best loan apps

Best loan Apps in Nigeria 2020

(Last Updated On: June 1, 2020)


With the increase in internet penetration and the use of mobile devices in Nigeria, more entrepreneurs in the Fintech industry and banks have explored ways to reach a wider audience by leveraging on mobile apps.

As promised in our last post where we listed top online lending platforms in Nigeria, we have come up with a list of platforms where you can get a loan without collateral online using mobile apps.

In this post we will review top Quick loan apps in Nigeria, stating their features which will guide you and give you options on which one to choose from when you are in dare need of a quick loan without collateral.

Quick Loan Apps in Nigeria

Branch Loans App

The Branch app lets you apply for credit on the go, and it works 24/7 without collateral.

You can complete our application in seconds and receive your loan straight to your account. It’s fast, convenient and reliable.

Presently branch loan app is available in Kenya, Tanzania, and Nigeria.


branch loan app


Download and Apply for Loan on Branch App

In Nigeria, the initial amount of loan allowed to be borrowed is 5,000 Naira with an interest of 1,200 Naira in 30 days

The payment option could also spread out to 4 weekly payments (1,800 Naira per week).

Visit their website:

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Palmcredit Loan App

It is one of the latest apps in Nigeria that provides a fast loans without collateral.

With PalmCredit getting a mobile loan is simple.

You can apply for your credit limit in minutes, then take as many instant loans as you need without further approval steps. It’s a credit revolution!

As soon as you repay, your credit score is updated. Repay on time and watch your limit grow to N100,000.

Palmcredit makes it easy for people to access a loan, anytime, anywhere.

palm credit loan app

Currently, Palmcredit is owned by Transsnet Financial and operates in Nigeria and plans to expand to other countries in Africa.

In the first phase of the product, users can apply for a short-tenor cash loan of 7 days/14 days using their own credit limit, which can be used for cash withdrawal or recharge.

Click here to download palmcredit loan app.


Carbon Loan App

The latest carbon loan app formerly called  Paylater app offers more than just loans.

It also gives you the privilege of investing money in the payment portfolio recently added to the app (PayVest) which yields an interest of up to 15.5% annually by investing in treasury bills and other money market instruments.

You can also send cash to friends and family, recharge airtime on your mobile phone and pay for utility bills such as GoTV, DSTV, LCC, or Bet9ja right in the app.


carbon loan


You can also set up transactions to occur at a future date.

Carbon is fast, secure, reliable and works 24/7 and is currently available in Nigeria and Ghana.

In all, you can get quick loans of up to ₦1million within 5 minutes without documents or collateral on Carbon loan app based on your credit score also a new feature with a 3rd party infrastructure (Credit Bureau) and repay over a period of 15 days to 6 months.

Click here to download Carbon Loan App on google play store

Visit their  websites: (Nigeria) and (Ghana) for more details.


Aella Credit Loan App

Aella Credit first launched the loan platform for employees of companies in their network to access cash at the most competitive rates anywhere, but have updated the app to include individuals who may seek quick loans for meet their emergency needs

aella credit loan app


Download Aella credit Loan App


FairMoney Loan App

FairMoney Is one of the latest quick Loan App In Nigeria.

Fairmoney loan app provides quick cash for Personal finance, Health emergency, Car repairs, Rent payment and for Buying consumer durable goods.

The instant loans like other quick loan apps are not backed by collateral, but instead by your creditworthiness.


fairmoney loan nigeria


Request for a Quick Loan to get an instant decision and funds transferred to your bank account in 5 Minutes.

FairMoney also provides education loan with the aim of enabling students to reach their goals in life.

A business loan is also available for small business owners who plan to start up a business or to develop an existing business.

Explore their small business online loan options to finance your business needs, the fund is transferred to your bank account in 5 Minutes.

Visit their website:  and download their App

Quickcheck Loan App 

 Whether it is medical bills, school fees, payday advance or unexpected cash problems, QuickCheck has got your back when it comes to getting quick loans in Nigeria.


quickcheck loan app


With Quickcheck app you can borrow up to 30,000 naira anytime, anywhere, with no hidden charges and pay interest at 1% daily for the number of days you will be holding the loan (60 days maximum)

Click here to download Quickcheck Loan App 

quickcheck loan logo(Please note that there are other quickcheck loans apps which are not for Nigerians so what out for this logo)

The app also allows you to purchase airtime seamlessly for yourself and your loved ones.

Find out more at


ALAT Loan App by Wema Bank

On ALAT, though it is designed to function as a digital bank, you can now apply for a loan without paperwork, no visitation to any physical location and response time between acceptance of offer and loan disbursement is in minutes.

You can borrow as much as N200,000 (Two hundred thousand naira) without any collateral.

As a digital bank, you can open an account, Schedule transfers, save and pay bills automatically, get your bank card delivered to you anywhere in Nigeria and get up to 10% interest on your savings.

alat by wemabank


If you’re tired of regular old banks and you want to take control of your money, ALAT is for you.

Visit for more information

With the above review, you can make a choice of which quick loan app you will patronize.

Have you used any of these apps, kindly share your thoughts in the comment box.


***Notice  – Please note that VoguePay is not giving loans at the moment, we will notify you as soon as our loan facility is ready for use. ***


  1. Daemon Wilson Harry

    Thanks for the list i think paylater is good cox have use them like about 3 times

    1. admin

      You are welcome. I am happy that you found it quite useful.

      You can also refer your friends to the article to help them evaluate the options available whenever they need to pick up a short-term loan.

      1. Elvis

        Please I can’t get any of this app on my iPhone .what can I do and I need an urgent loan

  2. Really nice information you had provided here. And i wanna appreciate within this. Thank you for providing this information and please keep update

  3. Angela

    Thanks for the information, palmcredit remain the best

    1. Moses Adeola

      Thank you very much for this information, it is very useful.

    2. Busola

      I was trying palmcredit but was notified tht I was denied the loan bcus hv applied many times..when HV not even finished reg, how is that possible?. Or am I the one getting it wrong

      1. Ag

        Same thing with me. I think it’s the fault of the lenders. Or maybe you have applied using another loan app or poor credit score

  4. Vius Okechukwu

    I have tried paylater, palmcredit, fairmoney, branch, Aella, these five (5) are very good as far as you are paying back they are good to go. I love them. I am by name Vius Okechukwu. Is good to say the truth.

  5. jetty

    Aella keep asking for a reference code and I don’t have

  6. Stephen

    I need this loan but what are the conditions and terms of payment

  7. Sam

    I’m using an Android tab. Which app could I download? There all say not compatible with my device!

  8. dada olaoluwa emmanuel

    i need loan from your company what are the condition and requirement

  9. Wisdom

    I really need loan from ur company, but do not have an android phone. So how do i download d app on my laptop??

  10. Chuks

    Paylater remainsthebest and only option I mustconfess.

  11. Applying for a loan needs to have a careful thought. Loans are not easy to get away with. Getting one both have pros and cons. You also need to know the right steps in applying for the loan. Getting your loan approved is not easy. Thank you for sharing this helpful information!

    1. Hetty

      You obviously don’t know these apps. Getting loans is as easy as asking for the loan. Paylater aka Carbon approves and delivers the money to my account in less than a minute. Only thing is as a beginner you might get only 20k loans but it improves drastically as your credit worthiness increases. I have tried three of them. Pay later remains the best. I have loan to repay today self 😂

  12. Joy Chika

    Have tried almost all, but Paylater and branch has never failed to be there for me when ever I need them. Now my limit is 100k in Paylater and 40k in Branch

    1. Chinenye

      pleas which does borrow like 15000 for first time users

  13. Passy

    Alat by wema bank. Just registered through there website. Time to apply for a loan and I was told I have to save up-to #100,000.00. With them before I qualify for loan. Let’s don’t forget there loans is not more than 14days repayment period.

  14. Save Income

    how do I set up mine. what are the requirements to set up a mobile loan company

  15. Chukwuebuka Nnorom

    I just tried Palmcredit and the service is amazing!

  16. lilijun

    Why did no one recommend SokoLoan?It is the simplest and most convenient lending appI have ever used!

  17. Paylater and aella remains d best of all.. Aldoh i use like 5 of dem. Quick check shouldnt b on dat list.. Those guys re nonsense

  18. Lawal

    I used palmcredit but mistakenly uninstalled it on my phone. I cant get the app on playstore so I can make early repayment. Please advice

  19. Diano E Great

    Which app grants loan of 150,000 with payment of 6 months for first timers?

  20. Mercy

    Why would a loan app ask for bank verification number? I’m really scared to drop mine and I need the loan.

  21. Esther

    I don’t have ATM does it mean I can’t make use of paylater due to to numbers they demand on my ATM

    1. idorenyin Idiong

      Hello Chidi, thank you for contacting us, our loan facility is still under development. We will keep you posted when it is launched.

  22. Ezekiel L. Usara.

    I want to use palm credit loan but hhow trusful it is?

  23. J N

    Carbon (paylater) is the best, the king of others for online loans. I believe they will be a full fledged bank in short time.

  24. Matthew

    Sokoloan interest is crazy. How can I loan 5000 and pay back 8,300, 5% vat inclusive in just 14 days time. This is over 50% for 2weeks loan. Kindly review your policy to what carbon is doing.Pay later has the best interest rate ever

  25. Benjamin nnamdi .A.

    When I needed the loan from palm credit they did not give it to me,after 3weeks they are sending me a message that I have unused cash in my palm credit app, I don’t know what they are talking about,please I need a better explanation, i believe when you loan someone money there must be proof especially withdrawals,palm credit I did not recieve any alert from you and I don’t think I have any unused money in my app, was branch international that gave me loan and I paid back in time.

  26. henry

    why is palm credit not giving out loan again? i collected loan from them in september then paid back on 2nd oct 2019, after one week am trying to collect another one they said they cant give me loan now.

  27. mikel chelsea

    i am using iPhone how can i download fairmoney app on Apple store ?


    i am finding it difficult to access loan in palmcredit. i have filled all necessary informations up to BVN, PIN etc. the challenge is at the authentication level. they demanded for authentication number which they said they have sent to me yet i saw no message on my phone. i just need it urgently to offset a little bill. pls, what is the meaning of the authentication number they are talking about.

  29. Michael

    They all work on Android platform… can’t find any of the above mention app on apple’s App Store.

  30. Alaekwe Ugochukwu

    I like what I just found and read about these loan apps. This is 2020, can I still get a loan as a beginner? Thanks.

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