List of Registered Loan Apps in Nigeria (Approved By CBN)


Nigeria is a country blessed with numerous natural resources and good weather conditions.

However, in recent times things have gone sour when it comes to the nation’s economic condition, making it difficult for individuals to sort out their financial needs.

The banking sectors are not making it easier for citizens when it comes to securing a loan.

The process of getting a loan from any of the Nigerian banks is stressful and time-consuming due to the various paperwork involved and the lack of collateral on the part of the borrowers.

Fortunately, the financial technology evolution in Nigeria and online lending businesses have proven to be the messiah the citizens seek.

These lending startups have made it effortless for individuals and businesses to access cash quickly and easily through the various loan apps available.

So, if this is your first-time hearing about loan apps in Nigeria, then you’re just at the right place.

In this article, we’ll be discussing the list of registered loan apps in Nigeria that can enable you access to cash with no collateral or paperwork.

Let’s dive in deeper!

Central Bank of Nigeria’s Regulation of Loan Apps

To safeguard borrowers from exploitative lending practices, the Central Bank of Nigeria (CBN) has taken measures to control the loan apps that are offering their services within the nation.

Before any loan app will be authorized to carry out its activities in Nigeria, it must register with the CBN and receive a license, according to a new regulation that was published by the CBN in 2020.

Every loan application must now reveal all fees, charges, and interest rates linked with their loans upfront.

They must run credit checks on potential borrowers and keep adequate records of their lending activities.

To ensure that the borrower’s creditworthiness is appropriately shown, all loan applications are mandated to submit their activities to credit bureaus.

Also, CBN has established a maximum annual interest rate of 12% for all digital loans, and loan apps are not authorized to impose any fees or penalties that go beyond those outlined in the loan agreement.

The Central Bank regulation mandates that all loan apps must abide by all other pertinent laws and rules, which include those that have to do with consumer protection and data privacy.

List of Registered Loan Apps in Nigeria

Here is the list of registered loans apps in Nigeria approved by CBN:

1. FairMoney

FairMoney loan without collateral

FairMoney is an online loan application that is registered under the Central Bank of Nigeria.

It offers borrowers single-payment loans, installment loans, and payroll loans.

Any amount of money you borrow will subsequently be taken out of your account.

To take a loan from the FairMoney loan app, there is no requirement for security or a third-party guarantee, and the minimum amount you can borrow is ₦10,000 and the maximum amount is ₦40,000, if you’re a new customer.

Factors like your repayment history and the amount borrowed determine the interest rates attached to FairMoney loans.

If a loan is authorized, a decision is given in 15 seconds, and the borrower receives the funds in 5 minutes.

FairMoney app functions 7 days a week, and 24 hours a day, and interestingly, loans are disbursed through an Android mobile app, and disbursement decisions are made instantly.

2. OKash

OKash is regarded as one of the most popular loan applications by Blue Ridge Microfinance Bank Limited, which offers micro-lending services.

This loan platform can come in handy if you need a loan that does not require collateral or paperwork.

In addition, it offers its registered users access to quick loans that range from ₦3,000 to ₦500,000.

Guess what? The loans are available 24 hours a day and 7 days a week and everything is carried out online.

You don’t have to visit their office before you can get a loan.

A user can download the OKash app from Google Play Store, set up a loan account in a matter of seconds, choose their desired bank account name, add an active bank card for repayment, and also complete some questions, to receive an instant reply on the loan application.

3. RenMoney

renmoney loan without collateral

If you need quick cash to sort out some urgent family or small business needs, then look no further than the Renmoney app.

It is a loan app that expedites credit disbursements and applications for loans.

RenMoney app effortlessly gathers data, checks loan applications, and releases funds in less than 24 hours.

To apply for a loan, download the Renmoney loan app from the play store if you have an Android device.

It offers a range of loans to meet the demands of every customer.

The loans may be used for point of sale, financing for smartphones, or education costs.

Both employed and self-employed people are eligible.

Fulfill these requirements to be eligible for the loan:

  • Be from 22 to 59 years old.
  • Have an active account with any of the Nigeria commercial bank.
  • Be able to ascertain your earnings.
  • Ensure that your credit score is good.
  • Provide your bank statement for 6 months and above.
  • Recent passport photograph.
  • National identity card.

4. Aella Credit

Aella Credit loan without collateral

Aella Credit is one of the best instant lending apps in Nigeria that gives borrowers access to loans without collateral or tight paperwork.

It also serves as a marketplace for health insurance and an investment platform.

Aella Credit App is also a one-stop shop for all of your company’s financial needs.

To take an instant loan from the Aella Credit app, visit the Google Play store for Android users or the Apple App Store iPhone users and download the app to your phone.

Proceed to create an account that is simple and input information about you.

Check for eligibility which determines if you’re qualified to be given a loan and the amount you can borrow.

Aella Credit App gives borrowers access to a loan amount that is between ₦2000 to ₦1,000,000.

You have three months to repay the loan and the interest rate runs between 6% to 20%.

Ensure you pay on time because there are no rollover options or late repayment.

5. Page Financials App

Page Financials App is a one-stop shop for fulfilling all your financial obligations.

It doesn’t matter what your financial goal may be, this loan app offers you access to loans for investments, or utility payments.

They received their license from the Central Bank of Nigeria (CBN) in 2011 and have since been offering cutting-edge digital solutions.

Their goal is to give customers the financial knowledge they crave.

Customers borrow instant loans based on their eligibility.

Visit Google Play Store for Android users and download the app.

Get registered and apply for a loan.

You can borrow from ₦2000 to ₦500,000 but it can only be possible if you’re eligible for such an amount.

6. Palmcredit

palmcredit loan without collateral

PalmCredit is a registered loan app in Nigeria that uses virtual credit cards to enable access to loans for individuals looking for instant financial assistance for a specific period.

You can get access to a loan that ranges from ₦3000 to ₦100,000 within a short time using your mobile phone anywhere in Nigeria.

You will not be asked to go through multiple document submissions and no collateral is required.

Apply for your credit limit, and in minutes, you’ll be credited with the amount you’re eligible for.

You can borrow another one immediately after you finish repaying your loan and this helps in boosting your credit score.

If you want your loan amount to grow, repay on time and in no distance time you’ll be eligible to borrow ₦100,000.

7. QuickCheck

The QuickCheck loan app is a reputable online lending application that has an excellent track record for providing swift responses to clients’ complaints.

It uses artificial intelligence to assess and calculate how much a borrower is eligible for.

You can borrow up to ₦200,000 in a matter of minutes, so they are pretty helpful with their loan offer.

The QuickCheck lending app’s installment repayment option gives you a lot of flexibility and lets you pay back your loan over time.

To get started, go to Google Play Store or Apple Store and download the app, sign up using your accurate details, and take a loan.

They also provide a referral program where you qualify to earn ₦500 for each person you refer to the loan app.

Can I trust a loan app just because it is registered in Nigeria?

The reason for compulsory registration for all loan apps by the Central Bank of Nigeria is to ensure that all the loan companies are legit and can be trusted.

Make sure you carry out your research before using any loan app.

Check out reviews from satisfied customers and ratings before you proceed with borrowing.

Are all the loan apps in Nigeria registered?

Even though CBN made it compulsory that all loan apps in Nigeria must be registered, there are still some that are functioning without all the necessary approval.

Be careful out there to avoid getting into the hands of fraudulent lenders.


If you’re looking for an instant loan with no collateral and paperwork to sort out your financial needs, try out the above-mentioned loan apps.

Note that there is a list of loan apps that are questionable in Nigeria.

These illegal apps are used to scam people by charging high interest rates and fees, demanding personal information that can be used for identity theft.

If you are considering using a loan app, do your research and make sure that the app is registered under the Central Bank of Nigeria regulatory body to avoid getting scammed.

Note that you must have a good credit history before you’ll be eligible for a loan.


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