10 Best Apps To Get Quick Loans In Nigeria Without Collateral

There comes a time when our needs outweigh our current financial capacity. It is at those times that taking loans becomes sacrosanct. Ideally taking loans require a plethora of steps that encompasses a lot of documentation at the bank, as well as other steps that make the whole process discouraging. However, the reverse is the case with loan apps, as they streamline the process to a couple of steps, which in turn makes loans more reachable.

These loan apps are backed by platforms that allow people to take loans without having to go through the kind of rigorous stress you would have to go through, should you decided to take loans from for the bank. What’s more, a large majority of these apps do not require collateral, which further speeds the process of loan acquisition.

However, before you make a jump to patronize these apps, please note that there is a contrast between the loan system offered by these apps and what banks offer. You stand a chance of getting higher loans with banks, more details on that later in the article. Without further Ado, let’s jump into the list of 10 of the best quick loan apps in Nigeria for loans without collateral.

1. Carbon (Pay Later)


Carbon - Payments, Bills, Instant Loans, Investments, Credit Reports

The Carbon app is your ticket to a legit digital finance space, it offers financial management and quick loam acquisition. It offers enthusiasts loans ranging from ₦1,500 to ₦1million Naira to be paid within 64 weeks. The interest on loans taken ranges from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21%.

Aside from offering quick loans the Carbon platform also serves as a savings app, for which enthusiasts can earn up to 16% interest on fixed income deposits.  It also offers a facility that allows enthusiasts to pay bills, recharge airtime, or buy data. The carbon quick loan app is available on the Google Playstore, as well as the Apple app store.

2. PalmCredit


Still, on the topic of best apps to get quick loans In Nigeria without collateral, the palm credit app is yet another highly recommended app for enthusiasts who desire to get quick loans. The Palm credit platform offers enthusiasts loans that range from 2000 Naira to 100,000 Naira. These loans attract a monthly interest that ranges from 4% – 4.7%. As such if you take a 6-month loan program and opt for 100,000 Naira. You will be charged a 4.7% interest per month.

Please note that enthusiasts who desire to patronize the palm credit loan platform must be 18 Years. Also, note that the loan payment duration ranges from 91 days to 180 days. The Palmcredit app is available for download from the Google Playstore

3. Branch Loan

Branch quick Loan app

The Branch loan app comes in as a more versatile loan app, that spans through different countries, including India, Kenya, Tanzania, and Nigeria.

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Nigerians who choose to get quick loans from the Branch loan app platform will be given the opportunity to request for small loans that fall within the range of ₦1,000 to ₦200,000, to be paid between  60 days to 366 days. To give a brief description of how the interest rate is charged with the branch quick loan platform, a loan of ₦40,000, the individual is expected to pay ₦8,800.  APRs range from 33% to 261%.

4. Fair Money


Fair Money Loan app review

The fair money platform is a provision for scenarios where need outway income. It helps you settle pressing needs, pending when the needed funds will arrive. The fair money platform offers loans up to 500,000 Naira, with a loan duration that caps at 180 days.

Aside from offering quick loans, the fair money app platform also lets enthusiasts pay bills that include airtime, cable TV, data. It offers a referral program where people can earn money from the platform via successful referrals.

5. Okash


Okash is a subsidiary of Opay. It operates as a stand-alone platform, based on an app, which allows people to take quick loans based on a credit facility staus that grows as trust is gained. This credit facility status provision eliminates helps abolish the need for a guarantor or herculean paperwork.

With the Okash loan system, enthusiasts can take loans ranging from 3,000 Naira to  50,000 Naira, to tenure for repaying the loan, ranges from 91 days to 365 days. The interest rates on charges range from 0.1% up to 1%. The Okash app is available for download from the Google Playstore.

6. RenMoney


The RenoMoney app is yet another quick loan app that doubles as a money-saving app that helps manage finances in a digital safe, lets you earn profits via a fixed deposit system and if you need more funds to bootstrap your idea, RenoMoney can offer you loans up to ₦6m.

However, before you take loans from the RenoMoney platform, there are some requirements you must meet, requirements that may a bit discouraging. These requirements include the age of the individual being between 25-59 years, must have a verifiable legal source of income, must have a savings account and finally, you must reside in areas where they have offices.

As at the time this article, was written, the RenoMoney app was only available for download from the Google Playstore.

7. Quick Check

quick check loan app in Nigeria

Quick check is yet another highly recommended quick loan app, designed to make taking quick loans a breeze, abolishing the stress that goes with having to stand in long ques and feeling numerous forms. The whole process happens on your smartphone. This app lets you take loans within the range of ₦1,500 to ₦500,000.

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Upon registration, a Quick check performs a credit facility assessment, after which it awards you a credit score that determines how much you can borrow. Loan payback time ranges from 91 days to 1 year. The Quick Check app is available on the Google Playstore for download.

8. Aella

Aella - Best loan apps for Nigerians?

The Aella app comes in as a versatile fintech app, that offers a handful of services that appeal to enthusiasts who are in search for apps that let them invest their money with interest, register for insurance. These services are broken down into Aella’s life for insurance, Aella credit for taking quick loans, and Aella notes for investing your hard-earned cash.

Aella offers loans ranging from 1,000 Naira to 4,000,000 Naira, with a payment period ranging from 1 month to 6 months. These loans attract interests ranging from 4% to 30% based on the borrower’s profile. The Aella app is available on the Google Playstore for downloads.

9. Soko Loan

Soko Loan

The Soko loan platform gets you in tune with an easy system of getting quick loans directly from your smartphone and other mobile devices. It offers loans that range from ₦5,000 to ₦100,000, payable within 2 to 6 months, with interest that ranges between 4.5% – 34%.

Enthusiasts who desire to take quick loans from the platform must be between the ages of 35-50 years and they must have a fixed job, as its one of the requirements. The Soko loan app is available for download from the Google Playstore.

10. Kia Kia Loan

Kiakia loan

Last but certainly not the least on our list of best apps to get quick loans in Nigeria without collateral, is the Kia Kia loan app. Much like the already listed apps, the Kia Kia loan app was designed to make loan acquisition a breeze. It offers loans ranging from N10,000 and N100,000,000 for tenures ranging between 30 days to 24 months.

Aside from being a quick loan acquisition platform, Kia Kia also offers an opportunity for enthusiasts to invest their funds to gain profits. Kia Kia uses invested funds are capital to fund other businesses, which in turn creates an opportunity for you to earn.

Wrapping up

The fact that the loan acquisition process is remote doesn’t mean there isn’t any penalty for failure to pay up the loan acquired. You should always endeavor to pay up the loan acquired. Failure to pay up your loan is going to affect your credit facility, there is a high chance that it’s going to deter to your ability to take loans from other loan leading platforms, as you would be reported to the consumer credit reporting agency.

Posted by Alexis Daudu on this date: Leave a Comment Tagged With: ,

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