Best quick loan apps in Nigeria

The latest December 2021 inflation rate shows an increase to 15.63% has eaten deep into the income levels of individuals. As a result, a lot of people are spending more, especially as the figure reflects rising cost of food (food inflation which grew by 17.37%) and other items (core inflation which grew by 13.87%), leaving individuals with little or nothing left to take care of other expenses, sort out bills, or even grow their various businesses.

To ease their affairs, individuals and businesses need loans as a support mechanism to remain on the path of growth and sustain businesses in the face of economic hardship, instability and decreasing profitability.

Meanwhile, fintechs are proving to be the solution needed, as they are disrupting traditional banking services by providing services that help to suppress economic hardships through offering loans via applications. In addition to the seamless services these loan apps offer, users have demonstrated a preference for the use of fintech platforms as a result of their fast processes that allow users get loans from their comfort zones.

What’s more interesting is that the fintechs offer options that allow users to apply for loans without necessarily having collateral.

Here are some of the apps that currently offer fast loans in Nigeria.


QuickCheck offers digital financial services that support personal and business goals to Nigerian adults with good credit scores using android phones. The loan app, which requires no document, allows users to access up to ₦200,000, starting with ₦10,000 for a period of 30 days, with early repayment guaranteeing higher amounts.

The interest rate for the loan is 1% daily, fixed for the term of the loan. However, in its terms and conditions of services, the fintech says it may in its sole discretion, increase or decrease the prevailing interest rates for any reason, with or without prior recourse to the borrower.


FairMoney loan amounts range between N1,500 and N1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (Automatic Packet Reporting System, APRs from 30% to 260%).

The digital bank requires no document or collateral, just BVN details during the loan application. Also, loan seekers are to connect cards or bank accounts to authorize the app to debit customers’ accounts for the repayment of loans.


Carbon allows customers receive funds in their Carbon accounts instantly. While their rates range from 2% to 30%, depending on the loan repayment period and the amount of money users intend to borrow, the digital financial service platform provides a range of services, including personal loans, business loans, payments, funds transfers, credit scoring, savings, and investments.


Renmoney offers as much as N50,000 to N6 million without collateral for personal or micro-business loans. The fintech is one of those offering large loan amounts and flexible repayment terms to low-risk borrowers with strong financial profiles, as it offers monthly interest rates ranging from 2.76% – 9.33% repayable in 3 -24 months.


Formerly Kwikmoney, Migo is a global technology company that offers loans on the USSD platform in partnership with banks like GTBank, Fidelity Bank, and technology companies. As one of the most effective and convenient ways of getting quick and instant loans in Nigeria, the fintech, which uses a product offered by Mines, offers interest rates from 5% and above, depending on the loan structure.

Aella Credit

Aella Credit allows access to higher amounts and better rates, especially for those working with Aella Credit partner companies. The fintech is a one-stop-shop for all financial services and offers short-term personal loans that range from N2000 to N1,000,000 with repayment periods from 1 – 3 months, and interest rates from 6% – 20%.


With an interest rate of 5.6% to 24%, Kiakia, a financial marketplace that grants short-term business and personal loans, offers a peer-to-peer lending option that not only allows users to request a loan but also offer loan to another. The platform allows people borrow as low as N10,000 and as much as N200,000.

Consequences of loan default

While the fintechs appear generous in terms of giving out loans, this may not be the case when it comes to getting back the funds, as failure to pay back loans usually attracts serious consequences like poor credit rating which will prevent borrowers from accessing future loans. Other consequences include suspension of your account on their platforms, thereby denying access to loan facilities in the future, reporting defaulters to state authorities and also legal action, which means users could be charged to court for taking loans and not wanting to pay back after agreeing to the terms and conditions, amongst other consequences.

Many of the apps collect and process data from users’ phones (SMS, device details, location, phonebook) card details, and will automatically debit users’ cards when loan repayments are due.

Also, some apps go as far as shaming individuals by accessing users’ information and sending embarrassing messages to their contacts.

It is important that loan seekers read the terms and conditions of any loan app before jumping on their offers.

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