Best CBN Approved Loan Apps With Lowest Interest Rates

Best Instant Loan Apps in Nigeria
Loan apps can change frequently due to various factors such as changes in interest rates, terms and conditions, and user experiences. However, I can provide you with a list of reputable loan apps known for offering relatively low interest rates and being approved by the Central Bank of Nigeria (CBN) at that time, if you are looking to borrow money online from digital loan apps in Nigeria.

Amidst unexpected financial challenges like medical bills or educational expenses, instant loan apps emerge as lifelines, offering a streamlined and efficient borrowing process driven by innovation.

Navigating this digital landscape, we unveil the Pantheon of Instant Loan Apps – a tapestry woven from user acclaim and technical finesse. Loan amount, Interest rates, disbursal, Repayment periods, T&C, etc. Check out the detailed review below:

Disclaimer: Loan disbursement is subject to the sole discretion of the applications. The rankings provided are solely based on the popularity of the applications in Nigeria, and Comfortskillz maintains no affiliations with them.

 List Of Approved Instant Loan Apps in Nigeria 2024

EaseMoni app 5,000,000+ ₦3,000 to ₦1,000,000 Play Store
OKash app 5,000,000+ ₦3,000 to ₦1,000,000 Play Store
Palmcredit app 10,000,000+ ₦10,000 to ₦300,000 Play Store
Newcredit app 5,000,000+ ₦10,000 to ₦300,000 Play Store
Xcrosscash app 1,000,000+ ₦10,000 to ₦ 50,000 Play Store
Renmoney app 1,000,000+ ₦5,000 to ₦1,000,000 Play Store
FairMoney app 10,000,000+ ₦1,500 to ₦3,000,000 Play Store
Carbon app 1,000,000+ ₦₦2,500 to ₦1,000,000 Play Store
Wecredit App 1,000,000+ ₦10,000 to ₦200,000 Play Store
Branch app 10,000,000+ ₦1,000 to ₦500,000 Play Store
Ease Cash app 1,000,000+ ₦1,000 to ₦200,000 Play Store
PrimePay App 500,000+ ₦4,000 to ₦250,000 Play Store

1. EaseMoni— Instant Personal Cash Loan App

Starting off the list is EaseMoni, a quick loan app in Nigeria that offers instant loans of up to ₦1,000,000 to Nigerians. The application process can be completed entirely online through EaseMoni’s official app, eliminating the need for lengthy documentation. Claimed by the company, loans are disbursed within just 10 minutes, thanks to the service being available 24/7. Users have the flexibility to choose loan tenures ranging from 91 days to 365 days, and they can select repayment periods that suit their preferences and financial capacity.

EaseMoni—Instant loan online - Apps on Google Play

Loan Products:

Loan Amount: from ₦3,000 to ₦1,000,000.
Tenure: 91 days to 365 days.
Interest Rate: 5% to 10% monthly, APR 60% – 120%

App rating: 4.6/5
Downloads: 50,000,000+

2. OKash – Safe and Reliable Loan App

OKash is an instant loan app that facilitates loans disbursed through its partner bank, Blue Ridge Microfinance Bank Limited, duly licensed by the Central Bank of Nigeria, OKash caters to customers’ financial needs round the clock, entirely online. Upon registration on the Okash loan app, users can request loans ranging from ₦3,000 to ₦1,000,000.

The interest rates for loan repayment vary between 0.1 percent to 9.1 percent, depending on the loan tenure. With the entire loan availing process conducted online, users can apply for a loan at any time of the day or night.

The application process is streamlined, requiring only a few simple steps with minimal documentation. Once approved, the loan amount is swiftly transferred to the applicant’s bank account.

OKash loan works:

As an illustration, let’s consider a loan with a 91-day payment term and an interest rate of 9.1%. For a loan processed with a principal amount of NGN 3,000, the interest would amount to NGN 273, making the total amount due NGN 3,273.

Breaking down the repayment schedule:

  • In the first month, the total amount due would be NGN 1,093, with an interest of NGN 93.
  • In the second month, the total amount due would be NGN 1,090, with an interest of NGN 90.
  • In the third month, the total amount due would also be NGN 1,090, with an interest of NGN 90.

OKash Safe and reliable loan

Loan Products

Tenure: 91 days to 365 days.
Loan Amount: NGN 3,000 to NGN 1,000,000.
Interest Rate: A minimum of 0.1% up to 1%

App rating: 3+/5
Downloads: 50,000,000+

3. Palmcredit Quick Loan App

Palmcredit instant loan app is a well-established name in the loan sector with no hidden fees, offering swift transfer of loan amounts directly into users’ bank accounts within a short timeframe upon application. Personal loans are available at interest rates starting from 24 percent, with a processing fee ranging from 24 percent to 56 percent based on the loan amount.

Regarding loan amounts, users can access loans of up to N10,000 to N300,000 with flexible repayment periods ranging from 91 days to 365 days.

It’s important to note that Palmcredit may impose a two percent charge on the loan amount in case of failure to repay within the specified due date.

Palmcredit instant loan online

Loan Products

Loan amount: N10,000 to N300,000
Interest rate: 24 percent onwards
App rating: 5/5
Downloads: 10,000,000+

4. Newcredit Instant Loan App

Next on the list is Newcredit, a platform catering to both salaried individuals and self-employed individuals, offering loans ranging from as low as ₦10,000 to as high as ₦300,000 to meet financial needs during tight situations.

A notable feature of Newcredit is its ability to disburse loans to individuals without a credit record or those who have never taken a loan before.

With a streamlined process that minimizes paper documentation, loan amounts are swiftly approved and credited to the borrower’s bank account promptly.

Newcredit Instant Loan App

Loan Products

Loan amount: ₦10,000 to ₦300,000
Interest rate: 24 percent to 56 percent per annum
App rating: 4.1/5
Downloads: 5,000,000+

5. Xcrosscash

Xcrosscash is another CBN Approved Loan App that offers the opportunity to activate your revolving credit limit, allowing you to withdraw cash for urgent needs.

Moreover, you have the chance to increase your credit limit through various methods, enabling you to enjoy higher limits, lower interest rates, and more flexible tenors.

Xcrosscash offers the convenience of availing instant personal loans ranging from ₦10,000 to ₦50,000 through its mobile app.

Xcrosscash-loan online app

Loan Products
Loan amount: ₦ 10,000 to ₦ 50,000
Tenure: 91 days to 180 days
Interest rate: 4% to 4.7%
Downloads: 1,000,000+

6. Renmoney

Regulated by the Central Bank of Nigeria, Renmoney has expanded its services to include personal loans for individuals seeking to meet their financial needs. The e-commerce giants offer loans ranging from ₦5,000 to ₦1,000,000.

The loan tenure ranges from 3 to 12 months, providing borrowers with a flexible repayment period within this timeframe.

Regarding the interest rate, applicants will be informed of the applicable rate during the loan application process.

Renmoney - Instant Cash Loans

Loan Products

Loan amount: ₦5,000 to ₦1,000,000
Interest rate: 2.12% to 2.65%
App rating: 5.0/5
Downloads: 1,000,000+

7. FairMoney

FairMoney is another mobile application that provides instant loan amounts, ranging from ₦1,500 to ₦3,000,000, with flexible tenures spanning 61 days to 18 months. FairMoney applies a monthly interest rate of 18 percent on the outstanding balance.

Given its online-based nature, loans can be applied for at any time, with minimal waiting times for the amount to be credited to the borrower’s bank account. It’s important to note that applicants should have a good credit history to facilitate the loan application process smoothly.

FairMoney Loans & Banking

Loan Products

Loan amounts: ₦1,500 to ₦3,000,000
No collateral needed, 100% digital application, fast disbursements
Repayment periods: 61 days to 18 months
APR: 30% to 260% per annum

8. Carbon

Carbon mobile banking and loans app is one of the top loan apps in Nigeria offering seamless loan approval and swift money disbursement without paperwork, collateral, or guarantor.

The app boasts of approving loans of up to ₦1,000,000 in under two minutes, requiring only minimal documents such as identity and income proof. The borrowed funds come with a 4.5 to 30 percent interest rate.

Additionally, customers can avail instant personal loans multiple times through the platform. You unlock higher loan amounts by repaying early and carrying out other transactions on the app.

Carbon Mobile Banking & Loans

Loan Products

Loan amount: ₦2,500 to ₦1,000,000
Interest rate: 4.5% to 30% per month
App rating: 3.4/5
Downloads: 1,000,000+

9. Wecredit

Wecredit is a prominent loan app in Nigeria, renowned for offering loans up to ₦200,000 with a maximum duration of 365 days. To qualify for these loans, applicants are required to submit a bank statement, government ID, and utility bill.

The advent of these loan apps has significantly facilitated access to loans in Nigeria. However, distinguishing between legitimate and fraudulent platforms presents a challenge. This confusion among consumers has led to difficulty in discerning accurate information from misinformation. To address this issue, we’ve developed this article.

Wecredit - Get loan now

Loan Products

Limit range from N10000 to N200000
Loan terms are 91 to 365 days
Interest Rate (APR): 10% – 30%
Processing Fee: 0% (no other hidden fees)

10. Branch

Branch has emerged as a notable player among prominent loan apps in Nigeria, amassing over 1 million downloads. Setting itself apart, the Branch loan and online banking app position itself as a leading digital bank in Africa. Through its app, users can conveniently apply for and repay loans directly from their smartphones or desktop computers.

Umba’s loans offer flexibility in duration, ranging from a minimum of 62 days to a maximum of 365 days. The credit amount available to users ranges from N1,000 to N500,000, catering to diverse financial needs. Notably, Branch maintains a maximum annual interest rate of 10%, underscoring its commitment to fair and transparent lending practices.

Branch Loan & Online Banking

Loan Products

Loan amount: N1,000 to N500,000
Tenure: 62 days to 365 days
Interest rate: 3% to 23%
Downloads: 1,000,000+

11. Ease Cash

Ease Cash is a well-known name in the money-lending sector, renowned for swiftly approving personal loans without the need for physical documents.

Borrowers have the flexibility to request loan amounts ranging from as low as N1,000 to N200,000, with an interest rate of 18 percent per annum. Regarding tenure, borrowers can opt for repayment periods spanning from 91 days – 180 days.

Ease Cash

Loan Products

Loan amount: N1,000 to N200,000
Tenure: 91 days to 180 days
Interest rate: 5% to 20%
Downloads: 1,000,000+

12. PrimePay Instant Loan App

PrimePay is a straightforward instant loan-granting app ideal for individuals seeking their first loan experience. Users can access loan amounts ranging from ₦4,000 to ₦250,000 through the app. Interest rates are set at 5 percent initially but may vary up to 20 percent based on the loan amount and tenure selected.

The service boasts of disbursing cash to bank accounts within five minutes, making it a dependable choice for those in urgent need of funds.

PrimePay - Instant Loan APP

Loan Products

Loan amount: ₦4,000 to ₦250,000
Tenure: 91 days to 80 days
Interest rate: 5% to 20%
Downloads: 500,000+

How to Use Loan Apps:

To apply for an instant loan on any of the Loan Apps mentioned above, follow the following steps.

– Download the app and sign up
– Apply for Credit and provide the required details
– Get Approved for Credit

If the loan is successfully granted, you will get the amount in your bank account within a few minutes or days depending on the platform you choose.


What documents do I need to avail instant loan from loan apps?

When applying for instant loans through various apps, several crucial documents are typically required to verify your eligibility and assess your creditworthiness. These documents may include:

  • Identity Proof: Such as passport, driver’s license, or any other government-issued ID.
  • Address Proof: Documents like utility bills, and rent agreements displaying your current address.
  • Income Proof: This could be in the form of salary slips, bank statements showing regular income deposits, or Income Tax Returns (ITR) for self-employed individuals.
  • Bank Statement: A recent bank statement may be requested to assess your financial stability and repayment capacity.
  • Credit Score Report: Some lenders may also request a credit score report to evaluate your creditworthiness and repayment history.

Providing these documents accurately and promptly can expedite the loan approval process and increase your chances of securing the desired loan amount.

What are the eligibility criteria to get a personal loan?

In many instances, the eligibility criteria for availing personal loans from loan apps typically include:

  • Age Requirement: Applicants are usually required to be above the age of 18 years old.
  • Residency: Applicants must be residents of Nigeria.
  • Minimum Income: Applicants are often required to earn a stipulated minimum monthly income, for which loan providers may request proof in the form of pay slips or bank statements.

Meeting these criteria is essential for loan approval through most loan apps. However, specific eligibility requirements may vary depending on the loan provider and the type of loan being applied for.

What happens if I am unable to pay back the loan?

If you’re unable to repay the loan amount, you may incur penalties that can accumulate over time. Additionally, continuous non-payment of the loan may lead to legal actions being taken against you. It’s important to address repayment issues promptly and communicate with the loan provider to explore potential solutions or alternatives to avoid escalating penalties or legal consequences.

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