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Top 10 Mobile Loan Apps In Nigeria Where Employees And Entrepreneurs Can Access Loans

Mobile Loan Apps

Accessing loans from financial institutions can be a hurricane task as some of the requirements requested by banks is put in place to discourage small business owners from applying. What about trying to get friendly loans from family and friends? You keep hearing ‘sorry’ over and over yet, your business cannot remain in a sorry state. This is why online lending platforms with their mobile loan apps has become a shelter in a time of storm for entrepreneurs and small business owners.

See Also: Top 12 digital marketing agencies for small businesses in Nigeria.

Yes, I understand that you have reservations when it comes to taking out loans or using these mobile loan apps but a wise business man is the man who understands technology and can leverage it for the growth of his business.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

Mobile loan apps and lending platforms are designed for rainy days when you need a short term loan to take care of pressing business needs. Needless to say that they will save you from financial embarrassment.

It is our custom to help entrepreneurs and small business owners with the tools they need to scale their businesses. Therefore, we have compiled top 10 mobile loan apps that you can access loan from with just a swipe of your finger.

See Also: 100 Profitable business ideas to start now for aspiring entrepreneurs and investors.

Top 10 Mobile Loan Apps For Small Business Owners in Nigeria

Branch Loan

Branch Loan has become one of the preferred mobile loan apps. It is an online lending platform where you can access between N1,000 to N200,000 anytime anywhere. It provides a 24/7 service without collateral, roll over or transaction fee charges.

As a customer friendly platform, Branch designed her loan process to fit her customer’s need to help them grow. Its loan term ranges from 4 – 40 weeks with interest rates determined by a number of factors including repayment history.

To get a loan from Branch, download the Branch app. Next, create an account and apply for the loan. Lastly, Branch will then show their commitment by crediting your account.

Please note that the more you show that you are credit worthy, the more your credit rating improves. Branch is also present in Kenya, Mexico, Tanzania, United States, and India.

See Also: Top 20 E-Commerce website for online shopping in Nigeria


This is a licensed online lender that provides instant loan to customers. It is one of the mobile loan apps where you can also buy airtime, make purchases and pay bills.

They give between N2,500 to N150,000 with a loan tenure of 4-26 weeks. Also, their interest rates ranges from 5% – 28%. From their website, no additional fees apply when processing your loan. Loans can be accessed when you are fully registered.

To access FairMoney, download the FairMoney app. After, register with your facebook account or phone number and answer few questions which takes roughly 2 minutes. Then, the loan is yours.

See Also: Top 10 most expensive hotels in Nigeria for entrepreneurs


This is a fintech lending company that operates under a microfinance banking license. It provides loans to individuals and small businesses through its website, contact agent, network and branches.  

Go from idea to starting your business in 30 days
Go from idea to starting your business in 30 days

Basically, RenMoney is regulated by CBN and insured by NDIC, and it offers market leading rates on fixed deposits and savings accounts. You can get from N50,000 to N4 million within 24 hours of application.

To apply for RenMoney loan, log on to the site and fill the online application form. Next, follow the instructions by uploading all the necessary documents. They require that you upload your bank statement so they can access your credibility. After completing the process, you can receive your loan within 24 hours of approval.

See Also: Top 12 places you should visit in Nigeria before you die.

Quick Check

Quick Check is a mobile loan app that offers digital financial services that helps you get closer to your personal and business goals. With just a QuickCheck app on your smart phone, you can access instant loan at a click. First, the app is easy to use. Also, your information is fully secured.

Moreover, Quick Check employs the use of Machine Learning (ML) to predict borrower’s behavior and credibility to a loan.

To get started, download Quickcheck app and sign up for free, then apply for a loan. Once you qualify, the requested amount will be disbursed into your account. You can request from N5,000 to N50,000.

See Also: Online store – Applications and platforms that will help you sell online.


Palm Credit offers loan from N2,000 to N100,000 limit with loan duration of 91 days to 180 days. It operates a fair loan interest rate of 4.7% per month. So, if you borrow N100,000 for 6 months, then at the expiration of 180 days, you will repay the sum of N124,000.

It is one of the mobile loan apps in Nigeria that provides fast loan within 3-5 minutes without collateral. Also, the earlier you repay the loan, the more your credit score grows. And, there are no rollover charges, no transaction fees, no paper work and no collateral. To access the loan, download the PalmCredit app, register by following the steps and you have your instant loan.

Guess what! You can also refer friends and earn up to N80,000 cash bonus on this lending platform.

See Also: 12 Online business ideas that you can start from home and become rich.

Carbon (Paylater)

Carbon is a mobile loan app previously called Paylater. It is a service provided by a fully-licensed and regulated finance company. It is reliable and works 24/7 anywhere, anytime without guarantors or collateral.

With Carbon, you can get instant short-term loans for urgent needs and bill payment. Carbon provides instant loans from N1,500 to N1 million in minutes and repayment period of up to 64 weeks.  

Carbon interest rates is as low as 5% monthly of the first loan. Also, you can pay your GoTV, DSTV, electricity and even Bet9ja bills on the platform. In addition, you can recharge your airtime and transfer money to family and friends. The more your credit score increases when you repay your loans on time, the more access you have to larger loan amounts at lower interest rates.

Finally, you can earn up to 16% annual interest by investing in Carbon’s investment plan, PayVest. As one of the mobile loan apps, the whole process is 100% online. So, all you need is to download the app on your mobile device, register and enjoy the benefits that it offers.

See Also: Young entrepreneurs in Nigeria across different industries and their entrepreneurial journey.

Alat by Wema

Alat by Wema is Nigeria’s first fully digital bank. The platform is a subsidiary of Wema bank, a commercial bank in Nigeria. On Alat, you can transfer and make payment, save for a goal and apply for instant loan.

In few minutes, you can apply for a loan on Alat without any paper work or collateral. You can access up to N200,000 without physically visiting a Wema Bank branch. To enjoy this online lending platform, download the ALAT app and sign up. Then, click loans from the menu item, go through all the information, apply for your loan and accept the terms and conditions.

Note that your account is debited on the repayment due date.

See Also: 10 business funding opportunities for aspiring entrepreneurs to grow their businesses.

Soko Loan

Soko is one of the online mobile apps that proffers financial solution with its short-term loans. It doles out loan ranging from N5,000 to N100,000 with repayment tenure between 91 – 180 days. It offers interest and service fees of 4.4% monthly and you can apply 24/7 from anywhere.

Just like most online mobile loan apps, Soko loan requires no paperwork, no collateral and no office address. As with every lending platform, your loan limit increases as your credit score improves.

To access the loan, download Sokoloan on Google playstore. Then, create your account, follow due process, and apply. You will be credited within few minutes.

See Also: 16 List of Health Maintenance Organisations in Nigeria and their offers.

Page Financials

Page Financials is a one-stop-shop for anytime you are short on cash. It offers loan from N200,000 to N5 million Naira within few hours without collateral. It is hassle free. The terms and condition are clearly stated for you to see.

To access Page loans, register on the platform, and present your bank statement. The bank statement is used to access if you can be trusted with funds. The interest rate and pay back period of Page Financials is reasonable.

You can download Page Financials app, register and get your loan in few hours. Also, the platform allows you to pay for bills like TV subscriptions, electricity bills and internet subscriptions. Again, you can recharge your airtime and transfer funds to family and friends.

Additionally, Page Financials is also an investment platform where you can invest a minimum of N200,000 and earn up to 17% interest per annum.

See Also: 12 best crowd funding site to fund your business or project in Nigeria.

Aella Credit

Aella Credit believes that access to credit is a fundamental human right and so it helps customers build financial independence. It provides loan to registered (in-network) and unregistered (out-of-network) companies. It also provides micro merchant loans where small businesses get financed based on their cashflows.

Basically, employees of registered companies get larger loan amounts with a lower interest rate. This means that these employees can access cash at the most competitive rates anytime, anywhere.

To get a loan from Aella Credit, download the app on Google Playstore, register and receive your loan in your bank account in less than 2 minutes. An employee needs to provide their correct name and employee ID to enjoy this low interest loan.

In conclusion, these are our list of mobile loan apps where you can access loans to help your businesses and solve that financial challenge. It is important that you take your time, go through their sites, carefully read the terms and conditions and do your due diligence before applying for any of these loans.

Have you tried other platforms that are not listed here, please share your experience with us.

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