Best Loan Apps in Nigeria | Top 5 100% Legit Loan Apps in Nigeria

Best Loan Apps in Nigeria: In this article, we are going to discuss the best loaning apps according to the number of downloads as of Q2 2022.

Despite the rising concern over their modus operandi when it comes to loan recovery, loan apps have to stay in Nigeria. The rate at which Nigerians patronize them leaves no one in doubt that they are, indeed, some benefit to them.

The fact is that they don’t request collateral-free loans, unlike traditional banks. Above all, there is no paperwork (less documentation). And the speed at which the loans are disbursed, and customized repayment plans.

And makes it easy for most Nigerians that are in need of urgent cash. While they are now tons of them licensed by the Central Bank of Nigeria(CBN) to provide loan services, even amidst rising allegations of breach of the country’s National Data Protection Regulation (NDPR). After our review based on the download figures on these apps on the google play store.

And that gives a fair idea of the most widely used loan apps by Nigerians. ( some are on Apple Store).

And after our review, it happens that the branch ranks top 1 Best Loan App in Nigeria.

Best Loan Apps in Nigeria 2023

Read also CBN TIES Loan Application Portal | Registration & login portal

Branch (with over 10 million downloads)

This is the top 1 Best Loan App in Nigeria, as they offer quick loaning services online. As of Q2 2022, this is the most downloaded loan app on the play store with over 10 million downloads. And their processes are quite simple and easy.

They personalize loan offers using your smartphone’s data upon request in other to determine loan eligibility. You can easily get access to their loan offers from N1,000 to N200,000 within 24hrs, depending on your repayment history. They always give a period of 4 to 40 weeks for repayment. Their interests range from 15%-34%.

All you need is to register with your phone number/Facebook account alongside your Bank Verification Number (BVN).

They will equally access your smartphone’s data on request to build your credit score.

Note failure to make the repayment on the due date in some cases. Many loan app operators are best known to recover their money from harassment by calling the default phone numbers and complaining to them.

this by default mostly happens to family members, close friends, and so on.

Palmcredit (with over 5 million downloads)

When it comes to downloads, Palmcredit with a distance ranks second to Branch. It is without argument one of the most patronize loan app in Nigeria. According to the platform, they can provide a quick loan of about 300,000 in less than 3 minutes without collateral of any sort.

If your credit score is well built, you can borrow between 2,000 to 300,000 and if the documents provided by are all completed and accurate, you can get your disbursement within working days, Says the platform.

Fairmoney (Has over 5 million downloads)

The platform offers fast loans within 5 minutes with no documentation or any collateral required. The loan amount depends on the data and repayment history from your smartphone. Their loan amount ranges between N1, 500 to N500, 000 with repayment periods from 61 to 180 days with monthly interest rates that range from 10% -30%.

Fair money is, no doubt, one the most used by Nigerians.


Carbon is a digital financial institution that provides a range of financial services. This includes personal loans, business loans, payments, credit scoring, savings, investments, and fund transfers. Their application process typically takes less than 5 minutes to complete.

The amount of money and the repayment period depends on the interest rate which ranges from 2%-30%.

Umber (over 1 million downloads)

Umber unlike other financial institutions in Nigeria has crossed 1 million downloads.

The lender prides itself as the leading digital bank in Africa. The platform allows its users to apply, draw down and repay loans directly from their smartphone or desktop computer.

Once an individual is verified, it makes the lending decision based on an assigned risk rating. And this is one of the features that make Umber one of the best loan apps in Nigeria.


what if am unable to pay the loan on the due dates?

failure to make the repayment on the due date in some cases. Many loan app operators are best known to recover their money from harassment by calling the default phone numbers and complaining to them. And these default mostly happens to family members and close friends.

when do loan operators collect my smartphone’s data?

Once you register on any loan app, you are surrendering your contact list privacy to the platform and they usually make use of it if you default on paying on the due date. The best and last word for dealing with loan apps are: Do Not Owe Them

What are the best loan apps in Nigeria?








What is loan approval?

It is a formal authorization to get a loan (usually from a bank) empowerment, authorization.

The act of conferring legality or sanction or formal warrant.

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