10 Best Personal Loan Platforms in Nigeria

Are you looking for the best loan platforms in Nigeria where you can get quick loans without collateral?

In this article, we will show you the best loan platforms in Nigeria and how you can borrow from them with ease.

best loan platforms in Nigeria

Please note that some of these platforms only provide personal loans. This article does not cover platforms where you can get business loans.

However, you can still borrow from these platforms and use the money for business purpose.

Before we continue with this article, we want to give you a brief explanation of Business loans, personal loans and why you should not use personal loans for business.

Personal Loans VS Business Loans

As the name implies, personal loans are meant to settle personal issues; maybe you want to get a new gadget, pay rents or bills or buy foodstuffs. It is not really a smart thing to use personal loans for business.

Here are a few reasons why you shouldn’t

The interest rates on personal loans are higher

Personal loans are risky compared to business loans. When you get a personal loan, most times, you are not asked to bring collateral. Due to the high risks involved with personal loans, loan companies charge high-interest rates.

Business loans have lower interest rates compared to personal loans.

Shorter Repayment Period

Personal loans have shorter repayment periods compared to business loans. In Nigeria, you will hardly see a loan company that gives up to 12 months to repay.

For business loans, you can get as high as five years and above.

Lower amounts due to Risk

Most companies that give out personal loans grade you based on your performance with other loan companies, your history with them or the details that you submitted during registration.

The algorithm built by these loan companies does the calculations and gives a loan offer.

This is not exactly the case with business loans.

For Business loans, the bank or loan company will go through your bank statements to see how profitable your business is. They could also inspect your collaterals (business properties) before offering you a loan decision.

Armed with the knowledge of your business and the value of your collaterals, Banks or loan companies can give business loans for a longer period and lower interest.

Best Loan Platforms in Nigeria


Carbon formerly known as Paylater is the first loan company to take a giant leap into the Nigerian personal loan space.

After operating for 3 years with the name Paylater, One Finance rebranded Paylater to Carbon in 2019.

Carbon is not just a loan company. The Carbon app lets you save or invest money, pay for bills, transfer money to other banks.

When you register on the Carbon app, you have to fill in details of your BVN, place of work, marital status, address, e.t.c.

These details are used by the algorithm to calculate a loan offer for you.

Most times, the initial amount given to new users is 10,000 Naira. As you borrow and repay your loans on time, Carbon will keep increasing how much it can loan you.

2. Fair Money

Fairmoney is an online lender that gives out instant loans and offers bill payment services. The Fairmoney mobile app is only available on the Google play store.

Fairmoney is a Nigerian based loan platform with keen eyes on emerging markets. In August 2020, Fairmoney launched in India. After it’s Indian launch, the company claims to have processed over half a million loan applications for more than 100,000 users.

On Fairmoney, you can get longer repayment periods of up to 12 months; the length of the repayment plan depends on the amount of loan you are given.

3. Branch

Branch is an international loan company with its headquarters in San Francisco. Branch International offers it’s loan services to customers in Nigeria, Kenya, Tanzania and India.

Branch is also only available to Android users.

When Branch began operations in Nigeria, it only supported a few banks. Over the years, Branch has increased the number of Banks it supports in Nigeria.

You can create a Branch account with your phone number, Facebook account and BVN.

Branch is a bit strict with giving out loans. After applying, you have to wait for a while to know if your loan application was approved or not.

4. Palm Credit

Palcredit is owned by Newedge Finance limited, the same company behind Easybuy. Palmcredit gives loan offers from 2,000 Naira to 300,000 Naira within a repayment period of 3-12 months.

As at the time of publishing this article, Palmcredit has over one million downloads on the Google play store with 80,000 plus reviews.

Once you download the Palmcredit app, you will be required to enter your work information, personal information, a next of kin name and any other person. On completing the registration process, you have to wait for your account to be reviewed.

Palmcredit uses the information provided to consider the amount you are eligible for.

5. Renmoney

Renmoney is quite different from the other loan platforms on this list. If you are a student or a low-income earner, Renmoney is not for you.

However, if you are eligible, you can borrow huge amounts of money in the first instance.

Renmoney only gives loans to people between the ages of 22-59. Loan applicants must also live or work in cities were Renmoney operates.

You must also provide your bank statement and a government-issued ID card to apply for a Renmoney loan.

6. Migo Loan

Migo is another San Francisco based loan company that operates in Nigeria and Brazil. Formerly known as Kwikmoney and Kwikcash, the company rebranded to Migo in December 2019 to facilitate its international branding.

Migo serves end-users, loan companies, banks and merchants. Did you know that you can start a loan company and partner with Migo loan to access credit facilities?

For individuals who want a loan, you can visit the Migo website, enter your phone number, confirm by entering the OTP you received then you get a loan offer immediately.

7. OKash Loan

Okash is a fintech product from Blue Ridge Microfinance Bank. Okash was part of the Opay app due to a partnership between Blue Ridge Microfinance bank and Paycom Nigeria limited, the owners of the Opay app.

After receiving heavy backlash from users in 2020 becuase of it’s lending policies, Okash was disbanded from the Opay app to become a standalone product.

Okash claims that it gives loans from 3,000 Naira to 500,000 Naira with a repayment tenure of 91-365 days.

8. BjLending

Bjlending is an innovative product that let’s you get instant loans on WhatsApp without a collateral. You do not need to download an extra app to access loans from Bjlending. All you need to do is to send a WhatsApp message to Bjlending to start the loan application process.

However, you will be asked for a guarantor who is registered with the company to approve the loan.

The initial amount you will get depends on a background check carried out by Bjlending. As you repay your loans on time, Bjlending will increase the subsequent amount of loans you can get.

9. Zenith Bank Eazy Loan

As a Zenith Bank customer, you have access to the Zenith Bank Eazy loan service. The loan feature from Zenith Bank allows you to borrow and pay back within 30days. The interest rate on the Zenith Bank Eazy loan is 3%.

To get this loan, you must use your Zenith Bank account to perform lots of transactions.

10. Access Bank PayDay Loan

Access Bank payday loan is a loan service from Access bank that is available to both salary earners and non-salary earners with an Access bank account. You can loan as high as 100,000 Naira and repay with a 3% interest within 30 days.

You can apply for this loan by dialling *901*11*1# on your phone number registered with the bank to see if you are eligible for this service. If you qualify, you will see the amount of loan that you can access.

Access Bank does not require collateral or guarantor for the Payday loan service.

We hope this article has helped you find the best loan platforms in Nigeria. You may also check out our post on Piggyvest review and How to protect your Facebook account from hackers.


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