Best Online Loan Apps and Sites in Nigeria

The need for financing is critical to anyone who is running a business. In other cases, you may need money for an emergency. There are options you can take, including dipping into your savings.

The other alternative is to borrow money from family or friends. Sometimes, these options may not be available for one reason or another; even small amounts can prove challenging to get for various reasons.

It is important to know the best loan apps and sites in Nigeria to help you out in times of need.

So which are these apps and sites?

Top Online Lending Platforms in Nigeria



Paylater makes it to our list of top loan sites in Nigeria because you can apply for a short-term loan without any collateral. It works especially well in situations where you need urgent financing. The interest rates vary from 5 to 12.6%, and you can get up to N1 million.

You can get loan approvals on the same day, but it will usually not go beyond three days. It is also convenient because you can download the app, giving you quick access to cash when you need it.




Zedvance can give you a financing of up to N3 million within a day. The consumer finance company mostly caters to salaried employees. If you also have a side business, you can apply for financing on the platform.

The interest rate is very competitive, coming in within the range of 4% to 4.5%. To get the best rates, you must prove your creditworthiness. It determines how much risk they will take by giving you money.

How much you take home in salary will also determine the maximum amount you can receive. You have 3 to 12 months to make your payments.


Palmcredit is a credit card accessible on the virtual space. Applying for a loan is simple, and you receive the funds on your mobile phone. What makes it one of the best lending online platforms in Nigeria is, once you pass the evaluation, you do not need to seek re-approvals every time.

It is also convenient because the more you honour your payment, the better your credit score, and the higher the borrowing limit. Interest rates vary from 14% to 24%.


Okash also makes it to our list of best loan app in Nigeria. While before, you needed to sign up to Opay to access it, you can now download the Okash app on its own.

The process of using Okash is as simple as visiting the Google Play Store and installing the app on your smart device. Accessing the loan facilities is also simple; you only need to fill in the relevant information and then wait for approval. Make sure you pay back your loan so that you improve your credit limits.

You can qualify for up to N50000 when you first apply for a loan on the app. Loan periods range between 91 days and a year, at an annual interest rate of 36.5%.



Individuals who are looking for lower credit limits even without collateral can easily apply on Renmoney. The lowest amount you can borrow is N40, 000, but you can also go as high as N6 million. You pay back the money within 12 months at an annual interest rate of 35.76%.

What makes the Renmoney platform unique is that you must be above the age of 22 and below 59. You must also prove that you have a steady income source, a bank account, and a valid identity card.



By downloading the Aella-Credit app, you get access to one of the best online lending platforms in Nigeria. The partnership with credit bureau agencies in Nigeria significantly eases the application process.

They will determine your creditworthiness depending on algorithms from their proprietary credit scoring tools. Your best move would be to join one of their registered networks to access lower interest rates. They, however, have no problem giving unregistered companies financing.

You make monthly payments with a debit card, and the interest ranges from 20% to 27%.



Grofin has a footprint in the Middle East and across most of Africa. It mainly finances SMEs, and you can qualify for a loan of up to $1.5 million. The business must show potential by having investable figures. You should have a turnover and assets worth $15 million and $6 million, respectively.

You will need to take a pre-qualification assessment on the online loan application portal. Interest rates can go up to 15% per annum. The platform is ideal for any business that is looking to scale. is gaining popularity as an online lending platform in Nigeria. You can apply for peer-to-peer, direct, or business loans, without requiring too much credit information. Whether you’re borrowing as an individual or SME, you will qualify for a loan as long as you pass the evaluation.

The evaluation criteria apply the best of technology. The platform incorporates the use of machine learning, big data, digital forensics, and psychiatry to assess credit risk. Peer-to-peer lending means that you don’t always have to borrow from them. You can also become a lender to other people who are in need.

You can access financing of up to N 5 million. If you are a new member on the platform, you need to pay your loan within 30 days. Existing members have up to half a year to make payments. The interest rates range from 12 to 40%.

Final Thoughts

We have looked at the best online loan apps and sites in Nigeria. What makes them very popular is the application process that is normally quick. From the comfort of your smart device via an app, you can access financing.

The platforms have their advantages and disadvantages, so when you are applying, make sure you do your research well. Check how much time you have to pay the loan, and how much it will cost you in terms of interest.

You must also be diligent with the payments because you can affect your credit score if you miss payments.


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