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Best Loan Apps In Nigeria For Instant Loans Without Collateral

Few years ago, getting instant loan in Nigeria was an herculean task as it requires a lot of processes and paper work. Not to forget the need for collateral.

Best Loan Apps In Nigeria For Instant Loans

One major way of getting loans without collateral then was through friends or family.

Commercial banks and microfinance banks made matters worst as they demand for some unrealistic documents and collateral from customers before giving you a particular sum which in most cases takes between 4 weeks to 12 weeks before approval of the loan.

By then, you may not be able to use such cash to meet the desired need at hat time of need.

Here are 10 loan apps you can get instant loan without any collateral or guarantor.


Today, you will see the best ways to get loans on the go without stress and collateral.

Loan App (₦)Loan Amount You Can get Loan tenure
Carbon (Paylater) 5000 to 1,000,000 15 days – 180 days
Aella Credit 5000 to 1,000,000 14 days – 180 days
PalmCredit 5000 to 100,000 14 days – 120 days
Branch 1500 to 150000 7 days – 30 days
Zedvance Depends on income 120 days – 365 days
RenMoney 5000 to 4,000,000 15 days – 365 days
QuickCheck 10000 – 50,000 30 days – 180 days
KwikMoney 5000 to 100,000 14 days – 30 days
KiaKia 5000 – 5,000,000 30 days – 180 days
ONE-FI 5000 – 200,000 15 days – 180 days

Read Also: Banks that offer quick loans in Nigeria


Paylater otherwise called Carbon is a quick online lending platform that offers short term loan without collateral for urgent needs and expenses.

Through Paylater, you can get a loan from ₦500,000 to ₦1 million at different interest rates between 5 to 12.6%. The loan is determined by the risk involved and cash activities via your BVN.


Requirements to apply for the Paylater loan:

  • BVN, Passport photograph and address
  • Platform: Mobile App
  • Interest rate: 12 – 15% (Depending on risk level)
  • Loan tenure: 3 to 12 months
  • Top up: No
  • Repayment channels: Direct debit

If your loan is approved, it will be disbursed to your account within 5- 10 minutes. To access loan from Carbon just download the app by clicking here=> “Carbon App” register and fill in your correct information to enjoy this benefit.

Note that you can always increase your loan limit by paying back on time.


Aella credit loan app to help get instant loans in Nigeria without hassle. When they first launched, they offer loans to employees of companies but now they offer loans to everyone including students.

aella credit loan

You can get loan from ₦5000 to ₦1000000 which will be disbursed and credited within 10 minutes into your bank account.
Also, as you make timely repayment, your loan amount increases and your interest rate reduces. Get access to Aella Credit loan now


PalmCredit offers loan that are flexible for users to apply and get easily. The platform is owned by Transsnet Financial Nigeria Limited. Nigerians can access loans on Palmcredit anytime and anywhere without collateral. With the use of the palmcredit app, you can easily apply for loans up to ₦100,000 to individuals instantly without any collateral or paperwork.

Their interest rate is from 12%-24% and their loan duration is from 14 days to 3 months.


  1. Bank Verification Number (BVN)
  2. Full name
  3. Primary telephone number
  4. Bank account information
  5. Occupation information

These are just basic information.


to get started on palmcredit and get a loan, simply do the following

  1. INSTALL THE APP ON YOUR PHONE. You can download the app from Google play store.


branch offers loans to people who want to get cash for settling certain bills at reduced interest rates. The process is simplified and easy.

Loans are usually disbursed within few minutes. Branch offers loans of up to ₦100000 for just about 20% interest rate. Branch has disbursed over ₦1billion in loans.

How does Branch loan work?

To get a loan from Branch is very easy, it typically takes minutes. Simply follow the steps below

  • Download Branch app. Use your Android phone to download Branch from the Google Play store
  • Create an account (which typically takes about few minutes),
  • Apply for the loan that meets your need.
  • Finally, you will receive your money(loan) into your bank account.

The repayment plan for Branch is different from most of the other instant loan apps. Select “Terms” to choose between weekly or monthly payments prior to requesting for the loan.

5 Zedvance

Zedvance Limited is a consumer finance company providing a quick and fast loan at a highly competitive rate. They provide Cash Loans to individual, groups and offer Point of sale finance for consumer goods and appliances in partnership with retailers across Lagos.

It is for salary earners in the country. Zedvance’s quick cash loan, interest is between 4.0% to 4.5% and loan amount depends on your net pay. you can apply through their app or through their website.

Requirements to apply for Zedvance loan:

  • Employment letter, Salary account, Official email address, Valid ID, Utility bill.
  • Platform: Internet
  • Interest rate: 4 – 4.5%
  • Loan tenure: 3 to 12 months
  • Top up: Yes
  • Repayment channels: Cheque, Direct debit

6 RenMoney

It is possible for people o get loans up to ₦4,000,000 that can be repaid within a period of nine months without tendering collateral or a guarantor.

Eligibility criteria for RenMoney loans:

  • The age of the borrower must be between 22 and 55
  • Borrower must have a regular paying job and sufficient salary
  • Borrower must be living and working in Lagos State

Upon request, the applicant is expected to provide verification of their monthly income and a report of their previous loans from a credit bureau. All these are to be submitted to any Renmoney office for confirmation.

renmoney Loan application

Read Also: Best Android phones you can buy for 50,000 Naira in Nigeria


QuickCheck is a modern lending platform for individuals and small businesses. QuickCheck uses mobile technology to enable individuals and small businesses to gain access to financial credit.

QuickCheck offers individuals personal loan from ₦10,000 – ₦50,000. They also offer loans for salary earners which can be up to ₦200,000.

Interest rate is 1% per day and you can increase your loan amount and reduce your rate by repaying your loan on time.
Loan duration for personal loans is 30 days and for salary earners is 180 days.
You can use the app to Get A Loan From “QuickCheck


Kwikmoney is a loan platform that offers both internet-based, app and USSD loan options. It partners with banks, mobile network operators, and technology companies to make personal banking services convenient and accessible to all Nigerians.

With KwikMoney your mobile phone number is your requirements for accessing loans. Interest rate of about 10% for 15 days to 6 months. Loan disbursement is always instant and you can have your loan in the next 2 minutes when you apply.

How Kwikmoney Works?

  • Enter your phone number
  • Enter OTP code
  • Select one of your personalized loan offers
  • Add your bank account and card details
  • And just like that, your account is credited

To get loan through KwikMoney, simply dial *561# on your phone now or visit “KwikMoney Instant Loans


Kiakia is the swift, smart, convenient way to get loan in real-time. Kiakia which means “quick quick” in Yoruba language of Nigeria is one of the fastest means to get instant personal and business loans in Nigeria.

To get a loan on kiakia, you will be interacting with a bot that will tell you how much loan you will be offered, your interest rate and loan tenure.

KiaKia involves the use of big data, computer forensics, psychometry and machine learning to perform secure credit rating and enable repayment risk evaluation algorithm in order to provide direct, peered personal and business loans to millions of individuals and SMEs without credit information.
You can borrow up to ₦5,000,000 and loan tenure is between 30 days for new users and 6 months for regular users.

To get instant loan from Kiakia just click “KiaKia Instant Loan Bot“.


One-Fi used to be known as One Credit. Their lending process is fully online via the Carbon Mobile App.

OneFi offers short-term consumer loans to credit-worthy individuals with limited access to finance.

One-Fi loan tenure is between 3 – 6 months, with loan amounts up to ₦200,000 or more.

In Conclusion, the best instant loan apps in Nigeria has apps that have been tested and trusted. They have security and integrity.

Kindly share this post to help others read and know which apps they can use to obtain loan within shortest possible time.

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