Getting a loan in Nigeria is easier today because of mobile loan apps. Many people believe they need a high credit score to qualify. This is not true for some loan apps. In Nigeria, several lenders approve loans without checking your credit score from credit bureaus. Instead, they look at your BVN, bank transaction history, and repayment habits inside their app. This means you can still get a loan even if your credit score is low or you have never borrowed before.
In this guide, we will look at four of the best loan apps in Nigeria that do not require a credit score: FairMoney, Carbon, Branch, and PalmPay. You will learn about each app, their pros and cons, and why FairMoney is the best choice for most people.
Why Some Loan Apps Do Not Require Credit Score
Loan apps that do not require a credit score usually approve loans based on:
- Your BVN details to confirm your identity.
- Your bank account transactions for the last few months.
- Your repayment record within their app.
This is helpful for first-time borrowers or people whose credit scores have been damaged by past defaults. However, it also means these apps may start you with smaller loan amounts and increase your limit as you repay on time. For a bigger list of quick loan options, check this top 14 quick online loans in Nigeria guide.
FairMoney – Best Loan App in Nigeria Without Credit Score
FairMoney is a digital bank and loan app that offers instant loans to Nigerians without requiring a credit score from the credit bureau. It uses your BVN, bank history, and past repayment record to decide your loan amount.
Loan Amount: ₦1,500 – ₦1,000,000
Tenure: Starts at 30 days (unlike some apps that start at 7 or 14 days)
Interest Rate: From 2% monthly
Approval Time: Within minutes
Pros of FairMoney
- Instant loan approval without a credit score.
- Starting tenure of 30 days gives you more time to repay.
- Low interest rate compared to most apps.
- No harassment for late repayment.
- Extra services like airtime purchase, bill payment, and money transfer.
Cons of FairMoney
- Requires BVN to approve your loan.
- Starting loan amount may be small for new users but worth for people with bad credit score (LCS).
If you want to know if FairMoney is safe, read Is FairMoney insured by NDIC?. For more answers, see FairMoney FAQs.
Carbon – Flexible Loan App Without Credit Score
Carbon is another popular loan app that gives loans without checking your credit score. It offers flexible repayment terms and also lets you save money in the app.
Loan Amount: ₦1,500 – ₦1,000,000
Tenure: From 15 days to 12 months
Interest Rate: From 5% monthly
Pros of Carbon
- No credit score required for first loans.
- Can build savings inside the app.
- Cashback on some transactions.
Cons of Carbon
- Interest rates higher than FairMoney.
- Shorter tenure for new borrowers.
- Delays in approval for some users.
Branch – Quick Small Loans Without Credit Score
Branch is a micro-lending app that gives small loans without a credit score check. It focuses on short-term loans and uses your phone data and bank history to decide eligibility.
Loan Amount: ₦1,000 – ₦500,000
Tenure: From 14 days to 6 months
Interest Rate: From 6% monthly
Pros of Branch
- Simple registration process.
- Does not check credit bureau score.
- Increases limit quickly for early repayment.
Cons of Branch
- High interest for short-term loans.
- Short starting tenure.
PalmPay – Fast Loans Without Credit Score but Short Tenure
PalmPay is known for bill payments and transfers, but it also offers small loans without checking your credit score. However, the starting tenure is very short — often 7 or 14 days for first-time borrowers.
Loan Amount: ₦2,000 – ₦200,000
Tenure: 7 days to 6 months (starts short for new users)
Interest Rate: From 10% monthly
Pros of PalmPay
- Fast approval and disbursement.
- Can be used for other services like airtime and utility payments.
- Rewards system for transactions.
Cons of PalmPay
- Very short starting tenure.
- High interest compared to FairMoney and Carbon.
- May call your contacts if you default.
If you want to know about PalmPay’s safety, read Is PalmPay insured by NDIC?.
Comparison Table – Loan Apps Without Credit Score in Nigeria
| Loan App | Starting Tenure | Loan Range | Interest Rate | Harassment-Free | Approval Time | BVN Required |
|---|---|---|---|---|---|---|
| FairMoney | 30 days | ₦1,500 – ₦1M | From 2% monthly | Yes | Minutes | Yes |
| Carbon | 15 days | ₦1,500 – ₦1M | From 5% monthly | Yes | Minutes to Hours | Yes |
| Branch | 14 days | ₦1,000 – ₦500k | From 6% monthly | Yes | Minutes | Yes |
| PalmPay | 7–14 days | ₦2,000 – ₦200k | From 10% monthly | No | Minutes | Yes |
Why FairMoney is the Best Choice
After comparing all four apps, FairMoney stands out because:
- It gives a starting tenure of 30 days, unlike PalmPay and Branch that start with 7–14 days.
- It offers lower interest rates starting at 2% monthly.
- It has instant approval with money sent in minutes.
- It does not harass borrowers for late payment.
For people looking for bigger instant loans, see loan app that gives ₦100k instantly or loan app that gives ₦50,000 instantly.
What to Know Before Applying
- All these apps require BVN for verification, even if they do not check your credit score.
- Repay on time to increase your loan limit.
- Never share your OTP, ATM PIN, or banking passwords.
- Read loan terms carefully before accepting.
If you have issues with harassment, see how to sue a loan app in Nigeria. If you default, your name could be on the loan defaulters list in Nigeria. For legal concerns, read can I go to jail for not paying online loans in Nigeria.
Final Verdict
If you want a loan app in Nigeria without a credit score, all four apps — FairMoney, Carbon, Branch, and PalmPay — can work. However, FairMoney is the best option because it starts with a 30-day tenure, offers lower interest rates, gives instant approval, and does not harass borrowers. For more comparisons, check best loan app in Nigeria with low interest rate.
Read also: Loan App Without BVN
