No hidden fees. Non-obligatory.

Find Quick Loan Offers in under
2 minutes!

How much do you need?


We Only Partner with Reliable Banks and Lenders


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.

Quick loan in Nigeria

Quick loans, as the name suggests, are short-term loans that you can apply for and obtain quickly, usually between 5 minutes and 24 hours.

Inflation rates are ever-increasing in Nigeria. Despite this, salaries remain the same (some even get lower, with companies looking to cut costs and keep up with the extremely volatile economy).

This means that hardworking citizens of Nigeria have to look to other options apart from their salaries to meet up with the rising costs. One of the easily obtainable alternatives is to acquire quick loans from credible lenders. Not only working-class citizens but entrepreneurs and other individuals in Nigeria can also use the advantages that quick loans offer. Currently, quick loans can help Nigerians:

  • make ends meet till the next payday
  • increase the scope of businesses
  • acquire loans without much documentation or good credit history

The need for quick loans in Nigeria has created a healthy demand for them. Credible lenders have risen to the task of supplying Nigerians over the years, which has led to many available options for quick-loan lenders to choose from. Fortunately, with the many lenders available, all individuals in Nigeria who can demonstrate their ability to pay back the loan amount through a verifiable source of income can get quick loans no matter their status.

Types of Quick Loans in Nigeria

There are multiple ways you can obtain quick loans in Nigeria. These include:

  • Bank loans
  • Peer-to-peer loans
  • Microfinance loans
  • Online lenders
  • Union loans
  • Loans from family and friends

Bank loans

You can obtain quick loans from some banks in Nigeria by applying directly at a physical branch of banks that offer quick loans, through the bank's online website or its mobile application if available. Traditional banks might not be able to provide loans in minutes and some of the banks may take up to a day (or more) to get you the cash you need. If your needs are urgent, you might have to look to the other types of quick loans in Nigeria. A few of the banks offering instant loans in Nigeria are:

  • Stanbic IBTC
  • WEMA Bank
  • Fidelity Bank
  • First City Monument Bank (FCMB)
  • Zenith Bank
  • United Bank for Africa (UBA)
  • First Bank

Some of the requirements you will need to obtain a quick loan from banks in Nigeria include the following:

  • Your Bank Verification Number (BVN)
  • Phone number
  • Verifiable and steady source of income

The advantages of getting quick loans from banks include the following:

  • No collateral required
  • Guaranteed loans for high-net-worth individuals
  • Safety and security on loan packages as you are less likely to be embarrassed, hassled or cheated

The disadvantages of getting quick loans from banks include:

  • Slowest approval and disbursement times out of all the available quick loan options
  • Credit checks are often involved
  • Rigid requirements

Peer-to-peer (P2P) loans

Peer-to-peer loans might sound a bit strange to Nigerians, but it is a common way to get loans in Nigeria. This is when a personal loan is obtained directly from one or more individuals, instead of through a medium (third-party), or an institution (banks). Some P2P outlets in Nigeria include:

  • Ajobox
  • Kia Kia
  • FINT

Some of the advantages of taking P2P loans include:

  • quick approval and disbursement times
  • higher loan amounts
  • Rates and fees are set by the individual(s) and are open to negotiation

Some of the disadvantages of using P2P loans include:

  • High-interest rates
  • High initial loan fees
  • Greater risks for lenders

Microfinance loans

Microfinance loans provide opportunities for small business owners with little or irregular cash flow to access loans in Nigeria. These loans are usually very small and entirely depend on a small business owner's income.

Some of the advantages of microfinance loans include:

  • Small loans for small businesses
  • Flexible requirements
  • Convenient loan repayment period

Some of the disadvantages of microfinance loans include:

  • Loans are majorly for business owners
  • Higher interest rates
  • Small loan amounts

Online lenders

Online loans are arguably the most popular and widely used medium for borrowers in Nigeria. All you need is a device that can access the internet and you can apply for online loans in Nigeria through the website of lenders or their mobile applications.

Some of the advantages of online lenders include:

  • Ease of access through the internet
  • Loans without collateral
  • Quick approval and disbursement times

Some of the disadvantages of online lenders include:

  • Small maximum loan facilities
  • Higher interest rates
  • Loans are not as safe and secure as traditional loans from banks

Union Loans

Union loans offer you financial services from unorthodox organizations. You can get quick loans from groups that are registered unions but do not entirely or usually render financial services. Some of these organizations you can consider include:

  • Religious organizations
  • Charities
  • NGOs
  • Group savings associations (Adashes, Ajo, or Esusu)

Some advantages of union loans include:

  • Flexible terms
  • Easy and convenient repayment structures
  • Little or no interest rates

Some disadvantages of Union Loans include:

  • Uncertain loan amounts
  • Borrowers who do not have prior relationships with the unions might not be considered eligible for a loan
  • repayments in instalments might not be allowed

Loans from family and friends

You can obtain these quick loans by asking your family members or friends.

Some of the advantages are:

  • Quick disbursement times
  • No application process required
  • Fast cash loans with little or no interest rates

Some of the disadvantages are:

  • Risk of ruining the relationship
  • Loan repayment does not positively impact the credit score
  • No form of security

Factors to Consider Before Taking a Quick Loan in Nigeria

There are many factors to consider before taking a quick loan in Nigeria no matter the urgency of the need, to avoid creating more problems than the loan itself can solve. Some of these are:

  • The purpose of the loan
  • The loan terms and conditions
  • The loan repayment plan
  • The loan interest rate
  • The loan fees
  • The lender's reputation and credibility

The purpose of the loan

The major reason anyone should take a quick loan is the need for quick cash, usually below 5M. In the case that there is any reason apart from this, it might be better to look for more suitable options. For example, it is generally not advisable to take a quick loan for major plans for your small or medium-sized enterprise: an SME loan will be more suitable for the task.

The loan terms and conditions

Most Nigerians do not bother considering the terms and conditions of loan options. This can be very dangerous as the terms and conditions contain important information on the loan option that you may pay what you did not plan to pay for just because you did not read them before accepting the loan.

Some lenders are aware that most Nigerians do not bother to read the terms and conditions, they sneak unfavourable clauses into them that you will be required by the law to obey since you signed the contract; the law does not care if you read the contract or not as long as your signature is on it.

The loan repayment plan

A repayment plan is one of the vital factors to consider first before you apply for a loan. Before you take a quick loan, you must have a plan to pay it back. Some lenders may offer you some repayment options to choose from, but it is always good to have a plan in mind, as the offer from the lender may not necessarily pay you.

The loan interest rate

Interest rates on quick loans are generally higher since the lenders are taking bigger risks with loan disbursements to individuals without thorough credit reports; the loans are also approved quicker than other loans with lesser documentation. With this in mind, lenders ensure that they present competitive interest rates, so it is always best for you to compare the interest rates to see what works for you.

As a general rule, the lower the interest rate, the better. However, you will also need to consider other factors alongside this to ensure that you get the most affordable quick loan option.

The loan fees

Loan fees for quick loans especially differ from lender to lender, and even though most quick loan lenders make their money off loan fees some others do not even charge at all. It is always best to weigh the total cost of each loan, however, as some of the lenders who do not charge loan fees might have hidden charges which may not make the total cost of the loan as affordable as those who demand loan fees. You should try as much as possible to consider these factors carefully and to compare loans with the factors in mind as they will determine if you get the best loan or not.

The lender's reputation and credibility

Safety and security are very vital in Nigeria, and you must consider these before you decide to take a quick loan with respect to lenders. It is always a good sign if the lenders have positive reviews on the internet, and other individuals can vouch for their reliability. You might not have the time to do a thorough investigation on the lender, but it is always good to check:

  • Nairaland for reviews about the lender
  • If the lender has a loan app in Nigeria
  • With trusted family or friends to see if they have ever had any sort of experience with the lender


With all the important factors listed above, it is very obvious that there is a need to research and compare different loan options in Nigeria if you wish to get the most affordable loans. Understandably, you may not have the time for these since you are just looking to get a quick loan to attend to your pressing needs. You need to do thorough research and compare loans or else you might pay more for a loan when you could have paid less with research, but you can't do the research because you do not have the time for it.

Your best bet is to use CreditNigeria to easily and quickly compare your loan options to get the most affordable one for you.

Lastly, as mentioned above, repaying a loan is just as important as taking it. This is why you need to have a solid plan in place for repayment of any loan you receive from anyone to avoid further financial difficulties.

Frequently Asked Questions

Where can I get an instant loan in 5 minutes in Nigeria?

You can get instant loans in 5 minutes from:

  • Online lenders
  • Friends and Family
  • Mobile Loan Applications
Can I borrow money quickly without collateral in Nigeria?

Some of the applications that can get you quick loans in Nigeria include, but are not limited to:

  • FairMoney app
  • Carbon mobile app
  • QuickCheck app
  • ALAT by WEMA app
  • Branch app
How can I get a ₦5k quick loan?

To obtain a 5k quick loan or more in Nigeria you need to make sure that you have the right documentation to show that you can pay back your loan as and when due. This usually means that you must be able to show a verifiable steady stream of income one way or the other.

Can I get quick loans with a bad credit score in Nigeria?

Yes. Even though it is never advisable to have a bad credit score, quick loans offer you a way of getting fast loans without the need for a credit check. This means that it might not matter if your credit score is bad or good, you should be able to get a loan as long as you can show a verifiable steady stream of income.


Our Latest Articles