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Top 10 Online Loan Apps in Nigeria by number of downloads

There comes a need for the key players to ramp up their number of downloads as the competition among online loan apps in Nigeria heightens.  

While it may not necessarily translate to patronage, downloads among loan apps are a great way to understand a company’s ability to attract new users. Each download can be treated as a potential user to the app/platform which in turn may reflect on revenue generation.  

For an industry that is big on consumer behavior patterns, downloads also aid the loan providers in how many new users or potential customers an app or company is gaining.  

Of course, other metrics like the number of active users, star rating, and user retention might come to play when measuring the success or otherwise of loan apps, the number of downloads is what really draws attention. 

In descending order, these are the loan apps with the highest number of downloads in Nigeria. 

1. Branch (10 million) 

Over the years, Branch has etched itself as an authority when it comes to giving out loans in Nigeria. With over ten million downloads, Branch can be described as the industry leader in its own rights.  

Also located in India, Kenya, and Tanzania, the company says it aims to deliver world-class financial services to the mobile generation. 

By applying machine learning, Branch creates an algorithmic approach to determine creditworthiness via customers’ smartphones.  

The loan company plays up on security, data privacy and ethical collections. This is done by not condoning any aggressive debt collection practices, including debt shaming. 

 2. FairMoney (5 million)  

Like Branch, FairMoney brags about having international exposure with offices on three continents. The loan app aims to build the leading mobile bank for emerging markets. It also promises to bring financial inclusion to underbanked people in emerging markets! 

A full-fledged digital bank, FairMoney Digital Bank gives instant loans with no collateral needed. Through its platform, borrowers can access loans of up to a million naira, a bank account with free transfers, a debit card for spending, and more. 

The FairMoney app has garnered over five million downloads on the Google Play Store. 

3. Palmcredit (5 million) 

Going neck to neck with FairMoney is Palmcredit with five million plus downloads and a 4.2-star rating. PalmCredit is a virtual credit card that makes it easy for borrowers to access loans anytime and anywhere. Palmcredit offers loans of up to ₦100,000 within minutes on your mobile phone.

Palmcredit is part of Newedge Finance. The platform offers a wide range of loan products that will satisfy the needs of individuals and businesses.  

Its loans range from ₦2,500 to ₦300,000 with loan term duration of 4 to 26 weeks and equivalent monthly interest which ranges from 5% – 28%. 

4. NewCredit (1 million) 

NewCredit is a fast loan service in Nigeria that allows eligible individuals to obtain loans without stress.  NewCredit’s loan can be used to cover personal or business expenditures. The company says that it is offering a new way to get quick loans by offering mobile financial services.  

Borrowers on the app can access loans of up to 100,000 in five minutes. So far, the number of downloads its app has enjoyed stands at a million.  

5. Okash (1 million) 

OKash is a Micro-lending product run by Blue Ridge Microfinance bank.  

With Okash, users can get a decision on their loan application in minutes. Okash affords its users an opportunity for loan cancellation. It allows a maximum period of 24 hours from the moment of a disbursement within which the loan can be canceled.  

Its number of downloads on the Google Play Store currently stands at a million plus.  

6. EazyCredit (1 million) 

With over a million app downloads, EazyCredit offers business loans that cut across, LPO (Local Purchase Order) financing, vendor financing, contract financing, invoice discounting and SME funding. 

It also offers Personal Loans, Payday Loans as well as Asset Financing.  

7. Carbon (1 million) 

Carbon also boasts of a million plus downloads with a 4.4-star rating.  

The platform provides instant loans on the go. Its loans can be used to grow small businesses or fix personal emergencies, are affordable, and collateral-free. 

With Carbon, borrowers can access up to ₦1,000,000 without collateral, or guarantors and have no need to fill out any paperwork. 

It also offers a cashback on interest paid for borrowers who repay on time. 

8. Alat By WEMA (1 million) 

A fully digital Bank, the Alat app, an offering of Wema Bank, allows customers to fund their accounts, save, and pay bills from anywhere in the world. 

It also offers low-interest business and personal loans. Its number of app downloads presently stands at over a million.  

9. Aella (1 million) 

As a loan app, Aella offers borrowers access to affordable loans without the trappings of late fees. With Aella, early repayment gets borrowers to access to higher loan amounts and discounts. It also offers a reward for repaying loans on time by receiving cash back on the interest paid. 

With over 35,000 reviews, Aella’s number of app downloads presently stands at over a million.  

10. Tloan (1 million) 

Unpopular in the Nigerian loan industry, Tloan is a digital lending app designed for Nigerians aged over 18 years with the provision to apply for a small cash loan from 2000 to 100,000 for a maximum of 90-180 days. 

Tloan app claims its loan process is easy, and fast and says it has enduring customer service. It also says that its loans are quick and easy requiring no paperwork. 

Getting a loan via an app 

These days, getting a loan via an app takes just a few steps. Although the steps may vary from app to app, the basics are all the same.  

The first step usually includes the following:  

  • Download the app 
  • Create an account 
  • Fill in the required details 
  • Apply for your desired loan
  • Sit back and wait for approval 

The approval usually takes a few minutes. Once approved, the funds get disbursed into your bank account or wallet in the app almost immediately. 

Most of the loan app platforms allow users to unlock higher amounts and lower interest rates when they repay their loans on time  

Things to note 

As modern technology has made acquiring loans via mobile applications easy, the safety of users has become highly important.  While it may appear seamless and enticing, there are risks associated with applying for a loan through your smartphone that you may not face at a bank or credit union. 

Before applying for a loan, make sure you understand how the app works and what security measures the company has in place to protect your information.  

A few steps to take to ensure your safety would be to:  

  • Install apps only from trusted sources 
  • Understand app permissions before accepting them 
  • Accept operating system updates 
  • Don’t use public Wi-Fi. Use a password-protected network instead. 



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