Best Apps For Small Loans

When you’re in need of a small loan, there are a lot of options out there. Here’s a look at some of our favorites!

Lending Club is an online peer-to-peer lending platform that connects investors with borrowers. They provide a great way to get started with small loans, as they can help you to find funding even if you don’t have good credit or collateral. Their rates are competitive and their process is easy to follow.

Kabbage is another online platform that connects businesses with financing from banks, financial institutions, and other lenders. It’s great for startups who need capital to make payroll or buy inventory. They also offer unsecured business loans for established companies looking for growth capital.

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Best Digital Lending Apps to Avail Short Term Loans | Lending app, Personal  loans, Personal loans online

Best Apps For Small Loans

If you find yourself strapped for cash before your next paycheck, it might be worth researching apps that loan money.
Many Americans are financially unprepared for unexpected expenses: 35% would have difficulty covering a sudden $400 expense, according to a 2020 Federal Reserve report. If you’re considering an expensive payday loan, it may be worthwhile to research apps that lend money and compare the costs.

To help you find one that might be right for your situation, compare our picks for the 10 best apps that lend money.

Considering a personal loan?
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Best overall: Earnin
Best for low fees: Dave
Best for small loan amounts: Brigit
Best suite of online services: MoneyLion
Best for large loan amounts and perks: SoFi
Best for transparency: PayActiv
Best for managing finances: Even
Best for early payments: Branch
Best for overdraft protection: Chime
Best for peer-to-peer payments: CashApp
What you should know about apps that lend money
Best overall: Earnin
Earnin is our pick for the best overall app for borrowing money because of its “Cash Out” option, which can give you access to your paychecks early. Earnin promises no interest charges and no mandatory fees, and customers can advance up to $500 of their earnings per pay period. When you need money quickly, Earnin can be a cost-effective way to avoid overdraft fees or payday loans.

Earnin also offers features to help people protect their accounts from overdrafts. Earnin sends alerts when your account balances are low, and you can automatically access up to $100 of your earnings to prevent overdrawing your accounts.

Read our Earnin app review to learn more.

Best for low fees: Dave
Here’s why: If you need cash to avoid overdraft fees or to cover a minor expense, Dave offers up to $250 in cash advances. The Dave app doesn’t charge interest. Instead, it has a $1 membership fee. The platform encourages users to tip, but tipping is entirely optional.

Dave members can access other benefits, such as credit-building services, budgeting tools and a database of side gig opportunities to earn extra income.

Read our full review of Dave to learn more.

Best for small loan amounts: Brigit
Here’s why: With Brigit, you can get up to $250 without undergoing a credit check. Cash advances may be available in as little as 20 minutes after submitting a request.

Brigit has two plans to choose from: free and Plus. The free plan provides financial insights and tips but doesn’t give users access to cash advances. If you want to use that feature, you’ll have to enroll in the Plus plan.

Rather than charging interest, Brigit charges a flat monthly fee of $9.99 to use its Plus plan. Members can take advantage of features like $1 million in identity theft insurance, budgeting tools, account balance alerts and credit report access.

Read our full review of Brigit to learn more.

Best suite of online services: MoneyLion
Here’s why: Through InstaCash, MoneyLion customers may be able to get a cash advance for up to $250 without paying interest or monthly fees, and without having to undergo a credit check.

In addition to cash advances, MoneyLion offers a range of financial services you can manage online. By joining MoneyLion, users also can invest in cryptocurrency, access automatic investment accounts, apply for a credit-builder loan and earn debit card rewards.

Read our full review of MoneyLion to learn.

Best for large loan amounts and perks: SoFi
Here’s why: SoFi offers a wide range of loans, including personal loans. Through SoFi, you can apply to borrow $5,000 to $100,000 with a personal loan (loan amounts may differ if you apply through Credit Karma), and you may be able to get the funds as soon as the same day you apply. But keep in mind that the exact amount of time it takes for money to appear in your account will depend on your bank.

SoFi doesn’t charge origination fees or prepayment penalties for its personal loans. When you open an account with SoFi, you become a member and are eligible for its other perks. Member benefits include financial planning and career coaching.

Read our full review of SoFi personal loans to learn more.

Best for transparency: PayActiv
Here’s why: PayActiv offers early paycheck access as well as budgeting and savings tools. Customers can get up to 50% of their earned wages before payday, and you choose where to transfer the money. You can have the money transferred to a bank account, pick up cash at Walmart or transfer your money to AmazonCash. You can also pay bills right from the app.

For people who want to use PayActiv to access their direct deposits two days sooner, PayActiv is free if you sign up for direct deposit to the PayActiv Visa card. It’s also free to view your “accessible” balance, prescription discounts, financial counseling services and savings features.

Read our full review of PayActiv to learn more.

Best for managing finances: Even
Here’s why: With Even, eligible employees may be able to get up to 50% of their earned wages early. The Even app includes budgeting tools that can help people track their spending and get a view of their entire financial picture.

Even also allows people to set up savings goals and to automatically transfer a percentage of their paychecks into savings. Employers can sign up for an optional interest match to help their employees’ savings grow.

Read our full review of Even to learn more.

Best for early payments: Branch
Here’s why Branch stand outs: With the Branch app, eligible employees can get up to 50% of their earned wages early. There are no credit checks, and there’s no cost to the employee.

Branch’s cash advance feature is only available to workers employed by participating companies. Branch works with the employers to get employee attendance files and estimates of wages earned. As an employee, when you use the app to request funds, the money is deposited into your Branch digital wallet.

There’s no cost for you as long as you opt for standard deposit. But if you need the money within minutes, you can choose the instant deposit option for a small fee.

Read our full review of Branch to learn more.

Best for overdraft protection: Chime
Here’s why Chime stands out: For workers who aren’t eligible for Branch — or who want to use other banking services, Chime may be a useful option. With Chime, you can get your paycheck up to two days sooner through direct deposit.

Chime also offers banking services like secured credit cards, high-yield savings accounts and fee-free ATMs. With a Chime checking account, there are no monthly fees or minimum balance fees. And with its SpotMe service, Chime will cover up to $200 on debit card purchases with no overdraft fees. There are no fees to sign up.

Best for peer-to-peer payments: CashApp
Here’s why CashApp stands out: Anyone older than 18 can sign up for a CashApp account. When you sign up, you can access your paychecks up to two days early. You can also access free ATM withdrawals as long as you have at least $300 of income coming in each month.

Through CashApp, you can send money to friends or family or pay for services. Plus, you can invest in stocks and Bitcoin with as little as $1. There isn’t a fee for CashApp’s direct deposit service or to transfer money to other people. There are fees for ATM withdrawals and cash card upgrades.

Considering a personal loan?
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What you should know about apps that lend money
Apps that lend money may be able to help you when you’re in a financial bind. For people who are living paycheck to paycheck or who may not have an emergency fund, a sudden expense can leave them scrambling to cover the cost.

But apps that lend money often charge fees, even if they don’t charge interest. Fees can range from monthly membership fees to one-time processing fees. Carefully review the terms and conditions before using an app to take out an advance.

Emergencies happen, so there may be times when you need to get a small loan or advance on your next paycheck. But if it’s happening regularly, you may need to review your budget and identify areas where you can cut back or think about ways to increase your income so that you have enough money to cover your expenses.

If you’re struggling to manage your debt, consider using a credit counselor with a nonprofit credit counseling agency or a counseling agency approved by the Department of Housing and Urban Development to get advice on how to work on your finances.

How we picked these loans
To choose the 10 best apps that loan money, we looked at each app’s fee structures, eligibility requirements, available loan amounts and credit-building options. We also considered what benefits each app offers, such as financial education resources, overdraft protection and the availability of additional products and services.

best loan app in nigeria 2022

You may be wondering how to get quick loans, with no collateral and minimal interest rate, from the comfort of your home or office. There are now lots of loan apps in Nigeria that offer loans at different interest rates. Some rates are friendly, others not exactly

I remember back then when people had to queue for a loan application, even when it was just a 5-digit figure 😥.

Sometimes the loan process could take up to a month or even more. But thanks to technology😊, we can now get mobile loans to sort out personal and business needs using a smartphone, a mobile app and an internet connection within 24 hours.

So, in no particular order, let’s review the 10 best loan apps in Nigeria.

In this Article
Best Loan Apps in Nigeria with Low Interest

  1. Carbon Loan App
  2. LCredit Loan App
  3. FairMoney Loan App
  4. Branch Loan App
  5. Aella Credit
  6. PalmCredit
  7. QuickCheck
  8. Alat Loan
  9. Specta Loan
  10. Okash
  11. JumiaPay
  12. Lidya Loan
  13. Migo Loan App
  14. Page Financials
  15. Blocka Cash
  16. Kuda Loan
  17. Kredi Loan
  18. So kash
  19. Yescredit Loan
  20. Irorun Loan App
    Important Points to Note
    Best Loan Apps in Nigeria with Low Interest
    Carbon Loan App
    LCredit Loan App
    Fairmoney Loan App
    Branch Loan App
    Aella Credit
    Specta Loan App
    Page Financials
    Blocka Cash
    Kuda Loan
    Kredi Loan
    So Kash
    YesCredit Loan
  21. Carbon Loan App
    Carbon Paylater reivew
    Based on a recent update, Carbon is now a digital bank and one we hope stays longer in Nigeria, because it not only gives you access to loans, it also provides options for investment, funds transfer, airtime purchase, bills payment and so much more.

All you need to do is download the app from the Play store. Fill in your Biodata, submit all the necessary details, including your BVN and based on the provided information, a loan amount will be calculated and approved for you.

Then, if you need to repay a loan, on/before your due date, you simply fund your Carbon wallet using either a bank transfer or the USSD option on the app.

  1. LCredit Loan App
    LCredit allows you to apply instantly for personal online loans of up to ₦ 50,000 depending on factors like age, monthly income and existing debt. LCredit just requires you to provide a valid BVN and Android phone.

LCredit’s loan app offers personal loans with a starting interest rate of 11.99% for salaried and self-employed individuals with a maximum limit of 36%.

LCredit is available for Android and iPhone.

LCredit is a service created by Cashigo International Limited.

  1. FairMoney Loan App

With FairMoney loan app, you can access loans in minutes, buy airtime and pay bills using your registered account.

To get started, simply register using your phone number attached to your BVN (an OTP will be sent to the registered number for verification) Just like every other loan app, you are required to fill in your contact details.

For more information, you could visit Fairmoney.

  1. Branch Loan App

Branch is one of the loan apps in Nigeria that is also available in other countries.

Branch loan amounts range from ₦1,000 – ₦200,000. The loans from this lending company have no late/rollover fees, monthly interest is 3% – 21%, and annual Interest range 15% – 34%.

Simply download and install the mobile app from the Play store, then, follow the instructions. For more information, check out the Branch review.

  1. Aella Credit

Another one of the loan apps in Nigeria that guarantees quick loans is Aella Credit, which gives loan up to 1M, Interest range: 6% – 20%, Loan tenure: 1 – 3 months with no late/rollover fees.

You can download the app from Playstore (Android), App Store (iOS) or check Aella for more information.

  1. PalmCredit
    PalmCredit is very popular among Nigerians and promises to put a smile on your face with a quick loan of up to ₦300,000.

Its loan duration ranges from 91days to 180days. Interest Rate is between 14% to 24%.

This means if you apply for a 6-month loan of ₦100,000, the total repayment amount is ₦124,000.

The PalmCredit loan app is available for download in Playstore or you could check any PalmCredit social media platform for more details.

  1. QuickCheck
    Quickcheck aims at providing financial services to meet personal and business goals.

However, being a first-time user, you can access a ₦10,000 loan for a period of 30 days.

Should you decide to get more information, kindly check the FAQ page on and you can download the app from Playstore.

  1. Alat Loan
    Alat by Wema gives you access to instant loans without paperwork or visiting the bank branch.

Even though it’s owned and managed by a bank, you can borrow up to ₦2,000,000 based on certain terms and conditions.

The app is available for download on Google Play or the App store and has loads of information on

  1. Specta Loan
    specta loan
    Just like Alat, Specta is owned and managed by a financial institution, Sterling and does not require any collateral, guarantor or bank visit to access quick loans.

Irrespective of your occupation or bank, you can access a loan amount of up to ₦5,000,000 to meet your financial needs.

The app could be downloaded on Playstore and has other interesting packages for you. For more details about Specta loans check out our review of Specta Loan.

  1. Okash
    Remember the popular Opay app, where you could make transactions, buy airtime, pay bills and still book a ride? Okash is a subsidiary of Opay and was once included in the Opay app.

Presently, Okash is one of the standalone loan apps in Nigeria, which means you could download and install just this loan app in Nigeria via Playstore.

It provides access to loan amounts of up to ₦50,000 with no collateral, although, the maximum loan amount you could receive differs.

So, if you want more information about this lending platform, please check

  1. JumiaPay
    The last of the loan apps in Nigeria to review is JumiaPay, a product of Jumia, which gives instant loans to users.

You could download the app on Playstore, create your account, scroll down to the ‘Financial Services’ section and click ‘Loans’ to apply for a quick loan.

Details are displayed on the website:

  1. Lidya Loan
    Lidya is one of the first loan apps in Nigeria that started providing small and medium-sized businesses access to an unsecured instant online loan in Nigeria. The platform offers businesses credit of $500 and $50,000.

Lydia assesses the credit risk of every business seeking a loan. It uses this assessment to create a credit score unique to each business. Lydia also disburses loans in 24 hours or less.

Requirements: Own a business.
Platform: Web
Interest Rate; Unspecified (The company claims they are affordable)
Loan tenure: Depends on the loan amount
Multiple loans at a time: No
Repayment channel: Debit Card, Direct Deposit.

  1. Migo Loan App
    Formerly Kwikmoney, Migo loan app is a very popular lending company in Nigeria. You can get a mobile loan in Nigeria of up to N500,000 with Migo in less than 2 minutes in Nigeria. Over N40 billion Naira has been borrowed on Migo. The interest rate for a Mogo loan is 5 % to 15%.
  2. Page Financials
    Page financials is a financial company licensed by the CBN that offers personal loans in Nigeria. The company claims that getting a loan from them is smooth and easy and that they use a flexible documentation process.

Platform: iOS
Loan Amounts: N100,000 – N5,000,000
Interest rate: (3.76%) – Charged Flat Per Month
Annual Percentage Rate (APR): 29% – 120%
Loan tenure: 60 – 180 days.
Repayment channels: Manually or via the auto-debit service.

  1. Blocka Cash
    Blocka Cash provides easy and hassle-free loans in Nigeria. Blocka cash is both available on the Android app store and Apple app store.

You can access short-term loans on Blocka from at least N5,000 and up to N50,000 depending on your credit score.

The requirements for a Blocka cash loan include:

You must be at least 21 years of age.
You might need to provide a valid Government
Other features of Blocka cash loans are:

Platform: iOS, Android,
Loan Amounts: N5,000 – N50,000
Interest rate: 3% per month – of 10% per month
Annual Percentage Rate (APR): 36% to 120%.
Loan tenure: 60 to 180 days
Repayment channels: Debit Card, Quickteller, and direct transfer
Blocka cash considers several factors when assessing if you are eligible for a loan. Factors like past loan performance and credit score. Blocka Cash app is powered by James Crown Credit Limited, which has a money lender license issued by the Ogun State Government of Nigeria. You can contact Blockacash at

  1. Kuda Loan

Kuda bank is one of the most popular digital banks in Nigeria. Kuda offers its users an overdraft (loans) of up to N50,000 at 0.3% daily interest.

However, your loan amount can increase based on your usage of the Kuda app.

  1. Kredi Loan
    kredi bank loan savings
    Kredi is another digital bank on the rise in Nigeria that also offers loans in Nigeria. Kredi offers 4 types of loans; Kredi SME Loan, Kredi Nano Loan & Kredi Salary backed loan & Kredi collateral backed loan.

The amount you can borrow with Kredi depends on the amount you are eligible and qualified for based on the customer tier you are.

  1. So kash

So Kash claims to offer household and business loans in Nigeria. You can get up to N1million Naira in 2hrs from SoKash. This loan app claims to have no hidden fees.

This loan app determines if you’re eligible for a loan using a credit bureau. If you have a good credit score, it improves your chances of getting your loan approved from SoKash.

Platform: iOS, Android,
Loan Amounts: N3,000 – N1,000,000
Interest rate: 2% – 10% per month
Annual Percentage Rate (APR): NIL.
Loan tenure: 14 days to 15 months.
Repayment channels: SoftKash App/Web dashboard, direct paystack payment, direct debit card and USSD.
SoKash app allows you to also choose your payment tenure. SoKash app was created by EMA Finance.

  1. Yescredit Loan
    YesCredit is one of the loan apps for iPhone in Nigeria that offers a low loan amount.

Their loans range from N5,000 to N50,000. To access a YesCredit loan can take only a few minutes and you can receive it into your wallet and transfer it into your bank account immediately.

You increase your loan limit every time you repay your YesCredit loan back.

Platform: iOS
Loan Amounts: ₦5,000 to ₦50,000
Interest rate: 4.5% – 35% with an equivalent monthly interest of 5%- 29%
Annual Percentage Rate (APR): 29% – 120%
Loan tenure: 60 – 180 days.
Repayment channels: debit/ATM card, and direct transfer
YesCredit requires no collateral, guarantors, or documents for them to grant you the loan. Just make sure over 21 years old. But for loans beyond certain amounts, YesCredit will need additional documentation.

YesCredit is a product of YesCredit Limited, which is a licensed money lender by the Lagos State Government of Nigeria.

You can contact Yescredit please contact us at

  1. Irorun Loan App
    Irorun is one of the new loan apps for iPhone in Nigeria. You can sign up on the Irorun app and request for a loan and have it disbursed to you in a matter of minutes.

If you want to access mobile loans in Nigeria with peace of mind, Irorun says they should be your choice. Irorun is more of a micro-credit platform. Basically, they’re focused on small loans.

Platform: iOS
Loan Amounts: N2,500 – N50,000
Interest rate: 4.5% – 35% monthly interest of 5%- 29%
Annual Percentage Rate (APR): 29% – 120%
Loan tenure: 60 – 180 days.
Repayment channels: Manually or via the auto-debit service.
Important Points to Note
These loan apps could request for your bank account details and BVN. Don’t give false information. Only borrow what you can repay, so you don’t get stuck while meeting your goal.

Early loan repayment guarantees a good credit score for higher amounts and lower interest rates.

Ensure you review the attached terms and conditions before applying for any loan. Only include your bank details on verified loan apps.


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