How To Get An Instant Loan in 5 Minutes in Nigeria

Getting a loan to solve your urgent personal or business needs has evolved into a more easy and less time-consuming process.

With just your smartphone and an internet connection, anybody with a bank account can apply to get a loan request at any time, and you can receive the loan instantly, in 5 minutes, or within a short space of time.

Some of these famous loan apps began as single-product financial technology companies that offered only loans, but a few of them have progressed into becoming digital banks. Some loan companies even grant you access to use a feature phone by simply dialing a particular USSD code.

How to Get an Instant Loan in 5 Minutes in Nigeria

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  1. To get instant loans, you will first be required to log in to any of the instant online loan applications (you can see them below), or you can simply sign up if you’ve not yet registered on the platform.
  2. Once you are logged on, go to Loans.
  3.  You should click on “Take a loan.”
  4. Access all the available loan offers (the amount, the repayment due date, and the amounts to be repaid).
  5. Accept the loan offer and come to terms with the loan terms and conditions.
  6. Set up the collection on the account that is to be assessed for the loan, and if it happens to be on another bank account, usually a remittance mandate will be created on the account.
  7. Upon complete set-up, your account will be credited instantly without delay, so long as you meet their eligibility requirements.

Where to Get an Instant Loan in 5 Minutes in Nigeria

1 Carbon

Previously launched as “PayLater”, Carbon is a platform that gives borrowers instant credit access if they are in need of an urgent loan within a few minutes.

Carbon usually expects its users to provide their Bank Verification Number (BVN) to serve as a means of verification, and as soon as the verification is done, applicants are free to request a loan.

Carbon loans provide funding ranging from one thousand five hundred Naira (1,500) to one million Naira (1m) in Nigeria, and they also loan out to other African countries (as in Kenya, Ksh 500–five hundred to Ksh 30,000–thirty thousand Kenyan currency).

The repayment plan can be over a maximum of sixty-four (64) weeks, with repayment interest ranging from 1.75 percent to 30 percent, with an equivalent monthly interest rate of 1 to 21 percent.

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2. Branch

Branch was launched in 2017; this platform makes securing a personal loan simpler by providing an application that has an uninterrupted onboarding process.

Branch makes use of the applicant’s phone data, which includes the SMS history, to serve as identity verification and to create a credit score. Branch operates in four (4) countries: Nigeria, Kenya, Tanzania, and India, and for each of these countries, its loan amount and interest rate are different.

For example, in Nigeria, the set loan amounts that you can apply for range from one thousand Naira (1,000) to two hundred thousand Naira (200,000), with monthly interest ranging from 1.6 percent to 23 percent, and this interest is reliant on the loan amount and repayment history.

But in Tanzania, the loan amounts range from Tsh 5,000 to Tsh 700,000, with monthly interest ranging from 4 percent to 27 percent, also depending on the conditions in place.

Across the countries, Branch users are granted the option to select the repayment terms (which can be up to 336 days), but every loan amount is accompanied by the option to repay in not less than 60 days.

3. FairMoney App

FairMoney is one sure way that is fast, reliable, and free for Android users, as it is a loan app that is running in Nigeria and India.

The loan amount range that is available on the Fair Money app ranges from one thousand five hundred Naira only (1,500) to five hundred thousand Naira (500,000), with repayment periods ranging from 61 days to 365 days at monthly interest rates ranging from 2.5 percent to 30 percent.

This app can be downloaded on the Google Play Store, and it boasts of having up to 3 million active customers who depend on it to take up loans.

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4. Palms Credit Loan App

Palmcredit loan apps grant the users access to borrow instant money online, making use of their flexible repayment plan, and their interest rates are rather favorable.”

The loan amount is usually in the range of five thousand naira (5,000) to three hundred thousand naira (300,000). Palm Credit’s interest rates are usually between 4 percent and 24 percent.

The application offers two (2) flexible repayment options within 91 days to one year (365 days), leaving users the opportunity to pick the options that are more favorable.

One good thing about the Palm Credit option is that they do not charge any rollover, and they also don’t take any transaction charges. It also presents its customers with rewards if they repay their loans early enough, with high credit attainable, including a reduced interest rate.

5. QuickCheck

Just like other loan applications and their fund promises, QuickCheck provides its users with a plan that will have high impacts so they’ll never go broke again.

The platform offers an artificial intelligence (AI) model that is used to run credit scoring, and you can make instant loan decisions with this plan. The loan amount is from one thousand five hundred Naira (1,500) to five hundred thousand Naira (500,000), with interest rates ranging from 2 percent to 30 percent.

The repayment usually runs from 30 days to six months and is truly dependent on the loan type. This loan application is only open to serving customers who are in Nigeria and are using Android phones only.

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How can I pay back my loans?

At the payback date, if your instant loan is still outstanding, you will be sent a repayment notification. After the notification, your account will be automatically debited. The customer will be sent a repayment notification.

You may also wish to repay the instant loan before the pay-back date, which can be accessed from the Bills Payment option on the pop-up menu list.


With these loan options, you can receive a loan instantly in 5 minutes or within a short space of time. Some of these popular loan apps began as single-product financial tech companies offering only loans, but a few of them have grown into digital banks.

The likes of Carbon, Branch, and Fairmoney are offering banking services to their users, which may include payment plans, savings, and investment plans, among other contents.

Due to the limitless number of loan options that are available today, most users find it hard to pick which is the best and most befitting.

In choosing the best loan option for your personal needs or business, several factors need to be put into consideration, and these factors may include the rate of payback, the tenor, as well as the general terms and conditions of issuance.


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