Legit List of Online Loan Apps in Nigeria (Banned and Best)

Are you interested in the latest news on the top best list of online loan apps in Nigeria with low interest registered, without BVN, banned, and closed by SEC?

If YES, this article is only what you need to read today.

Getting started…

Online Loan Apps in Nigeria

Presently, online loan apps in Nigeria are making it easier for businesses and individuals to have access to quick loans when the needs arise.

Some will grant you access to quick personal cash loans with low interest rate, without requesting collateral, and with no paperwork involved.

Many create special offers targeted specifically to workers and students that try to tempt you into taking out a loan.

Be very careful, as the terms can often be unfair.

Think first before taking out a loan.

If you felt you have to take out a loan, explore several options and choose a loan company which you feel comfortable with, and which offers you fair terms.

We encourage you to consider lending from an ethical source.

As much as possible, avoid getting into a cycle of debt and make sure you are protected.

Before signing a loan, first ask yourself:

  • Is the loan for a ‘need’ or a ‘want’?
  • Is the lender licensed? Unlicensed money lenders give illegal loan terms.
  • Will I receive certified documents (e.g., contracts, receipts, statements) for my records?
  • Do I understand the loan terms? Can I afford the monthly repayment and the late payment fees?

Features of Online Loan App in Nigeria

  • Be fully registered with the CAC.
  • Have a considerable interest rate.
  • Have fair customer policies.
  • Have flexible payment options.
  • Have terms and conditions for its customers.
  • Not have hidden charges.


  • 24/7 accessibility.
  • Flexible payment options.
  • Most do not require collateral or guarantors.
  • Quick and useful for emergencies.
  • You receive money directly into your bank account.

6 Best Online Loan Apps for Bad Credit in Nigeria

Here are the best online loans for bad credit in Nigeria:

1. Carbon

Carbon is the best online loan app in Nigeria to borrow quick cash for your business or personal purposes.

It is a simple lending platform that enables you to grow your small business or fix personal emergencies with affordable, collateral-free loans.

Using Carbon, you do not need any sort of documentation or collateral to apply and get approved, except an android phone to download and use the company, and a means of identification.

Aside from providing loans for individuals and businesses, Carbon lets you send money to anyone, pay all your bills, and recharge airtime, with just a few taps on your smartphone – and always at the lowest possible cost.

Carbon Loan Features

  • Access up to ₦1,000,000.
  • Provides instant loans. No collateral. No guarantors. No paperwork.
  • Get cashback on interest paid once you repay on time.
  • Allows you to earn a reward while using your wallet for various transactions.
  • Loan repayment can be done through carbon wallet, debit card, Quickteller, and direct transfer.
  • Repayment period of 2 weeks to 3 months.
  • Pay only what you owe. No hidden and late fees, rollover fees, or processing costs.
  • Offers an interest rate of up to 11%.

To get started in applying for loans, download the Carbon app on Google Play Store for Android or app Store for iOS.

Register within minutes – Input a few details about you to help in creating your account quickly.

Once done, apply and receive funds in your account instantly.

Unlock higher loan amounts and lower interest rates by repaying loans on time.

2. Branch

Branch is a reliable online loan app that offers quick loans to millions of users in Nigeria.

Branch uses the data on your phone, SMS messages, details of your bank account alongside the activeness of your account to decide if to give you a loan.

Branch Loan Features

  • Branch offers loans from ₦2,000 to ₦500,000.
  • Interest ranges from 17% – 40% with an equivalent monthly interest of 1.5% – 20% and APR of 18% – 260%, depending on your loan option.
  • Loan terms range from 4 to 52 weeks.
  • Offers flexible methods for the repayment of loans. Loans can be paid through a debit card, with cash at a GTBank branch.
  • Standard SMS and data charges by your mobile carrier may apply.
  • There are no late or rollover fees and no collateral necessary.
  • Interest rates are determined by several factors, including your repayment history and the cost of lending for Branch.

How Branch Loan Works

  • Use your Android phone to download Branch app from the Google Play store.
  • Create your account by filling out a simple form in under 30 seconds and submitting it for a quick review.
  • Apply for the loan that meets your needs and it will be sent to your mobile money or bank account in minutes.
  • Receive the loan into your account.
  • Repay with your mobile account. Build your credit to unlock larger loans.

3. FairMoney

FairMoney provides instant loans and bill payments for Nigerians.

For a fast application process, download the app on your Google Play Store, receive your money (without collateral), repay between 15 days or 1 month.

FairMoney Loan Features

  • FairMoney offers loans from ₦1,500 to ₦1,000,000 for a period of up to 2 years.
  • The interest rate varies from 2.5% to 30% per month (APR – 30 to 260%).
  • No document, no collateral. You will only need to share your BVN during the loan application and connect your ATM card to allow your account to be debited for the repayment.
  • Offers flexible repayment of loans through installment.

In case you want to get quick cash loans at fair interest rates, then you should do well to make use of this loan company.

To get started on your loan application, you need an Android phone.

  • Download the FairMoney app from the Google Play Store.
  • Sign up with the phone number linked to your BVN, answer a few questions, and confirm your identity to receive a loan offer.
  • If you accept it, you will receive your loan instantly in your preferred bank account!

4. RenMoney

RenMoney is a reliable company for quick loans in Nigeria.

They are one of Nigeria’s most convenient lending companies – delivering outstanding service experiences.

RenMoney Features

  • You need your bank statement, a government issued ID card and utility bill (optional).
  • You can get up to ₦6million for up to 24 months.

Loan Application Requirements

To qualify for a loan, you must:

  • Be between 22 – 59 years old.
  • Have a verifiable source of income.
  • Have savings or a current bank account with any commercial bank.
  • Live and/or work in cities where the company operates.

Steps to Apply for RenMoney Loans

  • Apply and choose your loan amount and tenure, then share information about yourself.
  • Verify the information that you’ve provided.
  • Get money in your bank account within 24 hours if your loan is approved.

5. Aella Credit

Aella credit is an all-in-one financial company for individuals and small businesses in Nigeria.

The company offers these products and services: loans, investment, pay bills, micro-insurance plan and peer-to-peer donation.

Aella Credit loans do not require documents of any sort – the process is entirely paperless!

All you need is an Android device, a data connection, a means of identification and valid bank details.

Loan size ranges from about ₦1,500 to ₦1,000,000.

Your loan offer is determined by a variety of factors, so ensure that you use your personal mobile device and provide the details to receive the best possible loan offer.

Loan tenors vary per individual but are usually within a month or 3 months’ repayment period.

Interest rates vary between 4% to 30% based on the borrower’s profile.

Borrowers are required to cover any bank transaction fees associated with repaying the loan.

Standard SMS and data charges by your mobile carrier may apply.

Steps to Apply for Loans on Aella

  • Download the Aella app.
  • Create your account.
  • Fill in all required fields with valid information.
  • Click the “Check Eligibility” button to see how much you are eligible to borrow.
  • Apply for a loan that works for you.
  • Receive funds in your Aella Wallet.

Once your application has been completed and you accept the loan offer provided, your information will be reviewed and the decision on the loan will normally be made within minutes.

If approved, funds will be received within 5 minutes of the process, being completed.

6. QuickCheck

QuickCheck is a modern loan company that uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications.

This loan company offers digital financial services to help you get closer to your personal and business goals.

Only Nigerian adults with good credit score are eligible to apply for loans.

To get a QuickCheck loan, you will only need to provide accurate answers to some questions while filling in your details.

As a first-time user, you can access up to ₦10,000 for 30 days.

Early repayment guarantees higher amounts and lower interest rates.

Your loan cap increases as you pay your loans on time and build trust with the system.

Steps to Apply for QuickCheck Loans

  • Download the app and sign up for an account.
  • Apply for a loan and your credit score will instantly be run.
  • If you qualify, your cash will be disbursed within minutes to your provided bank account.

List of Online Loan Apps Banned in Nigeria

This is the list of banned online loan apps in Nigeria.

  • 9Credit
  • 9ja Cash
  • CashLion
  • CashRain
  • ChaCha
  • CreditHall
  • CycleCash
  • Ease Cash
  • EasyCredit
  • EasyMoni
  • FastMoney
  • ForNaira
  • GetCash
  • GGMoney
  • GoCash
  • Here4U
  • iCoin
  • iCredit
  • KashKash
  • LCredit
  • LendCash
  • LionCash
  • Lucky Loan
  • Maxi Credit
  • Mikoloan
  • NairaPlus
  • Oxloan
  • Palmcash
  • Sokoloan
  • XCredit

Final Words

The best online loan app in Nigeria depend on your needs and the requirements for the loans.

Early loan repayment guarantees a good credit score for higher amounts and lower interest rates.

Each online loans with monthly payments in Nigeria has its own terms and conditions.

Ensure you review before applying for any loan and only include your bank details on verified loan companies.

Hope you enjoyed this article.

Comment below if you have questions? 

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Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.

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