Collateral-Free Mobile Loan Apps in Nigeria And Their Interest Rate

Last updated on February 1st, 2021 at 11:42 am

If you need an urgent online loan, your best option should be collateral-free mobile moneylenders in Nigeria.

 Online Loan in Nigeria

The beauty of this post is that the writer had the first-hand experience of some of the loan apps while he interacted with people on the forum who had used such online lending platforms before.

As such, we’ll also tell you the interest rate of each of the online loan whether you applying to implement your farming business ideas or any other entrepreneurial goals you set yo achieve.

There are some of them we can boldly recommend for your business, while there some of them that could kill your business through the exorbitant interest rate.

What we’ve also noticed is that some of them are yet to come up with apps while some of them operate both on the app and on the browser, whatever the case is we’ve got you covered as you make the move to take an online loan to finance your business.

Before now, financial institutions made it extremely difficult to take a loan because of the tiring paper works and collateral.

But due to the Fintech uprising in Nigeria, online lending startups are making it easier for businesses and private individuals to obtain quick loans to boost their business


So, let’s get started…

Collateral-Free Mobile Loan Apps in Nigeria

  • FairMoney
  • KiaKia
  • QuickCheck
  • Aella Credit
  • 9Credit Loan
  • Xcredit
  • Carbon (Formerly Paylater)
  • Palmcredit
  • Branch
  • Migo


FairMoney provides short-term loans to help cover for immediate needs, bills, business and much more. They give access to loans at anytime and anywhere within 5 minutes after the loan is approved.

FairMoney packages include personal loan, business loan, education loan, and more. With the operative use of technology, they are able to make available a quick and efficient loan app to all their customers.

Interest Rate of FairMoney: From 10% to 30% per month

Our Take:

With 10%-30% interest rate on fairmoney loan wasn’t basically designed for small businesses. A growing business or a startup can’t sustain on such a high-interest rate.

This is only suitable for someone who wants to take a loan of N10, 000 and repay within 15 to 30 days.


KiaKia is a mobile app that allows you access to personal and small business loans and also permits savers lend out monies at discussed interests via instinctive conversations.

KiaKia makes use of psychometry, big-data, machine learning and digital forensics for its exclusive credit scoring and credit risk calculation algorithm to make available direct and peered personal and business loans to millions of people and SMEs without credit information.

Interest rate of KiaKia Loan: 3.5% per month and the minimum amount you can borrow is N50, 000


QuickCheck is a contemporary lending platform for individuals and small business owners. QuickCheck makes use of mobile technology to allow individuals and small businesses have access to financial credit.

According to the platform, users can have access to quick and hassle-free loans of up to 30,000 Naira without any form of collateral for a period of either 15 or 30 days.

Interest rate of QuickCheck Loan: 5% per month

Aella Credit

Aella Credit is a platform that makes it easy for people in Africa to gain access to funds.

Though majorly focused on employee lending and enablement, the platform was associated with three main credit bureau organizations in Nigeria to provide quick and easy loans with no paperwork to its users.

Aella Credit makes use of an exclusive credit scoring algorithm to decide the creditworthiness of its users.

The algorithm, which was developed after over five years of obtaining market data and analysis, processes an applicant’s admissibility for a loan by taking into consideration demographic and social factors and also their income to debt ratio.

You can take between N1,500 to N700,000 in Nigeria on this platform.

Aella credit Aella Credit: 4% – 29% monthly

9Credit Loan

This is another mobile app loan in Nigeria which allows you to access loan between N1, 000 to N100, 000

Interest rate: 5% to 14% depending on the duration on the loan term.


Xcredit may not be popular as some of the mobile loan apps in Nigeria, but the Lagos-based office of the credit firm can loan you between ₦5,000 to ₦500,000

Interest rate: 12%

Carbon (Formerly Paylater)

Formerly known as Paylater, carbon loan app is one of the pioneer collateral-free mobile loan apps in Nigeria.

It is an easy-to-use and wholly online lending medium that affords short-term loans to individuals and small business owners in Nigeria to help cover unforeseen expenditures or immediate cash needs.

With Paylater, you can have access to about N500,000 loan with no security. Once your application is accepted, funds are immediately credited to your account between 1 – 3 business days.

Timely repayments of the loan can grant you access to a much higher credit limit for your next loan.

The interest rate of Carbon loan: 12%-15%.

The interest rate on Carbon loan app depends on the risk level. But your access to loan on Carbon depends on your repayment trustworthiness.

If you failed to repay as at when due, your next application may be declined or delayed till another date.


PalmCredit is a computer-generated credit card that allows you to access a loan anywhere and anytime. Palmcredit provide loans of up to ₦100,000 within a few minutes on your mobile phone.

With PalmCredit obtaining a mobile loan is very easy. Apply for your credit limit in a few minutes, then you can take as many instant loans as you may need without additional approval steps. It’s a credit revolution!
As soon as you repay your loan, your credit score is updated. Make timely repayment and watch your limit grow to N100,000.

PalmCredit Interest Rate: Between 14% to 24%


Branch is a simple but dominant mobile loan app in Nigeria and Kenya. Obtaining instant loans on Branch App is so quick and easy to do. It will provide support to sort out your financial issues in real-time.

Branch app gives out loans from ₦1,500 to ₦150,000. Loan terms range between 4 – 64 weeks.

Branch loan interest rate: 14% – 28% with equal monthly interest of 1% – 21%, depending on the selected loan option.

Now, let’s take a quick look at some of the leading firms in Nigeria that support loan for SMEs.


With its competitive 2% interest rate per month and 2.5% interest, FINT is one of the considerate online loan in Nigeria designed for business owners.

Apart from the realtime loan calculator on, we also want you to know that there are: first is a verification fee (NGN 3000) and the second is a closing fee (8%).

The closing fee is to be paid before disbursement of the fully-funded loan. In addition, a transfer fee (1.8% + NGN100) is passed on to the borrower.

It is worthwhile to cautiously go through their Terms & Conditions (T&C) before sending in an application.


You can get a loan on Migo within 120 seconds, but it has a high-interest rate compared to others. It isn’t suitable for SME (check out our review on it)

Another factor to put into consideration is the interest rate and payback period. As a business, you will not like to go in for loans with a very short payback period with the exception that you are very sure you will earn back the money in no-time.

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