Top 10 New Loan Apps in Nigeria | 2024 FCCPC Approved

New loan apps are popping up all over Nigeria, revolutionizing the lending landscape by providing Nigerians with quick and easy access to loans, often without the need for collateral.

These top new loan apps in Nigeria, which have received the stamp of approval from the Federal Competition and Consumer Protection Commission (FCCPC) for the year 2023, are providing unique, consumer-focused loan solutions. 

They are undoubtedly leading the pack in reshaping how we think about and engage with financial services. With these best new loan apps in Nigeria, accessing financial support, irrespective of the need, has never been easier.

In this article, we will discuss some of the best new loan apps in Nigeria for 2024 that have been approved by the Federal Competition and Consumer Protection Commission (FCCPC).

These apps come equipped with groundbreaking features, geared to revolutionize how consumers acquire and repay loans.

Stay tuned to explore the future of personal financing right at your fingertips! As a Fintech company, TransferXO is bringing to your doorstep a list of the top new loan apps in 2024.

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Table of Contents

Overview of FCCPC-Approved Loan Apps

The Federal Competition and Consumer Protection Commission (FCCPC) is an independent regulatory authority in Nigeria, mandated with enforcing consumer rights and competition laws. One of its recent activities is the approval and regulation of loan apps, given the proliferation of digital lenders in the country. 

Recognizing the benefits and potential risks these apps pose to consumers, the FCCPC seeks to maintain fair, efficient, and transparent market conduct among digital lenders. This is achieved by implementing strict rules and standards that loan apps must comply with, such as fair advertising and disclosure of terms. 

Consequently, the loan apps approved by the FCCPC have demonstrated their compliance with these rules and provided sufficient safeguards for consumers’ rights.

In sum, the FCCPC’s approval ensures that loan apps function within an environment that respects consumers’ rights and promotes competition.

Therefore, the ubiquity of loan apps is increasingly empowering Nigerians to fulfill their financial needs promptly and effortlessly. To get reliable loans read 22 Most Reliable Loan Apps in Nigeria with Low-Interest Rates in 2023

Features of FCCPC-Approved Loan Apps in Nigeria for 2023

In recent years, digital technology has redefined many sectors of the economy, including the banking industry.

With the rise of mobile technology and the ubiquity of the internet, online loan platforms have emerged as a popular means of accessing credit facilities in Nigeria. 

The Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria is the government agency responsible for approving loan apps to ensure they are secure and fair and protect consumers’ rights.

So what are the features of FCCPC-approved loan apps for 2023?

1. Security

FCCPC-approved loan apps are secure and trustworthy. They utilize advanced encryption technology to ensure users’ financial data are secure and private. Also, the FCCPC ensures that these apps don’t engage in unauthorized sharing of users’ information.

2. Interest Rates

The FCCPC monitors these loan apps to ensure they charge fair interest rates. In some cases, they might enforce an interest cap to protect consumers from excessive charges. The approved loan apps in 2023 will also have transparent interest rates with no hidden charges.

3. Speed and Convenience

With the approval from FCCPC, these loan apps offer quick loans that can be accessed from the comfort of a home. Users do not need to go through the traditional stress of filling out paper forms and waiting in long queues in banks.

4. Fair Collection Practices

One of the conditions for the approval of these apps by the FCCPC is that they adhere to fair collection practices. This means they cannot employ aggressive, abusive, or unethical tactics when attempting to collect unpaid loans.

5. Regulations and Licensing

The FCCPC ensures that all approved loan apps are properly licensed and follow Nigeria’s banking and lending regulations. This assures users that they are dealing with legal entities that can be held accountable in case of any disputes.

6. Flexible Repayment Plan

FCCPC-approved loan apps offer users flexible repayment plans. They offer both short-term and long-term loans, with users being able to select a convenient repayment schedule.

7. Transparency

All loan apps approved by FCCPC are expected to uphold a high level of transparency. They clearly state their terms and conditions, including their charges and interest rates before users apply for loans.

8. Consumer Protection

The primary mission of FCCPC is to protect the rights of consumers. Therefore, all FCCPC-approved loan apps in 2023 will come with guarantees of consumer protection. 

While online lending can be convenient, it is crucial to patronize loan apps that are approved by FCCPC to avoid falling into the wrong hands. The commission’s primary role is to safeguard consumers from unscrupulous loan practices.

You Should Also Check Out: Top 17 SME Loans Without Collateral in Nigeria

Considerations for Choosing New Loan Apps In Nigeria 

When you’re in a financial crunch, money-lending apps may be able to assist you. A sudden expense can leave people scrambling to cover the fee if they are living paycheck to paycheck or do not have emergency savings.

However, even if they do not charge interest, lending applications frequently collect fees. Monthly membership fees to one-time processing fees are examples of fees. Before utilizing an app to obtain an advance, carefully read the terms and conditions. Consider the following:

1. Consider the loan’s purpose.

While personal loans can be used for a variety of purposes, it is not prudent to use them for home upgrades, trips, weddings, funerals, significant purchases, or other personal expenses. 

Personal loans are frequently restricted to postsecondary education fees, business objectives, and unlawful activities. When picking a lender, make sure that the loan’s planned usage is allowed under the borrower agreement.

2. Keep an eye out for any hidden fees. 

Some lenders provide fee-free personal loans in which borrowers are not required to pay origination fees, late payment fees, prepayment penalties, or any other customary loan costs. However, this is an exception rather than a rule. 

When looking for the greatest loan conditions, it’s critical to inquire about fees. If a lender charges an origination fee, find out if it’s included in the APR or deducted from the loan amount before funding, as this may affect the loan amount you need to obtain.

3. Examine the lender’s customer service alternatives. 

If you’ve found a lender willing to lend you the money you need on reasonable conditions, there’s one more thing to think about before signing the loan agreement. 

While customer service may not seem important during the honeymoon time of your loan, it can make a significant impact if you have payment troubles or endure financial hardship during your repayment period.

To ensure a suitable fit, evaluate the lender’s customer service resources and read evaluations from previous and present borrowers.

While legit loan apps exist in Nigeria, you should also be acquainted with fake loan apps in Nigeria. Read this article to get full knowledge; List of Fake Loan Apps in Nigeria

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Top 10 New Loan Apps In Nigeria 

The loan lending industry is quickly evolving with new apps and platforms designed to meet your instant cash needs right at your fingertips.

The Federal Competition and Consumer Protection Commission (FCCPC) ensures that these apps meet specific criteria and guidelines to protect the interests of consumers.

Without further ado, here are the top 10 new FCCPC-approved loan apps in Nigeria for the year 2023.

1. Nownowmoney: Instant Loans at Your Fingertips

In an attempt to bring convenient and efficient financial solutions to Nigerians, Nownowmoney was created and subsequently approved by FCCPC. The app provides a platform for Nigerians to access quick loans from anywhere and at any time, reducing the often stressful process of acquiring loans from banks. 

Beyond lending, Nownowmoney also features several functionalities such as money transfer, payment of bills, and purchase of airtime. Their instant loan services have been designed to provide ease, security, and swiftness in resolving urgent financial needs. 

User-friendliness and accessibility are some of the many reasons this app stands out in the ever-evolving digital finance landscape in Nigeria.

2. QuickCheck: Seamless Loans Without Hassle

QuickCheck, a highly user-friendly app approved by FCCPC, is revolutionizing the way loans are acquired in Nigeria. This innovative app offers a platform for Nigerians to effortlessly access loans, without the need for collaterals or paperwork. 

Users can simply download the app, create an account, and have access to quick cash for unexpected emergencies, all within minutes. The app uses a smart algorithm that accurately determines the creditworthiness of a user, eliminating the need for the usually tedious vetting process by financial institutions. 

The simplicity, efficiency, and user-friendliness of QuickCheck make it an essential app for anyone seeking a quick financial boost in Nigeria.

You Should Also Check Out: Top 21 Loan Apps For iPhone in Nigeria

3. Easynaira: Easy Loan Access

Easynaira is an efficient loan platform designed to cater to the financial needs of Nigerians. Approved by the Federal Competition and Consumer Protection Commission (FCCPC), the application offers quick, simple, and flexible loans to its users. 

Without the necessity for collateral, applicants can request loans of up to N5,000,000, based on their credit score. To facilitate easy repayments, the platform also offers loan tenors ranging from 3-18 months. The unique thing about Easynaira is the accessibility it provides to financial services. 

Its simplified application process is user-friendly, making it convenient for Nigerians to obtain necessary financial support, with only a few taps on their smartphone.

4. Nairaloan: Instant Personal Loans

Nairaloan is another Nigerian digital loan app that has gained approval by the FCCPC. It offers instant personal loans to users who may need financial help urgently. Catering to individuals from all walks of life, the platform requires no collateral, guaranteeing stress-free loan acquisitions. 

It stands out due to its instant disbursement feature that ensures users receive their loans within minutes after approval. Nairaloan takes a very inclusive approach by considering the applications from freelancers and small business owners as well. 

The loan repayment terms are also designed to be user-friendly and flexible, reducing financial stress on borrowers. In sum, Nairaloan revolutionizes loan accessibility by making the entire process speedy, simple, and instant.

Don’t miss out to read – 35 Profitable Businesses to Start With 20k in Nigeria | 2023 Business Tips

5. Naija Cash: Your Financial Helper

Naija Cash is one of the newly FCCPC-approved loan apps in Nigeria, tailored to assist those facing financial constraints. Designed to provide easy and fast loans without requiring any form of collateral, this app enables users to secure funds to cover various personal and business-related expenses. 

The borrowing process is simple and efficient, with loans disbursed directly to the user’s bank account within 24 hours. Its algorithm uses data on the borrower’s smartphone to make creditworthiness assessments, allowing a more comprehensive understanding of their credit status. 

In addition, Naija Cash provides responsive customer service to ensure all user concerns are promptly addressed.

6. KiaKia: Quick and Convenient Loans 

KiaKia is a digital lending platform recently approved by the FCCPC in Nigeria. This app facilitates instant personal and small business loans to financially active individuals and business entities. Its straightforward and transparent approach ensures users can get a loan within a few minutes. 

Unlike traditional financial institutions, KiaKia does not demand physical collateral or rigorous paperwork. It uses proprietary algorithms to determine an applicant’s credit score and sets the loan terms accordingly. 

To ease the process, the platform offers a friendly user interface and secure procedures. Whether for a financial emergency or business opportunity, KiaKia can quickly meet your monetary needs.

If you need profitable businesses to start with a loan read: 35 Profitable Businesses to Start with 300k in Nigeria

7. Swift Cash: Fast Loans For Everyone

Swift Cash is a notable Nigerian app providing a platform for individuals seeking quick financial assistance. The app was designed and approved by the FCCPC to support individuals experiencing financial shortfalls. 

The service process is fast, allowing applicants to receive funds within a short timeframe. Loan amounts vary and are based on a user’s credit score, repayment history, and the terms of the agreement. 

Additionally, the Swift cash app stands out for its easy-to-navigate interface, transparent repayment plans, and high-security measures that ensure user data safety. Offering immediate assistance, this app simplifies the lending process in Nigeria, making it easy for everyone to access financial help.

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8. XCredit: Hassle-Free Loan Access

Approved by the FCCPC, XCredit is a top-rated Nigerian app known for providing quick, hassle-free loan access. Its unique selling proposition is the ease with which users can apply for a loan and get approval within minutes. 

XCredit’s loans do not require collateral or any elaborate paperwork; all you need to access their services is a valid ID and a verified bank account. Moreover, their repayment structure is clearly defined with no hidden fees or charges. 

This app is not only about lending money but it is also designed to encourage fiscal responsibility among users. It promotes timely loan repayments which consequently improves users’ credit scores and makes it easier to secure bigger loans in the future.

If you need a collateral-free loan read – Top 17 SME Loans Without Collateral in Nigeria | 2023 List

9. Soko Loan: Quick Loans Without Collateral

Soko Loan is a fast and reliable loan application platform in Nigeria approved by the Federal Competition and Consumer Protection Commission (FCCPC). This digital lending platform provides swift financial solutions to individuals who are in urgent need of cash. 

Soko Loan offers easy access to micro-loans ranging from N5,000 to N100,000 without any form of collateral or guarantors. The entire loan application process is performed online, eliminating the need for paperwork and making it more convenient. 

Soko Loan offers flexible repayment plans to its customers with a loan term from 91 days to 180 days depending on the loan amount, helping people meet their short-term financial goals.

10. Get Loan: Fast and Reliable Loans

Get Loan is another reputable digital loan service in Nigeria approved by the FCCPC. It offers seamless access to credit to its users without requiring collateral or any complex process. The platform has simplified loan accessibility for both small businesses and individuals in need of instant cash. 

Borrowers can apply for loans ranging from N5,000 to N300,000 and can enjoy flexible repayment plans for up to a year. All processes, from registration to repayment, are completed online which increases efficiency and speed and eliminates stress. 

Get Loan’s credibility, swift loan disbursal, and transparent terms make it a top choice among digital lending platforms in Nigeria.

Take out time to read – 21 Legit Online Investment Platforms in Nigeria That Pays Daily | 2023

Pros and Cons of Loan Apps in Nigeria 

With the development and availability of loan apps in Nigeria, many individuals and businesses are now able to access funds swiftly to fulfill their immediate needs. These apps, developed by fintech companies, grant users quick access to credit without collateral. 

As helpful as these apps may be, it’s essential to understand the benefits and potential disadvantages that they may have. 

Pros of Loan Apps in Nigeria 

1. Easy Accessibility

With just a few clicks on your smartphone, you can apply and get access to loans. This ease of access reduces the hassle of standing in queues at traditional financial institutions. 

2. Quick Process

The loan application and approval process on these apps are typically faster compared to traditional banks. They require fewer processes and usually take a few minutes to approve a loan.

3. No Collateral Needed

Unlike traditional banks, most loan apps in Nigeria do not require collateral before offering a loan. This is advantageous for individuals or small businesses that may not have valuable assets to offer as security.

4. 24/7 Service

These apps offer round-the-clock service, allowing users to apply for a loan anytime, unlike traditional banks that have specific operational hours.

5. Gradual Increase in Loan Limit

Most of these apps offer a progressive increase in loan limits. The more a user successfully repays loans, the higher the amount they can borrow in the future.

If you need profitable businesses to start with a loan read: 17 Profitable Businesses to Start with 500k in Nigeria

Cons of Loan Apps in Nigeria 

1. High-Interest Rates

One of the major downsides of loan apps is their typically high interest rates, especially when compared to conventional banking systems. Some charge up to 30% interest rate, which may put the borrower under severe financial strain.

2. Privacy Concerns

Many of these apps require access to a user’s personal information, including a contact list, social media profiles, etc. This might raise concerns about privacy breaches.

3. Small Loan Amounts

Initially, loan apps often provide small loan amounts. While this can increase over time with good repayment behavior, it might not meet substantial financial needs at the start.

4. Quick Repayment Time

The repayment time for these apps is often short. Borrowers may have a week to a month to pay back the loan with interest, making it a challenge for those with unpredictable income flow.

5. Limited Regulation

Many loan apps are not as strictly regulated as traditional banks. There is a risk of predatory lending practices or sudden changes in terms and conditions, which may disadvantage the borrower.

If you need profitable businesses to start with a loan read: 17 Profitable Businesses to Start with 500k in Nigeria | 2023 Business Tips

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How to Get Online Loans in Nigeria 

Online loans have become popular in Nigeria due to the simplicity and ease they offer, compared to the often rigorous and lengthy process of getting loans from banks. Here is how to get online loans in Nigeria:

1. Evaluate your Needs

The first step in getting an online loan in Nigeria is understanding what you need. Do you require a small sum for a short period or a larger amount for an extended time? Different online loan services cater to different needs.

Some specialize in offering smaller loans for a shorter period while others may provide larger loans that can be repaid over a longer time frame.

2. Research Loan Providers

Once you’ve determined your loan requirements, it’s time to research potential online loan providers. Nigeria has several online loan services including companies like QuickCheck, FairMoney, and Carbon. Be sure to review their interest rates, repayment terms, loan limits, and eligibility requirements.

3. Apply for the Loan

After you’ve decided on a loan provider that best suits your needs, the next step is to apply for the loan.

You’ll be required to fill out an online application form providing personal details like name, age, contact details, and bank information. You may also need to upload proof of identification and employment.

4. Get Approved

After you’ve submitted your application, the lender will review it and if everything checks out, you’ll get approved for the loan.

Approval times vary but most online loan services in Nigeria provide instant approval. Some services like QuickCheck claim to offer loans within 24 hours.

5. Receive Your Loan

Once your loan application has been approved, the funds will be transferred to your bank account. It’s important to note that the time it takes for the funds to be available in your account will depend on your bank’s processing times. 

If you need profitable businesses to start with a loan read: 35 Profitable Businesses to Start with 700k in Nigeria | 2023 Business Tips

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Frequently Asked Questions

What is the interest rate on these loans?

Interest rates vary from one app to another and also depend on the repayment period. Generally, interest rates range between 5% and 30%. It is advisable to check and compare the rates of different apps before making a decision.

Are these apps secure to use?

Yes, these loan apps approved by the FCCPC are secure. They adhere to stringent security protocols to ensure your personal and financial data is kept safe. However, remember to never share your passwords or sensitive data with anyone.

Can I access these loans if I am not a resident of Nigeria?

Typically, you must be a resident of Nigeria to access these loans. Some apps might extend services to non-residents, but that is at their discretion and would require certain verifications.


The FCCPC-approved new loan apps in Nigeria are a game changer for both lenders and borrowers. With these apps, the process of applying for and receiving loans has been made simpler and more convenient than ever before. 

Additionally, these loan apps provide a level of transparency and accountability that is often missing from traditional lending institutions. 

With the continued growth of the fintech industry in Nigeria, we can expect to see even more innovative solutions that empower individuals and businesses to take control of their finances and achieve their goals. The future is indeed bright for Nigeria’s fintech sector and those who embrace it.

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