10 Best Loan App in Nigeria for Students In 2024

1. Carbon (Paylater)

Carbon, formerly known as Paylater, is one of the most popular loan apps in Nigeria for students.

It offers loans ranging from N10,000 to N500,000 with repayment periods of up to 3 months. To qualify for a loan, students must have a functional bank account, a valid means of identification, and a verifiable source of income.

Carbon provides an easy to use interface and a quick approval process, making it an ideal choice for students seeking a convenient loan option in the country today.

2. Palmcredit

Palmcredit is another reputable loan app in Nigeria, offering loans from N5,000 to N500,000 with repayment periods of up to 6 months.

The app is designed to take care of the needs of students and working professionals alike.

To qualify for a loan, as an applicant, you must be at least 18 years old, have a verifiable source of income, and provide a valid means of identification. Palmcredit’s application process is straightforward, and it offers competitive interest rates.

3. OKash

OKash is reportedly powered by Opay, is a loan app that provides loans to students and professionals in Nigeria. Loans range from N5,000 to N500,000 with repayment periods of up to 6 months depending on the amount you borrowed.

For applicants to get a loan from Okash in Nigeria, it’s important you meet their eligibility requirements such as being at least 18 years old, have a legitimate source of income, and provide a valid means of identification majorly your BVN.

OKash’s application process is quick and efficient, making it an attractive option for students in need of funds.

To get started, start by downloading the app from the Google play store or Apple app store. After download, sign up and follow the necessary prompt to apply for a loan.

4. FairMoney

FairMoney is a digital loan app that offers loans to Nigerian students and professionals. With Fairmoney, you can get a loan which ranges from N1,500 to N3,000,000 with repayment periods of up to 6 months.

Before you apply, you must be quality enough. To qualify for a loan, you need to be at least 18 years old, have a legit and traceable source of income, and provide a valid means of identification.

Regardless of who you are, you can access a loan from Fairmoney with a low interest rate.

5. Aella Credit

Aella Credit is a loan app that offers loans to Nigerian students and SMEs. Their loans often range from N5,000 to N500,000 with repayment periods of up to 6 months.

Before you can get a loan from Aella Credit loan app, you need to meet their eligibility criteria which includes being at least 18 years old, have a traceable source of income, provision of your BVN, and other essential requirements not stated here.

6. Branch

Branch is also one of the 10 Best Loan App in Nigeria for Students in 2024.

In a related article, I stated, the Branch is beyond being called a loan app, it offers advanced features like Fairmoney, Renmoney, Aella Credit, Carbon etc. With this loan app, you can borrow loans which range from N5,000 to N500,000.

They also have a flexible loan repayment period of up to 6 months.

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Before applying for a loan, ensure you meet their requirements such as being at least 18 years old, have a source of income, be ready to provide contact details on your contact list (2-5) phone number.

7. Renmoney

Renmoney is also not left out of the 10 Best Loan App in Nigeria for Students in 2024.

It is a CBN licensed loan app and insured by NDIC.

With this loan app, you can get a loan starting from N10,000 to N6,000,000 with repayment periods of up to 6 months.

To qualify for a loan, you need to download the app from the Google play store or Apple app store and follow the necessary guidelines on the app to register and apply.

8. Sokoloan

Soko Loan is a loan app designed specifically for individuals and students students in Nigeria aren’t excluded. It offers loans ranging from N3,000 to N600,000 with repayment periods of up to 6 months.

To apply, kindly follow the simple guidelines here:

Open the Google play store or Apple app store
In the search bar, type “Sokoloan”
From the results, click on Sokoloan
Click on download button
Wait for download
After download, open the app and sign up then follow the prompts to apply.

9. Quickcheck

Quickcheck loan app is never left out of the Best Loan App in Nigeria for Students in 2024.

This loan app provides loans which range between N3,000 and N500,000 with a flexible loan repayment option purposely for the borrower’s convenience.

To get started, you first need to ensure you meet the requirements, then download the app from the Google play store or Apple app store then apply for any amount you need.

If your loan request is approved, it will be disbursed to your designated bank account in less than 5 minutes.

10. Migo

The last but never the least on Best Loan App in Nigeria for Students is Migo. Migo is a loan app that provides loans to Nigerian students and professionals. Loans range from N3,000 to N600,000 with repayment periods of up to 6 months.

To qualify for a loan, you must be at least 18 years old, have a legit source of income, and provide a valid means of identification.

Migo is known for its easy-to-use interface and fast approval process, making it an ideal choice for the Nigerian students.

FAQs On Best Loan App in Nigeria for Students

The following are answers to some frequently asked questions on Best Loan App in Nigeria for Students in 2024:

Which is the most trusted loan app in Nigeria?

The most trusted loan app in Nigeria is likely Fairmoney. This is known for its reliability, ease of use, and quick loan disbursement.

It has gained popularity in Nigeria due to its ability to provide loans to individuals with little or no credit history.

Which loan app gives 50000 instantly?

There are several loan apps in Nigeria that provide instant loans up to N50,000. One such app is Palmcredit. Users can apply for loans and receive the funds instantly.

How to get student loan in Nigeria?

To get a student loan in Nigeria, follow these steps:

Research: Begin by researching the available student loan options in Nigeria. Some popular options include loans from commercial banks, government-backed loans, and private lenders.

Eligibility: Ensure that you meet the eligibility criteria for the loan.

This usually includes being a Nigerian citizen, enrolled in an accredited educational institution, and having good academic performance.

Application: Complete the loan application process, which may involve providing personal information, academic details, and proof of income (if applicable).

Approval: Once your application is approved, the loan will be disbursed to your bank account or educational institution.