• Business - Banking & Finance
  • Updated: October 16, 2022

Top 10 Loan Provider Platforms In Nigeria

Loan platforms are here to stay in Nigeria despite growing worries about their methods for loan collection.

There is no question that Nigerians are profiting from these loan providers given the rate at which they use them.

Loan providers are taking a risk by offering collateral-free loans, a market that traditional banks are reluctant to enter.

The loan platforms are the greatest option for Nigerians in need of quick cash due to the speed at which the loans are disbursed, the personalized repayment plans, and the minimal documentation required.

Even with growing charges of violations of the nation's National Data Protection Regulation (NDPR), there are a ton of them currently that have been granted licenses by the Central Bank of Nigeria (CBN) to offer lending services. 

The amount of downloads for these loan platforms on the Google Play Store provides a good indication of the lending platforms that Nigerians primarily use the most.  

Although some lending platforms are accessible through the Apple Store, the majority are not, hence the Google Play Store is the only metric being used to estimate their popularity.

In descending order to ascending order, below are the top 10 loan provider platforms in Nigeria:

10. EasyCredit

In Nigeria, EasyCredit takes pride in being a safe, dependable, and online loan platform.

The app offers fast loans from N3,000 to N100,000 with a financing duration of 91 days to 365 days and has over 1 million downloads as of Q2 2022.

The one-time processing charge ranges from N1,256 to N6,000, the maximum annual percentage rate (APR) is 40%, and the interest rate is between 0.1% and 1%. 

2. Newcredit

Another swift loan platform in Nigeria with over 1 million downloads is Newcredit.

Nigerians can borrow up to N300,000 with no collateral thanks to the personal loan platform.

The platform analyzes prospective customers' financial data using artificial intelligence (AI), including checking account Messages on their smartphones and overall creditworthiness from other creditors.

It has over 1 million downloads on Google Play Store. 

8. Umba


Umba has over a million downloads, just like other popular loan platforms in Nigeria. The lender takes great satisfaction in becoming the top digital bank in Africa.

Users of the platform can apply for, receive, and repay loans online using a desktop or mobile device.

Following verification, it bases loan decisions on the risk assessment given to the applicant.

When a borrower can make timely payments, this app enables them to extend their loan limit. 

7. QuickCheck

This loan platform employs machine learning to predict the behaviour of borrowers and analyze loan applications in an instant.

One million people have downloaded this loan platform on the google play store, making it among the best loan outlets in Nigeria.

According to the organisation, its purpose is to help people reach their personal and professional objectives by providing digital financial services.

The platform also gives loans without collateral. 

6. Aella Credit

Aella Credit takes pleasure in offering all of your financial services in one convenient location.

They provide one- to three-month payback terms on short-term personal loans with amounts ranging from N2000 to N1,000,000.

The range of their interest rates is 6% to 20%. Given that it has been downloaded more than a million times from the Play Store, the app is well-liked in Nigeria. 

5. Carbon

A variety of financial services, including personal loans, business loans, payments, fund transfers, credit scoring, savings, and investments are offered by Carbon, a digital financial service platform.

It normally takes less than five minutes to complete the Carbon loan application.

Depending on the loan payback duration and the amount you want to borrow, their rates might range from 2% to 30%.

The loan platform had more than 1 million downloads as of Q2 2022.

4. OKash 

For mobile phone customers in Nigeria, Blue Ridge Microfinance Bank Limited manages Okash, a practical and efficient online loan platform.

Customers' financial demands are fully met by OKash online and round-the-clock.

The loan amount is deposited to the applicant's bank account after only a few simple steps and little paperwork in the application procedure.

The loan platform offers loans with repayment terms of 91 days to 365 days and amounts ranging from N3,000 to N500,000.

As of Q2 2022, the loan platform had had over 1 million downloads, making it one of the most popular loan outlets on the Play Store.

3. FairMoney

FairMoney provides quick loans within five minutes with no paperwork or collateral needed.

Depending on your smartphone data and repayment history, the loan amounts change.

Loan amounts range from N1,500 to N500,000 with 61 to 180-day repayment terms and monthly interest rates of 10% to 30%.

With 5 million downloads and counting, the loan platform is without a doubt one of the most popular among Nigerians.

2. Palmcredit

Although Palmcredit trails Branch in terms of downloads, it is still one of Nigeria's most popular loan providers.

According to the lending site, an instant loan of up to N300,000 can be obtained in less than 3 minutes without the need for any kind of security.

You can borrow between N2,000 and N300,000 for a rapid loan, and if your paperwork is accurate and complete, you can receive your cash within a business day.

On the Google Play Store, the loan platform has been downloaded more than 5 million times.

1. Branch

Branch provides instant internet loans. This platform has over 10 million downloads on Google Play Store and is the most popular loan app in Nigeria as of Q2 2022.

The app uses information from users' smartphones to determine loan eligibility and personalize loan offers.

The range of their interest rates is 15% to 34%. Depending on your history of repayment, you may be able to access loans between N1,000 and N200,000 within 24 hours. The repayment period ranges from 4 to 40 weeks.

Your phone number or Facebook account, bank account number, and bank verification number (BVN) are all you need to apply.

Additionally, they will ask you to access the information on your phone to raise your credit score.


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Rasheed Olajide Awoniyi
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