5 Best and Most Reliable Loan Apps in Nigeria (2022)

Most Reliable Loan Apps in Nigeria

The need for a quick loan or long term loan and how to source such a loan from reliable loan Apps in Nigeria today is many Nigerians’ concern.

Whether it is being used for emergencies or business purposes, settling of bills and covering expenses, Nigerians are beginning to reach out to various digital loan platforms to take care of their financial bills. Because of this, many Apps offering loan services are increasing in number due to the expansion of the market.

However, this has raised many concerns in the minds of many Nigerians about which best and most reliable loans Apps should they opt for.

Because of the competition in the market, many loan platforms and institutions are now offering quick and easy access to small and medium-size loans, low-interest rates, instant payment and adequate repayment time frame.

So, we review below some 5 loan Apps below which are presently the best and most reliable in Nigeria.

5 Best and Most Reliable Loan Apps in Nigeria (2022)



ALAT has earned itself the top spot of the digital Loans Apps in Nigeria, being the first-ever fully digital bank in the country. ALAT is a Subsidiary of Wema Bank, a Nigerian Commercial Bank.

Being the first in the country is due to their simplicity and easy way they grant Nigerians quick and instant loans without any form of paperwork. Loan Applicants do not need to visit ALAT Office to be able to secure the loan and they have always maintained a quick response time between loan acceptance and disbursement in a very short time.

How to Get Started

  • Download their app from Play Store or App store,
  • Sign up and
  • Click on the loan option from the menu.
  • After you have completed all necessary documentation, an evaluation of your risk store will be conducted and a range of loan offers will be presented to you along with the applicable duration and interest rate.
  • Once you click on your preferred loan offer and accept it, your account will be credited. With this platform, you can borrow as much as 2 Million Naira without collateral.

ALAT loan also offers a range of services such as the Device-lending offer (For Gadget) and the Goal-based loan which allows you to receive a loan for a specific goal or for getting your preferred device or gadget.

The interest rate is also designed entirely to make repayment very easy and convenient for the user. Salary earners are taken captured in their programme and they can get about 50,000 and even up to 4 million within hours and will have between 3 months to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis.

2. Carbon

Carbon Loan

Another popular Loan App in Nigeria is Carbon, it is formerly known as PayLater and t the second on our list. Carbon is a simple lending platform that gives access to loans within minutes.

It provides short-term loans that help you cover immediate expenses and emergencies. If you maintain a good loan credit score, they can increase your loan offer to loan term with a convenient payment time.

You can request and receive a loan effortlessly without any documentation. All they need is your bank verification number (BVN) to ascertain loan credit. With this app, you can receive up to 20 Million with interest rates from 5% to 15%.

3.   Branch

Branch Loan

Branch is another reliable loan app in Nigeria that gives you access to N200,000 within 24 hours with a minimal amount of N1000.

Repayment is within 4 to 40 weeks and their interest rates vary depending on the amount of the loan and the user’s repayment history. No collateral or documentation is required to be able to access a loan from this platform – all that is required of you are; your phone number and bank verification number and they are willing to do business with you.

Their App is Google PayStore And Apple Store.

4.   PalmCredit


Another reliable App on our list is the PalmCredit app, it is easy to access loans on their platform and this can be done in some quick minutes.

It has a trouble-free service that enables users of the app to have access to instant loans worth N2000 to N100,000 hassle.

They require loan applicants to be 18 years old and above for them to be qualified. The app also offers rewards to its users who refer others to take the loan.

5.   AellaCredit

AellaCredit Loan

AellaCredit’s main area of focus is on employee lending and gives quick loans to its users with a monthly interest rate of 6% to 20% and requires loan repayment within 3 months.

It also provides other financial services like investments, bill payments and affordable insurance services. AellaCredit is the %th on the list of our top 5 best and most reliable loan Apps in Nigeria

However, there are various Apps in the country that you might want to brow from, do ensure to read their terms and condition before browsing from them.


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