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Instant Online Loan in Nigeria – How to Source it Fast

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The economy of Nigeria is regarded as the largest in Africa. Yet, several problems lead to people seeking the fastest instant online loan in Nigeria. Over the last few years, there has been a revolution in the lending industry.




Several technology companies have developed platforms where they provide collateral-free loan services. Isn’t this what the people need, a platform that can provide urgent loan in Nigeria? They have made life so easy for those who have been able to understand and tap into their services.

instant online loan in Nigeria

Many people still find it difficult to believe that there is a means to get 24hrs loan in Nigeria. If you fall into that category, it better you become a convert. Nowadays, you can get access to an instant online loan in Nigeria.

What we have been used to is getting loans at high-interest rates from banks. In fact, it has become increasingly difficult to access these loans, especially for the layman on the street. How then can you finance those small needs before the next payday? Through these instant online loans.

There are so many platforms operating in Nigeria already and we will share a few with you in this post.

Importance of instant online loan platforms in Nigeria

You must be wondering why many Nigerians are turning to this 24hrs loan in Nigeria platforms. Why wouldn’t they?

Imagine you had an emergency need for ten thousand Naira to sort an issue at home. Yet, you are fifteen days to your salary and you are short on cash already. Which bank will lend you ten thousand Naira until your paycheck arrives?

This is the kind of problem these platforms have come to solve. Some of the major advantages include:

  • Collateral-free loans.
  • Increase in credit limit.
  • Meeting instant cash problems.
  • Platforms are very easy to register on and use.
  • Flexible repayment plans.

Popular instant online loan in Nigeria platforms

Like we stated earlier, there are several platforms you can subscribe to for that loan you seek. We will discuss the most prominent ones in the next few paragraphs.

  • Paylater (Carbon)

This is one of the foremost apps to get an urgent loan in Nigeria. Paylater is designed to provide you access to a quick loan that meets your needs without collateral.

This platform offers you loans as little as N10,000 and as much as N1,000,000. These loans are at varying interest rates ranging from 5% to 15%. To evaluate this, the company calculates how much risk is involved and your latest cash activities. They gain access to your account using your BVN.

Here’s a quick example on how to use the app:

  • Go to Google Play Store or iOS App Store.
  • Search for Paylater (Carbon)
  • Download it for free
  • Register
  • Apply for your first loan

It is that easy you don’t need any help to set it up.

Here’s what you need to register on Paylater (Carbon):

  • A passport photograph, scanned copy.
  • Your BVN (Bank Verification Number)
  • Home address

If you have these intact, you can apply for a loan. The funds should hit your account within a few minutes after your application is complete.

  •   Renmoney

If you stay in Lagos, then you must have heard about Renmoney loans. The platform offers you up to N4,000,000 without a guarantor or collateral. Your loan duration can last up to nine months, during which you are expected to offset the loan.

To benefit from this loan, there are certain conditions you need to fulfill, they include:

  • Be between 22 and 59 years old.
  • Present records of consistent means of income. This could be by presenting a statement of account for your current or savings account.
  • A valid means of identification.

It is not unusual for a lender to request for these, especially since no collateral is required for the loan. The company will require that you present documents showing your credit report and monthly income. It is expected that when this request is made, you can make these available at the company office. This is the only way you will benefit from this service.

Their loan rates are quite favorable at between 4% and 4.5%. For example, if you were to take a N60,000 loan, you should be paying back N68,000 over a period of four months.

Loan repayment platforms include:

  • Quickteller
  • POS
  • Cash
  • Cheque
  • Online transfer


  • Aella Credit

Aella Credit only works as an app and it can be downloaded from Google Play Store. It is one of the few platforms that work beyond the shores of Nigeria. Nationals of Nigeria, Ghana, and the Philippines enjoy services from this app.

In Nigeria, you can access between N1,500 and N700,000 using this app. The interest rates are very friendly too as they lie between 4% and 29% each month depending on the risk involved.

The only requirement for this loan is your Bank Verification Number (BVN). Loan tenures are between one and two months and can only be repaid via direct debit.

  • Kwik Cash (Mines)

This is one of the most famous platforms in Nigeria. We could say the reason for this is the flexibility of operations. Asides the internet and app which are the regular means, you can also use the USSD option.

Kwik Cash was able to achieve this by striking a strong partnership with operators of mobile networks and banks too. The whole idea is to ensure that Nigerians enjoy convenient financial services as well as online loans.

You can get up to N15,000 which should be paid within 15 days. The interest rate is 15% making it a cool option for someone seeking an instant online loan in Nigeria.

  • Palmcredit

If you are looking for a 24hrs loan in Nigeria, Palmcredit is one of your best options. You can download the app from Google Play Store. It is also very easy to use and the requirements can be described as basic, just like Paylater (Carbon).

All you need to sign up are:

  • Bank Verification Number (BVN)
  • Bank Account number and ATM details
  • Residential address
  • Phone number
  • Full name

Once you can provide these details, you are eligible for a loan of up to N100,000 at an interest rate of between 14% and 24%. Paying back your loan is very easy, just have the amount in your account. On the fixed date, it will be withdrawn from your account.

  • Zedvance

By now, you must have noticed that the instant online loan in Nigeria market is saturated. This means that rates must be competitive. Zedvance Limited provide their services at very competitive rates to meet up with the demands of the sector.

This loan is basically for salary earners and the interest rate will depend on how good your bargaining skills are. Zedvance will also consider how much risk is involved when determining the rates.

One of the major advantages of this loan is how low the interest rates are. They lie between 4.0% and 4.5%. The amount that is dispensed to a client depends on how much the individual earns monthly.

The requirements for registration include:

  • Employment letter
  • Email address
  • Utility bill
  • Salary account
  • Valid ID card

You can repay your loans by direct debit and via check.

  • Quick Loan from Rosabon Finance

Rosabon Finance is a reputable company that has operated in the Nigerian financial space for years. No wonder they are among the best ways to get an urgent loan in Nigeria. The loans are quick, fast, and very easy to access.

Interest rates are fair and competitive at between 4% and 6% per month. There are several requirements that you should meet to gain access to a quick loan from Rosabon Finance.

They include:

  • Letter of paid employment
  • Age of between 21 and 58 years.
  • Salary account.
  • Recent utility bill.
  • Proof of identification.
  • Tax ID or a pension account.

Loans can be accessed over the internet and repayments can be made via check or direct debit.

  • Branch Loan

Branch loans are among the easiest ways to access an instant online loan in Nigeria. The idea behind these loans is no collateral and ease of use. This is exactly what Branch has set out to achieve.

You can download the app from the Google Play Store and follow the instructions to sign up within a few seconds. Once you are done with this, you are just an application away from your loan. Just like many of the other apps on this list, you can apply for a loan any time of the day.

Loans range from N1,000 to N200,000 at interests between 3% and 21% per month.

Instant Online Loan in Nigeria – Conclusion

It is obvious that instant online loan in Nigeria has come to stay. They make life easy for Nigerians since they are easy to apply for and access. If you haven’t tapped into this resource, it is time you did.

Israel Chima

Israel CN and his team of email marketing experts render email marketing consulting and implementation strategies for businesses of any level. We help businesses grow revenue by 1000% through email marketing. Also, we setup email marketing flows on the best email marketing platforms such as Klaviyo, Getresponse, Aweber, Zoho, and many more.
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