Quick Loan Lenders in Nigeria – Comparison

Quick loan lenders offer a lifeline for urgent financial needs. These lenders provide a streamlined, efficient way to access funds, often without the traditional collateral requirements. This article explores Nigeria’s top quick loan lenders, highlighting their unique features, pros, cons, and requirements.

1. Pennylender

• Website: Pennylender
• Disbursement: 2 hours
• Max Loan: ₦5,000,000
• Pros: Phone application, instant first-time loans, no collateral.
• Cons: Only for salaried workers, early repayment charges, unclear rates.
• Requirements: Employment and personal documentation, BVN, photograph, utility bill.

2. Renmoney

• Website: Renmoney
• Disbursement: <24 hours
• Max Loan: ₦6,000,000
• Pros: No paperwork, fast disbursement, no collateral/guarantors.
• Cons: Requires steady income, better on the mobile app.
• Requirements: Age 18–59, income proof, bank account, BVN, ID, utility bill.

3. Fastcredit

• Website: Fast Credit Limited
• Disbursement: <24 hours
• Max Loan: ₦2,000,000
• Pros: No collateral/guarantor, low interest.
• Cons: Complicated process, unclear loan instructions.
• Requirements: Work ID, valid ID, salary account, passport photo, BVN.

4. Quick Credit | GTBank

• Website: QuickCredit
• Disbursement: 5 minutes
• Max Loan: ₦5,000,000
• Pros: Penalty-free pre-liquidation, available to non-salary holders.
• Cons: Must have a GTB account.
• Requirements: Minimum balance/salary with GTB, good credit, BVN, no debts.

5. Carbon

• Website: Carbon
• Disbursement: <24 hours
• Max Loan: ₦500,000
• Pros: Fast disbursement, easy application, reduced rates for loyal customers.
• Cons: Low initial limit, complex UI, mobile-only application.
• Requirements: Personal details, BVN, ID, bank statement, and employment details.

6. Branch

• Website: Branch
• Disbursement: <24 hours
• Max Loan: ₦500,000
• Pros: Fast disbursement, lower rates, seamless app experience.
• Cons: Invasive credit scoring, complex mobile access, low initial limit.
• Requirements: Phone/Facebook account, BVN, bank account number.

7. Page Financials

• Website: Page Financials
• Disbursement: 3 hours
• Max Loan: ₦5,000,000
• Pros: Multiple application methods, high initial limit.
• Cons: High minimum loan, employment/salary dependent, limited locations.
• Requirements: BVN, personal and employer details, ID, utility bill.

8. Alat by WEMA

• Website: Alat by WEMA
• Disbursement: 5 minutes
• Max Loan: ₦4,000,000
• Pros: No paperwork, rapid disbursement, low interest rates.
• Cons: Requires ALAT banking sign-up, rigorous initial process.
• Requirements: BVN, ID, photograph, varying per loan type.

9. KiaKia

• Website: KiaKia
• Disbursement: <24 hours
• Max Loan: Varies with income and employment
• Pros: Accessible to all income earners, rewards responsible borrowing.
• Cons: No borrower app, complicated application, no student loans.
• Requirements: Residency in Nigeria, age >21, BVN, mainstream bank account, income proof, valid ID.

10. Rosabon

• Website: Rosabon
• Disbursement: 48 hours
• Max Loan: ₦6,000,000
• Pros: Competitive rates, transparent offers, no collateral/guarantors.
• Cons: Limited branches, no mobile app, non-terminable loans.
• Requirements: Paid employment or income source, age 21–58, salary account, ID, utility bill.

11. Zedvance

• Website: Zedvance
• Disbursement: 10 minutes
• Max Loan: ₦5,000,000
• Pros: Multiple application methods, and rapid disbursement.
• Cons: No business loans yet, initial limit for nano loans.
• Requirements: BVN, phone number, email address.

12. Aella Credit

• Website: Aella Credit
• Disbursement: 5 minutes
• Max Loan: ₦1,000,000
• Pros: Quick disbursement, zero paperwork, no rollover fees.
• Cons: Low initial limit, loan amount determined by app eligibility check.
• Requirements: BVN, personal details, phone number, email address.

13. Lapo Microfinance Bank

• Website: LAPO
• Disbursement: <24 hours
• Max Loan: ₦5,000,000
• Pros: Convenient loan amounts, no collateral.
• Cons: Requires guarantors, known for harsh recovery methods.
• Requirements: BVN, two guarantors, passport-size photos, utility bill, valid ID.

14. C24

• Website: C24
• Disbursement: <24 hours
• Max Loan: ₦5,000,000
• Pros: High maximum limit, smooth mobile experience.
• Cons: Rigorous process, limited to Lagos residents.
• Requirements: 6+ months employment, good credit score, verifiable income, pension account, employment letter, pension statement, bank statement, staff ID, Lagos residency, passport photo, utility bill.

15. Zitra

• Website: Zitra Investments
• Disbursement: <24 hours
• Max Loan: ₦5,000,000
• Pros: High maximum amount, no collateral required.
• Cons: High minimum loan amount, manual repayment tracking.
• Requirements: Salary ≥₦80,000, 6+ months employment, good credit report, work ID, BVN, 6-month bank statement, valid ID.

16. Migo

• Website: Migo
• Disbursement: 2 minutes
• Max Loan: ₦500,000
• Pros: Accessible to all Nigerians, no documentation.
• Cons: Low initial limit, no mobile app, limited loan offer selection.
• Requirements: Phone number, BVN, bank account.

17. Palmcredit

• Website: Palmcredit
• Disbursement: 3 minutes
• Max Loan: ₦100,000
• Pros: Extremely fast disbursement, online/offline repayment.
• Cons: Low initial limit, complex process, employment status needed.
• Requirements: BVN, bank name, bank account number.

18. Baobab

• Website: Baobab
• Disbursement: 3 days
• Max Loan: ₦50,000,000
• Pros: Very high maximum loan limit.
• Cons: High minimum loan, slow disbursement, complex documentation.
• Requirements: Business owners only, active business for 6+ months.

19. Fairmoney

• Website: Fairmoney
• Disbursement: 5 minutes
• Max Loan: ₦3,000,000
• Pros: Easy application, fast disbursement.
• Cons: Low initial limit, mobile-only application, complex UI.
• Requirements: Phone number, BVN, ID, bank debit card, minimum salary of ₦1000, good credit report, proof of employment.

20. Creditville

• Website: Creditville
• Disbursement: 4 hours
• Max Loan: ₦6,000,000
• Pros: Website application, high initial amount, loyalty bonuses.
• Cons: Only for salary earners, high interest rates.
• Requirements: Employment letter, passport photo, utility bill, 6-month bank statement, valid ID, BVN, email address, phone number, and house address.