List of Top 10 Loan Apps in Nigeria

Loan apps are mobile applications that facilitate the lending and borrowing of money through digital platforms. These applications operate in the financial technology (fintech) sector and provide a convenient and accessible way for individuals in Nigeria to secure loans using their smartphones.

The loan apps typically offer features such as quick loan approvals, minimal documentation requirements, and, in some cases, collateral-free lending. Users can apply for loans, receive approvals, and disbursements, all within the app, streamlining the traditional loan application process. These apps play a significant role in addressing the financial needs of Nigerians by providing speedy and convenient access to credit.

According to the Federal Competition and Consumer Protection Commission (FCCPC), 201 loan apps have received approval, with an additional 40 under conditional approval. In this article, we highlighted top ten loan apps that made it in the list of FCCPC approved lending apps in Nigeria, the popularity of these apps is evident in their download figures, particularly on the Google Play Store.

Top 10 Loan Apps in Nigeria

Here are the top loan apps in Nigeria:

1. Branch – Loan & Online Banking

Branch takes the lead with over 10 million downloads and a rating of 4.5 from a staggering 1.1 million users. This platform offers quick online loans in Nigeria, determining eligibility and personalized loan offers using smartphone data. With interest rates ranging from 15% to 34%, Branch provides access to loans from N1,000 to N200,000 within 24 hours, making it a prominent player in the Nigerian digital lending space.

2. PalmPay – Transfers, Bills

PalmPay is an automated lending service that focuses on increasing access to credit. The app claims to provide loan decisions within 15 seconds, with funds transferred within 5 minutes, 24/7. Boasting over 10 million downloads and a rating of 4.6 from 566,000 users, PalmPay has established itself as one of the most downloaded loan apps in Nigeria.

3. FairMoney – Microfinance Bank

FairMoney stands out by offering fast loans within 5 minutes, devoid of documentation or collateral. The loan amounts vary based on smartphone data and repayment history, ranging from N1,500 to N500,000. With a rating of 4.3 from 587,000 users and over 10 million downloads, FairMoney has become a preferred choice among Nigerians seeking quick and hassle-free loans.

4. Okash – Safe and reliable loan

Managed by Blue Ridge Microfinance Bank Limited, Okash is an online loan platform that offers convenience to Nigerian mobile users. The app facilitates a straightforward application process with minimal documentation, offering loans from N3,000 to N500,000. Okash’s exponential growth from 1 million to over 5 million downloads in a year underscores its appeal. Users rate the app at 4.3 out of 5 based on 170,000 reviews.

5. Palmcredit – instant loan online

Palmcredit stands out with over 5 million downloads and is highly favored in Nigeria. The platform boasts the capability to provide a quick loan of up to N300,000 in less than 3 minutes without requiring collateral. With a rating of 4.3 by 165,000 users, Palmcredit’s efficiency and accessibility contribute to its popularity.

6. Kuda – Money App for Africans

Kuda, initially recognized for its digital banking services, has ventured into the loan market. The app offers loans ranging from N2,000 to N200,000 with straightforward terms. Despite being relatively new to the lending scene, Kuda has swiftly gained popularity, amassing over 5 million downloads on the Google Play Store. Users rate the app at 4.5, praising its simplicity and transparency.

7. EaseMoni – Instant loan online

EaseMoni joins the ranks with an impressive 5 million downloads and a commendable 4.5 rating on the Google Play Store. This lending app adds to the diverse array of loan platforms in Nigeria, offering users a seamless experience in obtaining quick loans. The positive user feedback underscores EaseMoni’s reliability and user-friendly interface.

8. NewCredit – safe & instant loan

With 5 million downloads and a solid 4.1 rating on the Google Play Store, NewCredit secures its place among the top loan apps in Nigeria. The app simplifies the borrowing process for users, providing access to loans efficiently. The substantial download numbers and positive user ratings affirm NewCredit’s popularity and effectiveness in meeting the financial needs of Nigerians.

9. Chipper Cash

Chipper Cash has earned its spot with 5 million downloads and a respectable 4.2 rating on the Google Play Store. While it offers a range of financial services, including money transfers, Chipper Cash has gained recognition as a reliable lending platform. Its widespread popularity, reflected in the download figures, and a commendable user rating underscore its significance in the Nigerian digital lending landscape.

10. WeCredit – Get loan now

WeCredit emerges as a noteworthy player in Nigeria’s digital lending landscape, with over 1 million downloads and an impressive 4.5 rating on the Google Play Store. This application offers a user-friendly platform for securing loans, contributing to its popularity among Nigerians. WeCredit’s commitment to providing accessible financial solutions is reflected in its positive user reviews and growing user base. As the app continues to gain traction, it exemplifies the diverse range of loan apps contributing to the evolution of Nigeria’s digital lending space.


As the digital lending space in Nigeria continues to flourish, these loan apps contribute to the diverse options available to users, emphasizing the growing role of technology in meeting the financial requirements of Nigerians.

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