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Top 8 Loan Apps in Nigeria To Acquire Quick Loan Without Collateral (2022)



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Top 8 Loan Apps in Nigeria To Acquire Quick Loan Without Collateral (2022)

According to research, many business ideas don’t see the light of the day because of a lack of capital to start up the business. Capital is the major issue many people haven’t started that business, it’s not that the zeal or willingness to start the business is not there but lack of finance.

One of the popular ways to get capital for your business is through a Loan but oftentimes people are scared of collecting Loans due to Collateral.

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What is a Loan?

A loan can be said to be a borrowed thing, especially a sum of money that is expected to be paid back with interest or a financial instrument that helps both businesses and individuals to meet financial obligations.

What is Collateral?

Collateral is something pledged as security for repayment of a loan, to be forfeited in the event of a default.

We all know not everyone in Nigeria has something to pledge as collateral to get a loan. This is why getting a loan without a Collateral is very good.

Nowadays, there are many Loan apps ready to give individuals loans without collateral. We will be walking you through some of these loan apps to enable you to get a loan without collateral.


Top 8 Loan Apps in Nigeria To Acquire Quick Loan Without Collateral

1. Carbon (Paylater)

The first on our list is Carbon, formerly known as Paylater. It is one of the top mobile phone loan apps available in Nigeria. It is easy to use and you can get a loan quickly without much delay. You can get loans up to ₦1 million from this app.

It does not require collateral or a guarantor to get a loan from Carbon. All you have to do is download the app to your phone. Register with your accurate details and then apply for a loan. The app is fast, you may get a loan offer in a few minutes.

They charge a flexible interest rate from 5% to 15% depending on the amount and repayment period. You can pay back your loan easily from the app using your ATM.

For android and iOS users, you can download the carbon app from the Google play store or the app store.


2. Branch

Branch is another top loan app in Nigeria. With Branch, you can get up to ₦200,000 loan from your phone without paperwork or collateral.

All that is required from you to do is to download the app and create an account. Then apply for a loan and you get your loan. It is that easy.

The loan term is from  4 to 64 weeks. And the interest rate ranges from 14% to 28%.

This app has been featured in Forbes, Bloomberg, and more. You can download the Branch app from Google Play Store


3. FairMoney

FairMoney loan app offers loans up to ₦150,000 with just a few clicks. It is fast, easy, and secure. This app is one of the most downloaded loan apps in Google Playstore.

All you have to do is download the app, and install it on your phone. Then you can proceed to sign up with your Facebook account or with your phone number. Then you answer a couple of questions. After that, you will be sure to get a loan offer.

Once you get an offer, accept it and the money will be credited into your bank account. It is that easy. They have a flexible interest rate. You can pay back your loan installmentally for up to 3 months.

You can download the FairMoney app from the Google play store to access their service. This app is not available for iOS, Windows, and Blackberry.


4. Aella credit

Aella Credit is a mobile loan app that gives loans up to ₦100,000 without collateral and paperwork. It is highly secured and quite popular.

To get a loan, simply download and install the app. Then you register. Fill out the application form. And you can receive a loan without much delay.

The loan tenor is 30 to 60 days. And the interest rate varies from 4% to 29%. You can download the Aella credit mobile app from the Google playstore.

5. Palmcredit

You can get an instant loan of up to ₦100,000 from the Plamcredit app. This app is very popular among Nigerians. It is easy to operate and use. Typically, loan applications are approved in about 5 minutes.


All you have to do is download the app and install it on your phone. Open the app, register and apply for a loan, get approval and receive the money.

The interest rate is from 14% to 24% depending on the tenor and amount. You can loan for a duration ranging from 91 days to 180 days. You do not need collateral or a guarantor.

To access loans, you can download the Palmcredit app from Google playstore.

6. QuickCheck

QuickCheck is a very popular mobile loan app in Nigeria that gives up to ₦200,000 instant loans without any hidden charges.


To access the loan you need to download and install the app. Give it permission to access your phone data in order to make you an offer. Apply for a loan and once approved, you get the money in your bank account.

If you forget passwords too easily, with QuickCheck, you can log in with your Facebook account.

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7. Kiakia

Kiakia is a web app that gives online loans to Nigerians. You can get loans instantly by just answering a few questions.


Kiakia uses a different method to give its loan. You will need to access the web app and chat with Mr.Kiaia, a chatbot. Then you get your loan!

To get a loan, you can use your Android phone, iOS, Windows, and Blackberry to access the Kiakia Web app and chat with Mr. Kiakia.

8. Sokoloan

Sokoloan is one of the new and fast-rising mobile loan apps in Nigeria. With this app, you can apply for a loan 24/7.

All you need is to download and install the app. Accept conditions. Sign up. Provide all needed information. Then apply for a loan. If approved, you get your loan.


The loan tenor is from 91 days to 180 days. They run a 0.35% of daily interest. You can download the Sokoloan app from the Google play store.


Loan apps are an easy way to acquire loans without collateral in Nigeria but before using any, make sure to carefully read the terms and conditions to see if they are favorable to you, especially in terms of interest rate and payback duration.





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