Best Loan App in Nigeria for Students 2023

Imagine being a student in Nigeria, trying to make your educational dreams come true. It's not always easy because there are costs like school fees and living expenses. But don't worry, because in today's digital world, there are special phone apps that can help students like you get the money you need.

These apps are like your financial friends, and they can provide you with the cash you need for school and other expenses. But here's the question: Which app is the best one for Nigerian students?

In this guide, we're going to make things super simple. We'll explore the top apps that give loans to students in Nigeria. We'll look at what makes each app great and what might not be so great about them. We'll also talk about things like interest rates (the extra money you pay back) and how long you have to pay the money back.

So, if you're a student in Nigeria who wants to get some financial help and make your educational dreams a reality, keep reading. We're going to help you understand which app is the right choice for you, so you can focus on your studies without worrying about money.


Branch is a top-rated loan app in Nigeria that provides accessible personal loans, making it an excellent choice for students in need of quick financial assistance. This app has gained popularity for its straightforward application process and flexible repayment terms.

Key Features of Branch:

  • Smartphone-Based Eligibility: Branch assesses your eligibility for a loan based on data from your smartphone. This innovative approach allows students to apply for loans without a lengthy approval process.
  • Quick Disbursements: Once approved, Branch disburses loans swiftly, ensuring that students have access to funds when they need them most.
  • Flexible Repayment Options: Branch offers flexible repayment options, allowing students to choose terms that suit their financial situation.
  • Credit Building: Responsible repayment with Branch can help students build their credit history over time, which can be beneficial for future financial endeavors.

Carbon (formerly Paylater) 

Carbon, previously known as Paylater, is a widely recognized loan app in Nigeria that provides short-term loans with competitive interest rates. It's suitable for students who require quick financial solutions.

Key Features of Carbon:

  • Short-Term Loans: Carbon specializes in short-term loans, making it a practical choice for students who need money for emergencies or unforeseen expenses.
  • Competitive Interest Rates: Carbon offers competitive interest rates, ensuring that students can borrow money without incurring excessive charges.
  • Ease of Use: The app provides a user-friendly interface, making it easy for students to navigate the loan application process.
  • Fast Approval: Carbon offers rapid loan approval, ensuring that students can access funds quickly.


RenMoney is a well-established lending platform in Nigeria, offering personal loans to a broad range of borrowers. While it's not exclusively for students, it can be an option for students in need of personal financing.

Key Features of RenMoney:

  • Personal Loans: RenMoney provides personal loans with favorable terms, allowing students to cover various financial needs.
  • Credit Building: Responsible borrowing and repayment with RenMoney can contribute to building a positive credit history.
  • Online Application: Students can apply for loans online, making it convenient and accessible.
  • Flexible Repayment: RenMoney offers flexible repayment options to accommodate varying financial situations.


FairMoney is a lending app that offers personal loans to Nigerians, including students. It provides a hassle-free way to borrow money and address immediate financial requirements.

Key Features of FairMoney:

  • Quick Loan Approval: FairMoney offers a straightforward loan application process, and loans are approved swiftly.
  • User-Friendly Interface: The app's user-friendly interface ensures that students can easily navigate through the loan application.
  • Variety of Loan Options: FairMoney offers different loan options to suit various financial needs, making it versatile for students.
  • Flexible Repayment Terms: Students can choose from flexible repayment terms, making it easier to manage loan repayments.


QuickCheck is renowned for its quick loan approval process, making it a convenient choice for students facing urgent financial needs. This app assesses creditworthiness based on financial behavior, providing accessible loans.

Key Features of QuickCheck:

  • Rapid Approval: QuickCheck's innovative credit assessment process ensures rapid loan approval, addressing students' immediate financial requirements.
  • User Data-Based Eligibility: The app uses financial data to determine eligibility, making it inclusive for students.
  • Short-Term Loans: QuickCheck specializes in short-term loans, suitable for students who need quick access to cash.
  • Ease of Use: QuickCheck offers an easy-to-use platform, simplifying the loan application process for students.


PalmCredit is a lending app that offers personal loans to Nigerians, including students. It caters to a broad spectrum of financial requirements and provides a range of loan options.

Key Features of PalmCredit:

  • Versatile Loan Options: PalmCredit offers various loan options to address different financial needs, making it adaptable for students.
  • Ease of Application: Students can apply for loans quickly and conveniently using the app.
  • Competitive Interest Rates: The app provides competitive interest rates, ensuring students can borrow affordably.
  • Flexible Repayment Plans: PalmCredit offers flexible repayment plans, allowing students to manage their loan repayments effectively.

KwikMoney (Now known as Migo) 

KwikMoney, now rebranded as Migo, offers instant loans without the need for collateral. While it's not exclusively for students, it provides a straightforward way to access financing.

Key Features of KwikMoney/Migo:

  • Instant Loans: KwikMoney/Migo specializes in providing instant loans, making it suitable for students in need of quick financial support.
  • Simplified Process: The app offers a simplified loan application process, ensuring accessibility for students.
  • No Collateral Required: Students can access loans without the burden of providing collateral.
  • Ease of Repayment: KwikMoney/Migo offers user-friendly repayment options, simplifying the process for students.

Aella Credit 

Aella Credit is a lending platform that offers personal and business loans. While it caters to a broader audience, students can also benefit from its diverse loan offerings.

Key Features of Aella Credit:

  • Personal and Business Loans: Aella Credit provides various loan options, accommodating students with various financial needs.
  • Convenient Application: Students can apply for loans conveniently through the app.
  • Competitive Interest Rates: The app offers competitive interest rates, ensuring affordable borrowing.
  • User-Friendly Interface: Aella Credit's user-friendly interface simplifies the loan application process.


FairMoney is another lending app that offers personal loans with competitive interest rates and flexible repayment options. While it's not exclusively for students, it can be a practical choice for those in need of financing.

Key Features of FairMoney:

  • Affordable Loans: FairMoney provides personal loans with competitive interest rates, making borrowing affordable for students.
  • Quick Approval: The app offers quick loan approval, ensuring students can access funds promptly.
  • Variety of Loan Options: FairMoney offers different loan options, accommodating various financial requirements.
  • User-Friendly Experience: The app's user-friendly interface simplifies the loan application process.

C24 Limited 

C24 Limited offers personal loans with fixed interest rates. While it's not exclusively for students, it can be used by those looking for financial assistance.

Key Features of C24 Limited:

  • Fixed Interest Rates: C24 Limited provides personal loans with fixed interest rates, ensuring predictability in loan repayment.
  • Convenient Application: Students can apply for loans conveniently through the app.
  • Loan Options: The app offers different loan options to address various financial needs.
  • Repayment Flexibility: C24 Limited offers flexibility in loan repayment, allowing students to manage their finances effectively.


Which app can I borrow money from as a student?

As a student in Nigeria looking to borrow money, there are several apps tailored to meet your financial needs. Some of the popular loan apps you can consider include:

  • FairMoney: This app offers personal loans to students in Nigeria with a straightforward application process.
  • Carbon (formerly Paylater): Carbon provides instant loans to students, allowing you to access funds for various purposes.
  • Renmoney: While primarily known for personal loans, Renmoney also extends credit facilities to students to cover educational expenses.
  • Branch: Branch offers accessible loans to students, and the app has gained popularity for its ease of use.
  • KiaKia: This platform offers quick and convenient loans to students, helping them address urgent financial needs.

How can a student get a loan in Nigeria?

Getting a loan as a student in Nigeria is easier than you might think. Here's a step-by-step guide:

  • Choose a Loan App: First, decide on the loan app that suits your needs. You can check the interest rates, repayment terms, and loan amounts offered by different apps.
  • Download the App: Download and install your chosen loan app from the Google Play Store or Apple App Store.
  • Registration: Sign up on the app by providing the required information, including your name, phone number, and email address.
  • Verification: Verify your identity by following the app's instructions, which often include providing a valid ID card or linking your bank account.
  • Loan Application: Fill out the loan application form on the app. Be honest and accurate with your information.
  • Approval: After your application is submitted, the app will review it. If approved, you'll receive the loan in your bank account or mobile wallet.
  • Repayment: Ensure you understand the repayment terms. Most loan apps deduct repayments directly from your linked bank account or wallet on the due date.
  • Build Trust: Repay your loans on time to build trust with the app, which can lead to higher loan limits in the future.

Which apps give loans to students in Nigeria?

Several apps offer loans to students in Nigeria. Some notable ones include FairMoney, Carbon, Renmoney, Branch, and KiaKia. Each of these apps has its unique features and eligibility criteria, so it's essential to explore and choose the one that best suits your needs.

Which loan is the best for students?

The best loan for students depends on your specific requirements and financial situation. Consider factors like interest rates, repayment terms, loan amounts, and ease of application. It's a good idea to compare multiple loan apps and choose the one that offers the most favorable terms for your circumstances.

Where do most students get loans from?

Many students in Nigeria opt for loan apps as a convenient source of borrowing money. These apps have gained popularity due to their accessibility and quick approval processes. Additionally, some students may also explore traditional banks or credit unions for loans, although these institutions often have stricter eligibility criteria and longer processing times compared to loan apps.


Please note that when using these loan apps, it's crucial to borrow responsibly and ensure that you can comfortably manage repayments to avoid financial difficulties. Additionally, terms, conditions, and interest rates may change over time, so it's essential to review the specifics of each loan app before applying.


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