Best Fast Loan Apps in Nigeria

The latest inflation rate for December 2021 shows that an increase to 15.63% has deeply eroded personal income levels. As a result, many people are spending more, especially as the figure reflects the rising cost of food (food inflation which increased by 17.37%) and other items (underlying inflation which increased by 13.87%), leaving individuals with little or nothing. to take care of other expenses, pay bills or even develop their various activities.

To facilitate their business, individuals and businesses need loans as a support mechanism to stay on the path of growth and support businesses in the face of economic difficulties, instability and declining profitability.

Meanwhile, fintechs are proving to be the needed solution as they are disrupting traditional banking services by providing services that help remove economic hardship by offering loans through apps. In addition to the transparent services offered by these lending apps, users have shown a preference for using fintech platforms due to their fast processes that allow users to obtain loans from their comfort zone.

What is more interesting is that fintechs offer options that allow users to apply for loans without necessarily having collateral.

Here are some of the apps currently offering fast loans in Nigeria.

Quick check

QuickCheck offers digital financial services that support the personal and professional goals of Nigerian adults with good credit scores using Android phones. The loan app, which requires no documents, allows users to access up to ₦200,000, starting at ₦10,000 for a period of 30 days, with prepayment guaranteeing higher amounts.

The loan interest rate is 1% per day, fixed for the duration of the loan. However, in its terms and conditions of services, the fintech states that it may, at its sole discretion, increase or decrease the prevailing interest rates for any reason, with or without prior recourse to the borrower.


FairMoney loan amounts range between N1,500 and N1,000,000 with repayment periods of 61 days to 18 months at monthly interest rates ranging from 2.5% to 30% (Automatic Packet Reporting System, APRs of 30 % to 260%).

The digital bank does not require any documents or collateral, just BVN details when applying for a loan. Additionally, loan seekers need to connect cards or bank accounts to authorize the app to debit customer accounts for loan repayment.


Carbon allows customers to instantly receive funds into their Carbon accounts. While their rates range from 2% to 30%, depending on the repayment term of the loan and the amount of money users intend to borrow, the digital financial services platform offers a range of services including personal loans, business loans, payments, remittances, credit score, savings and investments.


Renmoney offers up to N50,000 to N6 million unsecured for personal or micro business loans. The fintech is one that offers large loan amounts and flexible repayment terms to low-risk borrowers with strong financial profiles, as it offers monthly interest rates ranging from 2.76% to 9, 33% repayable in 3 to 24 months.


Formerly Kwikmoney, Migo is a global technology company that offers loans on the USSD platform in partnership with banks such as GTBank, Fidelity Bank and technology companies. As one of the most efficient and convenient ways to get fast and instant loans in Nigeria, the fintech, which uses a product offered by Mines, offers interest rates from 5% and above , depending on the structure of the loan.

Credit Aella

Aella Credit provides access to higher amounts and better rates, especially for those who work with Aella Credit’s partner companies. The fintech is a one stop shop for all financial services and offers short term personal loans ranging from N2000 to N1,000,000 with repayment periods of 1-3 months and interest rates of 6%-20% .


With an interest rate of 5.6% to 24%, Kiakia, a financial marketplace that provides short-term business and personal loans, offers a peer-to-peer lending option that not only allows users to apply for a loan , but also to offer a loan to another. . The platform allows people to borrow as little as N10,000 and up to N200,000.

Consequences of non-payment

While fintechs seem generous in terms of granting loans, this may not be the case when it comes to recovering funds, as non-repayment of loans usually leads to serious consequences like bad credit rating that will prevent borrowers from accessing future loans. Other consequences include suspending your account on their platforms, thereby denying access to loan facilities in the future, reporting defaulters to state authorities and also legal action, which means users could being sued for taking out loans and not wanting to repay after agreeing. to the terms and conditions, among other consequences.

Many apps collect and process data from users’ phones (SMS, device details, location, directory) and automatically charge users’ cards when loan repayment is due.

Additionally, some apps go so far as to shame individuals by accessing user information and sending embarrassing messages to their contacts.

It is important that loan seekers read the terms and conditions of any loan application before jumping on their offers.

About Clayton Arredondo

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