Top 10 Private Money Lenders in Nigeria with Low-Interest Rates 2024

  • November 19, 2023

Private money lender in Nigeria: Are you in need of a loan for a business or personal purpose, but don’t want to get it from the bank? Private lenders may be the best option for you!

Navigating the world of private money lending in Nigeria can be challenging for borrowers who need quick access to funds. As traditional banks and financial institutions often have stringent lending requirements, many individuals and businesses turn to private money lenders for financial assistance.

In this article, we will explore the various types of private money lenders in Nigeria, their advantages and disadvantages, and the legal framework governing them. We will also share some tips for borrowers to make informed decisions when choosing a lender.

This article aims to serve as a valuable resource for anyone looking for credible and reliable private money lenders in Nigeria. So, without a waste of time, let’s dive in and get started!

Who is a Private Money Lender?

A private money lender is an individual or non-commercial bank entity that offers loans to borrowers, typically without the strict requirements and regulations associated with traditional banks and financial institutions.

Private money lenders may provide funds for various purposes, such as personal loans, business loans, or real estate investments. They usually offer more flexible lending terms, faster loan processing times, and are more accessible to individuals with low credit scores or limited credit history.

However, private money lenders often charge higher interest rates than traditional banks due to the increased risk associated with their lending practices.

Check Out: How to Borrow 5 Million Naira without Collateral

Types of Private Money Lenders in Nigeria

There are mainly two types of private money lending companies in Nigeria, including:

Microfinance Institutions (MFIs)

These organizations provide small loans, savings, and other financial services to low-income individuals and small businesses. They are typically more accessible and flexible than traditional banks, making them a popular option for borrowers in Nigeria.

Online Lending Platforms

Online lending platforms, also known as fintech, are the most popular private loan lenders in Nigeria. This can also be categorised into two, including the P2P lending platforms (These are digital platforms that connect borrowers with private money lenders). And the second is sole lending organizations.

Fintech platforms offer a convenient and fast way to secure loans, with applications and approvals often happening within minutes or hours. Some examples of popular online lending platforms in Nigeria include FINT, Carbon (formerly Paylater), QuickCheck, FairMoney, and Renmoney.

From here, let’s take a look at some of the best private lenders in Nigeria.

See Also: Get 1 Million Naira Loan Today without Collateral

Top 10 Private Money Lenders in Nigeria


FINT is a leading peer-to-peer lending platform in Nigeria that connects verified borrowers with investors. With a focus on transparency, affordability, and convenience, FINT offers personal loans with competitive interest rates and flexible repayment terms.

Borrowers can apply online and receive loan approvals within 48 hours. No collateral or paperwork is needed.

2. Carbon (formerly Paylater)

Carbon is a digital financial services platform that provides instant loans, bill payments, and investment opportunities.

With a user-friendly mobile app, Carbon offers loans without the need for collateral or guarantors. Their quick loan processing and disbursement make them a popular choice among borrowers.

The loan application process can be done online via the Carbon app that can be downloaded from Play Store.

Related: How to Get a Payday Loan in Nigeria

3. QuickCheck

Private money lenders in Nigeria

Another private money lending platform in Nigeria is QuickCheck. This platform leverages technology to assess the creditworthiness of potential borrowers.

Quickcheck offer loans ranging from small personal loans to larger business loans, all without collateral. The platform is known for its fast loan approvals and disbursements.

Read Also: Best Loan Apps to Borrow Money in Nigeria

4. FairMoney

If you’re looking for a Nigerian private money lender that gives access to loans in minutes, FairMoney is a good option. It is a mobile banking app that offers quick loans, bill payments, and airtime purchases.

On the Fairmoney app, borrowers can get collateral-free loans worth up to 500K with flexible repayment options and competitive interest rates. With a simple and straightforward application process, FairMoney has become a preferred lender for many Nigerians.

It also offers a lot of loan features such as its loan calculator that helps borrowers calculate their interest rates on loans, and also loan extension service.

See Also: How to Borrow Money from Fairmoney in 5 Minutes

5. KiaKia

KiaKia is another peer-to-peer digital lending platform in Nigeria that connects borrowers with individual and corporate lenders. Using an AI-driven credit scoring system, KiaKia evaluates borrowers’ creditworthiness and offers personalized loan terms.

Their focus on transparency and efficiency has made them a reliable choice for Nigerian borrowers. From small personal loans to sorting out unexpected expenses, to business loans, KiaKia has a variety of flexible loan offerings.

6. Branch

Branch is a global fintech company operating in Nigeria that provides fast, affordable loans via its mobile app. They use advanced algorithms to assess creditworthiness and offer personalized loan terms to borrowers.

With no collateral or paperwork required, Branch has gained popularity for its hassle-free lending experience. Borrowers can also access up to 500K, just like Fairmoney.

Related: Loan Apps that Give 50,000 Naira Loan in Nigeria

7. Aella Credit

Another digital private money lender that offers instant loans to employees of registered companies in Nigeria is Aella Credit. By partnering with employers, Aella Credit can provide borrowers with competitive interest rates and flexible repayment plans.

Their seamless online application process makes borrowing simple and convenient. However, their loan service is only available to those with a verifiable source of income.

8. PalmCredit

Want a quick 100K loan from a private money lender in Nigeria? PalmCredit is a mobile lending app that offers short-term loans to Nigerian borrowers.

With an easy-to-use interface and fast loan processing times, PalmCredit has become a popular choice for those in need of quick cash. Borrowers can access loans without collateral and enjoy flexible repayment options.

Check Out: How Get a Loan from Palmcredit in Minutes

9. RenMoney

Private money lender in Nigeria

RenMoney is a microfinance bank that offers personal loans, savings products, and fixed deposit services. With a commitment to providing affordable and accessible financial services, RenMoney offers loans without collateral and with flexible repayment terms. They are known for their excellent customer service and support.

Read Also: How to Borrow 5 Million Naira from Renmoney

10. Zedvance

Zedvance is a consumer finance company that offers personal loans and credit solutions to Nigerian borrowers. It is an online private money lender that provides loans with flexible repayment options and competitive interest rates, all without requiring collateral.

Zedvance responsive customer service and user-friendly online platform make the borrowing process smooth and efficient.

That wraps up our list of the best private loan companies in Nigeria. Now, let’s see the pros and cons of getting a loan from a private lender in Nigeria.

Benefits of Nigerian Private Money Lenders

  • Fast Processing Time: Private loan lenders are known for their quick loan processing and approval times. This can be particularly helpful for individuals or businesses that require urgent financial assistance.
  • Less Strict Lending Requirements: Unlike traditional banks, private money lenders often have more relaxed lending requirements, making it easier for borrowers with low credit scores or limited credit history to secure loans.
  • Flexible Repayment Terms: Private money lenders may offer flexible repayment terms that cater to the borrower’s financial situation, providing some relief during challenging times.
  • Accessible to Those with Low Credit Scores: Private money lenders cater to individuals who may have been rejected by traditional banks due to low credit scores or insufficient credit history.

As the saying goes; “There’s no advantage without a disadvantage”. While you can benefit a lot from private online money lenders in Nigeria, they may have some drawbacks.

Disadvantages of Private Lenders in Nigeria

  • Higher Interest Rates: Private money lenders typically charge higher interest rates than traditional banks to compensate for the higher risk associated with their lending practices.
  • Risk of Falling into Debt Traps: The easy accessibility of loans from private money lenders can lead to a cycle of borrowing, which may result in long-term financial difficulties if not managed responsibly.
  • Possibility of Scams and Unregulated Lenders: The private money lending sector may include fraudulent lenders and scams, making it essential for borrowers to exercise caution and perform due diligence before securing loans.

Factors to Consider When Choosing a Private Money Lender

  • Credibility and Reputation: Before securing a loan, research the lender’s credibility and reputation to ensure they are trustworthy and reliable.
  • Interest Rates and Fees: Compare interest rates and fees charged by different lenders to find the most cost-effective option.
  • Loan Terms and Conditions: Private money lenders approved by CBN usually have their terms of service respectively. Read and understand the loan terms and conditions before committing to ensure they align with your financial needs and repayment capacity.
  • Customer Service and Support: Choose a lender with a strong customer service track record, as this will make the borrowing process more seamless and enjoyable.

Private Loan Lenders in Nigeria – FAQs

Do you need credit for a private loan?

Private loans are generally more flexible than traditional bank loans, and some private lenders may be willing to lend money without placing as much emphasis on credit history. While creditworthiness can still be a factor, private lenders may consider other factors such as income, collateral, or the purpose of the loan when determining eligibility.

Can you borrow money from a private lender?

Yes, it is possible to borrow money from a private lender. Private lenders are individuals or non-bank institutions that provide loans to individuals or businesses. These lenders can offer various types of loans, including personal loans, business loans, or real estate loans.

How much can I borrow from a private money lender in Nigeria?

The amount you can borrow from a private money lender in Nigeria can vary depending on several factors, including the lender’s policies, your income, creditworthiness, collateral (if any), and the purpose of the loan. Private lenders may have different loan limits, and it is advisable to inquire directly with the lender to determine the maximum loan amount available.

What do I need to get a loan from private money lenders in Nigeria?

The specific requirements may vary among private money lenders in Nigeria, but generally, you will need to provide some common documentation and meet certain criteria. These may include:

  • Proof of identity (e.g., valid ID card, passport)
  • Proof of income (e.g., pay stubs, bank statements)
  • Proof of residence (e.g., utility bills, rental agreement)
  • Collateral (in some cases)
  • A completed loan application form provided by the lender
  • Meeting the lender’s minimum age and income requirements

What are the best private money lenders in Lagos?

Private money lenders in Nigeria include Renmoney, KiaKia, FINT, Fairmoney, Carbon, and AellaCredit.


Private money lenders in Nigeria can be a viable option for individuals and businesses seeking quick access to funds. By understanding the various types of private money lenders and their pros and cons, borrowers can make informed decisions when choosing a lender.

It is crucial to consider factors such as credibility, reputation, interest rates, and loan terms when selecting a lender to ensure a positive borrowing experience. Additionally, being aware of the legal framework and regulations governing private money lending in Nigeria can help protect borrowers from unscrupulous lenders and scams.

By following the tips provided in this comprehensive guide, borrowers can responsibly use private money lenders to meet their financial needs and achieve their goals. Remember, responsible borrowing is key to maintaining financial stability and avoiding long-term financial difficulties.