Quick Online Loans in Nigeria – Reasonable Interest Rate

Once upon a time in Nigeria, the idea of getting a loan was not common. Today, anyone can apply for quick online loans in Nigeria and be sure to get money in a few minutes. The good thing with these loan platforms is that they don’t require you to present any collateral.

Quick online loans in Nigeria

How many Nigerians have access to collateral in the first place? Many Nigerians live from one paycheck to the other, getting broke before the next one arrives. The ones that don’t live on a salary run petty businesses to keep body and soul together.

With a mobile loan in Nigeria, you can sort out emergencies before your next pay comes in. The good thing with getting an instant online loan in Nigeria is that the rates are really affordable. Most of them fall between 4% and 5% per month, which is very fair considering the risk attached.

In this post, we will take a look at a few platforms that offer quick online loans in Nigeria.

The Evolution of Financial Loans in Nigeria

Before we get to the different loan platforms, we think you should understand a little about the financial loan sector in Nigeria. Prior to the establishment of these platforms, the only ways to get loans ways either through banks or through cooperatives.

For banks, you needed collateral and the rates were too high. It was evident these loans were meant for the rich alone. After all, what collateral could a poor man present that would suffice? For cooperatives, you couldn’t get a huge loan so there was a gap that needed to be filled.

This gave rise to a new day in the financial loan sector in Nigeria birthed from the advent of technology. Now you can get an instant online loan in Nigeria by registering on a website, a mobile app, or even through a USSD code.

With these 24hrs loan in Nigeria platforms, life has become easier for the layman on the street. Enough of this said, what platforms offer you a mobile loan in Nigeria at the best rates? Let’s go through a few below.

Platforms that provide quick online loans in Nigeria

Quick Online Loans in Nigeria – Paylater Loan App

This is one of the easiest ways to get an instant online loan in Nigeria. Everything about getting a loan from this company is online. Upon registration, you gain access to funds that fix that emergency or business need.

The company rebranded the app and renamed it Carbon. Along with this rebranding are several features including paying utility and cable television bills as well as buying airtime. The app also has a wallet where you can save money as well as an investment platform.

Without doubt, with this app, you can get access to a 24hrs loan in Nigeria within minutes of approval. The more you use the app, the more your credit limit grows. Consistency will get you to the highest amount that you can loan on the platform which is N1 million.


CreditVille is another way to get a quick online loan in Nigeria for people with employment or SMEs. The highest amount of money you can get is N250,000 which you have to repay within a period of 12 months.

There are three types of loans that are available on CreditVille, they are:

  • Business Loans
  • Payday Loans
  • Cab Lease

By visiting the website or downloading the CreditVille mobile app, you will have access to more information on each. Below are the requirements for you to get an SME loan from CreditVille:

  • Passport photograph
  • Valid means of identification
  • Bank statement for 6 months
  • Certificate of Incorporation
  • Memorandum of Association
  • Guarantor

Quick Online Loans in Nigeria-Kiakia

Kiakia is one of the most popular slangs in Nigeria drawn from the Yoruba language. It means “fast-fast” and that is exactly what this mobile loan in Nigeria platform stands for. It focuses on providing loans for business people through a very organized process.

The app makes use of psychometrics, machine learning, big data, and digital forensics for credit assessment and scoring. This way it can provide loans to people who didn’t have prior credit information.

The aim was to provide Nigerians with a means of getting a loan within the shortest possible time. Getting a loan with Kiakia is very easy and quick too. Visit the website or download the mobile app from the Play Store. They are fast and effective as well as very efficient too.

FairMoney Loan App

Getting an instant online loan in Nigeria got became easier with FairMoney. This app is one of the latest to hit the scene but it has proven to be effective, efficient, and user-friendly too.

Through this app, you can get loans for virtually every need including personal finance, car repairs, health, purchasing goods, and rent. Rather than ask for collateral from you, FairMoney works with your credit history.

The more you prove yourself, the more money you are likely to get from the app. Simply download the app and register then you can apply for a loan. As soon as your loan is approved, you get the cash within a few minutes.

Here’s some good news if you are a student, you can get a study loan from FairMoney. This loan was designed to assist students to attain their academic goals despite the economic challenges in the country. If you are in search of quick loans in Nigeria, this is one option you should explore.


QuickCheck provides loans to both individuals and SMEs in Nigeria. By registering on their app or website, you can gain access to a mobile loan in Nigeria with ease. The platform has your back for whatever needs you want to sort out including medical bills, rent, school fees, etc.

At an interest rate of just 1% daily, you are able to get up to N30,000 which you can repay in a month or less. Getting a loan is within minutes using this platform.

Quick Online Loans in Nigeria – ALAT Loan App 

This platform was designed by WEMA Bank and it was initially designed to be a digital bank. However, with the growing need for quick online loans in Nigeria, the bank thought it wise to add loans.

With ALAT, you don’t need to visit any WEMA Bank to get a loan neither do you have to submit any paperwork. Simply apply and you get your funds in your bank account within minutes. The highest amount you can get from this app is N200,000 which is a result of building your credit reputation.

Asides getting a loan from the app, you can also save money, transfer funds, and pay bills on the app. It is versatile and efficient, most of all, it is very reliable.

Palmcredit Loan App

This is another platform that offers you an instant online loan in Nigeria with very little hassle. The aim of this platform is to provide loans within the shortest possible time. Before you apply for a loan, the app checks your credit history.

Once you have been approved, you can start to apply for loans and with each repayment, your credit score is upgraded. The highest amount you can get with Palmcredit is N100,000 but you have to grow into that.

You start by taking small loans that you should repay within 7 to 14 days at a friendly interest rate. This grows as you repay loans and ultimately you get to N100,000.

Palmcredit is owned by TRANSNET Financial, a financial solutions company. It is only operational in Nigeria but is already working at spreading to other African countries. The app can also be used for other purposes like money transfer and payment of utility bills.


We could go on and on about platforms where you can access quick online loans in Nigeria. There are so many today but the bottom line is that they are very helpful in raising money for basic needs.

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