Instant loan apps that save Nigerians in need of quick cash

Cash-strapped Nigerians are cushioning the effects of a tough year by turning to digital lending platforms for quick loans. These quick loans are disbursed immediately without human intervention to meet urgent financial needs. They are fast, convenient and secure and easily accessible through mobile apps, USSD and websites.

To put a smile on the face of everyday Nigerians, digital lenders are highly valued and sought after. We’ve compiled a list of industry favorites below to guide those in need of the cash fast:


First Advance is a mobile loan application designed for employees. The app is promoted by First Bank of Nigeria PLC. Recipients must have received immediately into your bank account for at least six months to be eligible.

Main characteristics:

  • The salary account must be domiciled with First Bank.
  • The loan can represent up to 50% of the monthly net income.
  • Tenor is 30 days or the next pay day (whichever comes first)
  • Maximum limit of a single debtor of N 500,000.00
  • The loan is accessible up to 3 times per day subject to the maximum eligible amount.
  • The reimbursement is taken immediately the salary is received, while a lien is placed on an unfunded account.

Specta by Sterling

Specta is Nigeria’s preferred digital lending platform with multi-channel platforms to access instant loans through mobile app and website. Its emergence has promoted access to credit for individuals and small businesses across the country.

Specta caters to the urgent needs of those looking for instant loans to pay rent, tuition and medical bill payments, travel, wedding and business expenses. It is powered by Sterling Bank Plc.

Main characteristics:

  • Specta provides access to N5,000,000 of loans without paperwork or collateral in five minutes.
  • Repayment tenor depends on the borrower and can be between one and four years.
  • An employee can get 100% of his salary on a card to be used at any time.
  • Customers can opt for loans in naira, dollars, pounds and euros backed by cash.
  • It is open to everyone, regardless of profession and bank.


The carbon loan app, formerly known as Paylater, provides credits to financially disadvantaged and excluded people. It is owned by One Finance and Investment Limited. The digital platform is developed for instant loans, bill payments, fund transfers, investments and airtime purchases.

Main characteristics:

  • An individual borrower must be a Nigerian who is at least 18 years old.
  • A business must be incorporated in Nigeria with a bank account at a Nigerian financial institution.
  • Clients can borrow up to 500,000 naira, and larger loans can be obtained with lower interest rates.
  • A borrower can access additional funds or a loan supplement once before completing the repayment.
  • Loans do not require collateral or guarantor, but a Bank Verification Number (BVN).


PalmCredit is a virtual credit card that facilitates access to a loan through an application. It offers loans of up to ₦ 100,000 in minutes via a mobile phone. The fast loan solution is powered by New Edge Finance and allows manual loan repayment.

Main characteristics:

  • A customer can get up to N100,000 while the maximum amount can be adjusted at any time.
  • Borrowers must be 18 years or older and less than 60 years old.
  • Submission of bank details including BVN.
  • The borrower must have a profession.
  • The loan can be obtained without collateral.


It is an automated online lender that provides a single payment loan. The loan application also provides installment loans and payday loans for the borrowers. FairMoney is developed for those looking for an unsecured personal loan, students and individuals who could not meet loan requirements at traditional banks due to poor credit of the borrower.

Main characteristics:

  • A new customer can borrow a minimum of N10,000 and an upper limit of N40,000 without collateral.
  • It has a maximum loan limit of N500,000 which can be accessed within five minutes.
  • Repayment plans can last up to 12 months.
  • There is a flexible interest in early repayment.
  • The subscriber must share BVN.

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About Alma Ackerman

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