10 Best Mobile Loan Apps in Nigeria [202\2]


The recent development of the use of mobile loan apps in Nigeria is suddenly spreading nationwide. To make it easier, lending companies have created good online platforms for people to apply for loans.

That apart, this same development has brought about so many mobile loan apps in Nigeria and still counting. But the question is, are all mobile loan apps good for collecting lone?

No!!! There are only few out of the increasing numbers of mobile loan apps in Nigeria that are recommendable for collecting of loan.


So in this article, I will list out just 10 best mobile loan apps in Nigeria in 2021 that is very recommendable for people to receive loan from.

Important facts about good loan apps in Nigeria.

Many loan apps in Nigeria require no collateral when collecting loan and as such, they request for your Bank Verification Number (BVN) and other important account details.


Sharing your account details online is of risk and as such, it is very important to know the security and trust level of any platform before sharing important details with them.

Summarily, a good loan app or service/company must be able to posses and maintain all or many of the following policies;

  • Must have a strong security level.
  • Must have a considerable interest rate.
  • Must be fully registered with the proper Agency.
  • Must not have hidden charges.
  • Must have fair customer’s policies.
  • Must have terms and conditions for its customers.

I am sure you have known what to expect from any loan services. Now, I will list out the 10 best mobile loan apps in Nigeria in 2021 that has passed all or many of the above test.

List of the top 10 best mobile loan apps in Nigeria in 2021

If you want to apply for loan online via mobile app, then below are the top 10 best mobile loan apps in Nigeria in 2021 that is recommendable:


1.  Kwikmoney:

This is very simple to use loan platform that doesn’t require you to download any app. All processes will be carried out on the website. I add it to this list because it is one of the best online loan websites with good policies.

How to apply: This loan company has two application methods. One is USSD codes while the other is through their official. For USSD, dial *564# if you are using MTN, GLO and 9mobile or *554*561# if you are using Airtel.

  • Maximum loan: N500 to N500,000
  • Interest rate: 5% to 25%
  • Pay-back plans: 14 days to 30 days.
  • Bonus: lower interest rate when you refer other people.
  • Official site:

2. OKash:

Okash started operations in kenya in 2018 before extending to Nigeria. Okash is a subsidiary of Opay and is one of the best best mobile loan apps in Nigeria in 2021 for quick loans.

Formerly, the Okash was a feature on the Opay app before moving to become a standalone app that can be downloaded on Google play store.

How to apply: Download the app from Google playstore, launch the app and sign up. Needed details for Signup include your phone number, and your personal information.

Founded: 2018 in Kenya

  • Maximum loan: N50,000
  • Pay-back plans: 91 to 365 days
  • Interest rate of 36.5% to 360%

3. Paylater:

Paylater which is also known as carbon is one of the top 10 best mobile loan apps in Nigeria. Getting a loan from “getcarbon” is very simple with their mobile loan app.

With Carbon, users can also invest and save money from all bank transactions they carry out. Users can also use this app to make payments for recharge card, pay bills and get other services.

How to apply: Users can only applying using the Paylater mobile app.

  • Eligible Countries: Nigeria and Kenya
  • Maximum loan: N1Million naira for Nigerian and  Ksh 30,000 for Kenyans
  • Interest rate: 1.75% – 30%

4. RenMoney:

RenMoney is a good mobile loan app for easy loans. RenMoney was known as Rencredits before the name was a changed in 2013.

How to apply: Only people between the age of 25-59 with a verifiable and legal source of income can apply. Such must also have a savings account and live in their operational cities.

  • Maximum loan: N4 million Naira
  • Interest rate: 35.76%
  • Pay-back plans: 12 months maximum

5. Palmcredit:

Palmcredit is another best mobile loan apps in Nigeria in 2021. Users can only request loans from Palmcredit using it mobile app. As such, their service is limited to those with Smartphone.

How to apply: Palmcredit loan is for people from 18 years or above and the only available application method is through their mobile app.

  • Maximum loan: N2,000 to N100,000
  • Interest rate: 14% to 24% or 48% to 56% for annual loans.
  • Pay-back plans: 91 days to 180 days or annually

6. Fair Money:

Fairmoney is another goo loan app for users in Nigeria that are interested in collecting small loans for short terms. This loan is not recommendable for business owners but it is the best for salary earners looking for a short-term loan because of its short repayment period.

Application Method: through the Fairmoney free mobile app. Users can also buy airtime recharge cards and pay bills using their app.

  • Maximum loan: N1,500 to N500,000
  • Interest rate: 10% to 30%
  • Pay-back plans: 180 days
  • Bonus: Affiliate bonus whenever you refer a customer.
  • Repayment: Through installment

7. Soko Loan:

The main function of this app to provide loans for individuals. Soko loan is a product of the microfinance institution (Soko lending Company Limited).

How to Apply: Download the sokoloan app on play store, then fill in the necessary information and get your loan delivered to your bank account immediately your account is approved.

  • Maximum loan: N5,000 to N100,000
  • Interest rate: 4.5% to 34%
  • Pay-back plans: 7 days to 190 days

8. Aella Credit:

Aella credit is a mobile loan app for both individuals and small businesses. Their mobile loan app gives users the access to collecting loans, investing, paying bills, acquiring micro-insurance plan and peer-to-peer donation..

How to apply: Aella loan is vailable via its mobile loan app. There is an android mobile loan app and iOS version of the app which will be released soon.

  • Maximum loan: N1,000 to N4,000,000
  • Interest rate: 4% to 30% based on the borrower’s profile
  • Pay-back plans: 1 to 2 months and 2 to 6 months for in-network users

9. Branch:

Branch loan is another quick mobile loan app that offers quick loans to customers. Branch does not require collateral to for loans. All they need from people that wish to collect loan need is phone number or Facebook account details, bank verification number (BVN) and bank account number.

How to Apply: Branch uses the data from your phone, your SMS, and bank account details to decide whether to give the applicant a loan or not.

  • Maximum loan: N1,000 to N200,000
  • Interest rate: 14% to 28% + monthly interest rate of 1% to 20%
  • Pay-back plans: 4 weeks to 15 months
  • Bonus: Affiliate bonus whenever you refer a customer.
  • Availability: To people living in Lagos only.

10. Quickcheck:

Quickcheck is one of the best apps for getting quick loans as its name implies. This loan app does not have loans businesses but only for people that need money for surviving until the next payday.

How to apply: Download the Quickcheck mobile app, sign in with your Facebook account, fill in the required information and proceed. You will eligible for Quickcheck loan if your account is approved within 24 hours.

  • Maximum loan: N10,000
  • Pay-back plans: 30 months.

Those are the top 10 best mobile loan apps in Nigeria in 2021 that are recommendable for those that want to get loans online through mobile loan apps.


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