Best Apps For Instant Loan

If you are in a financial rut and need immediate aid, availing a loan is one of the best options. Loans can be availed from banks by submitting a complete application form that asks for personal and financial details along with queries about your credit history. However, if you are looking for instant loans this process can get tiresome.

Personal Loan App - Download CASHe Instant Personal Loan App

Best Apps For Instant Loan

Securing a loan for personal or business purposes has evolved into a more seamless process; with a smartphone and internet connection anybody with a bank account can put in a loan request at any time and receive it instantly, in most cases. Some loan companies even allow you to use a feature phone by dialing a particular USSD code.

Nigeria, like every other emerging market, is experiencing a surge in money lending companies. But not all of these companies provide reliable and secured services. The best loan services should provide instant disbursement, have a low-interest rate, sufficient repayment time frame and options, and ultimately, good customer relationships.

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In no particular order, here are some of the best instant loan apps democratizing access to credit and bridging financial inclusion.

carbon website hero text and image
Carbon loan
Originally launched as PayLater, Carbon gives instant credit access to anyone in need of an urgent loan within minutes.

Carbon requires its users to input their Bank Verification Number (BVN) for verification, and once that’s done they can request for a loan.

Carbon loans range from ₦1,500 ($3.6) to ₦1m ($2430.13) in Nigeria and Ksh 500 ($4.55) to Ksh 30,000 ($273.10) in Kenya; it allows repayments over a maximum of 64 weeks with interest ranging from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21%.

branch mobile app dashboard mock up
Branch loan app
Launched in 2017, Branch makes getting a personal loan simple by providing an app that has a seamless onboarding process. Branch uses the user’s phone data including SMS history to verify identity and create a credit score.

It operates in four countries – Nigeria, Kenya, Tanzania and India – and its loan amount and interest rate in each country are different.

For instance in Nigeria, loan amounts are from ₦1,000 ($2.43) to ₦200,000 ($486.03) with monthly interest between 1.6% and 23%, depending on the loan amount and repayment history. While in Tanzania, loan amounts range from Tsh 5,000 ($2.16) to Tsh 700,000 ($301.87) with monthly interest between 4% and 27%, also depending on the same conditions.

Across countries, Branch users have the option to choose repayment terms for up to 336 days, but every loan amount comes with the option to repay in a minimum of 60 days.

fairmoney mobile app dashboard on an iphone
Fairmoney app
FairMoney is another fast, reliable and free Android loan app that’s available in Nigeria and India.

Loan amounts on this app range between ₦1,500 ($3.6) to ₦500,000 ($1215.07) with repayment periods from 61 days to 1 year at monthly interest rates between 2.5% and 30%.

This app is available on Google Playstore and it claims that 3 million customers rely on them for loans.

Palm Credit
palmcredit logo on a black background
Palmcredit loan apps allow users to borrow instant money online with a ‘flexible repayment plan and favorable interest rate.” The loan amount is between the range of ₦5,000 ($12.15) to ₦300,000 ($729.04).

Palmcredit’s interest rate is between 4% to 24%. The app provides two flexible repayment options of 91days and 365days, leaving users to pick which is favourable.

Palmcredit doesn’t charge any rollover or transaction charge. It also rewards customers that repay their loans on time with high credit score and reduced interest rate.

smiling young man with a fan spread wad of 500 naira notes
QuickCheck Loan
Like every other loan app and their money promises, QuickCheck promises its users they’ll never go broke again. Artificial intelligence is used to run credit scoring and make instant loan decisions.

The loan amount ranges from ₦1,500($3.6) to ₦500,000 ($1215.07) with interest rates ranging from 2% – 30%. Repayment runs through 30 days to six months, depending on the loan type.

This loan app is only available to serve customers in Nigeria with Android phones only.

All these loan apps started off as a single product fintech company offering only loans, but a few of them have pivoted into digital banks. Carbon, Branch and Fairmoney now offer banking services to their customers like payments, savings, investments among others.

Instant loan app in nigeria

  1. Nigeria – Fairmoney

Lady counting money (FairMoney)
Lady counting money (FairMoney)
FairMoney is an automated online moneylender that provides single payment loans, instalment loans and payroll loans for borrowers. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30%.

Example: If a user borrows ₦100,000 over 3 months

Interest (total cost of the loan): ₦30,000 (30% rate)
Three monthly repayments: ₦43,333
Total amount payable: ₦130,000
Representative: 120% APR

  1. Branch

Branch announces 1 millionth loan disbursed since launching app two years ago
Branch announces 1 millionth loan disbursed since launching app two years ago
The Branch Loan is another reliable lending platform in Nigeria. With this platform, users can receive loans amounting to ₦200,000 from a minimal amount of ₦1000 within 24 hours, and customers are expected to make loan repayment within 4 to 40 weeks.

To qualify for this loan, you require no collateral or substantial assets. You have to enter your details on the Branch Mobile App to see if you are eligible.

Tenure is 62 days to 1 year. Monthly interest rates are from 1.7% to 22%, depending on the customer’s risk profile.

Example: If the loan amount is ₦9000 & interest is 24% per annum with a tenure of 2 months, The interest for 2 months would come out to be ₦360. The EMI per month would be ₦4680. This would translate to a maximum APR of 24%. The total cost of the loan will be ₦9360. The total amount paid back, including everything at the end of the term, will be ₦9360.

  1. Okash

OKash loan app nigeria
OKash loan app nigeria
Okash is Opay’s automated lending service focused on increasing access to credit to financially under-served/excluded individuals in Nigeria. Loan decisions are provided within 15 seconds, and if approved, the applicant receives funds within 5 minutes—24 hours a day, 7 days a week.

Tenure: OKash requires repayment from 91 days to 365 days*.
Loan Amount: from NGN 3,000 to NGN 500,000.
Interest Rate: With a minimum of 0.1% up to 1%
Their interest rate is calculated daily. Annual Percentage Rate(APR) from 36.5% to 360%.

  1. Carbon

Carbon App
Carbon App
Carbon, once known as PayLater, gives anyone in need of loans the amount needed within minutes. Users urgently in need of loans can request and receive them instantly and effortlessly.

Like the many other loan firms in Nigeria, Carbon requires customers’ Bank Verification Number (BVN) to ascertain their loan credit. Users can receive up to ₦20 million with an interest rate ranging from 5-15%, depending on the repayment time frame and the amount of loan received.

With Carbon, users can get loans ranging from ₦1,500 to ₦1m(Nigeria)

  • Interest ranges from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21%.
  • Annual Percentage Rate (APR) from 23% – 60.8%. No late fees or processing costs.

Example: For a 3-month loan of ₦50,000, Carbon Bank charges 2% a month. With an APR of 24.3%, the total repayment amount after 90 days is ₦53,000.

  1. Palmcredit

Palmcredit App
Palmcredit App

Palmcredit is a loan app in Nigeria owned by Newedge Finance Limited where you can get a loan without collateral. The company uses the interconnected relationships between itself, telcos, and banks to provide convenient and instant credit to its users without paperwork or collateral.

Their interest rate is between 14% to 24%, Equivalent Monthly interest 4%~4.7%, the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%. The loan term is between 14 days to 180 days.

Example: If you choose a 6-month loan and borrow NGN100,000,Plamcredit charges an interest rate of 4% per month.Borrow NGN interest rate:24% and the APR is 48%.180 days repayments of NGN24,000.Total amount payment is NGN124,000.


This quick cash loan platform was created to provide users with instant loans. Loan advantages include loans up to NGN 300,000 without any mortgage, a low-interest rate, and long time repayment.

If a user chooses a 6-month loan and borrows NGN 1,000, FAST MONEY charges an interest rate of 4.4% per month. And the interest rate is 26.4%, they would charge you GNN 263 as the interest of the 6-month repayment period. The total amount of repayment is NGN 1,263.

  1. QuickCheck

QuickCheck is a popular loan platform in Nigeria that gives Nigerians loans without collateral. QuickCheck loan is disbursed through the mobile app, which users can download, install and apply for a loan. A QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. Loans range from ₦1,500 to ₦500k with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. (APRs from 30% to 260%)

Example of Quickcheck Loan:

Borrow ₦100,000 over 6 months
Interest rate: 13% p.m. (fixed)
Total Interest: ₦ 50,000
Three repayments of ₦ 50,000
Total amount payable: ₦150,000
Representative: 13% APR”.


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