile loan application in Nigeria that provides loans for individuals who have formal employment. Therefore, the loan is subtracted from your next salary. Due to this, it is only available to individuals through their employers.

4. Sokoloan:

Simple, reliable, and easy to use, are the characteristics that describe sokoloan. Also, it requires no collateral and takes only minutes before disbursement. Sokoloan gives you the option of choosing the loan tenor with varying interest depending on the total sum and tenor.

5. Palm Credit:

Palm credit loan ranges from as low as N2,000 to as high as N100,000, and you would be done in a few steps. However, it requires that you are a minimum of 18 years of age and that you provide your bank account details. Also, asides from that, the app also gives commissions to customers for referring them to someone else.

6. Kia Kia Loans:

The name of this app was taken from the Yoruba word “Kiakia” which means quick, and the app portrays exactly that. KiaKia Loans take into account your credit score, and have a varying interest rate with a tenor between 7 and 30 days. Also, it is very easy to use, and quick when disbursing loans.

7. Aella Credit:

Aella credit is known for its zero fees on late payments unlike other apps offering mobile loans in Nigeria. Also, its interest rate varies, and it has a tenor between 30 and 60 days. However, as a reward, you are granted access to a higher loan amount, every time you repay your loan before the deadline.

8. Quick check:

Quick check loan is designed for single individuals who are in need of little emergency funds. As of the time of this writing, they offer up to N30,000 for a start with a tenor between 15 and 30 days. Also, as you pay on time, your maximum accessible loan amount increases.

9. Kwikmoney (Formerly Migi):

Kwikmoney is one of the quickest and most popular mobile loan apps in Nigeria. All you need to use the app is the sim that is registered to your bank account. Also, it allows you to apply for a loan through USSD codes or through their application or online website.

10. Branch loan app:

With your bank account details and phone number, you can apply for a loan at the branch and receive it within 20 minutes. Also, the app allows up to N200,000 in loans or more as you pay up previously taken loans in time.

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How to borrow money online

Rundown on the best loan apps in Nigeria for Android and iOS users

  • Carbon (formerly pay later)
  • Fairmoney
  • Credit ville
  • Sokoloan
  • Palmcredit
  • Kiakia loans
  • Allea credit
  • Quick check
  • Kwikmoney (Formerly Migi)
  • Branch

What are the benefits of online loans in Nigeria?

Online loans have numerous benefits that distinguish them from ordinary loans, as they are quick and can be easily gotten in a matter of minutes. Here are some of the benefits of online loans:

  • Easy accessibility
  • Unrestricted availability for 24 hours every day
  • No need for collateral or paperwork
  • Quick disbursement
  • The money is disbursed directly into your account

What should I know before obtaining an online loan in Nigeria?

You Should note that each loan app comes with its respective terms and conditions. Therefore, it is important that you read and understand them before applying. Also, it usually includes interest rates, penalty fees, as well as other conditions that follow the loan.


Loan applications are easy to use and offer the most convenient loans in Nigeria. As an individual or business personnel, you can obtain a loan with ease. However, be sure to go through the terms and conditions of the loan before completing your application to be sure that you know exactly what it entails.

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