10 Best Loan Apps in Nigeria to Get free Loans Without Collateral

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Welcome to the right source of valid information.  I know you must have been searching for loans and have heard the bad light of how some loan apps treat customers that forfeited payment in Nigeria.

Well, in today’s blog post, I am going to walk you through 10 hassle-free loan apps that you can use for either your business or private needs. 

Let’s get started

What are Loan Apps?

Loan apps are websites or platforms that offer soft loans to customers who meet some requirements: these apps are easy to use and can be used to finance small capital projects or for business startups.

List of Best Loan Apps in Nigeria

If you’re finding a very good free loan app that offers peace of mind for its users, consider any of the below listed 10 best loan apps. 

  • Fair money 
  • Kia Kia loan
  • Aella credit
  • Quick check 
  • Palm credit
  • Ren money
  • Branch loan app
  • Credit ville 
  • Carbon
  • Lendingo 

Let’s explain these apps one after the other

1. Fair money

As the name implies, fair money is a fintech loan app in Nigeria that can borrow you a soft loan either for short-term or long-term goals. 

This app is well known in Nigeria as one of the best loan apps that can help you secure a good amount of loans. 

Recently, Nigerians have flooded social media discussing the pros and cons of fair money which I will be eager to share with you today. 

Pros of fair money

  • Fair money is convenient and you can access loans without going to commercial banks such as First, UBA, and GT bank. 
  • Loan processing time is faster compared to other loan platforms or banks. 
  • There are different types of soft loan options available that can suit your desire.
  • Some loans attract lower interest rates.
  • Due to its flexible nature, you can manage loans and make payments through the app.

Cons of fair money

  • You can not borrow money from their physical branch. You will always be required to use the internet and provide some confidential information such as BVN. 
  • Most times, fair money doesn’t give loans when you’re not a government worker or civil servant.
  • There is always a high-interest rate and hidden charges for loans. 
  • The need for personal information to be shared with the app leads to privacy concerns.
  • Fair money does hot “Trolling” of customers who are unable to repay the loan on agreed terms.
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2. Kia Kia loans 

Kia Kia loan is a fast-growing loan app that offers fast loans for users. 

Kia Kia is a product of the Yoruba language which originated from the southwestern part of Nigeria. This app helps to give both soft and hot loans to users. To get started, you can download the app on the play store or apple store. 

After installing, launch the app and create an account with Kia Kia. 

For you to obtain any loan from Kia Kia, you will be required to provide some sensitive information which include

  • A National ID card or passport
  • A Proof of income (e.g. pay stubs, bank statements)
  • A Proof of address (e.g. utility bill, rental agreement)
  • An Employment of loan repayment from other institutions
  • Your Bank account details
  • Your mobile phone number and email address
  • Loan purpose
  • Your Employment certificate or business registration documents for business loan (optional)

Once you can provide all these documents, you will be deemed eligible to apply for a loan. 

3. Aella credit

This is another free loan app that offers only soft loans for individuals. 

With Allea credit, you can borrow up to 90,000 Naira at once and pay within 6 months. The interest rate of loans varies depending on the amount you intend to borrow. Generally, the interest rate for Allea credit loans ranges from 5% – 10%.

To get started with Allea credit, you just need to download the app or sign up using the Allea credit website. Proceed by submitting all your means of identification and applying for the loan

4. Quick checks

The next loan app on my list here is quick checks. This is another fast-growing, yet free fintech app that can help you with loans in Nigeria.

With quick checks, you can borrow up to 30,000 nairas for 30 days with interest which range from 5-9 percent.

The good thing I have heard about quick checks is that it requires no collateral or guarantor as a requirement for applying.

To borrow this soft loan from quick checks, you can navigate to the play store, download the app, launch it, and follow the prompt. 

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5. Palm credit

Moving forward, palm credit is widely recognized as one the number 1 best loan app in Nigeria. 

It offers some premium features for free like access to a million naira loan which none of the loan apps are yet to implement.

With palm credit, you can borrow from 100 to 1000,000 naira with an interest rate of 7% and a repaying period of 6-7 months. 

The last time I borrowed money from fair money, I borrowed 1.5 million naira.

Does palm credit have any advantages and disadvantages?

Yes. So many individuals have complained greatly about this platform and on the other hand, a lot of people have given commendations. 

Well, I will like to open your eyes to some of the pros and cons. 

Pros of Palm Credit you should know

  • Fast loan disbursement
  • Simple and convenient loan application process
  • Competitive interest rates
  • Flexible loan repayment options
  • No collateral required

Cons of Palm Credit you should know

  • High-interest rates for some loan products
  • Short loan tenures
  • Limited loan amounts
  • Strict eligibility criteria for loan approval such as employment certificate.
  • Late repayment fees and charges.

6. Ren money 

Like any other loan money app, ren money is a good platform where you can borrow a swift loan.

This loan offers competitive loans to organizations or individuals who are looking for soft loans. 

The maximum amount that you can borrow from ren money is 50,000 which accrues an interest rate of 7%. 

To get started, you can download the app on either the play store or apple store and get connected to your loan. 

7. Branch app 

The next loan app here on my list is the branch app. 

This is an intensive loan app that offers competitive interest rates for loans for Nigerians. 

The branch app offers loans ranging from 5,000 to 40,000 naira. 

With the branch app, the loan has become so easy, safe, and very fast. 

If you wish to get started today, you can download the branch app on your phone and get started today. Hope you’re enjoying this article.

8. Credit ville

Credit Ville is an infant loan app with strong good history. If you are a student and wish to borrow money while waiting for a monthly allowance from your parents, Credit Ville is a good option.

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You can borrow up to 80,000 naira with an interest rate of 7% and a repaying time of a10 months. This app is better and gives peace of mind to lenders. 

Not to waste much of our time, you can sign up on their website or app which is available on the play store alone. 

9. Carbon loan

Carbon is a well-known loan app that is mostly used by business organizations to secure high loans.

With carbon, you can borrow up to 900,000 at once to secure a huge capital project.

Like other loan apps, carbon offers competitive interest rates, and guess what?

The very last time I borrowed money from them, it was fast, stress-free with a low-interest rate. Then, I borrowed 50,000 naira and the interest rate was 5 percent which means I repaid 52,500 which is pretty good.

If you’re searching for a loan app with the best interest rate don’t forget that carbon is there for you at any time. 

10. Lendingo 

This is the last loan app on my list for today. Lendingo is a young popular loan app that gives soft loans to qualified individuals in Nigeria.

With lending, you have the opportunity to chat with the customer care representative concerning issues or advice regarding loans. 

You can borrow as low as 5000 Naira with a 7% interest rate at any time.

To get started now, proceed to the play store, download the app, launch it, and follow the screen. 


Which app can borrow me 20k instantly?

The only app that can borrow you the sum of 20,000 instantly is Fair money. 

To get this fast loan, get your credentials ready, sign up and click on “borrow me now”, choose 20,000, select your destination bank account, choose repayment date, and click on proceed. 

Your payment will be processed instantly.

Which loan app gives 50000 instantly?

If you’re looking for a platform that gives fast and instant 50,000 naira, why not give carbon a chance?

Carbon app offers loans ranging from 50,000 to 900,000.

Is CBN giving any loan?

The answer to this question is no. The Central Bank of Nigeria is not giving any loans. However, it’s a regulatory body that controls both the  flow and minting of Naira in Nigeria

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