Top 10 Quick Loan Agencies in Nigeria

Top 10 Quick Loan Agencies in Nigeria

Top 10 Quick Loan Agencies in Nigeria

So many people (especially young adults) have different innovative minds and ideas on how to make their lives better. Turning those innovative ideas into reality is what delays them because that will need to finance those innovations (Business) so as to make a living and be successful. That is why we need to read about the Top 10 Quick Loan Agencies in Nigeria.

While growing up, it is certain that we all have borrowed money one way or the other, from a friend or family member to meet our personal needs at a point in time and thereby promising to return the money back at a particular time, and sometimes added with tips or commission. Not knowing that the money borrowed whether little or much, is called a Loan.


What is a Loan?

A loan is referred to as money, property, or other material goods given to another person or party in exchange for future repayment of the loan value amount and with interest. A loan is also a financial instrument that helps both businesses and individuals to meet up their financial obligations.

However, loan terms are agreed by each party before any money is given out. A loan may be secured by collateral. That is, most lenders often require a form of collateral to serve as security before they give out the loan to ensure its repayments.


Read more: How to Prepare your Loan Repayment Plan


What is Collateral?

Collateral means something pledged as trust fund for repayment of a loan. Simply put, collateral is an item of value that a lender can seize from a borrower if he or she fails to repay a loan according to the agreed terms. For example, when you take a loan from a bank, they might ask for your car or house as collateral in case you refuse to pay them back. This is not to scare you but to implore you on how serious it would be when your promises are not fulfilled.

However, do you know that there are loans agencies that don’t require collaterals of any sort? That is why in this article, we are going to learn about the Top 10 Quick Loan Agencies in Nigeria.


Top 10 Quick Loan Agencies in Nigeria

#1. Paylater

Paylater is an organization  headquartered in Lagos, Nigeria. The Paylater mobile app was founded in October 2014 by Nick Molnar Anthony Eisen. It was the first service of its kind.

Paylater is a digital financial services platform that specializes in consumer lending. They empower individuals with access to credit, simple payments solutions, high-yield investment opportunities and easy-to-use tools for personal financial management. Paylater also provides loans, online credits, investments, airtime purchases, bill payments and funds transfers. A fully digital consumer lending experience, which is available 24/7, and can send borrowed funds into your account in minutes.



GROFIN was founded in 2004 by Jurie Willemse and headquartered in Mauritius, South Africa. GROFIN provides Small and Medium Enterprise (SME) finance and business loans in South Africa, Zambia, Nigeria, Ghana, Uganda, Tanzania, Kenya, Rwanda, Egypt, Iraq, Jordan, Oman, and Ivory Coast. The firm combines medium term loans and specialized business support to grow emerging market enterprises.



The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was established in 2003 by Dikko Umaru Radda, to facilitate the promotion and development of a structured and efficient Micro, Small, and Medium Enterprises (MSMEs) Sector that will enhance sustainable economic development in Nigeria.



ZEDVANCE was founded in March 2014 by Mr Adedayo Amzat. ZEDVANCE’s headquarters is located in Victoria Island, Lagos, Nigeria. ZEDVANCE is a money lender operating in Lagos state. They provide Cash Loans to individual, groups and offer Point of sale finance for consumer goods and appliances in partnership with retailers across Lagos. The firm uses risk-based pricing to determine repayment on loans to individuals in paid employment. There is an amount of charges that will subsequently change the conditions of the loan. It is best for those in paid employment that need cash in advance of pay day.

ZEDVANCE is a consumer finance firm that provides consumer credit, payday loans and group loans for individuals. It currently has an estimate of 53 employees and an estimated annual revenue of 11.5M.



QUICKCHECK was launched in 2017 by Luis Rodrigues to solve the problems of financial inclusion faced by Nigerians. It is also an organization that improves the accessibility for an average Nigerian adult to credit facilities, without need for collateral, guarantors, queues, and paper.

QUICKCHECK is a Nigerian Fintech app that offers customer’s quick loans between N1,500 to N500,000 without requiring any collateral. The app uses artificial intelligence, to collect and analyse your data including credit score, SMS alerts, contacts and other banking details to disburse your cash loan in less than 1 hour if you qualify for one.



PALMCREDIT is a loan app founded in Nigeria and owned by New edge Finance Limited where you can get a loan without collateral. With PALMCREDIT, you can access loans within minutes without having to worry about providing any collateral. One unique thing about PALMCREDIT is that its attracts low interest.



KIAKIIA.CO was founded in 2016, KIAKIIA (a trading name of KIAKIIA Bits Ltd RC:799552) is a licensed non-banking financial technology company. One of Nigeria’s pioneer digital lender and also the leading peer-to-peer marketplace, KIAKIIA offers secured and unsecured loans and also participates in well-structured profit-sharing business transactions. They focus their efforts mostly on Micro, Small and Medium Enterprises with huge growth potentials, with no access to credit from traditional financial institutions.

KIAKIIA is a loan app in Nigeria that grants short-term business and personal loans. If you speak pidgin English, you’d know ‘Kiakia’ means fast, or better still ‘quickly’. That is precisely the idea behind KIAKIIA Loan. KIAKIIA loan makes it very easy to access a loan without any collateral.



PENNYLENDER is an online loan app Established in 2016 and headquartered in Lagos and Abuja. PENNYLENDER is a financial institution and online money lender that provides single payment loans, payroll loans, and instalment loans to business owners and salary earners. Their Lagos office is situated at 294 Herbert Macaulay Way, Yaba (6th floor). While their Abuja office is at St James House, Aiivon Innovation Hub 167, Adetokumbo Ademola Crescent, Wuse 2.

PENNYLENDER is an online quick loan lender without collateral that aims at providing easier access of individuals to obtain loans at a cheap borrowing cost that other lenders may be unable to serve. They give out loans without collateral, with no guarantor requirement, within a secure process, and with fast approval.



FAST CREDIT LIMITED is located in Ikeja, Lagos, and owned by Emeka Iloelunachi. The company currently has 135 employees at this location.

FAST CREDIT LIMITED (FCL) was incorporated in 2014 as a Central bank of Nigeria licensed non-bank financial institution to provide various financial services to individuals, consumers, SMEs and corporates, across the country. The company is a leader in the provision of microcredit to salary-based employees in both the public and private sectors using digital technology through payroll lending services in a fast and convenient manner while impacting their lives and improving the standard of living nationwide.



SPECTA is a loan app in Nigeria from Sterling Bank. It provides credit facilities to profiled business owners and salary earners in Nigeria. It seeks to provide a more convenient way to get an instant loan, and credits by using standardized data processing techniques and analytics to review loan applications and eliminate the difficulties that comes with the traditional lending system.

SPECTA loan gives you access to loans up to N5,000,000 without paperwork or collateral, and you will receive the funds within five minutes. This feature makes it one of the top 10 quick loan agencies in Nigeria.


Check this out: Nigerian Banks That Will Give You Business Loan


Wrapping Up: Top 10 Quick Loan Agencies in Nigeria

Now, that you have learnt about the Top 10 Quick Loan Agencies in Nigeria. It is best you know the advantages of quick loan apps in the country.


Advantages of Quick Loan Apps

  • You can take a loan without collateral or guarantor requirements
  • It is accessible all the time
  • There is no paperwork required
  • All quick loan apps have flexible payment options
  • Loan apps are always on your phone ready to use
  • They always go through a secure process and fast approval.


Related post: How to Prepare Your Loan Application with the Banks

Photo Credit: Naija News


By: Victor Adewuyi


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