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Best quick loan apps in 2020


It’s not easy to obtain from any organization like banks or cooperative society. You need to have an account or be a member of the organization before you are granted loans. Also, you made to pass through a lot of processes which may frustrate your effort to get the loans.

With the recent improvement in technology, it is now possible to obtain a loan at the comfort of our home. so many companies have come up with platforms that make obtaining loans easier. They have developed loan apps where you can obtain loans for any small business or needs.

With these loan apps, you don’t need to follow the long process of obtaining loans from banks or any organization. So, I have come up with a list of quick loan apps. Read through and give them a try. But before we go into the list of these apps, let me how the pros and cons of loan apps.

The benefit of loan app

  1. Loans are available within 24 hrs: some even give loans within 5 minutes.
  2. No collateral: you don’t need to tender any collateral when applying for these loans
  3. Saves time: time wasted while filling loan forms in banks will be saved. All you need for the loan is your BVN, personal, location and financial details.
  4. It is highly secured: loan apps are highly secure, they don’t tamper with your financial and personal details

Disadvantages of loan apps

  1. Interest rates are high in some loan apps
  2. Short loan terms: Some loan terms in these apps are short. Some will ask you to pay up within 7 days some 14 days.
  3. Best quick loan apps

Best quick loan apps for Nigerians in 2020

Carbon (pay later)

Carbon also known as pay later is one of the best apps that give soft loans and allows you to manage your finances very well. Carbon provides loans for different purposes; with carbon, you can obtain loans for personal needs and small business start-ups.

Carbon doesn’t just provide loans, they also have a platform where you can invest money and also carry out other basic transactions. They have platforms where you can pay bills, buy airtime, buy internet data and many more.

Here are the features of carbon,

Features of carbon

  1. Carbon gives quick loans without any collateral
  2. All loan applications are done through carbon mobile app
  3. You can earn when you refer someone to test the app
  4. They offer up to NGN1,000,000  loan
  5. Interest rate is between 1.75% and 30%
  6. You can repay loans with a debit card or through carbon wallet or direct transfer.
  7. There is opportunity to invest while you earn a certain percentage back.
  8. Earn rewards while using the wallet for transactions.
  9. The app is available on Google play store


Fair money

This is another quick loan app I recommend if you need money for small business or personal consumption. They offer loans of up to NGN 500,000 without collateral.

Fair money doesn’t charge any processing fee for its loans. And, they can give loans within minutes of application.

I recommend Fairmoney if you need money for immediate needs. They offer reliable services for personal loans.

Also, fair money offer other basic payment services like airtime recharge and bills payment

Features of Fairmoney

  • Offers small loans ranging from NGN 1500 – NGN 500 000
  • Loan term ranges from 14 – 180 days
  • They give loans within minutes of application
  • Registration is easy
  • It allows users to earn through their affiliate program
  • Make payment for bills and other services on the app
  • App is available or android devices and can be downloaded on Google play store


Click here to download the app.


This is the third app you need to consider if need loans for any immediate needs. This loan app was developed by a microfinance institution name Soko lending company limited. Their aim at creating more financial opportunities for the poor.

This app like other loan apps offers loans you can get within minutes. Though they don’t offer a large amount of money as loans, their loan offers could serve your personal needs.

All you just need to access their loans is to download their app on Google play store and register with your personal and financial information.

Features of Sokoloan

They offer loans ranging from NGN5000 to NGN100,000

Registration is simple

Loan term is short for a first time user. Loan term ranges from 7 – 190 Days

The app is available for Android devices and can be downloaded on Google play store.

Aella credit

Aella Credit is one of the best you can turn to if you have urgent money needs for business or to settle personal needs. They offer loans you can access just like others listed above.

Unlike most loan apps, Aella credit offers other services. they have opportunities where users can invest, pay bills or go into a peer-to-peer donation.

To access Aella credit loans, you need to download its app, register with your details, then apply for loans. You can access the loans within 24 hours.

Here are the features of Aella credit:

  • Aella Credit offers loans which range from NGN1000 to NGN4,000,0000
  • Loan terms can range from 1 to 2 months. In-network, users have loan terms of 2 to 6 months
  • The interest rate depends on the user’s profile. It ranges from 4% to 30%
  • There opportunity to invest in Aella credit
  • The app is only available on android devices only

Click here to download the app

Quick check

This is the next app on my list. They offer one of the best quick loan services. Just like its name sounds, its loans can be gotten quick. Your loans can be approved within 24 hours which is quite nice.

All you just need to get started is to download the app and signup for an account. Then apply for a loan.

Quick check loans are not best for small businesses. They are suitable for anyone who needs money urgently.

Below are the features of quick check

  • App is available on Google play store
  • They offer instant loans
  • Collaterals are not needed for loans
  • Loans are small. Users can access up to 10000 for the first time
  • No stress while registering an account.

Download the app here


This is a standalone app from the owners of Opay. It is one o the loans you can get flexible loans for personal needs and small businesses. Okash is available in Kenya and Nigeria. This tells you how far they have gone

To access their loan, download their app fro Google play store. Fill in the registration form then apply for a loan. Once your application is approved, you will be given the loan.

Like every other loan app, the is a fixed loan limit for first-timers which will increase once you pay back on time.

Here are the features of Okash loan

  • They offer loans of up to 50,000 at max for those applying for the first time.
  • Loan term ranges from 91 to 365 days
  • Interest ranges from 36.5% to 360% APR
  • Okash app can be downloaded on Googleplay store
  • No collateral is needed for the loans


Kwik money

This is arguably one of the best loan services currently. Its platform is very simple that anyone can get loans very easy through its website.

Unlike other loan services, you don’t need to download any app to access the loans. You only need to visit the website and apply for loans.

You can get up to 500,000 loans from Kwikmoney. And you can have more time before you can repay the loans. Let’s look at the features

Features of Kwikmoney

  • You don’t need to download any app to access the loans
  • No collateral is needed for this loan
  • New users can get up to 500,000 as loans
  • Interest ranges from 5% to 25% with loans
  • term ranging from 14 to 30 days.


Regardless of what you need money for, there always has to be challenging times. These app listed on this page can help you with you immediate needs while you plan ahead. There are many other loan apps not listed but give these a try it could help you out.


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