Top 10 Monthly Repayment Loan Apps in Nigeria

Remember that moment when life throws you a “gbege” bigger than Agege traffic jam? School fees knocking on your door like Femi Kuti’s bongos? Business deal about to fizzle out faster than NEPA light after rain? Medical bills stacking up higher than Lagos Island rent?

Don’t worry, oga! Forget begging Baba Ijebu or selling your last “aso-ebi.” We’re here to talk loan apps, your new “chop money” lifeline when things get tight. Think of it like your own personal ATM on your phone, no trekking, no paperwork, just quick cash to get you through the month.

But hold on, not all loan apps are like Suya, sweet and spicy but good for you. Some are like agbada wey too heavy, dragging you down with debt. That’s why B4loan, your loan app compass, is here. Guiding you through the jungle of options and dropping the 10 best apps that’ll have you saying “omo, this month easy!”

These ain’t those 7-day repayment loans, nah. We’re talking “borrow small, pay at your pace,” settle everything within a month like that monthly MTN data wey finish before you know am. So grab your phone, get ready to download, and let’s find the perfect loan app to keep your head above water until payday!

10 Monthly Loan Apps in Nigeria (2024)

monthly repayment loan app

Ready? Buckle up, let’s dive into the top 10 and say goodbye to monthly “wahala!”

1. Umba

The Umba loan app is like your local market mama, always ready to lend a helping hand (or should we say, “e-hand”). Whether you need to catch up on rent, stock up on garri before market day, or just treat yourself to some suya after a long day, Umba’s got your back (or should we say, “pocket”).

Here’s why Umba rocks:

  • Quick like pepper soup: Download, register, and bam! Loans in minutes, faster than you can say “omo, this app na lifesaver.”
  • Small small, no wahala: Borrow as low as ₦2,000 and as high as ₦500,000, perfect for when you need a little boost or a bigger “chop money” injection.
  • One month to settle: Pay back your loan within 30 days or more. No 7-day debt to drag you down.
  • Fixed, predictable rate: No hidden fees or surprises, what you see is what you get. Easy to understand, like Mama Agbani’s pricing at the market.
  • Build your credit score: Use Umba responsibly and watch your credit score climb higher than Okoye on a ladder. This opens doors to bigger loans and better financial opportunities in the future.
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Umba ain’t all sweet talk, though. Here are a few things to keep in mind:

  • You need to be at least 20 years old and have a Nigerian phone number plus BVN to qualify.
  • They’ll check your phone data to assess your creditworthiness, so make sure your browsing history is on point!
  • Late payments can lead to penalties, so be responsible and pay back on time.

Overall, Umba is a solid choice for quick, hassle-free loans with a clear repayment period. Just remember, borrow smart, pay back on time, and watch your financial future blossom like Agege bread in the oven.

2. QuickCheck

This app is like that friend wey dey always ready to “sort you out” when you need a quick 5k. No long stories, no drama, just straight cash to your account faster than a danfo driver changing lanes in Lagos traffic.

Here’s why QuickCheck is the real MVP:

  • Borrow from ₦1,500 to ₦500,000: Perfect for small emergencies or those big dreams you’ve been saving for.
  • Repay in 30 days+: No need for short or too many long-term commitments, settle your debt quicker than a plate of rice at Mama Put.
  • Interest rates as low as 2%: Some of the lowest in the market, making it easier on your pocket.
  • First-time borrowers get special treatment: Enjoy even lower interest rates to start your loan journey on a sweet note.
  • Build your credit score with every payment: Show them you’re a responsible borrower and watch your financial reputation soar.

But remember, QuickCheck ain’t for those who play games:

  • Late payments mean extra charges, so stay on top of your repayments.
  • They’ll use your phone data to check your creditworthiness, so keep those browsing habits clean!

Overall, QuickCheck is a solid choice for fast, flexible loans with good interest rates. Just borrow wisely, pay back sharp-sharp, and enjoy the financial freedom to chase your goals.

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3. Fairmoney

Up next on our list of monthly repayment loan apps is Fairmoney. And let’s be real, they’re like the OG of Naija loan apps. And even though Fairmoney sometimes sets 2 weeks as repayment time for some users, this is rarely the case and only occurs for very small loan amounts.

Here’s why Fairmoney can be a good choice for you:

  • Loans from ₦1,500 to ₦500,000: Enough to handle life’s unexpected “gbogbo” moments, whether it’s fixing your mama’s leaky roof or finally buying that aso-ebi you’ve been eyeing.
  • Repayment periods usually range from 14 to 180 days: Most times, you get more room to breathe than that 2-week sprint, like having enough time to finish your entire plate of jollof before starting on dessert.
  • Interest rates vary: Depends on your loan amount and creditworthiness, but generally competitive, like finding the best price for “agbada” at Oshodi market.
  • Build your credit score: Responsible borrowing can boost your reputation and unlock bigger loans in the future, like graduating from “pure water” to “champagne” when it comes to borrowing options.

Remember, even though Fairmoney might surprise you with that 2-week sprint sometimes, they’re generally a reliable choice for quick cash.

4. Kredi Loan

Kredi Loan: Quick cash like wildfire, no guarantors needed. Grab ₦50k-100k for emergency fixes, repay in 30-180 days (no pressure). Interest around 5%-35%, build credit while you’re at it. No collateral, easy process, but pay on time, late fees sting! Kredi’s your loan buddy for short-term bumps, borrow smart, pay sharp.

5. Palmcredit

Like having your ATM in your pocket. Borrow from ₦2k up to 200k, flexible repayment 30-365 days. Grow your limit and score with on-time payments. Interest starts at 14%, but can climb. Good for bigger needs you can spread out. Remember, pay back responsibly, and avoid late fees.

6. Renmoney

Level up your loan game Borrow big (₦50k-5 million) for larger goals, spread payments over 1-12 months. Competitive rates, salary deduction option for easy repayments. Not your everyday quick fix, but good for longer-term plans. Borrow smart, build your credit score, and watch your financial future blossom.

7. Branch

Another OG of the loan app world. Get instant cash from ₦2k-500k, flexible repayment 30-180 days. Loyalty program with rewards, but interest varies based on your credit score. Good for building financial reputation, borrow responsibly to unlock bigger loans later.

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8. Carbon

Your bank and loan buddy in one app. Open a bank account, save with high interest, borrow from ₦1k-1 million instantly. Repay over 3-64 weeks, enjoy cashback on transactions, and build credit score. But remember, late fees are no joke! Carbon’s a one-stop shop, use it wisely and watch your finances flourish.

9. Aella Credit

Speedy cash like Lagos traffic (but in a good way)! Grab ₦1.5k – 1 million in minutes, perfect for quick fixes. Repay in 1-3 months, like that “borrow me data till tomorrow” promise you usually forget. Interest varies, but on-time payments boost your score and unlock bigger loans. Remember, fast cash comes with responsibility, pay back sharp to avoid late fees. Aella’s your go-to for instant financial first aid, use it wisely and keep your wallet healthy! Ready for the final app?

10. Kobogo

Ah, Kobogo! It is the newest loan app on this list and like Fairmoney, they sometimes throw in that 2-week repayment plan at a few users. Here’s the deal:

  • Borrow small, say hello to ₦500 – ₦200,000: Perfect for those “omo, I need small change” moments, like topping up your data before that important Zoom call or grabbing some suya after work.
  • Pay back in 14 – 56 days: Think of it like a quick loan sprint, get your cash, handle your business, and be debt-free faster than you can finish a plate of amala.
  • Interest rates can range from 1.5% – 30% per month: It depends on your loan amount and creditworthiness, so borrow smart and keep those late fees at bay.

But here’s what you need to know:

  • Kobogo isn’t registered so you might want to be careful of the kind of data you grant them access to
  • You need to be at least 20 years old and have a steady income.
  • They’ll check your phone data to assess your creditworthiness, so keep your browsing history on point!
  • You will need to bind your bank or card.

And there you have it! The top 10 monthly loan apps for your short-term cash needs. Remember, borrow for short-term needs, pay back on time, and watch your financial future shine brighter than a Nollywood award show!


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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