Get a Loan in Minutes: 8 Best Loan Apps in Nigeria

Before now, anyone who wished to take a loan in Nigeria would first have written a worded application. Get two reputable references. Go to his or her bank’s head office. Hand in the application alongside the birth certificate, valid ID card, statement of purpose, other ridiculous things and maybe a ‘harmless’ tip to make the waiting time shorter. Oh I forgot…plus some begging too! Because a lot of other applications too are waiting in line. The good news now is, times have changed. In a recent poll, numbers 4, 7 and 8 rated the top 3 ways to obtain loans without collateral (not banks).

Now, we have various loan applications in Nigeria, even knowing just 3 ways to obtain loans without collateral (not banks), should help.

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In the emerging markets across the globe, the middle class is booming and so is their need for fair, reliable financial services and capital. With smartphone growth at an all-time high, several loan solutions have sprung up to the situation. New things are now happening in Nigeria’s credit system. As a business owner or an individual, let’s not lie, there will be tough times. Times when bills become debt. Everything seems so available yet so expensive. Little sums become unreachable milestones. Times like these require an emergency way to get a loan in 24hrs, better still, get a loan in minutes.

Basic processes like downloading an application to your device, installing the application and making a few clicks can now soothe your immediate needs.

How to get a loan without collateral in minutes

First, you have to download the loan application from your Apple Store or Play store. Install and launch the application. Register your details on startup. provide required documents and log in. Wallah! you can get a loan in a few minutes.

You can see up here that legs like ‘guarantors’ ‘collaterals’ and some other needless documents have been cut off. So there’s zero worry about that.

The greatest selling points for loan applications are responsiveness and timeliness – when you get a loan in minutes or you get a loan in 24hrs.

Terms in a Typical Loan

• Creditor – This is the company/individual who is giving out the loan at a rate and tenor.
• Obligor – This is the applicant or beneficiary of the loan
• Tenor – A tenor is the agreed timeframe the loan will last for.

Pros of using ‘Loans without Collateral’ Apps

1. Zero need for collateral
2. No paperwork needed
3. Round-the-clock accessibility
4. Speed of  disbursement
5. Flexible payback options

Top Lending Apps in Nigeria for Loans without Collateral

1. SPECTA 

A top Nigerian lending platform that gives you access to loans up to N5 Million in one transaction and all in 5 minutes. Their goal is to create a simple, convenient and bespoke experience for the applicant using proprietary data and analytics to review applications.

With Specta, you do not need collaterals, guarantors or a visit to any office to get your loan approved and funds disbursed. Once the application is complete, scoring is instant, and disbursement done in less than 5 Minutes.

Specta is opened to everyone irrespective of occupation and bank.

Specta has the following packages:

SpectaXtreme is for everyone; business owners, salaried workers and more with no profiling necessary. You can get up to 2 Million Naira, 12months maximum tenor and interest rate between 26 – 30% per annum, irrespective of your bank. Please click here to learn more about how to get a loan in 24hrs under the SpectaXtreme scheme.

SpectaBasic gives up to 5 Million Naira and you can get a loan in minutes, up to 4 years tenor and flexible interest rate and repayment date. This is open to only salaried workers (irrespective of the bank) and business owners whose accounts are in Sterling Bank. Click here to read more about this.

SpectaPrime is the fastest cash-backed lending for individuals and corporates. Earn money on your investment while you lend for urgent needs. You can lend in Naira, Dollars, Pounds, and Euro.

SpectaAllawee enables Corpers to get a loan in 24hrs to develop and expand their entrepreneurial dreams. Click here to read more about this.

SpectaQuick Cash gives up to 20,000 Naira quick cash to all individuals based on Social Media reputation and transaction history. This is also open to everyone irrespective of the bank. Specta is one of the best 3 ways to obtain loans without collateral (not banks).

2. FAIR MONEY

Fair Money loan app is available both on iOS and Android application stores. No surprise, Fair Money is one of the most downloaded loan applications on Google Play store. With the FairMoney loan app you can get instant loans up ₦500,000 without collateral or paperwork. Fair Money gives business loans and personal loans.

How to use Fair Money

You just need to download the FairMoney app, sign up and follow a simple application process to get an instant loan in only 5 minutes.

Fair Money is a fast, secure, reliable and free Android mobile banking app, available in Nigeria. They make getting loans and paying bills enjoyable and easy. You can also earn bonus cash when you invite your friends. But FairMoney is more than just a loan app. Click here to learn more!

Loans range from ₦1,500 to ₦500,000 with loan term durations from 60 days and above, with equivalent monthly interest which ranges from 10% – 30%. There are no additional fees or hidden costs for processing your loan

You can set your payment instrumentally for up to three months

3. CARBON (formerly Paylater)

Carbon is another top loan application in Nigeria that delivers at the speed of light. Get a loan in minutes after registration, actually depending on how fast YOU are. Carbon App can give you up to 1 million naira if you meet the required thresholds.

How to use Carbon

1. Download carbon from Play Store
2. Launch application
3. Enter your details
4. Register an application with your correct details
5. Login
6. Get a loan in minutes

The interest rates of carbon can range from 5 – 15% depending on the loan amount and tenor. For ease, you can still make payments to the Carbon app via your ATM card or QuickTeller.

You can download Carbon app on your Android device here.

4. PALM CREDIT

Easily the most popular loan application amongst most Nigerians. I think this is because Palmcredit is the easiest application to operate. The user interface is very user-friendly and easy to navigate. On Palmcredit, you can get up to N100,000 in 10 minutes.

The interest rate at Palmcredit could be a little bit higher than the others but this still depends on the amount of loan and tenor. Tenor on Palm credit app can be up to 6 months (180 days).

How to use Palm Credit

1. Download Palmcredit from Play Store
2. Launch application
3. Enter your details
4. Register an application with your correct details
5. Login
6. Get a loan in minutes

To access a loan on Palmcredit, go to your iOS Store or click here to download from Play store for Android. At a recent poll, Palm Credit rated one the top 3 ways to obtain loans without collateral (not banks).

5. BRANCH

Branch is easily one of the top loan apps in Nigeria. With Branch you can get up to N200,000 loan on your device without collateral or any delay. All in a space of 10 minutes.

How to use Branch

1. Download Branch from Play Store
2. Launch application
3. Enter your details
4. Create a profile with your correct details
5. Login
6. Get a loan in minutes

With Branch,  the tenor is longer and could range from 4 – 64 weeks. This also affects the interest rate which could go from 14% – 28%. Branch loan application is so popular that it has been featured on Bloomberg and Forbes magazine, posited at good ratings on both occasions.

 You can click here to download the Branch loan application on your Android device. 

6. QUICKCHECK

Quickcheck is another popular mobile loan application in Nigeria. The instant you create your profile, you can get a loan in minutes. Up to N200,000 without delay, guarantors, paperwork or collateral. Here, your credit history is at their fingertips already!

 How to use Quickcheck

1. Download Quickcheck on your device
2. Install the application
3. Register with your credentials, or your Facebook account
4. Allow the application to make proper verifications
5. Login
6. Make a loan request and get a loan in minutes!

The major selling point for Quickcheck is their speed. 

7. SOKOLOAN

As a Microfinance Institution, Soko Lending Company Limited intends to increase opportunities for the poor to access financial services by providing financial services to low-income entrepreneurs, grassroots employees of SMEs, Women with entrepreneurial needs, Students who continue to learn. Shoppers with consumer needs, customers with fixed assets mortgage, traders and small scale farmers. Despite being a startup loan company, Sokoloan is conditioned to meet the dire needs of most Nigerians. Available 24/7, Sokoloan offers their services with top-notch ambiance and a good user interface.

How to use Sokoloan

1. Tap here using your Android phone or search for Sokoloan in the Google Play™ store. Click ‘Install’

2. Read and understand what the app needs to access to. If you agree, select ‘Accept’ and ‘Continue’
3. Fill out our brief application form with your information and we’ll review immediately.
4. To register and apply for a loan, all you need to do is:
5. Sign up on our platform
6. Enter the requested details
7. Complete the loan application form and apply

Once approved, funds are typically received within 5 minutes.

If your application is unsuccessful, you will also be informed of the reason(s) as you may still be eligible for another loan scheme.

You can also earn credit bonuses if you decide to pay earlier than agreed. Making on-time repayments can grant you access to higher credit limits for your next loan.

Sokoloan is very flexible. Tenor can be calculated in days – maximum 180 days. They’re famed for running a daily interest of 0.35% which is not bad actually. At a recent poll, Sokoloan rated one of the top 3 ways to obtain loans without collateral (not banks).

8. KIA KIA

Kia Kia a slightly different from the others as this application is web-based. Many use KiaKia because of their chatbot approach. Kia Kia chats with you like an attentive friend who is always boxed up to assist you with funds. As you get a loan in minutes, you also remember you have a friend Mr. Kia Kia. That swifter, smarter, more convenient place to safely borrow and securely lend out real-time will remain undefeated. Mr. K gives you access to personal and small business loans and also enables you to safely lend out funds at unbeatable interest rates. At a poll, Kia Kia rate one of the top 3 ways to obtain loans without collateral (not banks).

How to use Kia Kia

• Visit the Kia Kia web application
• Register your details or simply login with your Gmail or Facebook details
• Login
• Start a chat with Mr. Kiakia (a chatbot) to get a loan in minutes.

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