Compare personal loans in Nigeria
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CBN-licensed bank
FairMoney
★★★★☆
₦3,000 – ₦3,000,000
Loan Amount
2.5% – 30% (by credit profile)
Monthly Interest
CBN microfinance bank
Licence
Yes (NDIC, to ₦2m)
Deposits Insured
large
Amount Tier
digital
Provider
Pros
- CBN-licensed microfinance bank — bank-standard oversight + NDIC-insured savings
- Large amounts (to ₦3m) and fast disbursal
- Builds a limit as you repay on time
Cons
- Rates run high for thin-credit borrowers (up to ~30%/mo)
- Requires BVN and data access
- Late repayment hurts your credit record
Fees, eligibility & documents
Fees
Monthly interest2.5%-30% by credit profile
Other feesAny processing fee is shown before you accept
Late paymentLate fees + credit-bureau report
Eligibility
- 18+ Nigerian resident
- Active BVN
- A smartphone and a Nigerian bank account
Documents needed
- BVN
- Valid ID
- Phone number and app/data access
Lowest rates
Renmoney
★★★★☆
Up to ₦6,000,000
Loan Amount
≈2.5% – 4%
Monthly Interest
CBN microfinance bank
Licence
Yes (NDIC, to ₦2m)
Deposits Insured
large
Amount Tier
digital
Provider
Pros
- CBN-licensed microfinance bank
- Lowest advertised monthly rates for larger amounts
- Longer repayment terms
Cons
- Stricter checks / documentation than instant-loan apps
- Not aimed at very small, same-day loans
Fees, eligibility & documents
Fees
Monthly interestApprox. 2.5%-4%
FeesCheck the total repayable before accepting
Late paymentLate fees + credit-bureau report
Eligibility
- 18+ Nigerian resident
- Active BVN
- A smartphone and a Nigerian bank account
Documents needed
- BVN
- Valid ID
- Phone number and app/data access
Branch
★★★★☆
₦2,000 – ₦500,000
Loan Amount
≈2.1% – 12%
Monthly Interest
FCCPC-approved (DML)
Licence
—
Deposits Insured
small
Amount Tier
digital
Provider
Pros
- Long track record, large user base
- Quick decisions; rate drops with repayment history
- No collateral
Cons
- FCCPC-approved digital lender — lighter oversight than a CBN bank
- Small starting limits
- Requires phone-data access
Fees, eligibility & documents
Fees
Monthly interestApprox. 2.1%-12%
Processing feeMay apply - shown in the offer
Late paymentLate fees + credit-bureau report
Eligibility
- 18+ Nigerian resident
- Active BVN
- A smartphone and a Nigerian bank account
Documents needed
- BVN
- Valid ID
- Phone number and app/data access
Aella
★★★★☆
₦2,000 – ₦1,000,000
Loan Amount
≈6% – 15%
Monthly Interest
FCCPC-approved (DML)
Licence
—
Deposits Insured
mid
Amount Tier
digital
Provider
Pros
- Mid-sized amounts up to ₦1m
- No collateral, in-app decision
Cons
- FCCPC-approved digital lender — lighter oversight
- Effective cost is high — check total repayable
- Requires BVN + data access
Fees, eligibility & documents
Fees
Monthly interestBy credit profile
FeesConfirm APR / total repayable in-app
Late paymentLate fees + credit-bureau report
Eligibility
- 18+ Nigerian resident
- Active BVN
- A smartphone and a Nigerian bank account
Documents needed
- BVN
- Valid ID
- Phone number and app/data access
Palmcredit
★★★☆☆
₦10,000 – ₦300,000
Loan Amount
≈4% – 15%
Monthly Interest
FCCPC-approved (DML)
Licence
—
Deposits Insured
small
Amount Tier
digital
Provider
Pros
- Fast approval for small amounts
- No collateral
Cons
- FCCPC-approved digital lender — lighter oversight
- High effective cost — read the total repayable
- Small limits, short terms
Fees, eligibility & documents
Fees
Monthly interestBy profile - can be high
FeesConfirm APR / total repayable in-app
Late paymentLate fees + credit-bureau report
Eligibility
- 18+ Nigerian resident
- Active BVN
- A smartphone and a Nigerian bank account
Documents needed
- BVN
- Valid ID
- Phone number and app/data access
High cost — caution
Okash
★★★☆☆
₦3,000 – ₦500,000
Loan Amount
daily 0.1% – 1% (APR ≈ 37% – 360%)
Monthly Interest
FCCPC-approved (DML)
Licence
—
Deposits Insured
small
Amount Tier
digital
Provider
Pros
- Fast, small, no collateral
- On the FCCPC-approved register (not among the delisted illegal apps)
Cons
- Very high effective APR (up to ~360%)
- History of aggressive/abusive collection complaints — know your rights
- Short terms; easy to roll into a debt cycle
Fees, eligibility & documents
Fees
CostVery high - up to ~360% APR; check before borrowing
FeesConfirm the total repayable in-app
Late paymentLate fees + credit-bureau report
Eligibility
- 18+ Nigerian resident
- Active BVN
- A smartphone and a Nigerian bank account
Documents needed
- BVN
- Valid ID
- Phone number and app/data access
Bank rate
GTBank (QuickCredit)
★★★★☆
Instant personal loan for GTBank customers
Loan Type
Monthly instalments, up to about a year
Tenor
Product of Guaranty Trust Bank, a CBN-licensed commercial bank
Licence
Minutes via USSD (*737*51*51#) or the app — no branch visit
Speed
Salary earners and active GTBank customers who want cheap credit
Best For
bank
Type
Pros
- Bank-priced credit — far cheaper than typical digital loan apps
- Fully digital application via USSD or GTWorld, no collateral or paperwork
- Instalment structure over months rather than weeks makes repayments manageable
Cons
- Only available to GTBank customers with account history — new customers cannot simply download an app and borrow
- Your offered limit is tied to your salary or account turnover, so it may be far below the advertised maximum
- A one-off credit insurance fee is added to the cost, and missed repayments affect your credit bureau record
Fees, eligibility & documents
Fees
InterestLow by Nigerian consumer-credit standards — one of the cheapest advertised monthly rates from a commercial bank; confirm the current rate on the *737* menu before accepting
Other chargesOne-off credit insurance fee applies; check the offer screen for the exact figure
Eligibility
- Active GTBank account (salary or current/savings with regular inflows)
- Satisfactory credit bureau record and BVN
- Account history with the bank — typically several months to a year
Documents needed
- None uploaded — the bank uses your existing account records and BVN
Widest range
Access Bank (Payday & personal loans)
★★★★☆
Payday loan, salary advance, small-ticket and full personal loans
Loan Type
30 days (payday) up to multi-year for salary-backed personal loans
Tenor
Products of Access Bank Plc, a CBN-licensed commercial bank
Licence
Instant for digital payday/small-ticket loans via *901# or QuickBucks
Speed
Salary earners who want to start small and graduate to larger bank credit
Best For
bank
Type
Pros
- Several distinct products in one place — from emergency payday cash to structured personal loans
- Digital access via USSD and the QuickBucks app, no collateral for the salary-backed products
- Small Ticket Personal Loan advertises up to 200% of net monthly salary repaid over 6 months, a genuine mid-step between payday apps and big-ticket loans
Cons
- Payday loans are 30-day money — the short tenor makes the effective annualised cost high even at a bank
- Most products require your salary account to be with (or moved to) Access Bank
- Upfront management and credit-insurance deductions reduce the cash you actually receive
Fees, eligibility & documents
Fees
InterestBank-level pricing, but payday-style products charge a meaningful one-month rate plus upfront fees — always read the deduction breakdown on the offer screen before accepting
Other chargesManagement fee and credit life insurance are typically deducted upfront on payday products
Eligibility
- Salary earner (payday and personal loans are salary-linked); some products serve non-salary customers with account turnover
- BVN and a clean credit bureau record
- Access Bank account for the best rates; some digital products accept non-customers at a higher rate
Documents needed
- Generally none for digital channels — BVN and account records are used; larger personal loans may require employment confirmation
Up to 48 months
Specta (by Sterling Bank)
★★★★☆
Digital personal loan (Specta Basic for Sterling salary earners; Specta Xtreme for others, including self-employed)
Loan Type
Up to 48 months (Basic); 12 months (Xtreme)
Tenor
Product of Sterling Bank, a CBN-licensed commercial bank
Licence
Application to disbursement within minutes, per Sterling
Speed
Borrowers who want a larger amount repaid over years, not weeks
Best For
bank
Type
Pros
- Tenors up to 48 months — most digital lenders cap out at 12 months or far less
- Serves self-employed and non-Sterling customers through Specta Xtreme, which most bank loan products do not
- No collateral; fully digital journey on specta.sterling.ng
Cons
- Advertised annual rates of around 40% are bank-cheap only relative to loan apps — this is still expensive money over a long tenor
- The best terms (higher limits, 48 months) require your salary domiciled with Sterling Bank
- Xtreme variant carries a higher rate and a much shorter 12-month cap
Fees, eligibility & documents
Fees
InterestRoughly 40% per annum advertised on Sterling's site at the time of review — cheaper than app-based credit but a heavy total cost over 3-4 years; check the live quote before accepting
Other chargesInsurance and fees may apply per product variant — the platform shows the full schedule before you accept
Eligibility
- Specta Basic: salary domiciled with Sterling Bank
- Specta Xtreme: salary earners banking elsewhere, professionals and business owners with strong records
- BVN and satisfactory credit history
Documents needed
- BVN; bank statement or salary evidence for Xtreme applicants
CBN-licensed MFB
Carbon (personal loans)
★★★★☆
Instant app-based personal loan
Loan Type
61 days to 12 months
Tenor
Carbon Microfinance Bank (RC 1642222), licensed and regulated by the CBN; NDIC-insured deposits
Licence
Instant disbursement after in-app approval, 24/7
Speed
Borrowers who want a regulated digital lender and plan to build a repayment track record
Best For
digital
Type
Pros
- Full CBN microfinance-bank licence and NDIC deposit insurance — stronger regulatory footing than most loan apps
- Repaying on time unlocks higher limits and lower rates, and repayments are reported to credit bureaus
- Instant, collateral-free disbursement any time, plus bill pay and savings in the same app
Cons
- Expensive at the top end: Carbon's own site discloses a maximum APR of 195% per annum — read your exact offer before accepting
- First-time limits are small; the advertised ₦1m ceiling only applies after a repayment history
- Late payment attracts a daily penalty charge that compounds the cost quickly
Fees, eligibility & documents
Fees
InterestHigh — typical of short-tenor digital credit; Carbon discloses monthly rates from roughly 4.5% up to a 195% maximum APR. Always check the exact offer in the app before accepting
Late paymentDaily late charge applies on overdue balances
Eligibility
- Nigerian resident with a BVN and a smartphone
- Bank account for repayment; limits set by Carbon's credit scoring
- No collateral or guarantor required
Documents needed
- BVN and basic KYC in the app — no paperwork
QuickCheck
★★★★☆
Instant app-based personal loan
Loan Type
Flexible, up to 12 months
Tenor
Not stated on QuickCheck's website — check the FCCPC approved-lender list at fccpc.gov.ng before borrowing
Licence
Credit alert in under 5 minutes, per QuickCheck
Speed
Fast small-ticket cash for borrowers who have compared the in-app rate first
Best For
digital
Type
Pros
- Fast approval and disbursement — the app advertises credit alerts in under five minutes
- Repayment terms up to 12 months, longer than many rival loan apps
- Limits grow with repayment history, and no collateral or guarantor is required
Cons
- No licence or regulator information is published on its website — you must verify its FCCPC standing independently
- Digital consumer credit at this speed is expensive; monthly rates reported by third parties make the annualised cost far higher than bank loans
- First loans are typically small, and short tenors keep effective costs high
Fees, eligibility & documents
Fees
InterestHigh — typical of short-tenor digital credit; third-party comparisons report monthly rates in the low-to-mid single digits, which annualise steeply. Check the exact rate in the app before accepting
Eligibility
- Nigerian resident with a BVN and an Android smartphone
- Bank account for disbursement and repayment
- Credit scoring is done in-app from your data — no collateral
Documents needed
- BVN and in-app KYC — no physical documents
Instant bank loan
FCMB (FastCash)
★★★★☆
Instant digital personal loan
Loan Type
Up to 90 days (per FCMB's site)
Tenor
Commercial bank (CBN-licensed)
Licence
Instant via app/USSD
Speed
Small, short-term cash needs from a bank rather than a loan app
Best For
bank
Type
Pros
- Borrow from a regulated commercial bank rather than a standalone loan app
- No collateral or paperwork — fully digital application
- Small, capped amounts and a short tenor make it hard to over-borrow
Cons
- Short-tenor instant loans like this are expensive in Nigeria — check the exact rate and total repayment in the app before accepting
- Advertised cap of ₦400,000 is low if you need a larger personal loan
- 90-day maximum tenor means high repayment instalments relative to the amount
Fees, eligibility & documents
Fees
InterestNot published on the product page — shown in-app at application. Nigerian instant digital loans typically price well above bank prime lending; confirm the live offer before accepting.
AmountUp to ₦400,000, per fcmb.com (check the live offer — your limit is profile-dependent)
Eligibility
- FCMB account holder (account can be opened digitally)
- Limit is set by your transaction and credit profile
- Valid BVN
Documents needed
- No physical paperwork — BVN and account verification in-app
Salary-account lender
Stanbic IBTC (unsecured personal loan)
★★★★☆
Unsecured personal loan (salary-backed)
Loan Type
Flexible terms; longer than instant-loan apps
Tenor
Commercial bank (CBN-licensed)
Licence
Instant approval advertised for online/app applications
Speed
Salary earners who bank (or will bank) with Stanbic and want a larger, longer loan
Best For
bank
Type
Pros
- Bank-grade lending with structured repayment rather than 30-day app-loan cycles
- You can re-access funds once you have repaid 15% of the loan, per the bank's site
- Clear, published eligibility criteria — no guesswork about who qualifies
Cons
- Unsecured bank credit in Nigeria still carries high double-digit interest at current market rates — get the exact rate in writing before signing
- Your salary must be domiciled with Stanbic IBTC, so switching banks is effectively part of the application
- Six months with your current employer and an approved-employer list exclude many informal and newly employed workers
Fees, eligibility & documents
Fees
InterestDescribed as "competitive" on the bank's site; the exact rate is quoted at application. Nigerian unsecured personal loans price off a high prime rate — confirm the live offer.
Eligibility
- Aged 21 or older, and under 60 by the end of the repayment tenor (per the bank's site)
- Permanently employed or contract worker at an approved organisation, at least 6 months with your current employer
- Salary paid into a Stanbic IBTC Bank account
- Minimum net monthly income of ₦50,000 (per the bank's site)
Documents needed
- Valid ID and BVN
- Proof of employment / employment contract
- Salary account with Stanbic IBTC (statements where requested)
UBA (Click Credit / personal loans)
★★★★☆
Instant digital loan (Click Credit) and larger personal loans
Loan Type
Short for Click Credit; longer terms on standard personal loans
Tenor
Commercial bank (CBN-licensed)
Licence
Instant for Click Credit via app/USSD
Speed
UBA salary-account holders who want both quick cash and bigger structured loans in one bank
Best For
bank
Type
Pros
- Backed by one of Nigeria's largest banks with nationwide branches
- Click Credit needs no collateral or paperwork
- The wider personal-loan range advertises up to ₦30 million for those who qualify, per UBA's site
Cons
- UBA publishes very little pricing online — you only see the true cost at application, and instant credit in Nigeria is expensive
- Best limits are reserved for customers whose salaries are domiciled with UBA
- Product details are thin on the public pages; expect to complete a contact form or visit a branch for full terms
Fees, eligibility & documents
Fees
InterestNot published on UBA's product pages — quoted at application. Confirm the monthly rate and any fees on the live offer before accepting.
Eligibility
- UBA account holder (salary domiciliation required for the larger personal loans)
- Valid BVN
- Limits set by salary and credit profile
Documents needed
- No paperwork advertised for Click Credit
- Standard personal loans: ID, proof of income and employment as requested
Licensed finance company
Credit Direct (personal loans)
★★★★☆
Salary-earner personal loans (private and public sector)
Loan Type
Up to 24 months (per creditdirect.ng)
Tenor
Finance company (CBN-licensed, stated on its site)
Licence
Fast digital application; disbursement after KYC
Speed
Formal-sector salary earners who want more than an app loan without a bank switch
Best For
finance-house
Type
Pros
- CBN-licensed finance company with a two-decade track record, not an anonymous loan app
- Advertises up to ₦20 million over up to 24 months — far beyond typical instant-loan caps
- No collateral or guarantor required, per its site
Cons
- Consumer finance-company credit in Nigeria is expensive — the site does not publish rates, so demand the full repayment schedule before signing
- Minimum net monthly salary of ₦100,000 (per its site) excludes many earners
- Repayment is collected by direct debit or debit-card mandate on your salary account — instalments leave first, whatever else the month brings
Fees, eligibility & documents
Fees
InterestNot published on creditdirect.ng — quoted per applicant. Finance-company personal loans typically cost materially more than bank payroll loans; confirm the live offer.
Eligibility
- Private-sector employees aged 22–59 (per its site); separate products for federal, state and paramilitary workers
- At least 6 months' salary history and a minimum net monthly salary of ₦100,000 (per its site)
- Active account with a Nigerian commercial bank, good credit history in the last 2 years
- Valid staff ID and government-issued ID; active debit card or direct-debit mandate
Documents needed
- Government-issued ID (passport, driver's licence, voter's card, NIN)
- BVN
- Staff ID and bank statements as requested
Rosabon Financial Services (personal loans)
★★★★☆
Personal loans (collateral-free), plus asset-backed loans and leases
Loan Type
Structured monthly instalments; term agreed at application
Tenor
Non-bank financial intermediary (CBN-licensed, stated on its site)
Licence
Up to ₦6m within 24 hours advertised for eligible customers
Speed
Salary earners who want a mid-sized loan fast, or vehicle/equipment leasing from the same lender
Best For
finance-house
Type
Pros
- CBN-licensed lender with a long operating history and 100,000+ active customers, per its site
- Advertises up to ₦6 million within 24 hours for eligible applicants
- Wider product set than most rivals — education loans, public-sector loans, leases and asset-backed options
Cons
- Rates are not published — Nigerian finance-house personal loans are costly, so get the full repayment schedule in writing before committing
- Fast unsecured credit at this size usually means strict salary-domiciliation or direct-debit mandates
- Primarily serves formal salary earners; informal-income borrowers will struggle to qualify
Fees, eligibility & documents
Fees
InterestNot published on rosabon-finance.com — quoted per applicant. Expect pricing well above bank payroll-loan levels; confirm the live offer.
Eligibility
- Salary earners in the private or public sector
- Valid ID and BVN
- Bank statements evidencing regular salary
Documents needed
- Government-issued ID and BVN
- Recent bank statements
- Employment/salary evidence as requested
Page Financials (quick loans)
★★★★☆
Quick personal loans for salary earners
Loan Type
Short-to-medium term; agreed at application
Tenor
CBN-regulated (stated on its website)
Licence
Same-day disbursement advertised for qualifying applicants
Speed
Lagos-area salary earners who want up to ₦5m without visiting a bank branch
Best For
finance-house
Type
Pros
- Advertises loans of up to ₦5 million — larger than typical instant-loan apps
- Credit-bureau and Remita/NIBSS integrations mean decisions use your real salary data
- Also offers investments and payments, so it is a full finance house rather than a single-product app
Cons
- No rates published on its site — quick loans at this speed are expensive in Nigeria, so scrutinise the total repayment before accepting
- Salary-linked repayment mandates (direct debit/Remita) collect instalments automatically
- Smaller institution than the banks on this page; service is concentrated around Lagos
Fees, eligibility & documents
Fees
InterestNot published on pagefinancials.com — quoted per applicant. Confirm the monthly rate, insurance and any processing fee on the live offer.
Eligibility
- Salary earners with regular income paid into a Nigerian bank account
- Valid ID and BVN
- Credit-bureau check applies
Documents needed
- Government-issued ID and BVN
- Bank statements / salary evidence as requested
