Top 10 Student Loan Apps in Nigeria 2023-2024

Student Loan Apps in Nigeria: The rising costs of tertiary education in Nigeria have made it crucial to have a reliable student loan system in place.

Let’s face it, a lot of students are going to struggle with tuition fees, especially as they keep rising.

Good news, though! There are quite a few handy student loan apps available in Nigeria that aim to solve this issue.

These apps make sure that if you can’t cough up the fees, you don’t have to say goodbye to your academic dreams.

So, sit tight as we dive into some of these life-saving loan options that can make your educational journey a bit smoother.

However, before we proceed to the main topic there is a need to explain the meaning of Student loan.

Don’t miss the List of Fake Loan Apps in Nigeria

Top 10 Student Loan Apps in Nigeria 2023-2024

What are student loans?

Student loans are essentially financial support provided to college students to cover their educational expenses, with the expectation of paying it back down the line.

But it’s not just about tuition fees; these loans can also help you with other expenses like buying textbooks or even taking care of your meals.

As of now, Nigeria is in the process of rolling out its own government-backed student loan program.

While it’s not fully operational yet, it’s a step in the right direction and adds to the variety of loan options we’ll be discussing later in this article. So, stay tuned!

Without any further ado now, let’s proceed to the best student loan apps in Nigeria;

Top 10 Student Loan Apps in Nigeria

  1. Carbon
  2. FairMoney
  3. PalmCredit
  4. Branch
  5. Quickcheck
  6. Renmoney
  7. Kiakia
  8. Migo Loan
  9. Okash
  10. Aella Credit


Carbon is a standout choice when it comes to student loan apps in Nigeria. You can get loans for various needs, including your education, with amounts going up to N1,000,000.

The interest rates are quite varied too, ranging from a low 5% to a high of 30%, based on your loan terms. Plus, you’ve got flexible repayment options.

To determine if you’re eligible for a loan, Carbon uses your BVN (Bank Verification Number). If you’re not sure how to check your BVN, don’t worry; we’ve got you covered.

The Carbon app is super accessible; it’s available on the web and has mobile apps for both Android and iOS devices.

Getting started is simple; all you need is a valid BVN and some form of ID, which they’ll ask for when you’re setting up your account.

App Features

  • Free transfers to any Nigerian bank
  • Quick and easy access to loans ranging from ₦1,500 to ₦1 million
  • Opportunity to invest, pay bills, and save your money
  • Earn 11% interest on your savings
  • Download size is just 21MB and it’s available on both Google Play Store and iOS App Store

App Benefits

  • 24/7 access to financial services via the app
  • User-friendly interface that also prioritizes your security
  • Speedy bank transfers at rates that won’t break the bank

So, with Carbon, not only do you get financial assistance but a bunch of other cool features to manage your money better. Read further on how to repay your Carbon.


FairMoney stands out as a reliable loan app, particularly for Nigerian students.

With loan amounts that go from ₦10,000 all the way up to ₦500,000 and interest rates between 10% and 30%, it offers a solid range of options.

You’ll need your Bank Verification Number and a debit card to get started on your loan application.

The repayment period is quite flexible, letting you choose from 1 to 18 months. The best part? Everything is done online through the app, making it super convenient.

One unique feature of FairMoney is its credit scoring approach. It actually rewards you for being a good borrower!

Pay back your loan on time, and you’ll find that you can access higher loan amounts and even get better interest rates.

App Features

  • Quick and straightforward access to FairMoney loan offerings
  • Capability to transfer funds to any bank in Nigeria
  • Get your own account number through the app, letting you receive money from any account in Nigeria
  • Take care of bill payments right from the app

App Benefits

  • Smooth and trouble-free loan processing
  • Designed with user-friendliness in mind, especially for new users
  • An appealing and easy-to-navigate user interface

So, if you’re a student in need of a loan, FairMoney offers a dependable and rewarding way to get the financial help you need.


PalmCredit is also another best student loan app in Nigeria.

You have the option to borrow as much as ₦100,000, with interest rates kicking off at a reasonable 14%.

When it comes to repaying, you’ve got a pretty wide window—from 14 to 180 days. And here’s the kicker: good borrowing behavior is rewarded.

Keep up with timely repayments, and you’ll see your credit score climb, allowing you to borrow even more money in the future.

To get started, just download the PalmCredit app from the Google Play Store.

The company is all about making it super easy for you to access quick cash and short-term loans, all through the convenience of a mobile app.


Branch also emerges as one of the top loan apps for students in Nigeria. It is a top pick for students in Nigeria looking for loans.

It offers amounts from as low as ₦1,000 to as much as ₦500,000, and with interest rates that start at just 15%, it’s a pretty good deal.

The repayment terms are flexible too, ranging from 1 to 12 months. The best part? There’s no need for a bunch of paperwork or collateral.

Getting approved is a breeze. All you need is your BVN, a valid bank account, and an ID card. With these in hand, you can easily set up an account and apply for a loan.

App Features

  • Fast and simple access to various loan options from Branch
  • An awesome savings feature that lets you save and even earn up to a 20% return on your money
  • Free money transfers to any bank in Nigeria
  • Bill payments at no extra cost
  • Available for download on both Google Play Store and the iOS Store with a compact download size of just 7MB

App Benefits

  • User-friendly and straightforward navigation
  • Top-notch security and data encryption to keep your info safe
  • A visually appealing and interactive user interface


QuickCheck is another solid option for students in Nigeria seeking loans. You can borrow up to ₦500,000 with interest rates that vary from as low as 2% to as high as 30%.

Plus, you’ve got up to 12 months to repay the loan.

Getting started with QuickCheck is simple. Just download the app from your favorite app store, create an account, and you’re all set to submit your loan application.

No need for collateral or a guarantor, making it super convenient.

For security and to verify your identity, QuickCheck will ask for your BVN. Your bank account number will be required too, but that’s just so they can send you the loan once it’s approved.

App Features

  • Version: 4.3
  • Last Updated: June 23, 2021
  • Over 1,000,000 downloads
  • Download Size: 16.25MB
  • Offered By: get loans
  • Released On: July 5, 2016

App Benefits

  • No need for collateral or guarantors
  • Funds are quickly disbursed, often within minutes of approval
  • The platform is easy to navigate and user-friendly


This list won’t be completed if I don’t Renmoney as one of the reliable loan apps for students in Nigeria.

Renmoney makes it easy to access loans ranging from ₦6,000 all the way up to ₦6 million, with friendly starting interest rates of just 4.5%.

Repayment is flexible, letting you choose from 3 to 24 months. What’s even better? There’s no need for any collateral when you apply.

For added peace of mind, Renmoney also provides insurance to safeguard borrowers from unexpected situations that might crop up.

App Features

  • Instant access to a range of Renmoney services, including fast loans, savings, and investment options.
  • Capability to make transfers from your Renmoney account to other bank accounts in Nigeria.
  • The app’s download size is a mere 7MB, making it quick and easy to install.

App Benefits

  • The Renmoney app is designed for a smooth and responsive user experience.
  • Highly secure and convenient, adhering to top-notch security and privacy standards.
  • The loan application process is straightforward, with no hassle involved.


Kiakia is a fantastic choice for students who need a substantial amount of money in a pinch. It operates on a Peer-to-Peer (P2P) lending model, linking those who want to lend money with those who need to borrow, all without the need for collateral.

The application process is quick, so you can secure a loan in no time.

The minimum loan amount offered starts at ₦50,000, with a monthly interest rate of 3.5%. However, it’s important to note that the repayment period is relatively short, ranging from 7 to 30 days.

One thing to keep in mind is that Kiakia usually requires borrowers to have a source of income before approving a loan.

App Features

  • Offers excellent P2P lending opportunities
  • Known for quick response times and fast loan approvals

App Benefits

  • Loans are disbursed rapidly, often within minutes
  • The application process is simple and straightforward
  • No need for collateral or guarantors, making it hassle-free
  • Avenue to KiaKia USSD Code for Loan Repayment

Migo Loan

Migo Loan also proves to be the best option for students around Nigeria.

Formerly known as Kwikmoney and Kwikcash, Migo is a loan service with its roots in San Francisco but has operations in Nigeria and Brazil.

The company serves a wide range of clients, from individual end-users to financial institutions and merchants.

Migo is a great option for students who need financial help for their education, offering loan amounts that range from as little as N500 to over N500,000.

Initially, you might get approved for a smaller loan, but you can qualify for larger amounts as you build a history of timely repayments.

To get a loan from Migo, you have a couple of options: you can either go through their website or download their app.

And if you don’t have an internet-capable device, no worries—you can still secure a loan using Migo’s USSD code.

The interest rates for Migo loans vary between 5% and 15%, and repayment terms are set between 14 and 30 days, depending on the loan amount you choose.

So, whether you’re just starting college or you’re further along in your educational journey, Migo offers flexible options to help you cover your expenses.


Originally part of the OPay ecosystem, Okash has branched out to become its own independent loan service, offering up to N500,000 in loans to users.

These loans can be used for a variety of needs, including covering your school fees, and you have up to 12 months to pay it back. The service is a part of Blue Ridge Microfinance Bank.

Getting a loan from Okash is a straightforward process. Simply download their app and sign up by providing the necessary information. We have a blog that focuses on the review of Okash whether they are legit or not.

Okash Student Loan Apps in Nigeria App Features Version: 1.3.8 Last Updated: June 9, 2021 Total Downloads: Over 1 million File Size: 11.86 MB Provided By: Blue Ridge Microfinance Bank Limited Launched On: November 28, 2019

Eligibility Requirements To be eligible, you need to:

  • Be a resident of Nigeria
  • Be between the ages of 20 and 55
  • Have a consistent monthly income and a valid reason for the loan
  • Possess a valid ID card and BVN

App Benefits

  • Easy and quick loan approval
  • A reasonable cap on the maximum loan amount at N50,000

Aella Credit

Aella Credit is the last in our list of best lending apps for students in Nigeria.

Aella Credit offers sizable loans ranging from ₦100,000 to ₦1 million, featuring competitive starting interest rates of just 4% per month.

You have the flexibility to repay the loan in a period of 1 to 4 months, and the entire application is carried out online, either through their website or mobile app.

Aella Student Loan Apps in Nigeria App Features

  • Get a loan in as quick as 5 minutes.
  • Handle your bills easily. You can sort out your electricity payments, top-up your airtime, and more.
  • Aella Care: Health insurance is just a tap away on the app.
  • Aella Notes: Invest through the app and earn returns that could go up to 26%.
  • You can download the app from Google Play Store or the iOS store, and it’s just 5.3MB in size.

App Benefits

  • The app is super user-friendly, especially for newcomers.
  • No hidden fees. You won’t be charged any agent or convenience fees for transfers.

Here is Instant 50,000 Naira Loan in Nigeria

How to Choose the Right Student Loan App in Nigeria

Choosing the right student loan app is crucial for managing your educational expenses without stressing your wallet. Here are some important things you should pay attention to:

Interest Rates

Shop around and compare interest rates from various apps. Lower rates mean you’ll save money over the lifespan of your loan. Go for apps that offer competitive rates to get the best deal.

Loan Amount

Know how much cash you need, whether for tuition, living costs, or other school-related expenses. Pick an app that lets you borrow the amount you actually need.

Repayment Terms

Check the time frame for paying back your loan. A longer repayment period can ease your monthly burden but could cost you more in interest over time. Choose what fits your budget best.

Fees and Charges

Watch out for any extra costs like processing fees or penalties for late payments. Some apps might have sneaky hidden fees that could catch you off guard.

Credit Score Requirements

Certain apps demand a specific credit score for approval. If you’re new to credit or have a lower score, look for apps that are more lenient or use other criteria like your income.

Application Process

An easy and quick application process is a big plus. Nobody wants to get stuck in a complicated, time-consuming application maze.

Loan Disbursement Time

Need the cash fast? Check how long it takes for the loan amount to hit your bank account. Some apps offer quick, same-day disbursement while others might make you wait.

Customer Support

Quality customer service is vital, especially if you run into any issues or have queries. Make sure the app you choose offers reliable and responsive support.

Security and Privacy

Your personal and financial info should be in safe hands. Check that the app uses strong encryption and data protection methods to keep your details secure.

User Reviews and Ratings

Take a look at what other people are saying about the app. User reviews can give you insights into the app’s reliability and the quality of their service.

Reputation and Credibility

Look into the reputation of the app and the company that owns it. Go for apps from well-known financial institutions or fintech firms that are known for fair lending.

Loan Limits

Some apps restrict the number of loans you can take at one time or over a certain period. This might be crucial if you plan on taking out multiple loans during your school years.

Remember, the right loan app should meet your needs and align with your financial situation, so take your time to choose wisely.

Also, if you don’t want to take a loan from the listed apps. You can consider some alternative to Students loan apps in Nigeria.

Here is the Federal Government Loans for Small Businesses in Nigeria

Options to Student Loan Apps

Scholarships and Grants

  • Government Scholarships: In Nigeria, both state and federal governments have scholarship programs. These are often awarded for academic excellence, financial need, or other special qualifications. They can help you pay for your tuition, school fees, and sometimes even your cost of living.
  • Institutional Scholarships: Nigerian colleges and universities also have their own scholarships. These are usually given to students who excel in academics, show leadership skills, or have specific talents.
  • Private Scholarships: Various private organizations and companies have scholarship programs too. They may focus on particular fields of study, certain demographics, or even community service.
  • International Scholarships: There are also scholarships from foreign governments and schools specifically for Nigerians who want to study abroad. These scholarships often cover tuition, travel expenses, and your living costs while you’re away.

Work-Study Programs

A lot of Nigerian schools offer work-study options, where you can work part-time on campus while you’re getting your degree.

It’s a great way to earn some cash for living expenses and pick up useful work experience at the same time.

Part-Time Work

If work-study isn’t your thing, or you need more flexibility, you can always find part-time work off-campus.

Jobs in sectors like retail, the service industry, tutoring, or even freelancing and online gigs can help you earn extra money to support yourself.

Student Loan Apps in Nigeria

FAQs on Top 10 Student Loan Apps in Nigeria

Which apps gives loan to students in Nigeria?

There are a lot of loan apps for students in Nigeria, check 10 apps below;

  1. Carbon
  2. FairMoney
  3. PalmCredit
  4. Branch
  5. Quickcheck
  6. Renmoney
  7. Kiakia
  8. Migo Loan
  9. Okash
  10. Aella Credit

How Do I Pick the Right Student Loan App in Nigeria?

Okay, so you’re wondering which loan app is the best fit for you, right? First, check the interest rates. Lower rates mean you’ll pay less over time.

Also, see how much you can actually borrow and how long you’ve got to pay it back. Reviews from other users can be super helpful too, so don’t skip those.

What Do I Need to Apply for a Loan?

To get started, most apps will ask for basic stuff like your BVN, a bank account, and maybe some ID. Some might ask for more, so just be ready with your documents.

See Loan in Minutes in Nigeria Without BVN

Are There Hidden Charges?

Always read the small print. Some apps have extra costs like processing fees or late payment penalties. You don’t want any surprises, so know what you’re getting into.

How Fast Can I Get Approved?

Different apps take different times to say ‘yes’ or ‘no’ to your loan application. Some are super quick, while others might make you wait a bit. If you’re in a rush, this is something to consider.

What If I Can’t Make a Repayment?

Try not to miss a payment, because that’s where the trouble starts. Late fees and a hit to your credit score are usually the penalties.

Each app will have its own rules, so make sure you know them.

Is My Information Safe on these Apps?

You want to make sure your details are locked up tight, right? Check the app’s security measures like data encryption to make sure it’s all good.

Can I Get Multiple Student Loans on these Apps?

Some apps are fine with you having more than one loan, while others aren’t. Check their policy if you think you might need to borrow more than once.

How Do I Download These Student Loan Apps?

You’ll find most of these apps in the Google Play Store or the iOS store. Just look up the app you’re interested in and hit the download button. But make sure it’s the official one to keep your info safe.

Check out the 10 Best Loan Apps in Nigeria With Low Interest Rate

Wrapping Up Student Loan Apps in Nigeria

So there you have it, all the ins and outs of student loan apps in Nigeria. From what to look out for in interest rates and fees to how you can secure a loan, we’ve got you covered.

Don’t forget, scholarships and work-study options are also solid ways to finance your education.

So whether you’re looking for a quick loan or thinking about part-time work, there are plenty of ways to make your academic dreams come true.

Just do your homework and pick the option that fits you best.

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