Student Loan App in Nigeria Approved By CBN



A lot of students in Nigeria face many challenges and difficulties in their education including access to funds, but are there student loan apps approved by CBN that cater to this problem? Loan apps for students in Nigeria provide a quick and easy way to apply for a loan, often with minimal paperwork and fast approval times.

Some of these apps also offer specialized products or services tailored to the needs of students, such as loans for specific types of expenses or income-driven repayment plans. While there are various loan apps available, it’s important to approach borrowing with caution and responsibility.

Some of the topics we will cover in this post;

Student loan requirements in Nigeria

How to apply for Tinubu student loan in Nigeria

Student loan App (Android and iPhone)

Also read our post on; How To Block Loan Apps From Accessing My Contacts (Calling My Friends)

Loan Apps for Students in Nigeria Approved By CBN

The availability of loan apps for students in Nigeria may vary, and it’s essential to verify the current status and legitimacy of any app before using it.

1. Branch

One of the most popular loan apps, Branch provides personal loans to students in Nigeria. It assesses your creditworthiness using various factors, including your smartphone data. The Branch Loan App offers student loans from ₦1,000 to ₦500,000 with reasonable interest rates starting at 15%.

You can repay in 1 to 12 months, and there’s no need for paperwork or collateral, making it an excellent choice for students. The eligibility requirements are also fair as you only need to have a BVN, a valid bank account, and an ID card. With these, you can open an account and apply for a loan. 

2. Carbon

Carbon is a Nigerian fintech company that offers loans to individuals, small businesses and students. It is known for its quick loan approval process. Easily one of the most popular loan apps in Nigeria, Carbon offers individual loans that can serve several purposes including for schooling.

The platform offers up to N1,000,000 at an interest rate that ranges from as low as 5% to as high as 30% depending on the conditions of the loan. The loan tenure is flexible. This platform checks out your BVN (Bank Verification Number) to determine if you can get a loan.

You can find Carbon online, and it’s also on your phone with apps for both Android and iOS. To be eligible for a Carbon loan, all you need to do is have a valid BVN and ID document which will be requested in the process of opening an account. 

3. Renmoney

Renmoney provides loans to Nigerian students with minimal documentation. The loan application process is online, and they offer various loan products. Renmoney provides loans from ₦6,000 to ₦6 million at reasonable starting interest rates of 4.5%.

You can choose repayment terms from 3 to 24 months, and the application process is straightforward with no need for collateral.

Additionally, they offer insurance for added security to protect borrowers from unfortunate and unseen circumstances.

4. FairMoney

FairMoney is a mobile banking platform that offers loans and financial services. It uses alternative data to assess creditworthiness. FairMoney is a highly dependable loan app, especially for students in Nigeria.

This app provides loans ranging from ₦10,000 to ₦500,000, offering competitive interest rates between 10% and 30%. You will need your Bank Verification Number and your debit card to obtain a loan.

Repayment terms are flexible, ranging from 1 to 18 months, and the entire application process is conducted online through the app.

5. QuickCheck

QuickCheck is a loan app that provides instant loans to individuals in Nigeria. Its loans can be accessed from anywhere in Nigeria and are also available to students with good credit scores.

QuickCheck is a student-friendly loan app in Nigeria, providing loans of up to ₦500,000 with interest rates ranging from 2% to 30%. Repayment terms can extend up to 12 months.

Getting a QuickCheck loan is a breeze: Simply download the app from your preferred app store, create an account, and submit your loan application. And just like other options, no collateral or guarantor is needed.

Like other loan platforms, QuickCheck requires your BVN for security and verification purposes; and your bank account number to disburse your approved loan. 

6. PalmCredit

PalmCredit is a loan app that offers short-term loans to individuals. It is known for its quick loan approval process and ease of use.

PalmCredit is a top loan app in Nigeria, great for students. You can borrow up to ₦100,000 with rates starting at just 14%. The repayment terms are flexible, from 14 to 180 days.

Plus, there’s a credit scoring system – responsible borrowing can get you even more funds due to higher credit scores accumulated over time.  You can apply for a loan by downloading the PalmCredit app from the Google Play Store.

7. Aella Credit

Aella Credit is a mobile app that offers instant loans to individuals. It utilizes credit scoring algorithms to assess borrowers.

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.

8. Migo

Formerly known as KwikMoney, Migo offers instant loans to students through its mobile app. It uses data analytics to determine creditworthiness.

Migo, previously known as Kwikmoney and Kwikcash, is a San Francisco-based loan company operating in Nigeria and Brazil. Migo caters to end-users, loan companies, banks, and merchants.

It offers suitable loans to students looking to pay their fees ranging from N500 to over N500,000. Normally, customers start with a small loan amount and grow your loan offers over time as you build trust with the system.

You can obtain a Migo loan through their web interface, or the loan app. If you don’t own an internet-enabled device, you can use the Migo USSD code. Depending on how much money you borrow, Migo charges 5 – 15% on loans and you have to repay between 14 – 30 days.

9. Kiakia

Kiakia is a Nigerian peer-to-peer lending platform that connects borrowers with lenders. It offers personal and business loans.

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.

Its minimum loan amount starts at N50,000 with an interest rate of 3.5% per month. However, it has a short repayment tenure of 7 to 30 days. 

Also, note that the platform mostly requires that borrowers have a source of income before they can access loans.

Before using any loan app, it’s crucial to read reviews, understand the terms and conditions, and ensure the legitimacy of the platform.

Be cautious of scams and only use reputable and well-reviewed apps. Always borrow responsibly and only take out loans for genuine needs.

As a student, before applying for a loan, it is important to compare options in order to select a loan that’s best suited to your needs and circumstance. 

How to apply for Tinubu student loan in Nigeria

On 12 June 2023 (democracy day), President Bola Ahmed Tinubu signed into law the student loan bill to establish an education bank to provide interest-free loans to Nigerian students seeking higher education.

The bill is titled; “An Act to Provide Easy Access to Higher Education For Nigerians Through Interest-Free Loans From Nigeria Education Bank Established in this Act with a View To Provide Education for All Nigerians and for Related Matters.

Eligibility Requirements

Nigerian students must meet the following requirement to be eligible for the student loan:

  1. Admission: The student applicants must have secured admission into any of the Nigerian universities, polytechnics, colleges of education or any vocational school established by the Federal Government or the government of any Stale of the Federation.
  2. Income Limit: The student applicants’ income or family income must be less than N500,000 (five hundred thousand naira) per annum.
  3. Guarantors: The student applicants must provide at least two guarantors. Each of the guarantors must be a civil servant of not less than level 12 in the service; or a lawyer with at least 10 (ten) years post-call experience; a Judicial officer; or a Justice Peace.

How To Apply For Student Loan

All applications must be submitted through the applicant’s bank to the Chairman of the Committee established under the Act. Each application must be accompanied by the required documents.

  • A copy of the student’s admission letter.
  • A cover letter signed by the vice-chancellor, rector, or the head of the institution, along with the student affairs officer of the institution.
  • A letter from the guarantors addressed to the Chairman of the Committee, recommending the student for the loan and accepting liability in the event of default.
  • Two passport photographs from each guarantor, information on the guarantors’ employment and proof of employment with the named organization, as well as particulars of the guarantors’ business registration or relevant authority if self-employed.

Timely Processing: Processing of application and disbursement shall be completed within 30 days of the application reaching the Chairman of the Committee. This ensures that loans are processed efficiently and promptly.

The Committee is obligated to communicate the applicant’s application status within 14 days of receiving the application.


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. Thank you!


Recent Articles


Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox

Get paid $10 for Answering Questions

Join Our Telegram Channel