Best Loan Apps in Nigeria for Students

In Nigeria, where financial constraints often plague students, the emergence of various loan apps has provided a lifeline for many seeking quick and convenient access to funds. These apps offer seamless experiences, low interest rates, and flexible repayment options tailored to the unique needs of students. Let’s explore some of the best loan apps in Nigeria for students based on their features, accessibility, and reliability.

Best Loan Apps in Nigeria for Students


Fairmoney stands out for its user-friendly interface and wide range of features. It offers hassle-free loan applications, bill payments, and mobile recharges. With low-interest rates and flexible repayment terms ranging from 30 days to 12 months, Fairmoney is a popular choice among Nigerian students. Eligibility requires the Fairmoney MFB app, a supported bank account, and a valid BVN.


Formerly known as Paylater, Carbon provides quick and easy access to loans with its convenient and straightforward platform. Students can borrow for up to 90 days, and the application process is relatively simple, albeit requiring personal details such as BVN and address.


Branch offers instant loan approvals and direct fund disbursement, making it an ideal choice for students in urgent need of financial assistance. With eligibility criteria similar to other apps, Branch provides a reliable service with no paperwork hassle.

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Aella Credit

Specifically designed for students with a source of income, Aella Credit offers intuitive interface and repayment terms of up to 60 days. Eligibility requires the Aella app, Nigerian citizenship, and a good credit history.


With loans ranging from N2,000 to N100,000, PalmCredit is another popular choice among students. Its flexible repayment options and widespread availability make it a convenient option for managing financial needs.


Renmoney stands out for its flexibility and reliability, offering loans up to N6,000,000 with quick disbursement upon approval. Students, individuals, and businesses can benefit from its straightforward application process.

KwikMoney (Migo)

Offering loans from N500 to N500,000, KwikMoney provides flexible repayment options based on creditworthiness. Students can access funds quickly with minimal requirements.


QuickCheck offers fast and convenient loans ranging from N1,500 to N500,000 without collateral. Its simple application process makes it accessible to students seeking immediate financial assistance


UMBA joins the list, offering students access to quick and convenient loans. UMBA provides a user-friendly platform with flexible repayment options.


Another addition to the roster, NewCredit offers students the ability to borrow funds with ease. The platform boasts a straightforward application process and quick disbursement.


Which app gives instant loan in Nigeria?

FairMoney is a leading lending app in Nigeria, boasting over 10 million downloads. It is considered one of the most reliable platforms for quick loans, providing users with access to funds within 5 minutes.

How can a student get a loan in Nigeria?

To secure a loan in Nigeria as a student, eligibility criteria often include providing two civil servants with a minimum level of service, a lawyer with at least 10 years post-call experience, or a judicial officer as guarantors. Students with parents who have defaulted on previous loans may not be considered.

Which loan app gives 50,000 instantly?

Carbon loan offers users the opportunity to obtain an instant loan of up to fifty thousand naira. The platform is designed to address urgent financial needs such as bills and school fees.

How do I qualify for a Lapo loan?

To qualify for a LAPo loan, individuals need to provide a loan application letter, a duly completed application form, two guarantors, a valid means of ID (national ID, driver’s license, voter’s card, or international passport), and a current utility bill. Additionally, applicants are required to submit four recent passport-size photographs.

How much can I borrow from Lapo?

Lapo offers SME loans with an online application process, allowing individuals to access credit facilities of up to ₦10,000,000, with an extendable duration of 12 months.

Can a student borrow a loan?

Yes, students can borrow loans to cover their educational expenses. Financial institutions and loan providers, such as Sallie Mae, offer student loans for both undergraduate and graduate students. The loan amount is typically based on the school-certified cost of attendance, and students can choose loan terms ranging from 10 to 15 years to facilitate repayment.

Which app can I borrow 5,000 from?

Xcredit is a quick and instant loan app in Nigeria that provides loans ranging from 5,000 to 500,000 Naira. The platform offers a convenient solution for users in need of small to medium-sized loans, with an origination interest rate of 12% for a 180-day period.

Can I borrow money from OPay?

Yes, OPay, a digital banking app, facilitates borrowing money through its OKash Loan feature. In addition to providing various financial services like buying data, paying for TV subscriptions, and transferring funds, OPay allows users to access loans to meet their immediate financial needs.

Can I get a loan with my BVN?

Yes, lenders in Nigeria often require your Bank Verification Number (BVN) to confirm your identity and assess your creditworthiness. Your BVN serves as a safety net for lenders, allowing them to verify your identity and check your financial history to make informed lending decisions.

How much does OKash give first time?

OKash provides registered users with instant collateral-free loans, available 24/7 through an online process. For first-time borrowers, OKash offers loan amounts ranging from NGN 3,000 to NGN 500,000, subject to meeting their eligibility criteria.

How much can I borrow from FairMoney for the first time?

FairMoney, an automated online moneylender, offers various types of loans, including single payment loans, installment loans, and payroll loans. For new customers, the minimum loan amount is N10,000, while the upper limit is N40,000, with no collateral or guarantor required. The borrowed amount is deducted from your account according to the agreed terms.


These loan apps have revolutionized access to funds for Nigerian students, offering convenience, flexibility, and reliability. However, students need to borrow responsibly and manage their finances wisely to avoid falling into debt traps. With these options at their disposal, students can navigate financial challenges more effectively and focus on their academic pursuits.

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