Top 12 Websites That Will Help You Borrow Money Online in Nigeria

December 23, 2022
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12 Websites for Borrowing Money Online in Nigeria

Meet your financial obligations by applying for a quick loan from any one of these 12 websites in Nigeria. You can depend on these transformational digital means for the urgent need of funds!


Gone are the days when you would need to stand in a long queue, waiting to apply for an online loan in Nigeria or wait for a few more days for the loan to get verified and approved and finally disbursed.

With the advent of digital means and technological advancements, you can borrow money online in Nigeria using quick, easy, and convenient websites. Such accessibility to funds has made the young generation of Nigeria financially independent and given them the leverage to meet their early business or individual obligations.

The best feature of these digital loans is that they come without collateral. It has always been difficult to borrow money online in Nigeria using traditional methods, as most of the loans provided earlier were secured.

Now, you don’t have to post assets as collateral to get the desired capital to start a business or fund an existing one. The new generation in Nigeria is business-oriented and needs appropriate financial backing for a go-ahead in the world of making money. This is where some of the websites are helping out.

Here is a comprehensive guide on 12 websites that provide quick loans at easy terms.

Top 12 Websites That Give Quick Loans in Nigeria

Wondering where to borrow money online in Nigeria? You can do it from the comfort of your home without making a few trips to the bank.

Advances in technology have brought luxuries to the process of getting an instant loan. Let's take a look at the top 12 websites in Nigeria that offer quick financial loans:

1. PennyLender

PennyLender is an instant loan app in Nigeria that provides quick online loans. The objective is to provide easy access to credit and loans that come with quick disbursals and at low borrowing costs that other lenders may not be able to offer.

PennyLender is committed to issuing short-term/long-term loans without collateral, without obligation of guarantee. The platform also offers promos and discounts/incentives when you borrow money online in Nigeria on its website, where eligible borrowers can quickly access details of the types of credit available and check requirements.

Available Loan Types

PennyLender offers a lumpsum loan or a single payment amount for meeting instant financial emergencies varying between ₦10,000 to ₦50,000; however, the amount should be returned within 11 to 35 days, depending on the amount requested.

  • Salary Loans are a special privilege for salaried workers. You can borrow money in Nigeria online that is equal to or more than ₦500,000, depending on your salary structure.
  • The third category offered by PennyLender is the instalment loan, where you can borrow money online in Nigeria up to ₦500,000 and pay it back in instalments.
  • PennyLender allows you to earn points for referring other customers, paying back quickly, taking classes and quizzes, and posting online through the platform. These points will move you up the relevant ladder allowing you to enjoy lower interest rates and higher loan values.


To use PennyLender's services, you must submit the following documents:

  • ID card, international passport, driver's license, or other valid identification.
  • Evidence of your address, including a recent utility bill.
  • Evidence of employment status in the form of a job letter, bank statement of the last 3 months, promotion letter or contract review document, and a passport photo.

2. Renmoney

Renmoney, founded in 2012, has the aim of making the life of Nigerians easy and flexible by providing them with quick loans on easy terms.

Renmoney is a high-speed lender that is committed to providing loans to people living in Nigeria at competitive rates, as quickly as possible, and with flexible repayment requirements, without guarantees or security requirements. You can directly borrow money in Nigeria online from the website.

Available Loan Types

Renmoney offers micro business and personal loans ranging from ₦50,000 to ₦4,000,000, paid out over 3 to 12 months. The interest applied depends on the amount borrowed.

For example, if you borrow ₦2,000,000 for a year, then the amount you have to repay is the principal amount, along with interest calculated based on the amount borrowed (let’s say 33.9%) within the stipulated period.


To apply for a quick business or personal loan from Renmoney, you need to:

  • Fill out an online application entering all your correct details
  • Provide your details, employment status, income status, etc.
  • Provide proof of identity, residence, and age, along with bank statements
  • A credit notification or approval can be received within 24 hours of applying for the online loan in Nigeria.


You can now easily borrow money online in Nigeria using GroFin. It provides financing/business loans to small and medium enterprises (SMEs) in Africa and the Middle East.

GRoFIN specializes in offering $100,000 to $1.5 million or investing in select companies. This is no ordinary quick loan company, and its requirements are much stricter than others.

Available Loan Types

With GroFin, you borrow money in Nigeria online in the form of business loans ranging from $100,000 to $1.5 million.

You can apply if you think you meet all the requirements that GroFin specifies. It considers businesses that have one to six years of operational experience.


The eligibility requirement to borrow money in Nigeria online from GroFin are:

  • Your age should be between 22 and 58.
  • It is mandatory to submit collateral - the value is not specified but must be equal to the amount of the loan you are seeking from GroFin.
  • You should be employed and be able to repay the loan within the required period.
  • You must have a valid bank account with a BVN.
  • Complete the pre-evaluation.
  • Fill out the checklist and apply for the type of credit that best suits your purpose.

4. Alat-Wema

ALAT instant loans that are unsecured are offered by WEMA Bank PLC for up to ₦200,000 without tedious paperwork.

Available Loan Types

You should have a WEMA bank account before using the ALAT product.

You need to apply for the loan by logging in to the ALAT website and fill the appropriate application. The system evaluates risk scores to determine creditworthiness. This risk assessment also determines the interest rate that is deducted.

After the approval, you will get the credit in your account in minutes. There will be automatic deductions from your bank account if you fail to make payment within the agreed time.


  • You should have a National ID card or driver's license.
  • You should be at least 21 years of age.
  • Provide a photo ID proof and a recent utility bill (within the last 3 months) with an address that matches your ALAT profile.

You can earn ₦500 for every friend you refer with a referral code. Anyone you refer also receives ₦200 after he/she has made their first transaction.

5. Rosabon Finance

Rosabon Finance Ltd. is one of Nigeria's fast lenders, prioritizing quick transactions and easy applications for fast money online.

Available Loan Types

Rosabon offers personal loans where you can apply up to ₦3,000,000 in 48 hours. The repayment rate can be 6-10 months.

You can also apply for Group Loans, Business Loans, and Consumer Goods Loans, in which you can receive up to ₦15,000,000 by using a car or vehicle as a loan asset.

You also have access to credit cashback which is specially designed for regular Rosabon customers to apply for a quick loan in Nigeria for more credit with better terms.


  • To borrow money online using this instant loan app in Nigeria, you must have a current account and should fall in the age group of 21 - 58 years.
  • A tax identification number or retirement account is required.
  • You must have a valid ID card.


FINT is a peer-to-peer quick loan platform that connects aspiring investors with potential borrowers. The organization offers asset-backed loans, agricultural loans, power, insurance, and real estate loans.

Available Loan Types

You can apply for a quick loan in Nigeria between ₦20,000 and ₦1,200,000, paid over 3 to 12 months. You can easily calculate your loan and interest paid using the calculator on the FINT website.


To use FINT's services, you are required to register personal information such as your name, valid ID card, address, and email address. You will also need to provide bank statements and a recent utility bill to meet your creditworthiness.

7. Lydia.Co is a financial services company founded with the sole mission of providing Africans with a reliable way to accumulate and grow their wealth. They offer a range of projects that allow users to borrow money online in Nigeria and solve the problem of the rising cost of living. provides short-medium term unsecured loans to set the stage for Nigerians through financial requirements.

Available Loan Types

You can get business and personal loans from ranging between $500 and $15,000 at one of the lowest interest rates available in the market.

You also get the benefit of applying for unsecured or secured loans, which will give you ease and convenience. Simply apply for instant credit from online to borrow money online in Nigeria and get a huge variety of loan options that satisfy different financial requirements. is also known for applying various algorithms and technologies to assess the risks before approving loans, which is why the loan availability is at affordable rates.


You simply need to register with's instant loan app in Nigeria using your email and phone number. Fill in the required details and choose the kind of financial loan you want to apply for.

After a quick online verification, you will get the loan approval status within minutes, after which the amount will be disbursed into your account within hours (if approved).


AELLA-CREDIT is building a platform that focuses on employee lending and enablement after collaborating with 3 major credit bureaus in Nigeria to provide quick and affordable paperless loans to its customers.

Your credibility is assessed by a credit scoring algorithm that is developed after the team collected more than five years of market data and analysis, considering various social and demographic factors and debt-to-income ratios, to process applicant eligibility for loans.

These loans help you borrow money online in Nigeria to meet emergencies with repayment rates based on the time it takes to pay back.

Available Loan Types

AELLA-CREDIT offers personal and business loans ranging from ₦1,500 to ₦90,000, payable within 30 to 60 days, with monthly interest rates of 4% to 29%.

If you pay it off on time, you can borrow money online in Nigeria at a much lower interest rate the next time. No collateral or guarantor is required to use AELLA's services.


You should install the AELLA instant loan app in Nigeria, register with your personal information, including your name and current address, complete the application and wait for approval. Once approved, you will receive your money within minutes.


ZEDVANCE specializes in providing consumer credit of up to ₦5,000,000 million to be paid back within 18 and which can be processed within 24 hours.

The company offers loans specifically for office workers, but if you have a side job with a salary, you can sign a contract to finance your business. ZEDVANCE also gives you ₦50,000 for free by recommending your friends to rent on the platform.

Available Loan Types

You can apply for a quick loan in Nigeria using any of the loan types given below:

Zedvance Nano, Zedvance Payroll for salaried workers, and Zedvance Business for a significant financial boost for businesses looking to grow.


You simply need to create an account on the platform and fill out a credit application form after selecting the appropriate credit category for your purpose.

Submit the relevant documents, answer questions about your identity and current address, and get your loan disbursal within minutes after your application is approved.


PAYLATER is a simple, fully online platform that provides short-term loans to Nigerian individuals and small businesses to meet unexpected expenses and urgent cash needs.

Available Loan Types

PAYLATER gives you access to unsecured loans up to ₦500,000, which are disbursed within 1-3 business days. By paying it off on time, you can increase your credit limit for your next loan.

PAYLATER issues both personal and business loans. After submitting your application, it only takes a few minutes for a credit decision to be made. The requirements for guarantors, collateral, uploading documents, etc., are quite simple and user-friendly.


You should be a resident of Nigeria and have a valid bank account with a BVN to verify your credibility and financial status. PAYLATER offers bonuses and discounts to customers who refer other customers to the platform through unique referral links.


KiaKia is a digital money lender for businesses in Nigeria that provides direct, individual, and business access to millions and offers peer lending. The name KiaKia in Nigerian means quickly. Their core objective is to enable swift transactions.

Available Loan Types

KiaKia offers loans in a range of ₦10,000 - ₦5,000,000 depending on a fixed income or business income.

To apply for a quick loan in Nigeria, you must contact "Mr. K", the company's chatbot, who will respond with automated messages and process your loan application. KiaKia has no strict requirements and offers unsecured loans without collateral.


  • You should create an account using your email address and be at least 21 years of age.
  • You should be employed or have a business.
  • Submit valid identification such as an international passport, ID card, or driver's license, and bank statements within the last 3 months.

12. Migo (9mobile)

Migo is a Nigerian fast lending platform operated by 9mobile, whose main priority is the speed of its lending services. So, you don't have to upload any documents, just a few clicks and you're ready to go.

Available Loan Types

Migo offers both corporate capital loans and expedited personal loans. You will only receive credit if you can repay, so it is best to check your bank's records to calculate your credit score. Payback rates start at 5% and increase over 14-30 days.


The process is fairly simple - you need to open the app, enter your phone number and OTP, choose the loan category that fits your needs, enter bank details, and wait for a few minutes for the loan approval. Within a short period, your loan will be disbursed if approved.


This extensive list will definitely help you narrow down where to borrow money online in Nigeria!

The times are changing, and there's a revolution in the financial world. The trajectory of technological progress has made it feasible for Nigerians to borrow money in Nigeria online without leaving their homes and fulfilling their financial requirements. This calls for financial independence and great opportunities to enjoy financial success.

So, if you need emergency funds to start a business, run it effectively, or even for urgent requirements, visit Pillow Fund or consider the various loan options according to your suitability.


1. How do I qualify for a loan?

To qualify for a loan in Nigeria, you should have a reasonable credit score and financial history as stipulated by banks, NBFCs, and lending apps.

Other factors considered are income, debt-to-income ratio, your ability to pay collateral, and the payment of origination fees.

2. What do banks check before giving a loan?

Banks and online apps require different information from different lenders – like businesses and individuals.

Generally, they check your details, professional particulars, income (to see if you can afford to repay the loan), expenses, ID/address/age proof and bank statements.

If you are a business entity, you may be asked to submit additional documents regarding your firm, and if you are salaried, you could be asked to submit your salary slips/job letter/letter of recommendation.

3. What would happen if I couldn’t pay it back at the right time?

If you fail to repay your loan on time, you may have to face court charges in Nigeria, and it becomes a civil matter. Generally, a default leads to a fine or financial punishment rather than jail.

4. \What questions will I be asked when I borrow money in Nigeria online?

You could be asked questions based on your financial requirements, specifically about your credit profile, how you plan to use the funds, how will you repay the loan, how much income/profits can you make, and if you can afford to take the loan if you can pay any collateral (which also gives you the advantage of a low rate of interest).

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