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How to Borrow Money Online in Nigeria

how to borrow money online in Nigeria

The question “How to borrow money online in Nigeria” is a popular search term on Google and other search engines with Nigeria’s geographical locations. We all dream of expanding our businesses, pursuing our education, going on vacations, purchasing assets, properties, paying health bills, and many more.

But our income may not be enough to handle all these financial responsibilities, hence the need to borrow money. With the stress of visiting different traditional bank branches, filling out forms, and presenting many documents, many companies and banks have online loan packages available.

This article will give detailed information on how to borrow money online in Nigeria and some best loan companies and apps you can consider.


Fintech companies and traditional banks invented online banking services to help customers enjoy seamless financial transactions, including borrowing money from the comfort of their homes.

Strong banking structures like the Bank Verification Number (BVN) and National Identification Number (NIN) have made it possible for customers to borrow money from online lending platforms with less collateral and zero guarantors.

To borrow money from online lending platforms, you only need to provide personal and bank details as a form of security.

How Do You Borrow Money Online in Nigeria

There are two ways you can borrow money online in Nigeria, they are:

Third-party Loan Provider

Third-party loan providers are independent companies that administer loans to customers, allowing lending platforms to concentrate on lending money to borrowers. These providers take up the risk of default in case the borrower does not repay at the specified time.

These third-party loan providers look for fast and easy loans from different lenders and give customers easy access to compare online loan plans. When you borrow money online from these providers, there is no need for stressful processes, paperwork, or too much time.

With their innovative approach, you can get approval for your loan requests within a few hours and pay low interest during repayment.

Here are some top third-party loan providers in Nigeria:


StartCredits is one of the best loan analytical companies that score different loan types from various lenders and gives customers many options to choose from. StartCredits does not only focus on loans but also investments. The interest rates for loans at StartCredits are almost the same as the direct lenders.

Some of the banks that feature with StartCredits are First Bank, Citi Bank, First City Monument Bank, Heritage Bank, United Bank of Africa (UBA), Wema Bank, and others.

To contact StartCredits, visit 5 Ashimowu Street, Gbagada, Lagos, Nigeria, or go to

Loanspot Africa

Loanspot Africa has an infrastructure that empowers lenders to offer loan plans to borrowers effectively and with optimal security. This third-party loan provider disburse approved loan requests and collect repayments from customers.

With a wide variety of banking applications and products, Loanspot Africa disburses money in an innovative and secure way. There is also a guarantee for direct lenders to recover their money with little risk.

Some lending platforms under Loanspot Africa are TFS Lending, Sycamore, Links Microfinance Bank, NOLT, Creditville, Direct Bridge, and Kredi. You can reach out to Loanspot Africa at or visit 205a Corporation Dr, Ikoyi 737379, Lagos.

Page Financials

With Page Financials, customers can get instant loans to sort out unexpected emergencies. Page Financials gives access to loans up to N5 million.

There is a low-interest rate for loans, and you can compare many plans and select any according to your budget and repay in 12 months.

For more information, contact Page Financials; their email address is

Baobab Loan

Baobab Loan has a wide range of well-tailored and easily accessible loans for customers. This third-party loan provider approves and disburses loans within 72 hours.

You can choose any loan categories like SMEs, mini microloan, asset finance, micro loan, micro+ loan, and cross and group guarantee loans.

Contact Baobab Loan at for more information.

Fast Cash

Fast Cash is a third-party loan provider strictly for employees under Nigeria’s Federal civil service. Before accessing the website to compare different loan products, you must provide your Integrated Payroll and Personnel information system (IPPIS) number or phone number.

To reach out to Fast Cash, use their email addresses – or

Loan Apps

Fintech companies and banks set up loan apps to provide you with easy means of getting money directly into any bank account. These loan apps allow salary and non-salary earners to access instant funds online without visiting any physical office.

Each loan app has its products, so you cannot compare interest rates or loan types like third-party loan providers.

Here are the top 10 loan apps where you can borrow money online in Nigeria:


Carbon is one of the best loan apps that allows you to borrow money with little interest and no collateral. You can access up to ₦1,000,000 in the comfort of your home and get cashback on interest if you repay loans on time.

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This loan app is available for both Android and iOS device users. Carbon disburses Cash within 5 minutes after loan application.

You can contact Carbon at


With FairMoney, you can get up to N3 million online without any paperwork, guarantors, or collateral. The interest rate for loans is competitive (2.5% to 30%), depending on your borrowing amount.

To borrow money online using the FairMoney loan app, you must have an Android device and download the app via Google Play Store. The contact address for FairMoney in cases of questions is


The Branch gives out N500,000 with an interest rate of 1.5% to 17% and zero collateral. You can apply for a loan on Branch and get Cash within 24 hours; all transactions are online with your phone, and the app is only available on Google Play Store.

You only need to provide your personal and bank details to get a loan from this app. You can check out all loan products on Branch through their website


You can borrow money online in Nigeria through Palmcredit, a loan app that gives out as much as N300,000 in less than 3 minutes. However, if you must use Palmcredit, you must download the app currently available on Google Play Store.

The only requirement to borrow money online from Palmcredit is you must provide your personal details. For more inquiries, you can go to Palmcredit email address


With Okash, you can borrow money online in Nigeria up to N500,000 without any collateral or guarantors. You carry out transactions on your phone through the app available on Google Play Store.

You must note that OKash charges daily interest of 0.1% to 1% instead of monthly; this increases the repayment amount.

OKash has a customer support team on their website – and their email address –

Aella Credit

Aella Credit is one of the loan apps that allows you to borrow money online in Nigeria. You can get up to N1 million and repay within 12 months with an interest rate of 6% to 20%.

It takes 5 minutes to get Cash from Aella Credit without paperwork or collateral. To access this loan app, you must download it on Google Play Store or iOS App Store.

For more information, reach out to Aella Credit on their website or their email address


One of the loan apps that allows you to borrow money online in Nigeria is QuickCheck, with zero collateral, guarantors, or paperwork. The instant loan amount ranges up to N200,000 and has a low-interest rate of 2% to 30%.

The only disadvantage of the QuickCheck loan app is that you must have an Android device to borrow money online.

The website contact address for QuickCheck is, and the email is


You can borrow money online from Umba using your Android or iOS devices. The loan app has loan policies like no late fees or rollover charges, and customers do not need to pay any money to access loans.


For loan amounts of N3,000 to N300,000, the interest rate is between 10% to 21%. The official website for Umba is, and the email address is


With Renmoney, you can borrow up to N6 million and repay with an interest rate of 4.5% to 6.25% each month. You get the money within a few minutes and a refund using the flexible repayment plan.

This loan app is available for both Android and iOS devices. To contact the Renmoney customer support team, visit or message


Newcredit gives you access to borrow money online without any collateral. You can borrow up to N300,000 with an interest rate of 4% to 24%.

After approval, you get the Cash within 5 minutes. However, to borrow money on Newcredit, you must have the app on your Android device. Contact Newcredit at or

Frequently Asked Questions

Where can I borrow money easily in Nigeria?

You can easily borrow money from any of the third-party loan providers or loan apps we have listed above. These apps and websites have precise requirements and application processes.

Which loan app gives 50000 instantly?

Loan apps like FairMoney, Branch, Carbon, OKash, Aella Credit, and others can give you N50,000 instantly.

How will I borrow money online?

You can borrow money online by visiting third-party loan providers’ websites or loan apps, selecting the loan type, providing all details, and waiting for approval.

Can I borrow money from PalmPay?

Yes, PalmPay lends instant money to customers without collateral; you only need to download the app from Google Play Store.

Bottom Line

The two ways of borrowing money online in Nigeria are genuine and reliable. You only need to meet their requirements and choose any plan that matches your budget to avoid difficulties during repayment time.

Note that all these ways of borrowing money online need your BVN to approve a disburse Cash to your account. In case of default, you will have a bad credit history, and no lending platform will lend you money.

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