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Let’s face it, borrowing money in Nigeria can be a gamble, especially if you do not know where to look. With so many loan apps promising “instant cash,” it’s easy to fall victim to predatory lenders (Loan Sharks) who harass borrowers, invade their privacy, or publicly shame them. You must have heard some of those horror stories.
But it’s not all bad news.
Let’s talk about the good side. Digital lending in Nigeria has come a long way. Today, there are legitimate, well-regulated loan apps that offer fast loans without drama, collateral, or paperwork, just your phone number and a few requirements.
Whether it’s an emergency expense, a rent issue, or business cash flow problems, loan apps can be lifesavers. The key is knowing which ones to trust.
That’s why we’ve put together this list of the best and most reputable loan apps in Nigeria as of 2025. We’ve reviewed these apps based on who owns them, their features, interest rates, repayment periods, eligibility requirements, and customer feedback.
Before you borrow from any app, there are some important points to look out for, if the loan app fails any of these points, then you should run away as fast as your legs can carry you because that is a loan shark and once you get hooked, it would be difficult to get loose.
To avoid falling into their trap, here are five key things to check before borrowing from any loan app in Nigeria:
A reputable loan app should either be licensed by the Central Bank of Nigeria (CBN) or backed by a financial institution that is. If the app’s website or platform doesn’t mention its license or you can’t verify it online, run. Legitimate platforms are always transparent about this.
You should know exactly how much you’re borrowing, the interest rate, and when you’re expected to pay back before accepting any offer. If the terms are vague or keep changing, that’s a big red flag; run.
Trustworthy apps won’t sneak in hidden fees, penalties or send threatening messages to you or your contacts. A reputable loan app will clearly outline all costs and treat you with dignity, even when you default. A good place to get an idea about this is the app review section on the Play/App Store.
Always check the app’s rating and user reviews on the Google Play Store or Apple App Store. If multiple users are complaining about harassment, data misuse, or fake charges, believe them and run.
Your BVN and other sensitive information should be protected. Reputable apps follow strict data privacy policies and never sell your info or use it to shame you online. If they don't have a privacy policy, that’s a huge warning; run.
FairMoney is fast, easy to use, and regulated. It also doubles as a digital bank, letting you pay bills, buy airtime, save and even invest.
Owner/Operator: FairMoney Microfinance Bank; licensed by the Central Bank of Nigeria (CBN)
Loan Amount: ₦1,500 to ₦1,000,000
Interest Rate: 2.5% to 30% monthly
Loan Tenure: 61 days to 18 months
Requirements: BVN, bank account, valid ID, and smartphone (no collateral)
Download the FairMoney app from the Play/App Store.
Sign up with your phone number and BVN.
Fill in your basic details and grant necessary permissions.
Choose a loan amount and review the repayment terms.
Submit your application and get credited within minutes.
On the Kuda app, you can get an overdraft, a Personal Loan or a Salary loan. All loan forms are for 30 days or when you get paid. Kuda determines if you are eligible for the loan offers. More information here;
Owner: Kuda Microfinance Bank, licensed by CBN
Loan Type: Overdraft for eligible users, personal loan and Salary loan ( all available after consistent account use)
Loan Amount: Up to ₦150,000
Interest Rate: 9% monthly
Loan Tenure: 30 days max
Requirements: Active Kuda account, transaction history, BVN
Open and fund your Kuda account.
Use your account regularly (transfers, bills, deposits).
Once eligible, you’ll see a loan or overdraft offer on the dashboard.
Tap “Borrow,” accept terms, and receive funds instantly.
Branch is quite straightforward with no collateral or paperwork. Plus, it offers bill payments and investment options too.
Owner: Branch International (US-based fintech, operating globally)
Loan Amount: ₦2,000 to ₦500,000
Interest Rate: 15% to 34% monthly
Loan Tenure: 4 to 40 weeks
Requirements: BVN, bank account, app usage behaviour (AI-based risk scoring)
Download the Branch app from the Play/App Store.
Register using your phone number.
Provide your BVN and bank details.
Use the app regularly to improve your score.
Apply for a loan and receive money instantly.
Quickcheck is an indigenous fintech company that uses a simple AI system. The AI improves your credit score the more you borrow and pay back, while it diminishes when you default.
Owner: QuickCheck Nigeria Limited, a registered fintech startup
Loan Amount: ₦1,500 to ₦500,000
Interest Rate: 2% to 30% monthly
Loan Tenure: 30 days to 6 months
Requirements: BVN, bank account, app permissions (location, phone usage)
Download and install the QuickCheck app.
Register and input your BVN and personal details.
Grant required phone and location permissions.
Choose a loan offer and confirm.
If approved, the funds are disbursed immediately.
Easmoni is fully licensed and regulated, owned and managed by Blue Ridge Microfinance Bank, and features quick disbursement and transparent loan terms. You can access Ease Monie as a stand-alone app by downloading it on the Play/App Store, or through your OPay app.
Owner: Blue Ridge Microfinance Bank (licensed by CBN)
Loan Amount: ₦3,000 to ₦1,000,000
Interest Rate: 5% to 20% monthly
Loan Tenure: 91 to 180 days
Requirements: BVN, valid ID, smartphone access
Download the EaseMoni app or access it through the Opay app.
Sign up and input your BVN and personal details. (You won’t need this step if you are using Opay.)
Grant app permissions (location, contacts, etc.).
Select the loan amount and confirm your application.
Money is disbursed to your account if approved.
Okash used to be accessible through Opay, but you can now access it through its standalone app on the Play/App Store. It is popular and easy to access, and they are professional and regulated.
Owner: Operated by Blue Ridge MFB
Loan Amount: ₦3,000 to ₦500,000
Interest Rate: 5% to 30% monthly
Loan Tenure: 91 to 365 days
Requirements: BVN, bank details, smartphone, steady phone activity
Download the Okash app from the Play/App Store.
Register using your phone number and BVN.
Provide your bank details and accept their terms.
Review available loan offers.
Apply and receive funds if eligible.
Migo stands out for one major reason: USSD loans. Even if you don’t have a smartphone, you can still borrow using a simple USSD code—perfect for users in low-data areas.
Owner: Migo (Backed by reputable financial partners)
Loan Amount: ₦750 – ₦100,000
Interest Rate: Varies (based on credit score)
Tenure: 91 – 365 days
Requirements: Any mobile phone with a BVN-linked number
Dial *561# on your mobile phone.
Select “Get Loan”.
Choose from the available loan options.
Enter your bank account details.
Receive the funds instantly into your account.
Only borrow what you can comfortably repay.
Avoid stacking loans from multiple apps.
Read the fine print, know your interest and tenure.
Repay on time to build a strong credit profile.
If an app threatens or harasses you, report it to the FCCPC.
|
Loan App |
Owner / License |
Loan Amount |
Interest Rate (Monthly) |
Loan Tenure |
Requirements |
|
FairMoney |
FairMoney Microfinance Bank (CBN-licensed) |
₦1,500 – ₦1,000,000 |
2.5% – 30% |
61 days – 18 months |
BVN, ID, bank acct, smartphone |
|
Kuda Bank |
Kuda MFB (CBN-licensed) |
Up to ₦150,000 |
9% |
30 days |
Active Kuda acct, BVN |
|
Branch |
Branch International (Global fintech) |
₦2,000 – ₦500,000 |
15% – 34% |
4 – 40 weeks |
BVN, bank acct, app usage |
|
QuickCheck |
QuickCheck Nigeria Ltd |
₦1,500 – ₦500,000 |
2% – 30% |
30 days – 6 months |
BVN, bank acct, phone permissions |
|
EaseMoni |
Blue Ridge MFB (CBN-licensed) |
₦3,000 – ₦1,000,000 |
5% – 20% |
91 – 180 days |
BVN, ID, phone access |
|
Okash |
Blue Ridge MFB (CBN-licensed) |
₦3,000 – ₦500,000 |
5% – 30% |
91 – 365 days |
BVN, bank acct, active usage |
|
Migo (USSD) |
Migo (with financial partners) |
₦750 – ₦100,000 |
Varies (credit score-based) |
91 – 365 days |
BVN-linked phone, no smartphone needed |
BVN: Bank Verification Number
CBN: Central Bank of Nigeria
App Usage: Behaviour within the app affects your loan offers
Disclaimer: Loan conditions can change. Always read the latest terms on the official app or website before borrowing.
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FairMoney and Kuda top the list for their reliability, licensing, and user-friendly apps.
Most reputable loan apps require BVN. Avoid any that don’t, they might not be legitimate or safe. BVN helps lenders assess creditworthiness and reduce fraud.
No reputable app offers 0% interest, but some, like Kuda, have very low rates for short overdrafts.
You may face penalties, get blacklisted on the credit bureau, or lose access to future loans.
The six listed here are among the safest, especially those licensed by CBN.
Loan apps can be a lifesaver, but only if used responsibly. Whether you go for FairMoney, Kuda, or any other option above, remember: borrow smart and repay on time.
And if you need to top up data or airtime before your loan hits, you already know where to go:
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