Best Loan Apps in Nigeria for Students

Sponsored links

Welcome Today we’ll talk about Best Loan Apps in Nigeria for Students.

Getting quick funds to support education needs like paying fees, buying books, laptops or other expenses can be very difficult for students in Nigeria. However, with digital lending apps, students can now easily access loans conveniently from their mobile phones.

In this article, we review the top loan platforms providing quick, short-term loans tailored specifically for university, polytechnic and college students across Nigeria.

Education is crucial for future success but can also be very expensive for students and parents even in Nigeria. Apart from just tuition fees, money is needed for accommodation, research projects, books, laptops and other critical needs.

Unfortunately, sourcing education funding is a challenge for most students and families. However, with the rise of digital lending apps, Nigerian students can now get quick loans to fund their academic pursuits within 24 hours in some cases.

These loan apps cater specifically to students requiring short-term financing even without full-time employment. They provide customized loan products taking into consideration limited incomes and require little or no collateral.

Key Benefits of Student Loan Apps in Nigeria

  • Fast approval decision and loan disbursement
  • Competitive interest rates and fees
  • Minimal paperwork and documentation
  • No need for assets, guarantors or collateral
  • Convenient application 100% online/on mobile
  • Flexible repayments aligned to academic terms

Top Loan Apps for Nigerian Students

1. Educarte

Educarte provides dedicated loans and credit facilities tailored for college and university students in Nigeria. Borrowers can access between ₦50,000 to ₦200,000 repayable in maximum 12 months.

Key details:

  • Loans from ₦50,000 to ₦200,000
  • Repayable in 3 – 12 months
  • Disbursed in 24 hours after approval

2. FutureFi

FutureFi offers education financing products specially targeting Nigerian students and youth. Students can use to pay fees, buy laptops, books, hostel etc.

Key details:

  • Get up to ₦500,000 in funding
  • 0% interest when repay on time
  • Repay over 12 months

3. FlashMeCash

FlashMeCash provides quick unsecured loans from ₦3,000 up to ₦200,000 to students for personal and education needs. No collateral required.

Key details:

  • Loans from ₦3,000 to ₦200,000
  • Repayment from 30 to 180 days
  • Instant disbursement into bank account

4. Okash

Okash offers convenient microloans from ₦1,500 up to ₦250,000 to students through their app with repayment by installments.

Key details:

  • Get loans from ₦1,500 to ₦250,000
  • Tenors from 7 to 180 days
  • Quick approval and disbursement

5. CreditClan

Students can get fast loans from CreditClan without collateral or guarantor for fees, books, rent etc. Repayment aligns with academic calendar.

Key details:

  • Unsecured loans up to ₦200k
  • Aligned repayment structure
  • Loans usable via app wallet

6. Kiakia

This platform is ideal for students in need of a platform that offers fairly high loan amounts. It is a Peer-to-peer (P2P) lending platform that connects loan offers and receivers without collateral.

Overall, the application process is fast and you can get a quick loan.

App Features:

  • Amazing P2P lending opportunities
  • Quick response time and loan approval duration
  • Rapid loan disbursement time
  • Easy loan application process
  • No collaterals or guarantors required

7. Aella Credit

Aella Credit provides substantial loans from ₦100,000 to ₦1 million with competitive interest rates, beginning at 4% per month. You can repay within 1 to 4 months, and the application process is entirely online through their website or mobile app.

App Features:

  • Quick and easy access to loans in 5 minutes.
  • Bill Payment feature. You can pay for your electricity bills, airtime recharge, etc.
  • Aella care. Access to health insurance on the mobile app
  • Aella Notes. You can invest in the app and earn returns of up to 26%.
  • The app is available for download on Google Play Store and the iOS store. App size is 5.3MB

Tips for Getting Student Loans

When applying for loans as a student from mobile apps in Nigeria, keep these useful tips in mind:

  • Provide complete and accurate information during application
  • Review loan details to understand charges/repayments
  • Borrow only what you urgently need
  • Have a realistic repayment plan before applying
  • Build credit history by repaying existing loans on schedule
  • Contact loan provider early if repayment issues arise

FAQs About Best Loan Apps in Nigeria for Students

Best Loan Apps in Nigeria for Students

1. What documents do I need to provide?

Just your valid ID (NIN, school ID card, passport, driver’s license) and phone number is enough. No payslips, account statements or guarantors required.

2. Must I have a job or allowances to qualify?

No. Most student loan apps do not require full-time employment proof. As long as you are currently studying, you can get approved.

3. What is the quickest loan app for students?

FlashMeCash provides the fastest loan disbursements often within 5 minutes into your bank account once approved.

4. Is parent/guardian consent required if under 18?

Yes, written consent from parents or guardians is required before loan approval if you are under 18 years old.

5. What if I have an outstanding loan?

You can still qualify for another loan. However, check with your preferred loan app as some may restrict lending if you have unpaid loans still.

6. When should I apply for a student loan?

Apply at least 2 weeks before you need the money to allow for processing time. Avoid applying when schools are closing as loan app customer service works limited hours during holidays.

7. How long does approval take after application?

Loan apps promise rapid processing so you can get approved in minutes or within hours after application submission.

8. Can I access multiple loans from different apps?

We advise caution when taking loans from multiple providers simultaneously despite quick approvals. Only borrow what you genuinely need urgently.

9. Will late repayment affect my credit score?

Yes, late or incomplete payment can negatively impact your credit profile making it harder to qualify for future loans at affordable rates.

10. Are there repayment penalties?

Missing payments without engaging your loan provider can attract fines and further interest charges. Discuss any repayment difficulties promptly.

11. What if I change school/course after getting loan?

Inform your loan provider about academic status changes even after getting your loan to prevent any impact on agreed repayment schedule.

12. Must I provide a guarantor?

No, student loan apps do not ask for guarantors. However, some may request a parent/guardian to co-sign application if you are under 18 years.

13. How long is the repayment duration?

Student loan tenors are typically short-term e.g. 90 days up to 1 year. Some lenders align installments to school terms for easier repayment.

14. Can loan be terminated if academic status changes?

In very rare cases, lenders can exit loan contracts if your study status changes significantly. But this will involve early discussions with you first.

15. What if I have other urgent needs apart from school expenses?

Most loan apps offer additional flexibility so you can utilize the loans for other lawful pressing needs beyond direct academic expenses.

Read more: finance opay failed transactions how to cancel pending transaction on opay


There are several loan apps in Nigeria at your disposal today. Essentially, the trick is to understand your peculiar needs and choose a loan app that completely satisfies them. Also, do well to keep the factors in mind that will guide your choice in selecting the best student loan apps in Nigeria for you.

After reading this article now you know Best Loan Apps in Nigeria for Students.

Sponsored links

Leave a Reply