How To Get Loan Online: Simple Steps To Get Quick Loan Online

There are several options for obtaining an urgent loan. With the growing number of digital service financial platforms offering quick loans to prospective customers, you can now get a quick loan online within 24 hours or less than five minutes on various loan apps. Here are steps on how to get loan online urgently.

Do you need money immediately to pay bills, deal with an emergency, or seize an opportunity? Are payday looming and your bills piling up? Don’t be troubled! We have got you covered on how to access quick loans online.

Apply for a loan right now and you’ll have the money in less than 3 hours.

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How To Get Loan Online

With so many lenders offering loans within 24 hours, we thought it would be a good idea to include a platform where you can compare requirements and interest rates from 50+ loan apps.

Traditional financial services institutions are being disrupted by innovative digital services that make the borrowing process simpler and more convenient.

Let us go over a list of loan organizations in Nigeria in no particular order. The following list was generated based on dominance and public acceptance: It’s worth noting that there are no hidden fees, and you can compare loan offers from various online lenders right here.

Some of them, however, will require you to have a good credit score before you can apply for a loan. More so, before applying for a loan, you must have the following handy:

  1. A functional bank account
  2. BVN
  3. Functional email address
  4. A reliable source of income or collateral
  5. Download and register on the online loan app
  6. Submit an online application and then wait for the approvall.

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Simple Steps To Get Quick Loan Online

Loan Apps in Nigeria that offer quick online loans with no collateral.

Here is a list of loan apps in Nigeria that will give you quick access to various types of loans.

  1. Fairmoney
  2. Loanspot
  3. Opay Loan
  4. Renmoney
  5. Carbon
  6. Branch
  7. Jumia Loan
  8. Aella Credit
  9. Migo
  10. Kiakia
Simple Steps To Get Quick Loan Online
Simple Steps To Get Quick Loan Online

#1. Fairmoney

FairMoney is a licensed loan app that provides quick loans for needs such as bill payments. A loan (ranging from 2,500 to 150,000) requires your Bank Verification Number and a debit card. Loan interest rates on FairMoney start at 5% and can rise to 28% depending on the amount borrowed. It also has a loan term duration of 4 – 26 weeks.

However, if you repay your FairMoney loan before the due date, you will pay a lower interest rate.

Fairmoney App Features:

  • Fairmoney Loan options are easily accessible and quick.
  • Send money to any Nigerian bank account.
  • The account number. You can get an account number through this app and use it to receive money from any account in Nigeria.
  • Payment of Bills


  • Loan processing on the app is simple and straightforward.
  • The app is designed with first-time users in mind.
  • Excellent user interface

#2. Loanspot: Simple Steps To Get Quick Loan Online

Loanspot is one of Nigeria’s leading loan apps, offering users instant loans. The goal of this platform is to make it easier for businesses, entrepreneurs, and everyday people to obtain credit that will improve the quality of their lives.

On that note, they designed this platform to connect you with multiple lenders across Nigeria by allowing you to compare loans from various lenders in minutes. The incredible thing about this platform is that you will always find a lender who can meet your requirements.

They used the marketplace model to prototype this platform. Just like Uber, which helps you get access to cost-effective transportation with a button click, Loanspot exists to help you get access to credit options at a cheaper rate.

In fact, at the time of writing, Loanspot had assisted over 180,000 people in obtaining information on credit products.

#3. Opay Loan: Simple Steps To Get Quick Loan Online

This is a lending platform owned by the tech giant – Opera. It is commonly referred to as the Okash loan. They have established themselves as one of the most reputable loan companies.

To get an instant loan, simply download the Okash mobile app, open an account, enter your information, and wait for the approval. You will receive your loan within 24 hours.

Who is eligible?

The following are the eligibility requirements:

  • The applicant must be a Nigerian citizen.
  • Applicants must be between the ages of 20 and 55.
  • Have a consistent monthly source of income and a legitimate reason for obtaining the loan
  • A valid ID card and a BVN number are required.

What are the app’s advantages and disadvantages of this quick online loan company?


  • Simple loan access
  • There is a maximum loan amount of N50,000, which is relatively small.


  • A high-interest rate of up to 36%

#4. Renmoney: How To Get Loan Online

Renmoney is a Nigerian loan company that offers micro-business loans of up to N4 million. To qualify for a Renmoney SME loan, your company must have a good income statement history and regular monthly earnings for repayments. The minimum loan amount is N100,000, with a monthly interest rate of 2.8%.

For capital-intensive businesses, such as a real estate company in Nigeria, the platform quickens and simplifies the process of obtaining funds.

Features of the App:

  • All Renmoney Services are available immediately. Quick loans, savings, and investments are examples of these.
  • You can use the app to transfer funds from your Renmoney account to other bank accounts.
  • The download is 7MB in size.


  • The Renmoney loan app has a highly responsive page that provides an excellent user experience.
  • Secure and convenient
  • They create the app with the highest security and privacy standards in mind.
  • The loan application process on the app is simple and straightforward.


  • When a loan application is submitted, there is no way to cancel it.

#5. Carbon: How To Get Loan Online

Carbon Loan, formerly (and popularly) known as PayLater, is a lending platform in Nigeria that allows you to get a loan in minutes. The three-year-old lending app bills itself as “a simple digital finances management platform” that offers instant online loans to help you cover unexpected and urgent cash needs.

The platform uses your Bank Verification Number (BVN) to calculate the value of your loan. The loan amount is up to N20 million, and the interest rate varies.

Carbon is accessible via the web and mobile apps (Android and iOS). Their interest rates range from 5 to 15%, depending on the loan repayment period and the amount borrowed. Simple Steps To Get Quick Loan Online.

Carbon, in addition to being one of the top loan companies in Nigeria, provides a platform for its customers to recharge airtime, transfer funds, and pay bills.

App features:

  • Free fund transfer to any Nigerian bank.
  • Carbon Services are available immediately. This includes loan options ranging from N1500 to N1,000,000, as well as investment, bill payments, and savings.
  • A savings interest rate of 11%
  • Downloadable from the Google Play store and the iOS app store.
  • The file size is 21MB.


  1. The app provides carbon financial services 24 hours a day, seven days a week.
  2. It is simple and secure
  3. The bank transfer is quick, and the fees are reasonable.


The app contains bugs. However, most of the time, an app update fixes the majority of the app’s bugs.

#6. Branch: How To Get Loan Online

Branch Loan is another platform in Nigeria that provides quick online loans. You can get loans ranging from $1,000 to $200,000 within 24 hours, with repayment terms ranging from 4 to 40 weeks.

Because of its mode of operation, it is widely regarded as one of the most dependable loan apps in Nigeria. Its interest rates range between 15% and 34%.

Borrowers are not required to provide any collateral or income-generating assets in order to obtain a loan. A variety of factors influence interest rates, including the lender’s repayment history and the cost of lending for Branch.

Branch has made it easy for people to access loans from anywhere in the country without collateral or physical engagement.

App features:

  • Branch loan options are easily accessible.
  • The app has a fantastic saving feature that allows you to save while earning up to a 20% return.
  • Transfer to any Nigerian bank for free.
  • Pay all bills at zero. Naira
  • The app is free to download from Google Play and the Apple App Store.
  • The file size is 7MB.


  • The app is simple and easy to use.
  • To keep user data secure, the Branch Mobile app employs world-class security and data encryption.
  • The user interface is visually appealing and simple to use.

#7. Jumia Loan: How To Get Loan Online

Jumia created this quick cash loan platform to provide users with instant loans. The Jumia loans are available through the JumiaPay Android app on the Google Play Store.

All you have to do is download the app, navigate to the ‘financial services section, and enter your information. If your request is approved, you will be given a loan with no collateral. The next time you’re wondering how to get a loan, consider a Jumia loan.

Eligibility Criteria:

You must meet the following requirements to be eligible:

  • You must have an active Jumia account.
  • Functional/active bank account with BVN.


  • There is no need for a guarantor or collateral.
  • Simple application procedure
  • Timely disbursement
  • 3.5% low-interest rate


  • The maximum loan amount is relatively low

#8. Aella Credit: How To Get Loan Online

Aella Credit is a loan app in Nigeria that allows employees to access funds ranging from $1,500 to $500,000 with monthly interest rates ranging from 4% to 29%. The Aella Credit is available in Ghana, Nigeria, and the Philippines. One of its requirements, like those of other platforms, is a Bank Verification Number. Its loan term is one to two months.

App features:

  1. Loans are available in 5 minutes or less.
  2. Feature for Bill Payment You can pay your electricity bills, recharge your phone, and so on.
  3. Aella is concerned. The mobile app provides access to health insurance.
  4. Notes from Aella You can invest in the app and earn up to 26% returns.
  5. The app is free to download from Google Play and the Apple App Store.
  6. The app is 5.3MB in size.


  1. The app is designed with inexperienced users in mind.
  2. There are no agent or convenience fees to pay when transferring funds.

#9. Migo: How To Get Loan Online

Formerly known as Kwikmoney, Migo loan is a platform in Nigeria where you can get a quick loan thanks to a collaboration between companies, banks, and other technology companies. You can get up to N500,000 in instant collateral-free loans with your Bank Verification Number (BVN) and account number.

Migo’s lending services are available via their web interface or the loan app. You can use the Migo USSD code if you don’t have an internet-enabled device.

Migo charges 5 – 15% on loans, depending on the amount borrowed, and you have 14 – 30 days to repay.

It offers innovative financial services to the underserved mass retail market. It’s a straightforward digital finance management platform that offers quick cash loans to help with unexpected expenses or urgent cash needs.

#10. Kiakia – How To Get Loan Online

Kia Kia Loan is a platform in Nigeria where you can get a loan as an individual or a business. The lending platform, which is backed by Sterling Bank Plc, also allows savers to lend out funds at negotiated interest rates via intuitive conversations. Its minimum loan amount is N50,000, with a monthly interest rate of 3.5%.


  • Amazing peer-to-peer lending opportunities
  • Quick response and loan approval time.

How To Qualify for a Loan: How To Get Loan Online

The lender usually specifies the loan criteria. Basically, all you have to do is go to their website and read the terms and conditions of the loan you’re interested in. However, lenders typically establish criteria based on income, credit rating, assets, and collateral.

What do banks look for before granting a loan?

Most banks begin by investigating your credit rating and history. They then make a decision on your loan application based on how shiny or dull it is. However, they also consider your income, place of employment, assets, net worth, and other factors. The precise parameters they consider differ from one bank to the next.

What will happen if I am unable to pay back the loan on time?

The exact penalty for failing to pay back on time is determined by your agreement. Penalties are typically stated in the loan terms and conditions and are enacted once a default occurs. Most lenders either raise interest rates or sell off collateral.

When I apply for a loan, what questions will I be asked?

When applying for a loan, lenders can ask you anything about your finances, business, or loan intent. The questions usually revolve around these factors, which are crucial to the success of your loan application.

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