Best 10 Trusted, Instant and New Loan apps in Nigeria – 2024

Are you looking for an online easy loan in Nigeria with low interest rates to help you quickly cover emerging needs that cannot wait for tomorrow? We have listed for you the top 10 new loan apps in Nigeria in 2024 with the best and affordable interest rates that you will consider for a quick or instant mobile loan that will be deposited straight on your phone. All you have to do is to meet their requirements and see your cash come in instantly from your trusted easy online credit apps available in Nigeria.

Best & Trusted New Online instant Loan apps in Nigeria in 2024

If you are looking for a new quick loan online in Nigeria with affordable interest rates in 2024, then you will want to consider any of these apps below:

1. Branch – Digital Bank & Loans

Branch is one of the best and latest instant credit and loan apps in Nigeria with an interest rate ranging from 2%-18% depending on the risk profile of the customer. This digital bank and online loan platform for Nigerian citizens offers personal loans that range from ₦2,000 to ₦500,000 and repayable from 62days to 1 year.

With no need for collateral, Nigerians users can easily apply for online loans through the app and receive funds directly into their bank accounts. If you are interested in the Branch loan services, download and install their mobile app to get started.

2. Carbon: Mobile Banking & Loans

Another option we recommend you to consider is Carbon, an amazing new mobile baking and loan platform in Nigeria. This instant credit app is renowned for its multifunctional approach, offering not only instant loans but also bill payments, investments, and more within its app. With an intuitive interface, Nigerian users can navigate seamlessly through various financial services, making loan applications quick, easy, and accessible through their mobile application, which is available on Google play store.

3. FairMoney – Digital bank, instant loan app

FairMoney’s key strength lies in its commitment to providing accessible financial services to underserved communities in Nigeria. This new loan app in Nigeria in 2024 offers instant personal loans from ₦15,000 up to ₦900,000 with a repayment period between 90 days – 180 days at annual interest rates ranging from 12% to 36% per annum.

With no collateral required, individuals in Nigeria can easily apply for loans through the FairMoney app. The app’s simple interface and quick loan approval process make it suitable for users with varying levels of technological proficiency.

4. QuickCheck: Fast Business Loan

QuickCheck uses emerging technology to offer instant loans to individuals in Nigeria. Its user-friendly mobile app and straightforward loan application process make it accessible to users with varying levels of technological proficiency. QuickCheck’s transparent fee structure and competitive interest rates ensure affordability for borrowers.

5. RenMoney Microfinance Bank

For those looking for one the new licensed loan companion to help you overcome your financial shortcomings, RenMoney should be on your list. The financial platform will help you unlock the power of finance with their swift loan approval process and customer-centric approach. Through its online platform and mobile app, borrowers can apply for loans conveniently from anywhere in Nigeria.

RenMoney’s transparent fee structure and competitive interest rates make it a favorable choice among borrowers seeking financial assistance. Additionally, it offers financial education resources to help users make informed decisions about their finances, fostering financial literacy and empowerment.

6. PalmCredit-instant loan online

If you are looking for the best new, and latest loan apps in Nigeria in 2024 with a seamless loan application process and quick disbursal of funds, consider PalmCredit. Their mobile loan app features a user-friendly interface with straightforward repayment terms, which make this platform a popular choice among borrowers in Nigeria. PalmCredit offers a loan limit ranging between ₦10,000 to ₦300,000 with a repayment period that ranges between 91days to 365days.

7. Aella: Savings, Loans, Bills

Aella Credit distinguishes itself with its focus on financial inclusion and empowerment, offering loans to individuals and businesses in Nigeria. Its online application process and quick loan approval in Nigeria make it a convenient option for borrowers seeking immediate financial assistance through their mobile app. Aella Credit’s flexible repayment terms and competitive interest rates ensure affordability for borrowers. Moreover, it prioritizes customer satisfaction, providing responsive customer support and personalized loan recommendations based on users’ financial profiles.

8. Kuda: The money app for Africans.

Kuda is a digital bank in Nigeria that offers a range of financial services, including savings accounts, budgeting tools, bill payments, and instant mobile and online loans. With the Kuda loan app in Nigeria, you can get a loan of up to ₦150,000 instantly and repay in monthly installments. The app provides customers with access to instant loans directly from their mobile devices. Users can apply for loans through the Kuda app, and if approved, funds are disbursed swiftly into their Kuda accounts.

9. OKash: Safe and reliable loan

Okash is another incredible new loan app in 2024 that operates in Nigeria, Kenya, and other countries. Developed by Opera, OKash provides instant short-term loans to individuals through its mobile app which you can download on Google play store. The app employs advanced algorithms to assess borrowers’ creditworthiness quickly, enabling fast loan approvals. You can get a quick loan in Nigeria from Okash ranging ₦3,000 to ₦1,000,000 repayable from 91 days to 365 days at an interest rate starting from 0.1% up to 1%.

10. Lidya – Unlocking Credit for Africans

Lidya stands out for its focus on supporting small and medium-sized enterprises (SMEs) in Nigeria with access to finance. Its online platform offers SMEs quick and convenient access to loans without the need for collateral. Lidya’s data-driven approach to lending enables it to assess borrowers’ creditworthiness accurately, facilitating quick loan approvals. Additionally, it provides personalized financial advice and business insights to help SMEs grow and thrive in the competitive market landscape.

Which loan app has the best new interest rate in Nigeria 2024?

Loan App	Loan Amount	Payment period	Interest rate
Carbon Loan App	₦2,500 to ₦1,000,000	61 days to 365 days	4.5% to 30%
FairMoney	₦10,000 to ₦3,000,000	1 month to 24 months	2.5% to 260%
Branch	₦1,000 to ₦500,000	62 days to 1 year	3% to 23%
Ease Cash	₦1,000 to ₦100,000	91 to 180 days	4% to 14%
OKash	₦3,000 to ₦1,000,000	91 days to 365	0.1% to 1%
Kuda	up to ₦150,000	30 days to 90 days	0.3%
PalmCredit	₦10,000 to ₦300,000	91days to 365days	24% to 56%

Editorial Remarks

Those are some of the best instant and new loan apps of 2024 in Nigeria you may consider while borrowing cash online. However, we recommend that you always review the loan terms and conditions before signing a loan agreement with any of these mobile apps. Additionally, it is advisable to review the interest rates offered by each of the apps to find what suits you best.

Frequently Asked Questions