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Top 10 mobile apps that offer instant loans without collateral

Getting instant loans in Nigeria was almost impossible until the advent and boom in the FinTech industry, as companies providing financial services leverage on technology…

Getting instant loans in Nigeria was almost impossible until the advent and boom in the FinTech industry, as companies providing financial services leverage on technology to meet the daily financial needs of individuals and small and medium scale enterprises (SMEs).

Whether it’s a personal loan, medical loan, rent loan, car loan, education loan, business loan or just to buy some household goods – name it all, you can get your bills sorted out within few minutes without stress, and definitely without collateral or guarantor associated with regular bank loans. Zintego

Interestingly, the loans come with interest rates lower than what most Nigerian commercial banks offer in some cases.

Two major things required by all these money-lending apps are your mobile phone number and your Bank Verification Number (BVN). For most of them, once you register on the app, it approves your loan and disbursed it to your bank account supplied within few  minutes.

Here are the leading ten mobile apps that offer such instant online loans in so little a time:

1. Carbon (Paylater): Formerly called Paylater, the Carbon mobile app offers more than just quick loans and is owned by One Finance & Investment Limited.

Aside the fact that you can easily get loans from N5000 to N1,000,000 repayable for a tenor of between 7 – 180 days, your account will be credited within 3 minutes of submitting your application on the app.


One of the amazing features of the Carbon app is its recently introduced Cashback option, which allows users to borrow money and be rewarded with up to 50 percent of the interest rate charged if loan is repaid before the agreed deadline.

It may even allow you to borrow money for a shorter period without any interest rate or for as low as 7.5 percent (monthly), if you’ve maintained a good credit scorecard with them (by repaying borrowed loan on or before due date).

Also, it gives users the privilege of investing money in its payment portfolio named ‘PayVest’ via the app interface which yields an interest of up to 16 percent annually by investing in treasury bills and other money market instruments.

Beyond loans and investment, users can send cash to friends and family or any Nigerian bank account for as low as N10 per transaction, recharge airtime or data on their mobile phones and pay for bills such as electricity, Cable TV subscription, book for transportation/airlines/hotel reservations, and even school fees for most educational institutions in the country right from the Carbon app.

Though currently available in Nigeria and Ghana only, the Carbon app is fast, secure, reliable – as it recently passed the PCI-DSS compliance test (that is, a global security standard that ensure companies handling information have the right systems in place to protect customer’s data) – and works any time of the day, including on public holidays.


2. PalmCredit: Owned by Transsnet Financial group, the PalmCredit mobile app offers quick loans for short term needs in less than 5 minutes.


Individual users can get a loan of N2,000 up to N300,000 instantly without any collateral or paperwork with a weekly/monthly interest rate of between 8% to 24% for a limited tenor of 7 – 180 days.

Once you repay your borrowed loan on time, the app automatically increases your loan limit, Irene, a customer care agent with PalmCredit said when our reporter called their customer-care line.


3. Branch: One popular app that disburses loan in less than 3 minutes after applying is Branch app. With an equivalent interest rate of 20 percent per month, users can get personal loans from N1,000 up to N200,000 quickly, anytime, from anywhere without collateral for a tenor of 4 – 40 weeks, depending on your loan option.


You can complete its application process within a minute and receive your loan directly in your regular bank account shortly thereafter.

Presently operating in Nigeria, Kenya, Tanzania, India and Mexico, the Branch app also allows users to spread repayment into 4 weeks.

As you apply for loans and repay on or before the due date regularly, the app gradually reduces the equivalent interest rates per month to as low as 15 percent and also increases your loan tenor.

According to the company, interest rates are determined by a number of factors, including user’s repayment history and the cost of lending for Branch.


4. Quick Credit (by GTBank): Known for its digital disruption of the Nigerian banking sector and innovations, the GTBank-backed Quick Credit offers individuals, especially salary account holders with the bank an opportunity to get quick loans to meet urgent individual needs.

Quick Credit by GTBank.

Accessible through the GTBank mobile app, website, GTWorld and Habari app, the Quick Credit offers users an instant loan of N10,000 up to N5million for salary earners at a monthly flat interest rate of 1.75 percent. Its loan tenor ranges between 1-12 months.

Aside using the GTBank app to access the Quick Credit loan, anyone with a mobile phone can also access the loan by dialling its USSD code: *731*51*51#.

To be eligible to access the loan, it said customer must earn a minimum net monthly salary of N10,000; including having no history of dud cheques, bad credit report or unpaid obligations.


5. ALAT (by Wema Bank): If you’re tired of your regular commercial banks and feel like being in charge of your money directly, get the ALAT app.

Popularly referred to as Nigeria’s first full digital bank, ALAT is owned and managed by Wema Bank, one of Nigeria’s national heritage banks.


From opening a full-fledged bank account, sending and receiving cash to paying bills and carrying out other banking transactions in the comfort of your home or office, ALAT also offers users the choice of getting a free and customised Naira ATM card and virtual dollar card for ATM and online transactions.

Besides, it offers users 10 percent interest per annum on savings in the ALAT app and also gives them the privilege of applying for a loan without paperwork or bank officials’ visitation to any physical location within minutes.

It allows users to borrow as much as N200,000 without any collateral or guarantor as well as schedule money transfers or bills payment without hassle.


6. Eyowo: Eyowo provides simple, digital and reliable financial services to anyone with a phone number.

Users can spend, send, receive, save and borrow money by dialling a USSD code: *4255# on their mobile phones or via the Eyowo mobile app or website or by just calling its IVR centre on 01-7001511, Eyowo CEO, Tomi Amao, said in a recent interview with Daily Trust.


With Eyowo, anyone can perform any financial transaction including sending and receiving cash, paying bills (even online with a virtual dollar card), as well as saving or borrowing money.

Other features of the Eyowo includes allowing users to scan to pay at any favourite cafe, retail stores or shopping malls for goods or services using a QR Code which can be generated on its POS terminals.


7. Aella Credit: This user-friendly online loan app offers as low as N2,000, up to N1,000,000 within 10 minutes after submitting your loan application.

Initially launched as a loan platform for employees of companies in its network, the Aella Credit app also now offers individuals who may seek quick loans to meet urgent needs. It operates in Lagos, Nigeria; Accra in Ghana and Manila in the Philippines.

Aella Credit

It also allows any registered company to sign-up and joined its network, just as employees in its network only need their name and employee ID number to get quick access to higher loan amounts with minimal interest rates.

With each timely repayment of borrowed money, users’ loan limit increases and while interest rate reduces.

It offers users loan for a tenor of 30 – 60 days, starting at a 30 percent monthly interest rate; though this may reduce to around 4 percent once the user maintains a good credit report on the app over time.

The Aella Credit app also allows individuals and corporate organisations to invest on its platform via its website as it promises them annual returns from 15 percent, up to 48 percent, depending on its tenor.


8. OKash: Accessing this mobile loan platform is only possible through the Opay mobile app, owned by the Opay Digital Services Limited/Paycom; though the OKash is independently owned and managed by Blue Ridge Microfinance Bank Ltd.

OKash by Opay

It offers users instant loans from N1,500 up to N50,000 for a repayment tenor of 7 to 90 days, at about 10 – 24 percent interest rate per month. It also promises to offer loans at reduced interest rates once a user becomes regular customer on the app.


9. JumiaOne: Though a multi-purpose android app, it is owned by the Jumia Group.

Aside serving as an online payment platform for Nigeria’s leading e-commerce site, Jumia Nigeria, the JumiaOne app also offers loan to its individual users without collateral.


Users can access loans by scrolling down to the ‘Financial Services’ section on the JumiaOne app and clicking ‘Loans’. Once you supplied all the information requested, including disbursement details, you get your alert within 10 minutes or less, depending on your internet network.

The JumiaOne app offers loans from N5,000 to N100,000 for a tenor of 15 – 30 days and even more days, depending on the user’s credit score with JumiaOne. Sometimes, users get loans at 15 percent interest rate for 15 days period while longer tenor attracts higher interest rates and can be as high as 30 percent monthly in some cases for a first-timer.

But it promises to offer bigger loans with lower interest rates on subsequent loans.


10. FairMoney: This loan app provides quick cash for personal finance, house rent, health emergency, business, education needs and car repairs without collateral or guarantor.


With a repayment tenor of 2 – 12 weeks, users can borrow money from N1,000 to N150,000 within few minutes of applying, based on your creditworthiness.

Also, it offers business loan for small business owners who plan to start up a business or to grow an existing business.


Do you have any experience using any of the apps above? We would like to hear from you. Kindly share your experience with us below in the comment section.

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