Top Fintech Companies Offering Loans in Nigeria

If you’ve ever had to borrow money in Nigeria, you already know it’s not always easy. Traditional banks will ask for everything from collateral to your grandmother’s baptism certificate. You queue endlessly, fill long forms, and sometimes still get rejected after weeks of waiting. But guess what? Times have changed — and if you’ve been sleeping on what fintech companies are doing, you might be missing out on some stress-free money moves.

In today’s Nigeria, getting a loan can be as easy as downloading an app, signing up with your phone number, and applying within minutes — no suit and tie, no face-to-face begging. Whether you’re a student trying to survive the semester, a business owner in need of quick cash flow, or just a salary earner dealing with a surprise expense, there’s probably a fintech loan company out there built for your situation.

So, if you’re tired of traditional loan drama or just curious about how others are getting fast loans without stepping into a bank, keep reading. We’ve rounded up some of the top fintech companies currently dishing out loans across Nigeria — and yes, some of them don’t even ask for collateral.

1. FairMoney

FairMoney is one of the most popular loan apps in Nigeria, and it’s not hard to see why. It’s fast, easy to use, and doesn’t waste your time. Once you download the app and register, you can get a loan in as little as 5 minutes.

• Loan Amount: From ₦1,500 up to ₦1,000,000
• Repayment Period: 61 days to 18 months
• Interest Rate: 2% – 30% depending on the duration and your credit score

FairMoney also gives users the option to pay bills and buy airtime directly from the app. It has built a reputation for fast disbursement and is available 24/7.

2. Carbon (Formerly Paylater)

Carbon has been around for a while and has proven to be reliable. It allows you to borrow money without paperwork or collateral. All you need is your smartphone and a few personal details.

• Loan Amount: ₦1,500 – ₦1,000,000
• Repayment Period: Up to 6 months
• Interest Rate: Starts from 1.75% per month

Carbon also offers other financial services like bill payments, investments, and a virtual debit card. For those who pay back on time, Carbon usually increases the loan limit quickly.

3. Branch

Branch is another top-rated loan app that works in Nigeria and other countries like Kenya and India. It’s very user-friendly and doesn’t come with too much stress.

• Loan Amount: ₦2,000 – ₦500,000
• Repayment Period: 62 days to 12 months
• Interest Rate: 1.5% – 20% per month

Branch also analyzes your phone data and banking behavior to determine your loan eligibility. The better your repayment habit, the more money you’ll be able to access over time.

ALSO READ: Best student loan options for polytechnic students in Nigeria

4. Palmcredit

Palmcredit focuses on quick and short-term loans. It doesn’t ask for collateral and often approves applications in minutes.

• Loan Amount: ₦2,000 – ₦300,000
• Repayment Period: 14 days to 6 months
• Interest Rate: 14% – 24%

With a smooth interface and minimal registration process, Palmcredit is especially useful when you need a quick fix for small financial emergencies.

5. Aella Credit

Aella Credit is gaining popularity for its straightforward loan process. It’s ideal for individuals and business owners looking for soft loans.

• Loan Amount: ₦2,000 – ₦1,000,000
• Repayment Period: 30 – 60 days
• Interest Rate: 4% – 29% depending on creditworthiness

Aella also uses machine learning to evaluate credit scores, so the approval process is swift and largely automated. If you keep a clean repayment record, your limits can rise fast.

6. QuickCheck

QuickCheck is designed for Nigerians who want instant loans without paperwork. It uses artificial intelligence to determine your credit score.

• Loan Amount: ₦1,500 – ₦500,000
• Repayment Period: 91 days – 12 months
• Interest Rate: Starting from 2% per month

The more you borrow and repay responsibly, the more the system trusts you. QuickCheck also sends reminders as the due date approaches, so you don’t fall behind.

7. Migo (Formerly KwikMoney)

Migo is a bit different from most other fintechs — you don’t even need a smartphone app to access loans. You can request a loan through USSD or via their website.

• Loan Amount: ₦500 – ₦500,000
• Repayment Period: Up to 30 days
• Interest Rate: 5% – 25%

It’s very convenient for users with basic phones or low-end smartphones. Migo partners with banks, telcos, and other businesses to make loans available at scale.

8. Renmoney

Renmoney combines the best of fintech and traditional lending. You can apply online or use their app, and they also offer higher loan limits than most digital-only platforms.

• Loan Amount: ₦50,000 – ₦6,000,000
• Repayment Period: 3 – 24 months
• Interest Rate: Varies based on the loan amount and duration

Unlike many others on this list, Renmoney may require more verification, especially for larger loans, but their customer service and reliability are well-regarded.

9. Lendigo

Lendigo is tailored specifically for small and medium businesses in Nigeria. If you run a business and need capital to grow, this is one to consider.

• Loan Amount: ₦100,000 – ₦10,000,000
• Repayment Period: 1 – 6 months
• Interest Rate: Based on business risk assessment

To qualify, you usually need to provide evidence of business transactions, and the loan process is focused on helping your business scale.

ALSO READ: How To Qualify For A Business Loan In Nigeria

10. Sokoloan

Sokoloan provides short-term personal loans through its Android app. It’s fast, easy, and doesn’t require collateral.

• Loan Amount: ₦5,000 – ₦100,000
• Repayment Period: 7 – 30 days
• Interest Rate: 4.5% – 34%

Sokoloan works best for people who need small amounts urgently and are confident they can pay back in a short time.

A Few Things to Keep in Mind

While it’s exciting to have so many loan options at your fingertips, always remember:

• Read the terms and conditions. Some apps will charge heavy penalties for late payments.
• Stick to what you can repay. Borrowing more than you need can put pressure on your finances.
• Build a good credit history. The more reliable you are, the higher your chances of getting better offers in the future.

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