Instant 20,000 Naira Loan in Nigeria: 9 Available Offers (2024)

  • October 20, 2023

20,000 Loan without Documentation: Are you in need of an urgent 20K loan in Nigeria? Hurray, we’ve got some offers available for you with low-interest rates.

One of the easiest ways for individuals and businesses to access loans without the need for collateral or a good credit score is through loan apps.

However, due to a lack of trust, many apps to borrow money in Nigeria only offer small loans, usually less than ₦5,000, especially for first-time borrowers.

Fortunately, there are several loan apps that provide loans of ₦20K or more to borrowers who fulfil their criteria, even if they are new. This article will examine nine such loan options available for urgent loans of 20,000 Naira in Nigeria.

So, if you’re among those seeking, an “Urgent loan 20,000 Naira loan in Nigeria”, join me and let’s explore some available offers!

Top 9 Loan Apps That Give 20,000 Loan without Documentation in Nigeria 2023

Loan apps to borrow up to 20K in Nigeria include:

1. Irorun Loan App

If you’re in quick need of an urgent loan of 20,000 Naira, Irorun loan app is worth checking out. This app specializes in providing small personal loans and offers a loan tenure of up to 30 days.

Irorun loan app has excellent customer support and is available for both Android and iPhone users on the Play Store and App Store, respectively. While the app charges a processing fee for its loans, the interest rates are reasonable and the approval and disbursal processes are swift.

Related: Get 500K Loan without Collateral

2. Fairmoney

FairMoney is one of the most popular loan apps that give urgent loan of 20,000 loan without documentation in Nigeria. This loan app provides loans of up to ₦500,000 without the requirement of collateral, and the repayment period can extend up to 6 months.

The Fairmoney loan app is reliable and has gained popularity with over 1 million downloads on the Google Play Store, offering loans at reasonable interest rates.

Furthermore, Fairmoney allows borrowers to extend their loans until they can repay them. Also, borrowers can use the Fairmoney calculator to know their interest rate before applying for a loan.

The loan eligibility criteria are simple and easy to follow, as all you need is a valid bank account linked to your BVN and some personal information.

To apply for a loan, download the Fairmoney app, register, and fill in your financial and personal details. The loan application process is straightforward and hassle-free.

Read Also: Get 50,000 Naira Loan without Collateral

3. Okash

Another loan app that gives an answer to the term “I need a loan of 20,000 Naira” is Okash. This app offers personal loans ranging from ₦1,500 to 1 million Naira without collateral.

Okash loan app has a fast loan approval and disbursal process, and the application process is pretty straightforward. Additionally, Okash loans offer low-interest rates and flexible repayment terms, making them a suitable option for individuals seeking quick loans.

Check Out: How to Get an Urgent 10,000 Loan in Nigeria

4. Branch Loan App

Another loan app on our list of apps that gives urgent 20K loans for students in Nigeria is Branch. Branch offers loans of up to ₦500,000 with a flexible repayment period of up to 15 months.

Although there are not many loan features like loan extension and loan calculators like Fairmoney, Branch loans are collateral free.

The app has over 10 million downloads on the Google Play Store and offers loans at competitive interest rates. To qualify for a loan from Branch, you must be a Nigerian resident with a valid bank account, you must have a BVN, and also a valid bank account.

To apply for a loan, simply download the Branch app from Play Store or App Store, register, and fill in your personal and financial details.

Check Out: 100K Loan Offers without Collateral in Nigeria

5. Carbon Loan App

20,000 Naira loan in Nigeria

If you own a small business and seeking an urgent loan 20,000 Naira without documentation in Nigeria, Carbon let borrowers access up to a million Naira worth of loan on the app without collateral.

Carbon loan interest rate is competitive, and it offers flexible repayment terms ranging up to 6 months. Just like other Nigerian loan apps, Carbon has over 1 million downloads on the Google Play Store with good ratings, which means it is reliable.

With just a valid bank account, some personal details, and a BVN, you can be eligible for a Carbon loan. Also, no collateral or a guarantor is needed to get your loan application approved on the Carbon loan app.

The app also offers other financial services, including savings, airtime purchases, bill payments, and more.

See Also: How to Get a 10 Million Naira Loan in Nigeria

6. Renmoney

Another loan offer for those seeking a loan of 20K in Nigeria is RenMoney. This is one of the most popular and reliable lenders that give higher amounts in Nigeria.

With a repayment period of up to 24 months, borrowers get loan offers worth not just thousands, but millions of Naira on Renmoney. The cool thing is that no collateral, a guarantor or paperwork is required.

Loans on Renmoney are available to both individuals and businesses, and the amount ranges from ₦5,000 to 6 million Naira.

This app’s loan eligibility is flexible, and the application process is super easy too. To be eligible for a loan on RenMoney, you must be a Nigerian resident between the ages of 22 to 59 years old. Also, you must have a verifiable source of income, a valid bank account and BVN.

To apply for a loan, simply visit the RenMoney website or download the RenMoney app, fill in your personal and financial details, and wait for loan approval.

See Also: Renmoney Loan App Review: Interest Rate & Requirments

7. PalmCredit

On our list of loan apps that offer 20,000 Naira loans in Nigeria, PalmCredit ranks seventh. This app provides loans of up to ₦100K with a repayment period of up to 180 days.

With over a million downloads on the Google Play Store, PalmCredit has been available for a considerable period of time, making it one of the most dependable options. However, the interest rate for PalmCredit loans may be too high for some borrowers, despite the ease of the application process.

To qualify for a loan on PalmCredit, you must be a Nigerian resident between the ages of 18 and 55, possess a valid bank account, and have a Bank Verification Number (BVN). To apply for a loan, simply download the PalmCredit app, complete the registration process, provide your personal and financial details, and await loan approval.

Read: Get Loans with BVN in Nigeria

8. KiaKia

Kiakia is a Peer-to-Peer lending platform that offers borrowers loans of 20K in Nigeria with very low-interest rates.

Unlike others on the list, borrowers can only access loans on this platform only through their website. The loan application process is easy, and no collateral is required.

See Also: Top 10 Loan Apps for Students in Nigeria

9. Quick Checks

20000 loan in Nigeria

The last on our list of loan apps that give 20,000 Naira loan in Nigeria is QuickChecks. Although not too popular, you can access instant personal loans on this app within minutes.

No collateral is needed, and also you don’t need a guarantor to access loans on this app. All you need to do is download the app, sign up, apply for a loan, and get it disbursed into your bank account in less than 5 minutes.

So, if you’re seeking loan apps that can borrow you 20K, those (above) are the popular loan apps that give 20,000 Naira in Nigeria. However, it is important you compare the apps before settling for one. Let’s discuss more on that.

Comparison of 20K Loan Apps

When comparing the loan apps listed above, it is essential to take into account the following factors:

  • Maximum loan amount: The highest loan amount that can be obtained from each app.
  • Interest rate: The rate at which loans are charged by each app.
  • Loan tenure: The period in which the loan must be repaid.
  • Eligibility requirements: The criteria that must be met to be eligible for a loan.
  • Application process: The simplicity and swiftness of the application process.

It is important to thoroughly read and comprehend the terms and conditions, interest rates, and repayment schedules before applying for a loan through any of these apps. It should also be noted that failure to repay loans on time can result in additional fees, penalties, and negative impacts on one’s credit score.

Check Out: XCross Cash Loan App Review


Loan apps are a great option for individuals in Nigeria looking to access 20K loans quickly and conveniently. However, many Nigerian loan apps offer low amounts.

With this post containing the ones that give 20,000 loan without documentation and above, I believe we’ve given the perfect answer to the question “how to get 20k loan instantly in Nigeria”.