Instant Loan Apps in Nigeria

There are several instant loan apps in Nigeria. These apps offer customers/users a loan in minutes, after applying. These apps require little paperwork as compared to bank loans. This will be the focus of our discussion in this article.

Instant Loan Apps

Aella Credit

Founded in late 2015 by Akin Jones (CEO) and Akanbi Wale (CTO) in Lagos, Nigeria, offers instant loans to individuals and small businesses. This app has its main focus on Nigeria and the Philippines. It offers loan facilities to individuals and companies and clients can apply for loans ranging from ₦2,000 to ₦1m, as well as get a repayment period of up to three (3) months. The Central Bank of Nigeria (CBN) has approved Aella Credit. You can download the Aella mobile application on Google Playstore and Apple App Store for your mobile devices.

Renmoney Instant Loan App

Founded in 2012, Renmoney is a fintech company operating under a microfinance banking license in Nigeria. Renmoney provides clients with loans, savings, and deposit facilities, earning the trust of many Nigerians. Customers can qualify for loans of up to ₦6 million, depending on their credit record and overall financial and employment status. Discover more on Renmoney’s webpage or download the mobile app on Google Playstore.

Fairmoney

Nigeria’s number 1 most downloaded fintech app, with over 10,000 daily loan disbursements, and over 5 million customers. You can access Fairmoney’s personal loans and business loans or improve your savings with the FairLock or the FairSave features, all of which can be accessed through the Fairmoney application on Google Playstore.

Palmcredit

A virtual credit card service in Nigeria simplifies the process of obtaining loans anytime and anywhere. Upon mobile phone registration, users can avail themselves of loans ranging from ₦2,500 to ₦100,000 within minutes. The loan term duration spans from 12 to 26 weeks.

Furthermore, with PalmCredit, users benefit from low-interest rates, generous loan amounts, swift disbursements, and flexible repayment options. Accessing loans is convenient through the PalmCredit mobile application, available for download on the Google Play store or the Apple App Store.

QuickCheck

The QuickCheck loan app, a Nigerian lending platform under the management of Arve Nigeria Limited, offers swift and adaptable loans to its customers. Users can avail themselves of rapid loans, up to ₦30,000, without the need for collateral, with repayment periods ranging from 15 to 30 days. This platform provides a convenient solution for individuals seeking prompt financial assistance, with a maximum loan amount capped at NGN200,000.

Branch

The branch leverages alternative data to provide financial products accessible across Nigeria. By analyzing smartphone data and obtaining permission from customers, the Branch determines loan eligibility. With Branch, individuals can secure instant financial access, even if they have limited or no credit history or savings. The branch provides access to instant loans with no physical documentation.

Easemoni Instant Loan App

Easemoni, a Nigerian loan service provider, facilitates swift and user-friendly loan applications through its mobile app. Users can effortlessly apply for loans without the need for collateral, and approval is typically granted within 10 minutes of submission. Easemoni extends loans of up to N1,000,000 to both new and existing users. Consistent app usage, as well as timely loan repayments, allows users to improve their credit scores over time.