Free Loan Apps in Nigeria to Get Quick Loan With Collateral 

If you go on Google and search for loan apps, you’ll find a lot of loan apps for Nigerians, but many of them only offer unsecured personal loans.  With that, borrowers can only access limited loan opportunities, therefore in this article I’ll be providing free loan apps that offer loans with collateral and top loan apps for iPhone in Nigeria as well as provide information on Capfin loans apps and UBA LOANS. Check them out below.

Free Loan Apps in Nigeria to Get Quick Loan With Collateral 

To begin with, as defined by Wikipedia, a collateral loan is a lending agreement where the borrower’s pledge a specific property (car, boat, investment portfolio, jewelry, etc.) to a lender, to secure repayment of a loan. This agreement protects the lender against defaulting borrower’s and so can be used to offset the loan if the borrower fails to pay the principal and interest satisfactorily under the terms of the lending agreement.

You may be wondering why anyone would want to request for loans using collateral when there are many loan apps offering credit without one.

Well, here are some basic reasons:

  • It helps borrowers with bad credit scores to secure loans this which would not be possible without collateral
  • Securing loans with collateral could result in a discounted interest rate and larger loan amounts than unsecured loans
  • It helps borrowers build their credit worthiness and improve their credit score.

Below are some free Loan Apps in Nigeria to Get Quick Loan With Collateral 

UBA loan app

The UBA Personal Loan product is designed to support all salary earners in meeting their lifelong dreams. With this product, you can cover medical bills, make home improvements, give your side hustle a little boost, pay for training to improve yourself, and do so much more!

Carbon loan App

is a rapid loan service available to you through your mobile phone. Also, they have two major packages available to salary earners only, and another for everyone else. Furthermore, you can use the app in paying other bills, including recharge cards and PHCN.

Branch Loan App

Branch is an app that offers you a loan with no collateral. In reality, all you need to do is to register by providing your personal details. After registration, you can borrow as low as N1,000 or as high as N200,000 with considerable interest.

Aella credit Loan

This app makes it easier for individuals looking for quick cash to gain access. Furthermore, it focuses on employees with stable incomes and is affiliated with different credit bureaus in Nigeria. This is because they make use of an algorithm to determine your creditworthiness before approving loans.

KiaKia Loan

Quick, easy, and stress-free like its name kiakia, which means fast in Yoruba. This loan app offers you up to N200,000 with varying interest rates depending on the nature of the loan. Also, the term is within 7 to 30 days.

Note: Many online loan apps only offer unsecured loans, and you may have to apply for an unsecured loan before you see a secured loan option.

Free Loan Apps in Nigeria to Get Quick Loan With Collateral 

iPhone loan app

Below are top 15 list of iPhone loan apps

  1. Carbon Loan
  2. Branch App
  3. P2Vest 
  4. Aella Loan
  5. Blocka Cash
  6. So Kash
  7. Yescredit Loan
  8. Palm Credit
  9. Fair Money
  10. RenMoney
  11. KiaKia
  12. QuickCheck
  13. Sokoloan
  14. KwikMoney
  15. Credit Ville

Loan App on iPhone without BVN

FairMoney Loan App

FairMoney loan platform offers you instant cash for any of your financial needs without you providing your BVN, documentation, collateral, or guarantor. Basically, through this app, you can borrow within the range of N1,000 to N150,000 with a repayment period of 2 – 12 weeks. The amount of loan you can borrow depends on your creditworthiness. FairMoney offers fast loans within 5 minutes with no documentation or collateral required.

The loan amounts vary based on your smartphone data and repayment history. Loan amounts range between ₦1,500 to ₦500,000 with repayment periods from 61 days to 180 days at monthly interest rates that range from 10% to 30%

Carbon (Paylater) Loan App

Carbon, formerly known as Paylater is another app you can trust. It is owned by the One Finance & Investment Limited company and offers more than just instant loans. Aside from the fact that you can readily get loans from, N5000 to N1,000,000 with a tenor of between 7 – 180 days, the platform does not delay in paying your loan. Within 3 minutes of submitting your application to the platform, they will credit your account.

Aella Credit Loan App

Aella Credit is another legit platform where you can borrow loans without BVN. Basically, this user-centered digital lending platform offers users loans as low as N2,000, with a maximum limit of up to N1,000,000. Also, their own processing period does not take too much time. Within 10 minutes after applying for your loan, you will be credited. Aella credit is a one-stop-shop for all your financial services.

They offer short-term personal loans that range from ₦2000 to ₦1,000,000 with repayment periods from 1 to 3 months. Their interest rates range from 6% – 20%. You get access to higher amounts and better rates if you work with an Aella Credit partner company.

Palm credit

PalmCredit offers fast loans in small amounts for first-time applicants. You get access to higher loan amounts when you pay back your loans on time. Palm Credit Monthly interest rate ranges from 4%~4.7% while Loans Interest Rate ranges from 14% to 24%. Their loan limits range from ₦ 2,000 to ₦100,000 with a repayment period between 91 days to 180 days.

Capfin Loan App

Capfin is a South African financial services company that specializes in providing short-term loans to individuals. They were established in 2010 and aim to offer customers affordable loan products and services. Capfin’s main offering is their mobile application, which allows users to apply for loans, manage their accounts, and access various financial services directly from their smartphones.

The app is designed to simplify the loan application process and provide a user-friendly interface. To apply for a loan through the app, users typically need to provide personal and financial information, and the app may offer electronic verification to expedite the process. Capfin offers loans of up to R50,000 with repayment terms of 6 or 12 months.

UBA Loan

The UBA Personal Loan is a financial product offered by UBA (United Bank for Africa) to assist salary earners in achieving their aspirations. The loan can be used for various purposes such as medical expenses, home improvements, business investments, personal development, and more. The loan features and benefits include a convenient repayment period of 60 months, an attractive interest rate that may vary based on money market conditions, a one-time management fee of 1%, a maximum loan amount of N30 million, a minimum loan amount of N200,000, and access to up to 60% of the individual’s debt service ratio (DSR). To be eligible for this loan, one must have a functional salary account with UBA, either in the form of a savings or current account.


When seeking loan options in Nigeria, it is essential that you understand what type of loan will suit your financial needs better. And we believe that we have discussed extensively on the various options available.

Please feel free to interact with us in the comment section below if you have any more information to share.

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