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Best Loan Apps For Students in Nigeria (Lowest Interest Rates & Fast Approval)


    Best Loan Apps For Students in Nigeria

    Best Loan Apps For Students in Nigeria

    Are you a student looking for the best loan apps in Nigeria to get a loan from? In this article, has listed the top 20 loan apps for students in Nigeria with low-interest rates and fast approval.

    These loan apps for students in Nigeria can provide you with an instant loan in minutes directly to your bank account from your smartphone.


    Recently, Loan apps have become a lifesaver providing emergency cash advances to families even though some loan sharks have tried to destroy the market in Nigeria.

    Every day many people go through different life challenges that would require funds which is normal. Sometimes you might be expecting money but get disappointed for some reason by friends and family or employers.

    All you have to do is to apply for these instant loan apps in Nigeria to get that loan amount that can resolve that challenge with low-interest rates and fast approvals.

    How do loan apps work?

    Loan apps work simply and straightforwardly. To qualify to receive a loan via an app, you will need to take the following steps.

    1. Download and install the loan app from your app store or visit the loan app’s website.

    2. Register on the app by providing your details, including your name, phone number, and email address.

    3. Complete the app’s registration process by verifying your phone number and providing any other required information.

    4. Choose the loan product that you want to apply for and enter the loan amount and repayment period.

    The loan app will then evaluate your application and determine your creditworthiness by analyzing your financial data and credit history.

    If your loan application is approved, the loan app will disburse the funds into your account.

    It is important to read and understand the terms and conditions of the loan app and the loan product you are applying for, including the interest rates.

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    Top 20 Instant Loan Apps For Students in Nigeria and Low-Interest Rates

    If you need to borrow money, you’ll need these legit loan apps in Nigeria for students that have been responding to lenders’ needs over time. These loan apps can give you quick emergency loan amounts from N5,000 to N5,000,000 without any paperwork or collateral.

    Below are the top Best Loan Apps For Students in Nigeria with low-interest rates.

    1. Branch

    Branch is one of the top 20 best loan apps in Nigeria known for its instant and quick response to customers’ requests for loans.  They have the best reasonable interest rate when compared to other top loan apps. The app is among the top 20 loan apps in Nigeria with over 5 million downloads from the Google Play store sitting on 4.6 stars rating.

    Branch’s monthly interest rate is 2.5% to 20% monthly interest which translates to an APR of 18% to 260%. Another good thing about this Branch app is that it does not charge extra fees on late payments like other loan apps. The requirements to access this app are simple. You just need your active phone number, BVN, bank account number, and Facebook account.

    2. Carbon (PayLater)

    Carbon is also a credible app listed on our top 20 best loan apps in Nigeria that are known as the best app to build your credit score. It was formerly called Paylater before rebranding to Carbon loan app.

    At first, you might not be able to access big cash, but as you pay on time, you gradually build your credit score which gives you access to borrow larger funds. The loan app is always available, even on weekends and holidays.

    3. Aella Credit

    Aella Credit loan app makes use of technology and widespread mobile adoption to simplify the process of loan application and processing. With its unique features, we mention it among our top 20 best loan apps in Nigeria.

    This loan goes further in helping its customer achieve financial independence by accessing simple products such as bill payments, quick loans, instant cash, and investment opportunities. Their organization and structure are simply superb.

    4. QuickCheck

    QuickCheck is another one of the top 20 loan apps in Nigeria, a reliable lending platform that uses machine learning to analyze customers’ behavior and immediately evaluate loan applications. This app stands tall for borrower’s data privacy. The app will never share your data or information with a third party.

    Once you apply, and your credit score is analyzed, the machine language will determine whether you are qualified for the loan or not. You must start and complete your application on your Android device when using this app.

    5. FairMoney

    Fairmoney is a trusted instant loan app where you can access fund ranging from N15,000 to N1,000,000 for a monthly interest rate of 2.5% to 30% which translate to an APR of 30% to 260%. The repayment duration of the loan is considerably fair ranging from 61 days to 18 months.

    FairMoney has been around for years and is licensed by the Central Bank of Nigeria (CBN) to operate in its capacity. Unlike fake loan apps that send defamatory messages, FairMoney has been around and has never been found to do such.

    You can download the FairMoney loan app on the Google Play store or visit their official website and get started.

    loan apps in nigeria for students
    Student loan app

    6. PalmCredit

    PalmCredit is a loan app by NewEdge Finance Limited, a Nigerian-registered fintech company offering loans and other financial services. It’s one of the top 20 best loan apps in Nigeria to get quick access to instant cash in Nigeria.

    You can download Palmcredit loan app from the Google play store to get started with your loan application and get a Palmcredit-instant loan online without any collateral and just your phone.

    7. Renmoney

    Renmoney is a loan app run by a Microfinance bank headquartered in Lagos. The Renmoney loan is specifically for business owners and employed or self-employed individuals. It gives you access to loans ranging from NGN6,000 to NGN6,000,000 for a loan tenure of three to 24 months.

    Although Renmoney loans have some of the highest interest rates you should rest assured that your contacts won’t be harassed. Renmoney won’t send messages to your contacts when you default.

    8. Lendigo

    Lendigo is regarded as the number one best loan app for small and medium businesses. It offers SMEs in Nigeria access to fast, easy, and flexible business loans according to their business financial needs, and fast and flexible access to working capital according to their business requirements and suited to their financial needs.

    You can access business loans of as much as NGN10,000,000 at a low-interest rate. However, the loans are only accessible by registered business owners with a minimum monthly turnover of N500,000 and Your company is registered in Nigeria as LLP, PLC, or Ltd.

    9. Migo loan

    Migo formerly called Kwikmoney is a cloud-based loan app that ensures you get your cash in your account balance right after finishing the application process. It doesn’t require collateral or any form of paperwork.

    It gives you access to loans ranging from NGN10,000 to over NGn500,000 but for a new customer, the maximum limit is NGN50,000. You can also access the Migo loan by dialing the USSD codes outlined here.

    10. Lidya

    Lidya is a USA-holding financial platform that offers SMEs loans without collateral in Nigeria. This company is present in five countries across three continents which are Nigeria, the USA, the Czech Republic, Portugal, and Poland.

    Lidya gives you access to get business loans of as much as N30,000,000. However, you must have a good credit score to be approved for this loan.

    11. Quick Credit

    GTWorld Quick Credit is a mobile banking loan app that allows you to get quick cash to cater to your money and banking needs. However, to access this platform, you must be a GTB account holder.

    The platform has some of the lowest interest rates for loan opportunities. You don’t need a guarantor or any collateral to access these loans. You don’t need a BVN either too because your BVN is already linked to your GTB account during account opening. Skytrend news has also included quick credit as one of the reputable loan apps to take emergency cash advances.

    12. MoneyPal

    Moneypal is a trusted loan platform that is own by Zedvance Limited that offers you diverse loan packages to cater to your different financial needs.

    The company claims that an eligible individual has access to get a quick personal or business loan of up to NGN5,000,000 for a loan tenure of 24 months for an annual percentage rate of 34.8% to 365%.

    13. ALAT

    ALAT is the best loan app in Nigeria for salary earners where they can access quick loans with collateral or paperwork or visitation to a physical office. This loan is made available for all salaried Alat customers and you can borrow as much as NGN2,000,000

    14. Access More

    The Access More App is a product of Access Bank Plc that is among our best loan apps in Nigeria to offer instant loans such as Payday loans and device financing and it doubles as a banking app that allows customers to carry out normal banking transactions.

    However, this loan access is only granted to Access Bank customers. So you must hold an account with Access Bank to take advantage of this.

    Access More offers Payday loans and other personal emergency loans to customers. It currently has about 1M+ downloads from Google Playstore rating 4.6 stars on average after it announced migrating from its old app to the new one to offer more features for self-service by customers.

    One interesting thing about the Access More app is that the interest rates are pretty low. It charges flat interest rates of 6% and insurance of 0.03% then a 1% flat fee on loan default.

    15. Umba

    Umba is the best loan app in Nigeria that allows you to pay late without charging you extra or rolling off your charges. Additionally, it has no origination fee.

    This app allows its consumers to apply, draw down, and repay their loans directly from electronic gadgets (smartphones and PC).

    However, you have to be verified before you can be allowed to access the loan. When confirmed, you will be placed on an agreed risk rating that will determine your interest rate.

    16. Page Financials

    Page Financials is one of the best instant loan apps in Nigeria that is legally registered and regulated by the Central Bank of Nigeria (CBN). They boast of having six years of experience in offering financial assistance and other financial products.

    Once you are approved, the cash loan is released immediately. They offer other financial services such as investment opportunities through their mobile app and website platforms. The platform is designed to meet the financial needs of different individuals.

    17. Coolbucks

    Coolbucks loan app is another good platform in Nigeria that is known for the disbursing of installment monthly loan app that comes in minutes after application. The installment loans are mostly unsecured.

    For low-income customers, the platform offers small ticket loans from NGn15,000, and it goes as high as NGN5,000,000 for high-income customers. The loan is usually disbursed at least thirty minutes after the application has been approved.

    The platform also offers small ticket loans from N15,000 to low-income customers and up to N5,000,000 to high-income customers. Borrowers can access loans within 30 minutes maximum.

    18. Quick Credit

    Quick Credit is one of the reliable lending platforms in Nigeria that are known for its excellent customer service.

    Customer service is readily available to help you access their quick loan appropriately without many hurdles. The steps are simplified and only minimal documentation is needed.

    19. Specta

    Specta is one of the best loan apps in Nigeria that gives non-salaried legal residents of Nigeria access to up to N5,000,000 with no paper, collateral, or visit a physical office.

    Specta allows you to take care of emergencies and urgent business needs without having to go to a bank and wait for a long time to be approved.

    20. Money in Minutes

    Money in Minutes is managed by a UK lending platform that exists on three continents, which is MIM Finance Company.

    This platform has a flexible and wide range of products that allows you to access loans according to your needs and purposes.

    What Are The Best Loan Apps In Nigeria With Low-Interest Rates?

    Currently, Branch and Renmoney are the best loan app in Nigeria with a low-interest rate for an instant loan without extra fees or interest for late payments. Other best loan apps in Nigeria include Renmoney, Palmcredit, Carbon Loan, Lendigo, Migo Loan, Aella Credit, etc.

    Branch monthly interest rate is 2.5% to 20% monthly interest which translates to an APR of 18% to 260%.

    The requirements to access this app are simple. You just need your active phone number, BVN, bank account number, and Facebook account. It has one of the highest ratings and best reviews. You can check them out.

    What are the top Best Loan Apps In Nigeria Today?

    In a nutshell, the top 20 loan apps in Nigeria include;

    1. Branch
    2. Carbon (PayLater)
    3. Umba
    4. Quick Check
    5. Fairmoney
    6. PalmCredit
    7. Lendigo
    8. Migo
    9. Lidya
    10. Quick Credit
    11. MoneyPal
    12. ALAT
    13. Aella Credit
    14. Access More
    15. Page Financials
    16. Coolbucks
    17. QuickCredit
    18. Specta
    19. Money In Minutes

    Loan apps are continuously growing on a rampage. Many of them are not trusted at all while some are gorgeously trusted due to their reputation and the number of customers using them.

    What is the best app to borrow money in Nigeria?

    The best loan apps to borrow money from in Nigeria in 2023 are; Branch, Carbon, Umba, Quick Check, Fairmoney, PalmCredit, Lendigo, Migo, Lidya, Quick Credit, MoneyPal, ALAT, Aella Credit, Access More, Page Financials, Coolbucks, QuickCredit, Specta, Money In Minutes.


    There are many apps to get instant loan apps in Nigeria for students,  we only listed the best loan app for students in Nigeria and platforms to get instant loans as a student.

    Note that there are many fake loan apps, make sure you carry out research about the app or platform before applying for loans.

    However, you should be aware that if you are going to borrow money, especially for business purposes, make sure you have carefully planned everything so that you do not get into debt, and if you are borrowing for personal reasons, make sure you have the means of repaying it on time due to interest.

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