Posted onOctober 27, 2022
Top 6 Loan Apps in Nigeria With Over 100K Customer Reviews (Q4 2022)
- Top 6 loan apps in Nigeria that have exceeded 500k reviews, 5 million downloads (As of Q4 2022)
- Below is an analysis of Top 6 loan apps in Nigeria that have crossed 100k reviews and 5 million downloads (As of Q4 2022)
- 1. Branch Loan App — (10 million+ downloads)
- 2. FairMoney Loan App — (5 million+ downloads)
- 3. Palmcredit Loan App — (5 million+ downloads)
- 4. Okash Loan App — (5 million+ downloads)
- 5. PalmPay — (5 million+ downloads)
- 6. Carbon Loan App — (1 million+ downloads)
- Frequently Asked Questions (FAQs) About The Best Loan Apps In Nigeria
- S /No.
- Application Name
- “Best For” Pick
- Number of Downloads
- Number of Reviews
- How to borrow from the Branch instant loan app
- How to borrow from the Fairmoney instant loan app
- How to borrow from the Palmcredit loan app
- How to borrow from the Carbon loan app
- What is the best app to borrow money in Nigeria?
- Can loan apps block my BVN?
- Which app gives fastest loan?
- Can I go to jail for not paying online loans?
- How can I get immediately loan?
- How much can I borrow from FairMoney for the first time?
- How do I get loan apps in Nigeria to stop calling my contacts? How do you stop loan apps from accessing your contacts?
- Which app in Nigeria provides loans without a BVN?
- How to report loan apps in Nigeria
- Which is the best loan app in Nigeria with the lowest interest rate?
- Can a loan app access my contacts if uninstalled?
- How do I stop messages from loan apps?
- How to stop a loan app from accessing your contact?
- How Do I Prevent Fake Loan Apps Like Sokoloan, LCredit and others From Calling Or Messaging My Contacts?
Quite a number of feedbacks, commendations and complaints have been received from users of loan apps in Nigeria about the lending practices by FINTEC platforms that have cropped up to help millions of unbanked and underbanked citizens of the country have access to quick loans and around the clock financial services.
We have decided to change the narratives by making our own recommendation of the top 6 loan apps in Nigeria that have exceeded 500k reviews from customers and crossed 5 million downloads as of Q4 2022 from customer feedbacks and practical experiences they have experienced.
The make up of this carefully selected list of 6 most used, most reviewed and most downloaded lending platforms in Nigeria are in our opinion the most legit instant loan apps in 2022 for emergency cash loans, for low interest, with the highest loan amount.
Many of these digital lending loan apps FINTEC platforms come with very high interest rate and shorter loan tenure, but the rate and timing at which it quickly takes lending decisions and disburses funds to borrowers’ account have made many of them become the darling of many Nigerians, no thanks to the cumbersomeness, requirement for collateral, excessive waiting time and documentation need that the traditional banks require before you can access their loans.
In this article, QUICK LOAN ARENA looks at the number of reviews made by the loan apps customers and the amount of time these apps have been downloaded by Nigerians on Google Play Store to determine how often they are been used. It would surprise you to note that some of these lending apps have more customers on Play Store than many traditional deposit money banks in Nigeria.
Top 6 loan apps in Nigeria that have exceeded 500k reviews, 5 million downloads (As of Q4 2022)
Find below the top 6 loan apps that have exceeded 500k user reviews and feedbacks and have been downloaded for up to or more than 5 million times on Google Play Store as at the beginning of Q4, 2022.
- Branch Loan App — (10 million+ downloads)
- FairMoney Loan App — (5 million+ downloads)
- Palmcredit Loan App — (5 million+ downloads)
- Okash Loan App — (5 million+ downloads)
- PalmPay Loan App — (5 million+ downloads)
- Carbon Loan App — (1 million+ downloads)
Below is an analysis of Top 6 loan apps in Nigeria that have crossed 100k reviews and 5 million downloads (As of Q4 2022)
S /No. |
Application Name |
“Best For” Pick |
Number of Downloads |
Number of Reviews |
1 | Branch Loan App | Top Overall Lending Platform in Nigeria | (10 million+ downloads) | 800,000 Reviews |
2 | FairMoney Loan App | Best for Highest Loan Tenure | (5 million+ downloads) | 497,000 Reviews |
3 | Palmcredit Loan App | Best for Flexible Repayments | (5 million+ downloads) | 176,000 Reviews |
4 | Okash Loan App | Best for Multiple Financial Products | (5 million+ downloads) | 104,000 Reviews |
5 | PalmPay Loan App | Best for Banking Services | (5 million+ downloads) | 261,000 Reviews |
6 | Carbon Loan App | Best for Building Credit Score | (1 million+ downloads) | 133,000 Reviews |
1. Branch Loan App — (10 million+ downloads)
With over 800,000 reviews and 10 million downloads on Google Play Store, Branch lending platform is the overall best loan app in Nigeria. Branch’s 2.5% to 20% monthly interest is the most competitive obtainable in the quick loan industry. The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.
The money lending app makes it easy for borrowers to get quick loan of up to ₦500,000, to transfer money for free, and enjoy investment yields of 20% per annum. You can simply apply through the Branch app and get approved in under 24 hours.
Branch don’t charge late fees or rollover fees, nor put restrictions on how you spend your money, and our customer support team is available 24/7. If you ever needed loan apps in Nigeria for instant cash that are reliable, this is one of your best pick.
How to borrow from the Branch instant loan app
Requirements to borrowing money from Branch are simple – all you need to apply is your phone number or Facebook account, bank verification number (BVN) and bank account number. They will also request access to the data on your phone in order to build your credit score. Simply follow the steps below:
- Download Branch on your Android device from the Google Play store.
- Fill out the short form and send it in for a rapid evaluation to create your account.
- When you fill out an application for a loan, the money will be paid directly to your bank account or mobile money within minutes.
- Repay the loan using your smartphone and improve your credit score to access more significant loans in the future.
A user of the Branch App, Abayomi Ogunde gave a review of the platform on 14 August 2022 as follows:
The experience has been so far very good. They don’t harass you with calls or threatening messages. Really awesome service. But in terms of credit rating, am not satisfy with the loan amount after over 6-months and the amount remains ridiculously small while the interest increases faster. This is not fair. Lastly, customer service button on the app is not readily available to send complaints like this.
Over 1,758 people found this review helpful.
To Apply for a Loan from Branch, CLICK HERE
2. FairMoney Loan App — (5 million+ downloads)
FairMoney digital platform is the second best loan app in Nigeria in 2022 in respect of number of downloads and customer rate of reviews. The platform has over 5 million downloads and over 497,000 reviews on Google Play Store from its million of users as of beginning of Q4 2022. It has the exceptional quality of granting higher loan tenure than many other similar lending applications. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods tenure ranging from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).
However as good as FairMoney loan app is, the application has a very high interest rate that is unfavourable to a large chunk of customers and borrowers.
How to borrow from the Fairmoney instant loan app
- Download and install the app using the installation buttons above
- To get a loan offer, you’ll need to register using the phone number connected to your BVN and answer a few questions.
- If you agree to it, your loan will be sent directly into your bank account of choice.
A user of the FairMoney loan app, Teju Daniels gave a review of the platform on 10 September 2022 as follows:
Easy to access loan but the rate is too high; easy to repay, just that even when I’ve paid back, seems they don’t check on time and they get to call me at least once for my repayment which I’ve already done, before they later now start acknowledging that they’ve seen it. Customer feedback is quite okay. Overall, I can recommend them to anyone that doesn’t mind their rate.
Over 811 people found this review helpful.
You can download the FairMoney app on Google Play Store by clicking here
3. Palmcredit Loan App — (5 million+ downloads)
Palmcredit quick loan digital app comes third in our analysis of most reviewed, most patronized and most downloaded loan apps in Nigeria where you can borrow between N2,000 to N300,000 instant and fast loan and if you meet the lending criteria, you can get your disbursement in few hours not more than a business day, the platform claims. The platform has over 176,000 user reviews and well over 5 million downloads on Google Play Store as of the beginning of 4th Quater 2022.
When your financial obligations are overwhelming you and the bills piling up, Palmcredit app can provide an emergency quick loan for you. The lending platform says it can provide a quick loan of up to ₦300,000 in less than 3 minutes without any form of collateral.
How to borrow from the Palmcredit loan app
1. Download PALMCREDIT APP ON GOOGLE PLAY STORE BY CLICKING HERE.
2. Complete the registration process from your mobile device
3. After completing these two processses, you can proceed to applying for your loan
4. Once you have applied for the loan, you will have to wait to get approval. This usually does not take too long. Just make sure you provided the necessary information correctly.
5. Once you get your approval, you will then receive the loan. You can decide to send the money to your bank account right away.
4. Okash Loan App — (5 million+ downloads)
Okash is a convenient quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited. The platform has gathered over 5 million downoads and over 103,000 customer feedbacks and reviews as of Quarter 4 year 2022.
OKash fulfills customers’ financial needs completely online 24/7. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account. Okash claims its tenure ranges from 91 days to 365 days and loan amount from NGN 3,000 to NGN 500,000.
Interest Rate is minimum of 0.1% up to 1%. Their interest rate is calculated on a daily basis. Annual interest rates from 36.5% to 360%. While origination Fee: Range from NGN 1,229 – NGN 6,000 for a one-time charge.
You can download the Okash app on Google Play Store by clicking here
5. PalmPay — (5 million+ downloads)
Palmpay is an automated lending service focused on increasing access to credit to financially under-served/excluded individuals around Africa. With the app, it is goodbye to transfer charges, allowing fast and free transfers! The organization says you can enjoy over 90 free bank transfers per month on PalmPay. Sending to other PalmPay users is always free.
Launched in Nigeria in 2019, the company says it has provided over 5,000,000 customers with convenient and affordable digital payments. It has been downloaded over 5 million times on Google Play Store with over 259,000 reviews and feedback from the users.
The company also claims that loan decisions on its app are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes, 24 hours a day, 7 days a week. On the app, the usual amount for new borrowers is N10, 000.
You can click here to access PalmPay App
6. Carbon Loan App — (1 million+ downloads)
Carbon, formerly known as Paylater, is the 6th and final loan app in Nigeria in quarter 4 as of 2022 for our analysis as regards customer reviews and number of downloads. Though Carbon hasn’t been downloaded for up to 5m times as of Q4 2022, it has well over 133,000 customer reviews and feedback and it is arguably the best pick for customers willing to build positive credit score across the Nigeria. It has gathered well over 1 million downloads on Google Play Store since it was unveiled.
With Carbon, you can borrow up to N1 million (One Million Naira) without collateral, guarantors, or paperwork. At your first try, you may not be able to access big cash, you start by borrowing small, and paying back as at when due, thus gradually building good credit history which eventually makes you to have access to bigger funds.
With these mouth watering features, the Carbon Loan App has become the second best overall loan app in Nigeria.
How to borrow from the Carbon loan app
The platform is available 24/7. You can apply for instant cash on weekends and holidays and get your loan approved. Just following the simple steps below:
- Install the Carbon application from the Google Play Store or the App store.
- By giving your information, you get closer to gaining access to financing. It is secure and safe.
- Carbon will evaluate your application and inform you of your eligibility when you’ve specified the amount you want to borrow.
- Once accepted, Carbon will immediately deposit the cash into your account.
To download the app on Google Play Store CLICK HERE.
Frequently Asked Questions (FAQs) About The Best Loan Apps In Nigeria
Can loan apps block my BVN?
Having a negative rating with the Bureau may seem trivial at the moment, but if you plunge into a financial crisis and require credit, no Nigerian loan app would provide you with one owing to your poor credit history. For this reason, you should never cease paying your loans, and if you have not done so, you may contact the loan app for assistance in negotiating a reduction on your debt.
Which app gives fastest loan?
From our independent investigations and reviews, Money in Minutes gives fastest loans in Nigeria, with requests getting approval within few minutes. The platform is managed by MIM Finance Company is a UK-originated lending platform with presence across three (3) continents and Nigeria’s 1st Credit Membership that gives access to quick and affordable quick online loans. Loans From Money in Minutes range between ₦5,000 – ₦5m. Interest Rates could be as low as 3%.
Can I go to jail for not paying online loans?
In simple straightforward answer, NO! This is because in most situations, failure to repay an online loan or any loan for that matter does not constitute a criminal offence since it is strictly a civil issue. Civil debts are those incurred via personal loans, wages, mortgages, or credit cards; thus, nonpayment of a loan does not result in imprisonment.
Nigerian law does not recognise nonpayment as a ground for incarceration since a person who loses his job, becomes ill, or is involved in an accident cannot continue paying his debt. Given this viewpoint, you mustn’t believe that halting payment has no repercussions since loan defaults may result in the seizure of assets or even your house. If it can be proven that you sought a loan with the aim of never paying it back, you may be imprisoned.
How can I get immediately loan?
You can get an immediate loan by downloading apps of instant immediate loans from Google Play Store and applying for money wherever you are. The money will be disbursed into your bank account in a few minutes.
How much can I borrow from FairMoney for the first time?
FairMoney is a licensed online lender, that provides quick instant loans up to N1,000,000 and for a duration of 18 months to its customers and clients. For the first time, FairMoney minimum loan amount is N10,000 and the upper limit for a new customer is N40,000. Monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).
How do I get loan apps in Nigeria to stop calling my contacts? How do you stop loan apps from accessing your contacts?
To stop loan apps from accessing your contacts or calling your contacts and family members, do the following:
- Don’t download any loan app on your phone.
- If you have already downloaded a loan app, don’t approve or collect any loan from the platform.
- If you have already collected a loan from the platform, delete and uninstall the app immedialy from your phone and do not reinstall or collect any further loan from the credit platform.
- Only download and patronize reputable loan apps that will not send shame or defamatory messages to your contacts, even if they have your phone contact access.
Which app in Nigeria provides loans without a BVN?
None. There is no reputable loan app in Nigeria that does not require a BVN. This is because the BVN is the most effective paperwork for the loan app in the event of default. A BVN is also the legal document needed to verify the identity of individuals requesting loans in Nigeria via loan apps.
How to report loan apps in Nigeria
In several instances, loan apps in Nigeria have been found guilty of using coercive or even unlawful methods to get loan repayments from borrowers. This tactic has become even more incessant following the plummet of the naira, which can no longer be considered a top African currency.
To report loan app harassment in Nigeria, send an email to [email protected], which is the Federal Competition and Consumer Protection Commission, FCCPC. However, it is vital to note beforehand that this authority is strongly opposed to the practice of using loan applications in Nigeria since the FCCPC states that they are unregulated.
Which is the best loan app in Nigeria with the lowest interest rate?
Among the most reliable loan apps in Nigeria, Branch’s 2.5% to 20% monthly interest is the most competitive. The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.
Can a loan app access my contacts if uninstalled?
A loan app cannot access your contact list if you already uninstalled the app from your phone. However it’s likely your contacts have been downloaded and stored in the app’s database outside your phone if you ever collected a loan from them. To stop loan apps from accessing your phone contacts again, safely uninstall the app and do not patronize them anymore.
How do I stop messages from loan apps?
To stop messages from digital lenders or stop loan apps from accessing your phone contacts again, safely uninstall the app and do not patronize them anymore. Also if you are owing any outstanding loan, pay down and let the app be aware that you have paid your loan to update your records.
How to stop a loan app from accessing your contact?
- Don’t download any loan app on your phone.
- If you have already downloaded a loan app, don’t approve or collect any loan from the platform.
- If you have already collected a loan from the platform, pay back any outsanding balance, delete and uninstall the app immedialy from your phone and do not reinstall or collect any further loan from the credit platform.
- Only download and patronize reputable loan apps that will not send shame or defamatory messages to your contacts, even if they have your phone contact access.
How Do I Prevent Fake Loan Apps Like Sokoloan, LCredit and others From Calling Or Messaging My Contacts?
To stop fake loan apps from accessing your phone contacts generally or specifically stop scam platforms like Sokoloan or LCredit from messaging your list, do not download their apps on your phone. Do not approve or collect any loan from them. Do not give them permission on your phone to access your contacts. That essentially means you cannot have access to collect their loans.