Do you need a loan of 20,000 naira instantly? There are several loan apps that can grant you such an amount in just a few minutes. And the best part is that you do not even need collateral, a guarantor or to queue up for hours to get this loan. With just a few taps on their downloaded mobile application on your device, you can get the money deposited into your bank account in the shortest possible time.

Why borrow 20k from a loan app?

  • Urgent need: You might face an unexpected emergency, like medical bills, car repairs, or essential household expenses that require immediate financial support.
  • Short-term gap: You could be experiencing a temporary income shortfall due to job loss, delayed payments, or seasonal income fluctuations.
  • Opportunity: You might have a time-sensitive chance to invest in a small business venture or seize a valuable deal that requires quick cash.
  • Credit building: Borrowing responsibly and repaying on time can improve your credit score, and make way for larger loans in

Urgent 20k loan apps in Nigeria

Below is a list of 10 loan apps that can borrow you up to 20,000 naira in Nigeria for the first time and instantly:

1. JumiaPay Loan by QuickCheck:

JumiaPay a partner of QuickCheck is one of the most trusted loan apps that can borrow you up to 20k instantly on your first attempt. No collateral or lengthy paperwork is required, just a few minutes to fill out an application and you have your money deposited into your bank account.

  • Loan amount: ₦1,500 – ₦500,000
  • Interest rate: Starts at 5% monthly for first loan
  • Repayment period: 30 days – 1 year
  • Features: AI-powered credit assessment, flexible repayment options, quick approval and disbursement.
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2. Branch:

Branch is another mobile loan platform operating in Nigeria that can lend you up to 20,000 naira without collateral. No paperwork is required from you as with just your BVN, you can get the money you need to sort out your expenses. To get started, simply download the Branch app from the App store and begin the application process.

  • Loan amount: ₦1,500 – ₦500,000
  • Interest rate: 14% – 28% per annum
  • Repayment period: 4 – 64 weeks
  • Features: Easy signup, wide loan range, build credit score with on-time repayment.

3. FairMoney:

Coming third on the list of apps to borrow urgent 20k from, is the Fairmoney loan app. This app is known for its convenience and can be used to perform other transactions other than borrowing money. Although Fairmoney interest rate can be higher than the two loan apps already mentioned, it is still a licensed loan app by the Central Bank of Nigeria.

  • Loan amount: ₦2,500 – ₦1,000,000
  • Interest rate: 1.5% – 30% per month
  • Repayment period: 15 days – 1 year
  • Features: Instant approval, multiple loan options, transparent fees.

4. Palmcredit:

Palmcredit is yet another loan app  Nigerians trusts and run to when they need quick funds for unforeseen expenses. It is known for its quick approval and disbursement process, and is readily available on our App Stores. Just download the app, fill in the required information such as your name, phone number, employment details, BVN, etc. and get funds deposited into your account.

  • Loan amount: ₦2,000 – ₦100,000
  • Interest rate: 4% – 28% per month
  • Repayment period: 15 days – 12 months
  • Features: Virtual credit card, build credit limit with timely repayments, no paperwork.

5. Carbon:

Carbon, formerly known as Paylater, is a reputable loan app in Nigeria that offer instant loans up to 20,000 naira for first-time borrowers. With no need for collateral or extensive paperwork, Carbon provides a swift and efficient lending process. You can apply within minutes, and upon approval, the funds will be promptly deposited into your bank account.

  • Loan amount: ₦1,500 – ₦1,000,000
  • Interest rate: 1.75% – 30% per month
  • Repayment period: 15 days – 18 months
  • Features: Quick disbursement, flexible repayment plans, improve credit score with responsible borrowing.
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6. Aella Credit:

Aella Credit is another notable loan app in Nigeria that offers various services including loan services. it can provide you quick loans of up to 20,000 naira as a first-time borrower. With Aella Credit, the application process is streamlined, requiring minimal documentation and no collateral. You can can easily access funds for your immediate financial needs.

  • Loan amount: ₦4,000 – ₦200,000
  • Interest rate: 14% – 28% per annum
  • Repayment period: 4 – 12 months
  • Features: No guarantor or collateral required, easy repayment options, build credit history.

7. QuickCredit:

Although not as popular as the other list of urgent loan apps on this list, QuickCredit is another notable loan platform that you can depend on. It caters to the urgent financial needs of borrowers, offering loans up to 20,000 naira for first-time applicants. With a swift application process and minimal requirements, QuickCredit stands out for its efficiency in providing quick funds without the need for collateral. QuickCredit can be accessed via their website.

  • Loan amount: ₦1,500 – ₦500,000
  • Interest rate: 2% – 30% per month
  • Repayment period: 91 days – 1 year
  • Features: AI-powered credit assessment, build credit score, flexible loan terms.

8. Renmoney:

Renmoney is a well-established loan app in Nigeria, where you can conveniently access loans of up to 20,000 naira on your first application. Known for its reliability, Renmoney simplifies the borrowing process, eliminating the need for collateral. Users can enjoy a straightforward application process and prompt disbursement of funds to address their financial requirements.

  • Loan amount: ₦2,000 – ₦500,000
  • Interest rate: 1.5% – 30% per month
  • Repayment period: 15 days – 12 months
  • Features: Quick approval, diverse loan options, transparent fees.
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9. Umba:

If you ever find yourself needing quick funds in Nigeria, Umba can bail you out. It can borrow you up to that 20k you need as long as your connected bank account has a history of transaction. Simply download the app, fill in your details, and apply for the loan.

  • Loan amount: ₦5,000 – ₦500,000
  • Interest rate: 1.5% – 30% per month
  • Repayment period: 15 days – 12 months
  • Features: Easy approval process, build credit score, multiple loan options.

10. Kobogo:

Kobogo is a new loan app in Nigeria that is gaining popularity. It’s is one platform that can give you a loan of up to 20k in naira as soon as possible. Kobogo loan app requires you to have a good credit history and pass some basic requirements. You will also need to bind a bank card to proceed.

  • Loan amount: ₦3,000 – ₦150,000
  • Interest rate: 15% – 30% per month
  • Repayment period: 15 days – 12 months
  • Features: Simple and convenient, improve credit score, flexible repayment plans.

How long does it take to get the money after applying?

Most loan apps on the list claim instant or quick disbursement, ranging from minutes to a few hours upon approval. However, this can depend on your bank and verification processes.

What documents do I need to apply for a loan?

Many apps require minimal documentation, such as your BVN, phone number, and bank account details. Some may ask for additional information like employment details and face snapshot.

Wrapping up

The 10 listed loan apps above are capable of borrowing you a loan of up to 20k. They are all approved by the FCCPC, and barring Kobogo, have also all been licensed by the CBN. So if you need an urgent fund for anything, you can just download these apps and borrow from them.


Many loan apps change their interest rates and repayment terms over time. Always review the terms and conditions carefully before downloading any loan app. B4loan doesn't promote any loan app, we just help you make informed decisions.

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