15 Best Instant Online Loan Apps in Nigeria for Students 2022

Borrowing money from a friend may appear to be the best option at times, but keep in mind that we all live in a time when nothing is simple, as most of your friends may not have any funds to lend. This is when obtaining loans comes in handy.

In Nigeria, there are currently several loan applications that provide loans at various interest rates.

I recall when individuals had to wait in line for a loan application, even if it was only for a small amount. The financing procedure might take up to a month or longer at times.

However, with the advances in technology, you can now obtain mobile loans to meet personal and school needs within 24 hours by utilizing a smartphone, a mobile app, and an internet connection.

Would you like to know about the best instant loan apps in Nigeria for students that can help you receive quick loans in an emergency?

After reading through this post from beginning to end, you will discover at least one instant loan app that will suit your specifications.

Best Instant Online Loan Apps for Students

Here is the list of the best instant online loan apps for students in Nigeria;

  1. Carbon
  2. FairMoney
  3. Branch
  4. Aella Credit
  5. PalmCredit
  6. QuickCheck
  7. Alat
  8. Okash
  9. KwikMoney (MIGO)
  10. SokoLoan
  11. KiaKia Money
  12. CreditVille
  13. Blocka Cash
  14. Lidya
  15. Page Financials

1. Carbon

Carbon is a digital bank that not only provides access to loans but also possibilities for investing, money transfer, airtime purchase, bill payment, and so much more.

All you have to do is get the app from the Google Play store.

Fill out your biodata, submit all of the required facts, including your BVN, and a loan amount will be computed and authorized for you based on the information you provide.

When it was initially launched, the Carbon app was known as the PayLater app. Carbon is the most common and preferred method for most individuals to borrow money online.

The program lends money to anybody, whether you are a student or a monthly wage worker, or even if you are an entrepreneur. Carbon is there for you when you need it, and receiving money is quick. They make it simple to obtain credit.

There is no requirement for guarantors or collateral for you to utilize carbon. You can apply for a loan 24 hours a day, seven days a week, and have cash deposited into your account within minutes.

2.  FairMoney

This is one of the best loan apps for students in Nigeria. Using your registered account, you may get a loan in minutes, buy airtime, and pay bills.

To begin, just register with the phone number associated with your BVN (an OTP will be sent to the registered number for verification).

You must include your contact information, as with any other loan application. Within minutes, cash will be deposited into your account.

Fairmoney is secure and reliable, and they make getting loans and paying bills fast and easy.

As a student, you can also earn extra cash when you join their referral program.

You may apply for loans online for as much as ₦150,000 with FairMoney, and you don’t need any documentation, no collateral, and it’s completely stress-free to use the FairMoney Loan App to acquire loans.

FairMoney also allows you to stretch your repayments across numerous instalments, giving you more flexibility and making the software and services easier to use.

3. Branch

The Branch loan platform is also one of the top loan applications for students in Nigeria, and the best news about it is that it doesn’t just operate in Nigeria; it also has operations in Kenya, Mexico, and India. This means that a trusted worldwide

The Branch makes it simple for you to obtain loans for your needs at any time and from any location.

Sign up in seconds, apply for a loan, and get your money deposited directly into your bank account. It’s a quick, easy, and dependable method to get cash amounts, even in emergency situations.

As a student, you may borrow loans as low as ₦1000 and as much as ₦200,000 via the Branch loan app.


This loan app features no late/rollover penalties, monthly interest rates ranging from 3% to 21%, and yearly interest rates ranging from 15% to 34%.

4. Aella Credit

Another loan app in Nigeria that assures speedy loans is Aella Credit, which offers loans up to 1 million with interest rates ranging from 6% to 20%.

The loan duration is 1–3 months with no late/rollover penalties.

You may get the software from the Playstore (Android), the App Store (iOS), Fill out all of the required information to utilize the app and have access to fast loans wherever you are.

Make sure your details are valid and correspond to the information you provide, as incorrect details may prevent you from using the app.

5. PalmCredit

Palmcredit takes the top spot among the best loan applications in Nigeria. Palmcredit allows you to receive a loan for as little as ₦2,000 and as much as ₦100,000 directly from the app.

The PalmCredit loan app is available for download on the Playstore, or you may find out more information on any PalmCredit social media platform.

Loan Duration

Its loans range from 91 to 180 days. The interest rate ranges between 14% and 24%. This implies that if you request a $100,000 loan for six months, your total payback amount will be $124,000.

A student can apply for a loan on palm credit if you meet their age requirements, which is 18 years and above.

6. QuickCheck

Quickcheck’s mission is to provide financial services to help people and businesses achieve their goals. However, as a first-time customer, you can obtain a loan of $10,000 for a period of 30 days.

With the QuickCheck app on your phone, you may acquire immediate loans directly into your bank account at any time of day or night. This is one of the top loan applications in Nigeria since their method of obtaining money is excellent.

You can obtain rapid cash loans with interest rates in the single digits at any time and from any location.

This loan software enables Nigerian students to obtain instant online loans without the need for collateral, and it works flawlessly.

7. Alat

Alat by Wema provides you with access to rapid loans without the need for documentation or a visit to a bank.

Despite the fact that it is owned and managed by Wema bank, you can borrow up to ₦2,000,000 subject to specific restrictions and limitations.

8. Okash

Recall the widely known Opay app, where you could do transactions, purchase airtime, pay bills, and lots more all at the same time?

Okash is an Opay subsidiary that was formerly featured in the Opay app.

Okash is now an independent loan application in Nigeria, which means you can get the software from the Playstore (Android), the App Store (iOS), Fill out all of the required information to utilize the app and have access to fast loans.

Loan Amount

Okash gives you access to loan sums of up to ₦50,000 with no collateral, while the maximum loan amount varies. They offer flexible payback plans ranging from 91 days to 365 days.

9. KwikMoney (MIGO)

Obtaining a loan via KwikMoney is an entirely unique experience, as loans can be obtained without the use of the app. Loans are obtained through their website’s loan portal.

You don’t need any proof to have your loans approved in a matter of minutes. The sooner you return your loan, the greater the interest rate you can borrow the next time you use the site.

You can visit their official website at Kwikmoney.com to complete the loan in seconds using only your phone number and have the money deposited directly into your bank account.

Repayment Duration

You have 14 days to 30 days to repay the loan. If the loan is paid off before the 14th day, you will not be charged interest.

That’s a great feature for students. The interest rate on the money you borrowed will increase by 5% after the 14th day.

10. SokoLoan

Soko Lending Company Limited, a microfinance institution, aims to enhance the chances for the poor to access financial services by offering financial services to low-income businesses, students who continue to learn, and others.

Sokoloan is an easy-to-use app that can be used at any time of day or night to obtain short-term loans in Nigeria.

The sooner you pay off your borrowed funds, the higher your loan limitations will be. As a student, You can always rely on the Sokoloan money lending platform/app to obtain instant loans in Nigeria.

11. KiaKia Loan

The KiaKia Platform is another safe platform for borrowing money and getting instant loans in Nigeria. KiaKia literally means “fast fast” in Yoruba country (Nigeria), implying that the procedure of giving money is quick.

As a student looking to pay school fees for the semester or if you are into business and want finances to expand it, KiaKia Money is ready to provide loans.

You can receive loans from Sterling Bank, the official proprietors of Kiakia loans, by dialling *822# on your cell phone.

All you have to do is go to the Kiakia official website (kiakia.co) at any time of day to begin the loan procedure.

12. CreditVille

CreditVille is another money lending application for working students in Nigeria. CreditVille provides cash loans to address immediate demands in any area.

Loan Amount

At CreditVille, you may acquire loan offers ranging from ₦100,000 to ₦4,000,000 for up to 18 months with no collateral to suit your financial demands.

To apply for a loan at CreditVille, simply go to their official website and fill out the registration form.

You will receive your loan without any hassles as quickly as 4 hours after meeting the required conditions and documentation.

13. Blocka Cash

Blocka Cash offers simple and convenient loans for students in Nigeria. Blocka Cash is accessible in both the Android Playstore and the Apple App Store.

You could get a short-term loan on Blocka for as little as ₦5,000 and as much as ₦50,000, depending on your payment history.

However, you should be at least 21 years old to apply and participate. You may also be. You may be required to show a valid government ID. You may be required to show a valid government ID.

Other features of Blocka Cash include:

  • Loan tenure: 60 to 180 days.
  • Rate of interest: 3% – 10% per month
  • iOS, Android,
  • Loan Amounts: ₦5,000-₦50,000
  • APR (Annual Percentage Rate): 36% to 120%

14. Lidya

Lidya was one of the first loan applications in Nigeria to provide access to a secured fast online loan in Nigeria to small and medium-sized enterprises.

Loan Amount

The platform provides credit to enterprises ranging from ₦500 to ₦50,000. This loan amount is exactly what students are looking for.

Lydia evaluates the capital adequacy of any individual or company seeking a loan. This evaluation is used to provide a credit score that is unique to each organization.

Lydia also makes loans available within 24 hours or less. The loan tenure is determined by the loan amount, and multiple loans cannot be given at once.

Payment methods include debit cards and direct deposit. And as a student, to be able to qualify for this loan, you need to own a business.

15. Page Financials

Page Financials is a CBN-licensed financial firm that provides personal loans in Nigeria.

The organization states that obtaining a loan from them is simple and straightforward and that they employ a flexible paperwork process.

Loan Amount

Loan amounts range from ₦100,000 to ₦5,000,000, with monthly interest rates ranging from 3.76 per cent to 120 per cent, and annual percentage rates ranging from 29 per cent to 120 per cent.

Loan Tenure

The loan tenure ranges from 60 to 180 days, and repayment methods are either manually entered or charged through the auto-debit service.


There are many apps to obtain instant loans online as a student in Nigeria, but I cannot include all of them, which is why I have decided to list the top 15 best loan apps and platforms to get instant loans as a student.

However, you should be aware that if you are going to borrow money, especially for business purposes, make sure you have carefully planned everything so that you do not get into debt, and if you are borrowing for personal reasons, make sure you have the means of repaying it on time due to interest.

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