Instant loan apps that rescue Nigerians in need of quick cash

January 21, 2021
3 min read

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. 

For putting a smile on the face of everyday Nigerians, digital lenders are highly regarded and sought after. We have compiled a list of industry favourites below to guide your those in need of quick cash:


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

Key Features:

  • Salary account must be domiciled with First Bank.
  • Loan can be up to 50% of net monthly income.
  • Tenor is 30 days or next payday (whichever comes first)
  • Maximum single obligor limit of N500,000.00
  • The loan can be accessed up to 3 times a day subject to the maximum eligible amount.
  • Repayment is taken immediately salary is received, while a lien is placed on unfunded account.

Specta by Sterling

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

Specta is meeting the urgent needs of those seeking instant loans to settle rent, school fees and medical bills payments, travel, wedding, and business expenses. It is powered by Sterling Bank Plc.

Key Features: 

  • Specta grants access to N5,000,000 in loans without paperwork or collateral in five minutes. 
  • Repayment tenor depends on the borrower and can between one to four years.
  • A salary earner can get 100 per cent of his salary on a card to use anytime. 
  • Customers can opt for cash-backed Naira, Dollars, Pounds and Euros loans. 
  • It is open to everyone irrespective of occupation and bank.


Carbon loan app, formerly known as Paylater, provides credit to financially underserved and excluded individuals. It is owned by One Finance and Investment Limited. The digital platform is developed for instant loans, payments of bills, fund transfer, investments, and airtime purchases.

Key Features:

  • An individual borrower must be a Nigerian of at least 18 years.
  • A company must be incorporated in Nigeria with a bank account in Nigerian financial institution.
  • Customers can borrow up to N500,000, and larger loans can be accessed with lower interest rates.
  • A borrower can access extra fund or loan top-up once before completing repayment.
  • Loans do not require collateral or guarantor, but Bank verification number (BVN).


PalmCredit is a virtual credit card that makes it easy to access a loan via an app. It offers loans of up to ₦100,000 within minutes through a mobile phone. The quick loan solution is powered by New Edge Finance, and it allows manual repayment of loans.

Key Features:

  • A customer can get up to N100,000 while maximum amount can be adjusted anytime.
  • Borrowers must be up to 18 years and below 60 years.
  • Submission of bank account details, including BVN.
  • Borrower must have an occupation.
  • Loan can be obtained without collateral.


It is an automated online moneylender that provides a single-payment loan. The loan app also provides instalment loans and payroll loans for borrowers. FairMoney is developed for those seeking an unsecured personal loan, students and individuals who could not meet lending requirements in the traditional banks due to the borrower’s thin credit.

Key Features:

  • A new customer can borrow a minimum of N10,000 and 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 be up to 12 months.
  • There is flexible interest for early repayment.
  • Subscriber must share BVN.
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