If you are short on cash or needed money for an emergency, chances are, you will approach family and friends for a loan. And you might get what you are looking for if you are lucky. But from experience, many already know that borrowing from friends and family has its own repercussion.

An alternative will be to visit the bank. Apart from wasting your time and the high-interest rate you get from a traditional Nigerian bank, you also need to have collateral, guarantor, etc. The list is endless.   But there are now online platforms to get an instant loan with just a click of a button. Without the need for any collateral. I have listed 10 of the best loan app in Nigeria.

1. Branch

This online lender offers payroll loans, installment loans, and payment loans. Borrowers can access up to N200,000 maximum and a minimum of N1,000. Loan term ranges from 4 – 40 weeks. A number of factors are used in calculating interest rates including repayment history, the amount borrowed, and time of repayment. These rates can range from 15% – 34% per month, with APR of 33% – 261%.
Currently, Branch requires that you have an account with the following banks before you can obtain a loan from them. These banks include United Bank For Africa, Zenith Bank, Access Bank, Union Bank, First Bank of Nigeria, FCMB, Diamond Bank, Sky Bank, Stanbic IBTC Bank, and GT Bank.
Download the branch app here

Requirements for Branch Loan

• Phone number or Facebook Account
• BVN ( Bank Verification Number)
• Bank Account Number

Pros

• You get to choose your repayment plan
• High loan Amount
• No late or rollover fees
• Good customer Support

Cons

• You must have an account with the specified banks
• Branch App must be installed on your phone

2. Palmcredit

This online lender offers loans ranging from a minimum of N2,000 to a maximum of N100,000. With this mobile app, getting an instant loan is easy, you only need to complete three steps. Register, Get Approval and Request for Loan.
Every time you pay what you owe, your credit score increases. This allows you to qualify for an even higher loan amount.
Loan duration ranges from 91 days to 180 days. The average monthly interest on Palmcredit loan ranges between 4% –  4.7%, with an Annual Percentage Rate of 48% – 56%.
 For instance, if you borrow say, N100,000 with a loan duration of 180 days. And an interest of 24%, That is N24,000. So, the total amount you’d pay is N124,000.
Download Palmcredit 

Requirements for Palmcredit Loan

• Palmcredit Mobile App 
• Your BVN (Bank Verification Number)
• Phone Number
• Bank Account Number

Pros

• Low-Interest rate when compared to other lenders
• No rollover charge

Cons

• Low Maximum Amount compared to other lenders.
• Mobile App must be installed

3. Carbon

This online moneylender was formally known as PayLater. They are one of the popular loan apps around. Both students, traders, workers, non-workers, and salary earners can get a loan from carbon.
You can also invest, pay bills, and buy airtime with carbon. its loan amount ranges from a minimum of N1,500 to as high as N1,000,000 and is given without collateral or guarantors. With interest rates as low as  5% for the first month. A monthly interest rate of 1 – 21%. The APR(Annual Percentage rate ) on a carbon loan ranges from 23% – 60.8%.
For example borrowing N50,000 for 3 months or 90 days, with an interest rate of 2% per month, and an APR of 24.3%. The total amount you will get to pay after 90 days is N53,000.
 A USSD code is also available for accessing loan services.
Like other online lenders, you usually start on a smaller loan amount, and your eligibility for higher loan increases when you pay the money you own before the due date.
Download Carbon

Requirements for Carbon Loan

• Carbon Mobile App
• Valid ID
• BVN
• Bank Account Number
• Phone number

Pros

• Relatively low-interest rate
• High maximum loan amount
• Provide USSD code for loan

Cons

• Requires Carbon App

4. FairMoney

This automated online lender provides business, education, and personal loan. Disbursement of cash to your bank account is done within 5 mins without any collateral.
Loan eligibility is determined by many factors. Including credit score from other lenders, bank account history, etc. Application is, of course, done automatically.
The minimum loan amount is N1,500 and a maximum of N500,000. Interest rate ranges between 10% – 30%, with an Annual Percentage rate of 120% to 360%. FairMoney also provides a USSD code for their loan services.
Repayment of the loan can be done at any time, including on the due date. Early payment of your loan gives a discount on the interest rates.
Download FairMoney

Requirements for FairMoney Loan

• FairMoney mobile app
• BVN (Bank Verification Number)
• Phone number
• Bank Account Number

Pros

• High maximum loan amount
• Provides USSD code for easy loan access
• Discount on interest rates on early payment
• Good customer support

Cons

• High-interest rate when compared to other lenders

5. QuickCheck

This lender employs Artificial Intelligence on the loan application to determine borrowers behavior. Loan applications are automated and disbursement of cash is fast for those that meet its loan requirement. Loans are available both for personal and business use.    Loan rage from a minimum of N1,500 and a maximum of N500,000 ( five hundred thousand Naira). With a duration  of 4 weeks to 1 year. The interest rate ranges from 2% to 30% with an equivalent monthly interest rate of 1% – 21%. For example, borrowing a loan of N100,000 for a period of six months with an interest of 13% per month,. You will get to pay a total of N150,000 after 6 months.  

Requirements for QuickCheck Loan

• QuickCheck App
• Phone number
• BVN (Bank verification number)
• Bank Account Number

pros

• high maximum loan amount
• Fast loan disbursement

cons 

• high-interest rate 
• Requires QuickCheck Mobile App 

6. Alat

This is a digital bank and a multipurpose financial app that lets you get a loan, pay bills, save money, as well as transfer cash. sponsored by Wema bank, it won the Best Digital Bank for 2017 and the “best mobile banking app”. You can get a loan up to N200,000 with this app. Alat requires that you upgrade your account by uploading a valid ID, passport and utility bill before you can get a loan.   Download Alat

Requirements for Alat Loan

• Alat app
• You have to upgrade your account before getting a loan
• BVN
• Bank account number
• Phone number
• Active Alat account

pros

• No collateral needed

Cons

• account must be upgraded by uploading several documents
• require a physical bank account
• low maximum loan amount

7. Aella Credit

This lender uses an algorithm built by experts in Nigeria lending space to determine loan eligibility. All that is required from the borrowers’ end is a few details like your BVN, Amount to be borrowed, and the time you intend to pay. The algorithm gets to work, and you get a result within seconds. Both businesses and individuals are eligible to receive a loan from them. Apart from lending money, you can also pay your bills with Aella Credit.   Interest rate, loan amount, and duration are calculated base on the information provided by the borrower.   Download Aella Credit

Requirements for Aella Credit Loan

• Aella app
• BVN
• bank Account Number 
• Phone number

8. Kiakia

This is a web app that allows you to access both personal and business loans at a flexible rate. Kiakia also match borrowers and lenders with individual or corporate lenders at an agreed rate. Big data, Machine learning, psychometry, and digital forensics are used to assigned credit scores and risk assessment in the form of points. These points allow borrowers to access higher loan amounts and are assigned to those who pay back their loans on time. This lender is perfect for those who are unqualified for a typical bank loan and are looking for unsecured personal consumer loans.   A Loan of N10,000 to N200,000 can be accessed. for a minimum duration of 7 days and a maximum of 30 days. A processing charge also applies when accessing the loan.   Visit Kiakia WebApp

Requirements for Kiakia Loan

• BVN (Bank Verification Number)
• Phone number
• Bank Account Number

Pros

• No collateral
• No geographic restriction
• Fast approval

Cons

• Loan processing charge
• low maximum Loan

9. Okash

This is opays- owned lending platform that aims to provide access to financial loans to disadvantaged individuals in Africa. Loans can be accessed at any time and anywhere without the need for collateral. Loan duration rages from 91 to 365 days. The interest rate is calculated on a daily bases and ranges from 0.1% – 1%. Annual interest rate is between 36.5% – 360%. The loan amount ranges from N3,000 – N50,000. With a processing fee between N1,229 – N6,000. You will need to have a source of monthly income to be able to get a loan from this lender. And must be between the age of 25 and 55 years old.
Download Okash

Requirements for Okash Loan

• Okash App
• BVN
• Phone number
• Account Number

Pros

• No collateral needed

Cons

• Low maximum loan amount
• Must have a monthly source of income
• Must be between the age of 25 – 55 years.