Nigerians frequently attempt to use loan applications for a variety of reasons. You may be familiar with the local expression, “urgent 2k,” which means that you urgently need money. Digital lending platforms are becoming the preferred option for people and company owners in Nigeria who want a rapid loan without collateral due to the country’s growing demand for quick loans.
But not all of them are lawful. Few are registered with the Federal Competition and Consumer Protection Commission (FCCPC) or have loan apps certified by the CBN, which guarantees they adhere to stringent banking rules.
Do they give loans without BVN?
To be eligible for any of these loans, you must have a BVN. BVN assists lenders in confirming your identification and financial details, if you’re looking for Loan Apps without BVN, check here…
You can check your BVN by dailing *565*0# with the mobile number you used to open your bank account.
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Top 10 Loan Apps in Nigeria (2025)
Here’s a breakdown of 20 loan apps in Nigeria, their features, and compliance status:
1. FairMoney
FairMoney is one of Nigeria’s most popular loan apps that offers quick loans with flexible repayment options. It is known for its fast approval process.
Features:
- Instant loans up to ₦1,000,000
- Repayment period: 61 days to 18 months
- No collateral required
Compliance:
Approved by the Federal Competition and Consumer Protection Commission (FCCPC)
2. Carbon
Carbon is a digital finance app offering loans, bill payments, and investment opportunities.
Features:
- Personal loans up to ₦1,000,000
- No hidden fees
- Investment and bill payment options
Compliance:
Registered with FCCPC
3. Branch
Branch provides personal loans with flexible repayment plans and no late fees.
Features:
- Loans from ₦1,000 to ₦200,000
- Repayment period: 4 to 40 weeks
- No rollover charges
Compliance:
Approved by FCCPC
4. Renmoney
Renmoney is a microfinance bank that provides personal and business loans to individuals and SMEs.
Features:
- Loans up to ₦6,000,000
- No collateral required
- Flexible repayment plans
Compliance:
Licensed by CBN, registered with FCCPC
5. Aella Credit
Aella Credit offers personal loans with competitive interest rates.
Features:
- Loans up to ₦1,000,000
- Interest rate: 4% to 29% monthly
- Quick approval process
Compliance:
Registered with FCCPC
6. PalmCredit
PalmCredit is a digital lending platform that provides short-term loans.
Features:
- Loans from ₦2,000 to ₦100,000
- Repayment period: 91 to 180 days
- Interest rate: 14% to 24%
Compliance:
Operates under FCCPC guidelines
7. QuickCheck
QuickCheck uses AI to assess borrowers’ creditworthiness and provide instant loans.
Features:
- Loans up to ₦500,000
- Repayment period: 91 days to 1 year
- Monthly interest rate starts at 5%
Compliance:
Registered with FCCPC
8. Migo (formerly Kwikmoney)
Migo provides small, fast loans to individuals without requiring a mobile app.
Features:
- Loans from ₦500 to ₦500,000
- No collateral required
Compliance:
Registered with FCCPC
9. Xcrosscash
Xcrosscash is a mobile lending platform offering quick and short-term loans.
Features:
- Loans between ₦10,000 and ₦50,000
- Repayment: 91 to 180 days
Compliance:
Approved by FCCPC
10. Kuda Bank
Kuda is a digital bank that provides overdrafts and personal loans to customers.
Features:
- Loans up to ₦500,000
- No paperwork or collateral required
Compliance:
Licensed by CBN
Factors To Consider When Choosing A Loan App
1. Loan Duration
This is the most important consideration when selecting a preferred loan app. This demonstrates your capacity to pay back the loan when it’s due, as you will see on the app. Choose applications with extended payback periods – up to 365 days – instead of the ones with 62-days duration if you need to borrow more money than you can pay back in 60 days.
2. App Usability
You must be able to find answers to the question, “Is the app easy to use.” Loan apps must be easy and simple to navigate with a user-friendly interface. But you may need to avoid such an app that is complex to use because you may not have a handy understanding of how the app works. A typical app must be easy for both beginner and advanced users.
3. Customer Service
We are talking about money here. Therefore, getting a good guide on your journey to applying for a loan is very important. Your preferred lender app must be able to have responsive customer service that you can easily and instantly contact to escalate a query and get resolved in the shortest time.
Is it necessary to Provide Collateral to get money from Loan Apps?
You don’t need to provide any collateral to borrow money from these lenders. You may need to provide your BVN or NIN details – enough for these online lenders to track the money they give you.
How do Online Lenders use My Data to Process My Loan?
Loan apps use the data collected on your phone to help access your creditworthiness and enable fast processing of your loans. Also, they collect KYC (know your customer) data as directed by the Federal Government.
Conclusion
Since each of the aforementioned lending applications has unique features, functionalities, and interest rates, you may now obtain loans from any of them. You may carefully go through them to choose which is ideal for you.
Nevertheless, no financial advice nor app recommendations are made in this piece. This article is solely based on our research; hence, before taking out a loan, you might want to learn more about your chosen lending app.