The FCCPC is determined to regulate the micro-lending sector by ensuring digital lending companies do not exploit NigeriansBorrowers prioritise quick disbursement, flexible repayment, and competitive interest rates when choosing a loan platformMore than 400 loan apps have now been granted full approval status, many others still in consideration Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
As of January 2026, the Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC) said a total of 457 companies had secured full approval to operate as digital lenders in the country.
A total of 35 others are said to have gotten conditional approval from the Commission, while 103 digital lenders are under the watch of the FCCPC.
Over 400 loan apps have now received full approval from the FCCPC in 2026.
Photo: courtneyk
Source: FacebookThe Nigerian government is making real efforts to ensure Nigerians do not fall patronise unregulated apps and also avoid unethical collection practices such as harassment or public shaming.
For most borrowers, the key considerations when choosing a loan app remain: speed of disbursement, flexible repayment options, and interest rates.
There are loans that continue to lead the industry based on popularity. Legit.ng reviewed 10 of the most-downloaded loan apps in Nigeria and the rates they offer. Here’s what we found:
Here is an insight into the loans apps and their interest rates
FairMoneyFairMoney is one of Nigeria’s most popular loan apps, downloaded over 10 million times on the Google Play Store. The platform offers fast loans ranging from N3,000 to N3,000,000, depending on your credit profile and repayment history. Monthly interest rates range from 2.5% to 10%, and approved loans are typically disbursed within minutes.
CarbonCarbon is a digital financial services platform that offers personal and business loans, payments, transfers, credit scoring, savings, and investments. The loan application process usually takes under 5 minutes. Monthly interest rates range from 4.5% to 15%, depending on the loan amount and repayment term. The app has been downloaded over 1 million times.
BranchBranch has over 10 million downloads in Nigeria and provides quick, collateral-free loans from N2,000 to N500,000. Using smartphone data, it determines eligibility and personalized loan offers. Monthly interest rates range from 2.1% to 12%, and loans are usually disbursed within 24 hours.
Larger loan amounts now require BVN verification to prevent fraud and identity theft.
Photo: Nurphoto
Source: Getty ImagesRenmoneyRenmoney is a top app for high-volume personal and business loans, offering amounts up to N6,000,000. Monthly interest rates range from 2.5% to 4%. The platform is suitable for borrowers seeking longer-term financing with competitive rates.
KudaKuda is primarily a digital banking app that also offers small loans and overdrafts. Loans range up to N150,000, with a daily interest rate of 0.3%. The app is ideal for short-term credit and quick access to funds.
QuickCheckQuickCheck leverages AI to evaluate borrower behavior and approve loans quickly. Loan amounts range from N1,500 to N500,000, with monthly interest rates between 5% and 15%. Applications are processed instantly, making it a fast option for short-term financing.
Aella CreditAella Credit allows borrowers to access loans from N2,000 to N1,000,000 with tenures of 61 to 365 days. Monthly interest rates range from 4% to 12%. The app also helps users grow their credit scores with consistent repayments and has been downloaded over 1 million times.
PalmcreditPalmcredit has over 5 million downloads and provides loans from N10,000 to N300,000 in less than 3 minutes without collateral. Monthly interest rates range from 4% to 15%, and funds are typically disbursed within one business day if documentation is complete.
OkashOkash offers quick, fully online loans from N3,000 to N500,000, with repayment terms of 91 to 365 days. Daily interest ranges from 0.1% to 1%, equivalent to APRs of 36.5% to 360%. The app has been downloaded over 5 million times.
UmbaUmba is a digital banking platform that provides first-time borrowers with loans from N2,000 to N200,000. Loan tenures are 62 days, and the maximum annual interest rate is 10%. The app has crossed 1 million downloads and allows users to apply and repay directly from their phones.
Key things noteTo get lower-interest loans, repay on time, stick to one app to earn loyalty benefits, and explore government-backed options like the Federal Government Loan Portal for single-digit rates.
Small loans under N10,000 can be accessed on apps like Branch and FairMoney with just your NIN and phone data, while larger amounts require a BVN.
Harassment from loan apps is illegal; report violations to [email protected] and keep evidence, as offending apps can be removed and fined up to N100 million.
List of approved loan appsLegit.ng earlier reported that the Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has released an updated list of approved loan applications in 2026.
The announcement was made to provide clarity for consumers and ensure that only licensed digital money lenders operate within Nigeria’s financial technology space.
Clan App is operated by CreditClan Tech Limited, while Acetech Finance Limited manages several platforms, including Kashout, FlashCredit, FlashAlart, SwiftCredit, RapidLoans, AceCredit, AceLoan, and RapidAlart. Additionally, LetsGo App is provided by Letshego Microfinance Bank Limited are amng the approved loan apps.
Source: Legit.ng
