Top 10 Online Loans with Monthly Payments in Nigeria & How to Apply in 2024

  • November 19, 2023

Welcome to your ultimate guide on online loans with monthly payments in Nigeria.

With the increasing need for quick and accessible financial solutions, many Nigerians are turning to online loans.

In today’s post, we’ll break down the top lending platforms, how to choose the right one, and much more. So stick around as we dive in!

Understanding Online Loans in Nigeria

Online loans with monthly payments have become increasingly popular in Nigeria in recent years, as more and more people turn to the internet to access financial services.

These types of loans allow borrowers to receive funds quickly and easily, and then pay them back over a period of time, typically with a fixed monthly payment.

Types of Online Loan with Month Payments in Nigeria

There are many different types of online loans available in Nigeria, including personal loans, business loans, and student loans.

These loans can be used for a variety of purposes, such as consolidating debt, financing a small business, or paying for education expenses.

The Importance of Online Loans with Monthly Payments

These types of loans are more than just a trend; they’re a financial lifeline for many. Why? Well, let’s look at some key advantages:

  • Convenience: Apply from the comfort of your home. No queues, no stress.
  • Quick Approval: Get your loan decision within minutes, not days.
  • Flexible Repayment: Monthly payments make it easier to manage your debt.

All these advantages are what make people seek these types of loans. That is why we’ve come up with this post to show you 10 of the best lending platforms for online loans with monthly payments in Nigeria.

If you want to know them all, just keep reading as we also covered loan terms including interest rates, and/or loan amount for every lender listed!

Related: How to Get a Payday Loan in Nigeria

Top 10 Online Lenders that Offer Loans with Monthly Payments in Nigeria

Want to get that online loan that let you repay after 30 days or more? Here are the best ones right now:

1. Fairmoney

Fairmoney is a popular lending platform that offers online loans with monthly payments in Nigeria. On this app, you can access an instant loan within minutes.

Fairmoney loan interest rate is very low, as they give borrowers the opportunity to extend their loans if they can’t repay on due dates. You can take a loan from Fairmoney for a lengthy period ranging from 1 to 18 months.

2. Branch

If you want a quick loan that you can repay after 30 days in Nigeria, Branch is a good loan app to use. Within a few minutes after applying for a loan, your application will be assessed, and you could get it disbursed into your account without waiting for hours using the Branch app.

Branch loans come with very low interest rates and a relatively long tenor. You can also use the Branch app for other online banking operations such as money transfers, bill payments, airtime purchases and lots more ju7st like zintego.com.

3. Carbon

Carbon is one of the most popular loan apps in Nigeria that let Nigerians take collateral-free loans without any documentation or guarantor whatsoever. You can choose to repay your loans within 30 days or more.

This app offers personal loans ranging from 1,500 to 1 million Naira. The interest rate on Carbon loan is very low, and the loan tenor ranges from 1 to 6 months without unnecessary calls to remind you about your loans.

Related: How to Get Unemployed Loans in Nigeria Without Collateral

4. Aella Credit

Aella Credit is another trustworthy lending platform that offers online loans with monthly repayments in Nigeria. On this app, you can enjoy an instant loan without collateral or documentation.

Aella Credit loans come with low interest and flexible terms and conditions. You can access up to 5 million Naira worth of loans from this app, and repay monthly for 3 months.

Check Out: List of USSD Codes for Urgent Loans in Nigeria

5. QuickCheck

Online Loan with Monthly payments in Nigeria

Applying and getting loan applications approved on the Quick Check loan app is very fast as no salary slips, income proof, collateral, guarantor or documentation is needed whatsoever. This app is one of the best loan apps with monthly payments in Nigeria right now.

QuickCheck loans come with flexible terms, low interest rates, flexible payment methods, and long tenors, as you can get granted a loan worth up to 1 million Naira within just a few minutes.

QuickCheck is also very reliable, as it has over a million downloads on the google play store with lots of positive reviews.

6. KiaKia

KiaKia is a Peer to Peer (P2P) lending platform that offers instant online loans with monthly payments in Nigeria.

On this platform, you can easily get loans by simply downloading the app from App Store, signing up as a borrower, and getting connected to a lender that accepts your loan application.

Once that is done, and all requirements are met, the loan will be disbursed into your bank account in minutes. The interest rates on KiaKia loans are very low, and you can repay within 1 to 3 months.

Related: Top 15 Loan Apps with Low Interest Rates in Nigeria

7. Credpal

Credpal is one of the most reliable online loan apps that work on both Android and iPhone in Nigeria. Although the repayment policy is monthly, it works in a slightly different way.

Unlike other loan apps listed in this post, Credpal uses funded credit cards as a means of giving out loans. That is you get a credit card with a limit to spend for every month.

You can use Credpal Credit Card to make payments both online and offline. To get access to this credit card, you need to download the Credpal app and register using your correct details. Once that is done, you’ll need to wait a while to get your credit limit ready on the card.

As soon as your credit limit is ready, you can request the credit card and get it delivered to your preferred location. Once you have the card, you can start spending, and repay monthly or when you reach your credit limit.

8. Flexi Cash

FlexiCash is a reliable lending platform owned by PalmPay, and it can be accessed only through the Palmpay app. This product offers low interest loans to PalmPay users every month with a very flexible repayment policy.

You can access instant small loans on this platform to use for personal stuff. Flexicash also allows you to repay your loans gradually through the month or loan period.

See Also: Top 10 Loan Apps That Don’t Request ATM Card in Nigeria

9. PalmCredit

PalmCredit is another loan app in Nigeria that offers low interest loans with very flexible repayment options. This app has been in the Nigerian lending market for a very long time, and it has lots of downloads online.

Using the PalmCredit app, you can access relatively huge loan amounts ranging from 14 to 24 percent.

Just like other loan apps, you do not need to submit any documentation, collateral or guarantor to get your loan approved on PalmCredit.

All you just need to do is to download the app, register, and apply for a loan using your smartphone. Loan tenor on this app ranges from 1 month and above.

10. Umba

The last on this list of lending platforms that offer online loans with monthly payments in Nigeria is Umba. It offers some of the best loan terms including no late fees policy, no rollover charges, and no origination fees.

On this app, you can access instant personal loans worth up to 30,000 Naira with an interest rate of about 10%. You can repay your loan anytime you want for up to 62 days. That is you can also pay on the 30th day (the first month) or later when you have the money.

How to Apply for an Online Loan with Monthly Payments: Step-by-Step Guide

Applying for an online loan with monthly payments in Nigeria is straightforward, but there are a few crucial steps to consider.

Below is a detailed guide to help you navigate the application process without stress.

Step 1: Research and Choose the Right Lending Platform

Why It Matters: Not all lenders are created equal. Some offer lower interest rates, while others provide longer loan tenures.

Action Items: Read reviews, compare interest rates, and evaluate repayment methods. Look out for red flags like hidden charges.

Step 2: Register an Account

Why It Matters: The lending platforms require an account for you to manage your loan.

Action Items: Usually, you’d need your email, phone number, and sometimes your BVN for registration. Make sure your information is accurate to avoid any delays.

Step 3: Gather Required Documents

Why It Matters: Lenders need to verify your identity and assess your ability to repay the loan.

Action Items: Get your personal details, BVN, and bank statement ready. Some lenders may also require a utility bill or other proof of address.

Step 4: Fill Out the Loan Application

Why It Matters: This is where you specify the loan amount and tenure.

Action Items: Make sure to read through the terms and conditions. Check the interest rates and monthly repayment amounts.

Step 5: Wait for Approval

Why It Matters: The waiting time can vary between lenders.

Action Items: While waiting, prepare for repayment. Create a budget that includes the monthly loan repayments.

Step 6: Receive the Loan Amount

Why It Matters: Once approved, you’ll receive the loan amount in your bank account.

Action Items: Verify the amount and check for any unexpected fees or deductions.

Step 7: Set Up Repayment

Why It Matters: Missed payments can hurt your credit score and result in penalties.

Action Items: Set up reminders or automatic payments through Wallet Fund or Bank Transfer, based on what the lender offers.

Step 8: Make Timely Payments

Why It Matters: Timely payments not only protect your credit score but may also qualify you for higher loan amounts in the future.

Action Items: Stick to your budget and make each monthly payment on time.


Online loans with monthly payments in Nigeria are a convenient and accessible option for those in need of financial assistance. They provide a quick and easy application process, with no collateral required and minimal paperwork.

However, it is important to research and compare different loan providers to ensure you are getting the best deal and to be aware of any hidden fees or high interest rates.

That is why we’ve provided you with 10 of the best to pick from. So if you want to take loans with monthly repayments in Nigeria, just go with one of those listed above.