Top 5 Best loan apps in Nigeria That can help you start your business

Are you thinking about how to get funds to get your day going? well, in this article, we have carefully selected 5 different best loan apps in Nigeria that can help you start your business or solve a problem.

Advantages of loan apps

  1. These loan apps will not require collateral from you and as such makes it an epic go to get
  2. Your request will be granted within 2mins if you are using the loan apps we will discuss here
  3. AI technology is up to date.
  4. Charges are pretty cheaper
  5. No downtime etc

there are more to these loan apps the aforementioned. To avoid wasting your time, let’s see the 5 best loan apps in Nigeria, thereafter, we will explore more.

5 best loan apps in Nigeria

  1. Alat
  2. Carbon
  3. Branch
  4. Palm credit
  5. Aella credit

let’s look at each of these carefully

1. Alat


Best loan apps in Nigeria

The first on this list of greatest loan apps in Nigeria is ALAT, Nigeria’s first totally digital bank.

This is a straightforward, all-digital platform that provides quick and easy loans without the need for any paperwork.

ALAT does not necessitate a physical visit, and the duration between loan acceptance and disbursement is measured in minutes.

All you have to do is

  • Download the app from Play Store or App store,
  • Create an account and
  • Click on the loan option from the menu.
  • After you have completed all necessary documentation, an evaluation of your risk store will be conducted and a range of loan offers will be presented to you along with the applicable duration and interest rate.
  • Once you click on your preferred loan offer and accept it, your account will be credited. With this platform, you can borrow as much as 2 Million Naira without collateral.

To request a loan from this loan app, you must upgrade your account from alat lite by uploading a photo of your government-issued identity card (international passport, driver’s license, national ID card or voter card) and a photo of a utility bill (not older than three months) with an address matching the contact address on your ALAT profile.

ALAT loan also offers a range of services such as the Device-lending offer and the Goal-based loan which allows you to receive a loan towards a specific goal or towards getting your preferred device or gadget.

The interest rate is also designed entirely to help the user.

Salary earners can receive about 50,000 and even up to 4 million within hours and will have between 3 months to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis.

The interest rate on a loan is determined by the lending partners and is stated clearly when you are offered the loan.

2.   Carbon


Best loan apps in Nigeria

Carbon is previously known as PayLater and is one of the best loan apps in Nigeria that gives access to loans within minutes.

Carbon provides short-term loans that help you in case of emergencies. You can receive loan on carbon with ease and without any documentation and collateral.

Carbon empowers individuals with access to credit, simple payments solutions, high-yield investment opportunities, and easy-to-use tools for personal financial management.

Carbon is headquartered in Lagos, Nigeria. They are a global company of over 90 employees with operations in Nigeria, Ghana and Kenya

All you need to do is to get the app on Google play store, and create an account. you will only be required to input your Bank Verification Number (BVN) to ascertain loan credit.

With the carbon app, you can receive up to 20 Million with interest rates ranging from 5% to 15%.

3.   Branch


Branch loan app

Branch is a reliable Loan app in Nigeria that allows users to receive up to N200,000 worth of loan within 24 hours of applying with only a minimal amount of N1000.

Branch don’t charge late fees or rollover fees, also, branch don’t put restrictions on how you spend your money, and our customer support team is available

They have designed their loan process to fit your needs and help you grow. As you build credit with Branch, you unlock larger loan amounts

Unlike other lenders, branch do not make you jump through hoops or fill out paperwork.

Simply apply through the Branch app and get approved in under 24 hours.

Branch Repayment mode is within 4 to 40 weeks. The Interest rate also vary depending on the amount of loan and the user’s history using the app.

collateral(s) or documentation is needed to be able to access a loan with Branch as well as your phone number and bank verification number.

With the Branch Wallet, you can send and receive payments with your friends and family, at no cost.

Best loan apps in nigeria

4.   PalmCredit

PalmCredit app is easy to use. This means loan can be applied for and granted within minutes.

The app has an outstanding service that allows its users to have access to instant loans within the range of N2000 to N100,000.

Any individual who wants to apply for loan on the PalmCredit app must be 18 years and above. There are also offer for referrals.

5.   AellaCredit

Aella Credit is also one of the best loan apps in Nigeria that has direct integration with the Nigerian credit bureaus.

AellaCredit allows you to borrow loans in minutes and repayment is within the range of three to nine months.

Interest rate ranges from 6% to 20% depending on the amount of loan.

AellaCredit is also an app you can use for investments, pay bills, as well as insurance services.


There are many apps out there you can recommend. But these ones I have used and know the nitty gritty of it and can recommend to any individual.

Share any other loan app you feel is good in the comment section below and we will try it out.

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