Instant loan apps saving Nigerians who need cash fast


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

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


First Advance is a mobile loan application, designed for employees. The app is promoted by First Bank of Nigeria PLC. Beneficiaries must have received a regular salary for at least six months to be eligible.

Main characteristics:

  • The salary account must be domiciled with First Bank.
  • The loan can reach up to 50% of the net monthly income.
  • Duration is 30 days or the next payday (whichever comes first)
  • Single debtor maximum limit of N500,000.00
  • The loan is accessible up to 3 times a day subject to the maximum eligible amount.
  • Reimbursement is taken as soon as the salary is received, while a lien is placed in an unfunded account.

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

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

Main characteristics:

  • Specta provides access to N5,000,000 in loans without paperwork or collateral in five minutes.
  • The repayment term depends on the borrower and can range from one to four years.
  • An employee can get 100% of their salary on a card to use at any time.
  • Customers can opt for cash-backed loans in Naira, Dollars, Pounds and Euros.
  • It is open to all without distinction of profession and bank.


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

Main characteristics:

  • An individual borrower must be a Nigerian of at least 18 years of age.
  • A company must be incorporated in Nigeria with a bank account at a Nigerian financial institution.
  • Customers can borrow up to N500,000, and larger loans can be obtained with lower interest rates.
  • A borrower can access additional funds or an additional loan once before completing the repayment.
  • Loans do not require collateral or a guarantor, but a Bank Verification Number (BVN).


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

Main characteristics:

  • A client can get up to N100,000 while the maximum amount can be adjusted at any time.
  • Borrowers must be up to 18 and under 60.
  • 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 offers a one-time payment loan. The loan app also offers installment loans and payday loans to borrowers. FairMoney is developed for those looking for an unsecured personal loan, students and people who could not meet loan requirements at traditional banks due to the borrower’s poor credit.

Main characteristics:

  • A new client 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, accessible within five minutes.
  • Repayment plans can be up to 12 months.
  • There is flexible interest for early repayment.
  • The subscriber must share BVN.

экспресс финанс займзайм на месяц без процентовзайм между физическими лицами


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