loan apps

5 Best Instant Loan Apps in Nigeria

Instant or quick loans have come to stay thanks to the Fintech companies who have made this possible.

Instant loans are not necessarily processed within minutes, they are better describe as loans under 24 hours as it may take hours to receive loans after submission of application. Still far better than the processes and time taken to get loans from our conventional banks.

What are Instant Loans best use for?

Loans given by these loan apps are different in so many ways compared to what’s gotten from conventional banks.

  • It starts with the high interest rate up to  30% which is as a result of the high risk associated with these loans on the path of the lender.
  • It is short-termed. Only suitable for emergencies like in case of school fee and rent.

Instant loans are best in cases you’re sure to get the money back within a small time frame. It could be injected to an already established business but a bad idea for starting a new business.

In this article, we are going to bring to you 5 best loan apps in Nigeria you can get a loan without collateral so far you have other requirements.

Choosing the best loan apps here, we considered the ease of getting a loan as the ultimate factor. Other factors we considered are:

  • Interest Rate
  • Loan Terms (repayment period)
  • Customer Service

5 Best Instant Loan Apps in Nigeria

1. Migo (formerly called Kwikmoney)

Migo loan app comes out first on our list thanks to its USSD option when getting an online loan.

With a simple USSD code, you can get loans in minute provide you have all the requirements. Loan terms range from 14 to 30 days with an interest rate of 10% to 25%.

Click HERE to download Migo app.

2. Carbon (formerly called Paylater)

The Carbon app allows you to access loan up to #1,000,000 without collateral or guarantors.

First, you have to download the Carbon app, fill out the application form. Once your application is approved you should get your funds within 5 minutes. Besides offering loans, the carbon app can be used to buy airtime, pay bills transfer money etc.

Click HERE to download Carbon app.

3. Branch

Branch loan app comes with a very simple interface. This Fintech Company gives loan up to #200,000 and you can apply at any time even on weekends.

branch loan app

They claim to have 3million+ customers and have issued out 15million+ loans. Monthly interest range from 3% to 21% and a loan term of 4 to 40 weeks.

Click HERE to download Branch app. Also read our Branch review to understand fully how to use this app.

4. QuickCheck

Quickcheck loan app came into the market in 2019 and has since garnered satisfied users who have left numerous good reviews on the internet. The maximum loan amount is #30,000. You can get a new loan after 10 days of paying a previous loan.

Click HERE to download the QuickCheck app.

5. Fairmoney

Fairmoney loan app has one of the best loan terms – 1 to 3 months. You can borrow from #1,500 to #150,000 with an equivalent monthly interest of 5% to 28%. Through the app, you can also buy airtime, pay bills etc.

Click HERE to download the Fairmoney app.

What Happens if you don’t pay back the loan

First, in most cases you will get calls from the customer care services trying to find out what the situation is, the reason you have not been able to pay back your loan.

Then you will be given an extension to pay back.

If at the end of the day you’re not able to pay, you may have your name and information published stating clearly that you have failed to pay back a loan you got from the company.

Messages could be sent to your friends on social media according to a report I read on Nairaland.


When applying for a loan, don’t be in a rush to submit your application, make sure to go through the interest and loan terms to make sure you can repay the loan amount when due.

Interest rates for some loan apps are rather too high (up to 30% per month) even though this will largely depend on the risk factor.

Have any question? Please use the comment box I’ll be glad to give replies.

Also, don’t forget to share this post to your friends to create awareness on what instant loans entail.


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