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Compare Personal Loans in Nigeria

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Compare Personal Loan Offers Instantly with Any Device

Get a loan through Credit Nigeria with 3 simple steps.

Fill in the loan form

Complete and submit our short loan comparison application and we will provide you with eligible loan offers.

Choose a loan offer

Select the loan offer that best fits your requirements from the list of eligible loan offers

Get the money

Finalise your application with the chosen lender and get the loan disbursed to your account.


How Credit Nigeria Works

Credit Nigeria is a modern online loan comparison platform that provides a safe and easy way to find loan offers you are eligible for, compare loan offers and select the loan offer to your liking.

After completing the loan comparison form, you will get a list of loan offers you are eligible for within seconds. 

It's that fast, simple and all online.

Personal Loans in Nigeria

Personal loans in Nigeria are in high demand with the economic situation of Nigeria. Most individuals have to look to lenders and creditors to consistently make ends meet with the ever-increasing inflation rates.

At some point, employees, entrepreneurs, individuals, and businesses alike have to look to personal loans to achieve their goals or meet their respective needs.

The availability of personal loan options in Nigeria means it might be very difficult to get the best loan option without spending hours of valuable time comparing and evaluating.

To save this time and compare loans efficiently, use Credit Nigeria.

Credit Nigeria will compare the loans for you in minutes, which allows you to instantly determine the best loan option. This frees up time for you so you can focus on other important things.

What is a personal loan?

A personal loan is money received from a creditor to be used for personal means. This loan is usually repaid over a specified period with interest.

Personal loans can be either secured or unsecured. A secured personal loan means the borrower will have to provide collateral, while unsecured personal loans do not require collateral.

Since unsecured loans involve no collateral, they have higher interest rates since the lender is taking a higher risk of providing the credit facility.

To obtain a personal loan in Nigeria, you must:

  • Completely and honestly fill out the personal loan application form with your details (including your name, address, date of birth, etc.)
  • Have a verifiable steady source of income
  • Evidence for the payment of utility bills
  • Have a Bank Verification Number (BVN)
  • Have Valid means of identification
  • Have a good credit score

These are the more general requirements to get personal loans in Nigeria. Some lenders might have other requirements (location-specific, income-specific, occupation-specific, etc.) that might not have been included in the list above.

Types of personal loans in Nigeria

Many kinds of loans can be considered personal loans, including but not limited to:

Generally, any loan used for personal purposes is called a personal loan.

Interest rates to expect for a personal loan

Interest rates on personal loans are usually higher than on other kinds of loans. However, personal loan rates vary depending on the lender and the borrower.

Interest rates are always favourable if the borrower has a good credit history, above-average credit score, steady stream of income, and generally satisfactory creditworthiness.

Personal loan interest rates start from 11.5%, the benchmark set by the Central Bank of Nigeria as the Monetary Policy Rate (MPR). The interest rates for personal loans may rise to as high as 40% depending on the factors measured above.

It is better to use Credit Nigeria to compare loans to get the best interest rates.

What to consider before choosing a personal loan

Considering the right things before choosing a loan can save you a lot of time, energy, and sometimes money. This is because choosing the best personal loan option is as important as choosing a personal loan.

Some of the most important things to consider before choosing a loan include (but are not limited to):

  • The terms and conditions of the loan
  • The interest rate on the loan
  • The Annual Percentage Rate(APR)
  • Repayment period of the loan
  • Fees on the loan
  • All Penalties on the loan
  • Reputation of lender
  • Purpose of the loan
  • The overall cost of the loan

The terms and conditions of the loan

Fully understanding the terms and conditions of personal loans is a vital step to consider before choosing to access a personal loan.

Unfortunately, terms and conditions can be very confusing to understand. This is why it is always good to hire a legal practitioner to help you go through the details of the letter and explain them to you.

This way, you can determine whether the terms and conditions are favourable.

The interest rate on the loan

The interest rate on a loan is also an important factor to consider. Generally, the lower the interest rate, the better the offer is.

Fees on the loan

Some loans come with fees that make the overall cost of the loan high, even if the interest rate is low. It is always best to consider all fees alongside the interest rates, as it allows you to consider if a loan option is the overall best for you as compared to others.

This is why it is always a good move to ask for the Annual Percentage Rate (APR) on the loan, as it gives you an overview of the interest rate and fees on the loan to help you calculate how much you will spend on the loan option.

All Penalties on the loan

You must review and understand the consequences of the penalties on the loan, as it might keep you from paying unnecessary fines. You should also ensure that there are no unfair penalties that favour the lender.

Reputation of lender

You should always check the reputation of the lender on the internet generally. This will give you an idea of whether to borrow from them or not from the feedback you see on the internet.

Purpose of the loan

Before choosing a personal loan, you must be sure you need to take a loan. It is best to consider other options that won’t leave you in debt, such as asking a friend or family member.

If you are sure you need a personal loan, use Credit Nigeria to get the best option for you.

How to get the best personal loan in Nigeria

Use Credit Nigeria to compare loan options in Nigeria so you can get the best option that suits your need at any particular time.

Credit Nigeria partners with reliable banks and lenders to bring you only the best loans. With a simple application, you can shop the loan options in minutes instead of spending hours collating information from different websites.

Most popular personal loan lenders in Nigeria

There are many personal loan lenders in Nigeria. These lenders can only be ranked by popularity since different individuals can get the best options from different lenders depending on their circumstances.

The most popular personal loan lenders in Nigeria include:

  • Page Financials
  • Renmoney
  • Carbon
  • Baobab Microfinance bank
  • Branch


Personal loans are offered to individuals and businesses in Nigeria to handle various expenses. Banks and other financial institutions offer these loans, typically secured or unsecured.

Individuals and businesses should consider the options before choosing a personal loan In Nigeria.

Credit Nigeria makes it easier to choose the best option by efficiently comparing all the available options in an easy-to-understand way so you can pick for yourself.

Frequently Asked Questions (FAQ)

Which bank gives the best personal loan in Nigeria?

Many banks give quick personal loan products in Nigeria. Each bank may have terms and conditions that suit different individuals at different times. This is why it’s good to always compare personal loan options to get the best fit for yourself at every particular time. To compare the best terms, use Credit Nigeria.

Can I get a personal loan of ₦5k?

Yes. Many lenders in Nigeria can provide instant personal loans of ₦5k.

Which mobile application has the best loan facility in Nigeria?

Mobile loan applications do not grant loan facilities themselves. Lenders and some banks create mobile loan applications subject to them to make their credit facilities more accessible. So the lenders and banks with the best loan facilities with mobile apps are the best mobile apps with the best loan facilities in Nigeria.
To determine the best lenders, use CreditNigeria.

Can I use my loan for everything?

No. To be sure about the things you can or cannot use your loan for, it is always best to speak with your creditors.

How much can I borrow?

This depends on many factors ranging from your income stream to the facilities lenders can provide.
To compare the loan amount features that lenders can provide, use Credit Nigeria.


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