Best Loan App In Nigeria With Low Interest Rate 2024: Top 10

Best Reputable Loan Apps In Nigeria for Instant Cash 2023
Best loan App In Nigeria With Low Interest Rate

Best Loan App In Nigeria With Low Interest Rate: Let me draw your memory back a little. You remember in the early days when getting a loan from the bank used to be like a nightmare. You could actually spend days going to the bank repeatedly with no result.

I can only imagine how awful they must felt then. Just imagine having a Multi-billion naira business idea you want to start up and banks end up killing the dream.

But Thanks to technology, we can now obtain mobile loans utilizing a smartphone, a mobile app, and an internet connection within 24 hours to address our personal and business demands.

In Nigeria’s financial system, loan apps are fundamental. They provide rapid and simple loan access without requiring collateral or laborious approval procedures.

One of the major issues of these loan apps is their high-interest rate and unethical means of recovering loans from their clients.

Ifinancely have put together the top 10 best loan apps in Nigeria with very low interest rate and flexible payment scheme. These loan apps are currently the most downloaded loan apps in Nigeria.

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Top 10 Best Loan Apps in Nigeria with Low Interest Rates 2024

1. Branch Loan App: In Nigeria, Branch is a well-liked loan app that offers quick and simple access to unsecured loans. The app has received over 10 million downloads so far, making it one of the most popular ones in the lending category on Google Play.

Branch Loan app offers a variety of financial services, such as loans, investments, bill payments, and money transfer, the loan app without doubt stands out from the competition.

In order to access a loan from the Branch, you must first download their loan app from the Google Play Store and complete the whole registration process.

You must submit information about your identity, place of employment, and bank account.

You can apply for a loan immediately after you have completed the registration process. Once the loan has been approved, The money will be paid directly into your bank account almost immediately.

The branch loan app offer loan for personal use ranging from #2,000 – #500,000 depending on your profile and expected time of repayment with an interest rate of 3% – 23%. It is important you know that the Branch loan app has a repayment tenure of 62 days to 1 year.

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2. FairMoney App: FairMoney app is a user-friendly loan mobile app that offers the fastest loan to loan seekers. FairMoney app provides instant loans and financial services to Nigerians with little or no stress.

The loan app with over 10 million downloads on Google Play Store provide loan to the public from as low as #1,500 to #1 million naira with little documentation and no collateral required.

However, the loan amount made available depends on the individual portfolio and expected time of repayment.

To access the Fair Money loan, you must first download their loan app on Google Play Store and do the registration with the required documentation. In the process of registration, you will be required to create an account with the Fair Money app.

FairMoney loan application procedure is quick and simple, and after approval, money is transferred instantly to the borrower’s bank account.

It is important I tell you this, FairMoney evaluates loan applications using sophisticated algorithms and machine learning, and the entire process is totally automated.

However, If you need fast and ideal cash for your business or personal use, then the FairMoney app is your go-to app.

Compared to the Branch loan app, the FairMoney app has a lower interest rate of 2.5% to 30% and a repayment period of 3 – 18 months.

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How Much Can I Borrow from FairMoney For The First Time?

The minimum amount you can borrow from Fairmoney for the first time is N10,000 and the maximum loan amount for a new customer is N40,000, and neither collateral nor a guarantor are necessary.

Your history of repayment and the cost of lending are two factors that affect interest rates. You can also borrow more than N40,000 from the Fairmoney app for the first time. But you will be required to bring collateral and a guarantor.

Whichever amount you wish to borrow from the Fairmoney app, the loan is disbursed directly to your bank account immediately after the loan has been approved.

The Fair Money app loans are intended to be short-term loans that will help you get by until your next paycheck. It is perfect for anyone looking for an unsecured personal consumer loan, students, and people with thin credit files who are disqualified for conventional bank loans.

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3. PalmPay Loan App: You probably might have seen different memes on social media, especially on Twitter about palmPay when it comes to the collection of loaned money to people😂.

Well, I hope you know those are all memes and they do not reflect the true image of the company. Personally, I feel it is part of their marketing strategies.

The financial technology platform PalmPay provides loans to its users as a sort of financial assistance. PalmPay offers a lending service that is focused on providing financial aid to the public through loans at very subsidized interest rates.

Just like every other loan app, you have to download the Palmpay loan app on either the Google Play Store or Apple Store do the necessary registration, and also provide the requested document before you can access their loan services.

Palmpay has an MMO license from the CBN, and the NDIC insures its deposits. You can borrow as little as #10,000 through Palmpay and as much as #200,000 from them.

Palmpay requires no collateral and a 14% to 30% interest rate depending on the expected time of repayment.

For people and small businesses in need of quick and simple loans, the Palmpay lending app is a fantastic choice.

lastly, it is important I tell you that default in the payment of the loan borrowed from Palmpay will increase your interest rate to about 20%, Also your name will be blacklisted in the Credit Burea Institute. Meaning you won’t be able to get a loan anywhere else.

4. Okash App: Okash is a subsidiary of the popular Opay digital fintech company in Nigeria that offers quick online loans from as low as #3,000 to #500,000 without any required collateral.

The loan money is paid to the applicant’s bank account after only a few simple application processes and minimum verification.

Okash interest rate is been calculated on a daily base with a repayment tenure of 3 months to 1-year tenure.

Unlike every other loan app, To ensure that applicants have the resources to repay the loans, the Okash lending app has strict qualifying requirements. The platform looks at a borrower’s proof of ability to repay and may reject loans if it finds insufficient proof.

The excess of the strict measure is to ensure users do not take loans that are not repayable within the repayment tenure.

You can access Okash Loan by downloading the app on the Google Play Store.

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5. EaseMoni Loan App: EaseMoni is also a subsidiary company of the popular Opay Company. Small and medium-sized businesses in Nigeria can apply for an instant, unsecured loan through EaseMoni, a finance company that is authorized by the CBN.

The Easemoni loan app offers borrowers a range of repayment terms, from 91 days to 12 months, giving them flexibility in managing their repayment plans.

This feature is helpful since it enables customers to select a repayment strategy that fits their tastes and financial situation.

Monthly interest rates on the Easemoni loan app, which range from 5% to 10%, are extremely low and show a dedication to upholding fairness and transparency in the pricing structure.

The Easemoni loan app’s outstanding customer service is another key benefit, as it aids in addressing user concerns, offering assistance, and building trust between the platform and its users.

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6. Aella Credit: Aella Credit is the 6th best loan app in Nigeria which also provides Nigeria with one of the fastest means to access loan services.

Aella Credit provides instant loan service without any required collateral. The basic thing you need to access Aella Credit is your BVN and a smartphone to download their app from the Google Play Store or Apple Store.

Some of the important features of Aella credit are as follows;

  • Quick access to a loan
  • easy loan application process
  • No collateral required
  • Low-interest rate
  • Secured Platform

7. PalmCredit: The Palmcredit app is one of the most popular loan apps in the nation with over 5 million downloads on the Google Play Store.

According to PalmCredit, a rapid loan of up to N300,000 can be obtained in less than 200 seconds without the need for any kind of collateral.

The interest rate charged by Palmcredit ranges from 14% to 24%, the equivalent monthly interest rate is 4%–4.7%, and the annual percentage rate (APR) for a loan from Palmcredit is 48%–56%. The loan length ranges from 2 weeks to 30 weeks (6 months).

Palmcredit will lend you up to ₦100,000. Additionally, keep in mind that you may always change the maximum.

You can access PalmCredit loan by downloading the app on the Google Play Store.

8. Carbon: In Nigeria, Carbon is a well-known loan app that provides quick loans to both individuals and small businesses.

The software is made to offer immediate loans ( less than 3 minutes) without the need for paperwork, collateral, or a trip to the bank.

According to recent News, Carbon is now a digital bank. We hope it remains in Nigeria for a long time because it allows you access to loans as well as possibilities for investing, money transfers, buying airtime, paying bills, and much more.

Depending on the loan payback duration and the amount you want to borrow, their interest rates might range from 1.75% to 30%.

Interestingly, the Carbon Loan app has more than one million downloads on the Google Play Store and a 4.4 rating. That’s pretty cool right?😊

You must download the Carbon app from the Apple Store or Google Play Store and register before you may get a loan from Carbon.

Then do the necessary registration after downloading the app, Then boom🤸‍♀️ you can apply for loans.

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9. QuickCheck: With loans ranging from 1,500 to 500,000, the QuickCheck lending app gives customers a wide range of financial assistance.

The platform also provides flexible repayment schedules, ranging from 61 days to 12 months, allowing borrowers to select the repayment strategy that best meets their demands and financial circumstances.

It will interest you to know that Quickcheck is one of the finest, biggest, and best loan applications in Nigeria.

The Quick Check has a great user interface that makes it simple for users to navigate and access the features they need, improving the whole borrowing experience and fostering a happy customer journey.

Depending on the borrower’s credit score, QuickCheck loans have monthly interest rates that range from 2.5% to 21.7%.

Although its reduced interest rates are advantageous, it is usual practice in the lending business to charge higher rates to customers with lower credit scores.

Check the Google Play Store or Apple Store to download the Quick Check Loan app.

10. KwikMoney: The KwikMoney app is now known as MIGO. However, You know the way you pronounce “Quick“? Yeah use that same ideology and pronounce “Kwikmoney“😎.

Just as it sounds “Quick” that is how fast Kwikmoney disburses loans to interested Nigerians at a meager interest rate and flexible repayment schedule.

Kwikmoney provides loans with terms of 14 to 30 days and amounts ranging from 1,500 to 500,000.

The loan application procedure is straightforward and quick to finish. By installing the app, making an account, and entering the necessary data, users can submit an application for a loan.

The loan is disbursed to the user’s bank account within minutes after the application is approved.

In comparison to other lending applications in Nigeria, Kwikmoney’s interest rate for loans is relatively low at 5% per month. But in addition, the app levies a 15% one-time processing fee on the loan amount.

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Which App Provides Loan With Lowest Interest Rate In Nigeria 2023?

The Carbon loan app has the lowest interest rate of 1.75% to 30% as compared to every other loan app you will see in Nigeria.

However, the interest rate highly depends on the amount you intend to borrow and the expected payback duration.

Let’s express it mathematically;

1. The higher the amount you want to borrow and the farther the payback day – The higher the interest rate

2. The lower the amount you want to borrow and the closer the payback day – The lower the interest rate.

But not to scare you, the Carbon Loan app is still a run-to loan app when it comes to low interest rates as compared to other loan apps in Nigeria currently.

How Can I Get A Low-Interest Loan?

If you want to get a low-interest rate loan in Nigeria, there are a few measures you should take in order to achieve your purpose. Here are a few steps you should take

  • Have a good credit score: we can also term this as maintaining good repayment records. if you intend to get a low-interest rate with any of the loan apps in Nigeria then it’s important you have a good credit score with every other loan app you must have used their services. By paying your payments and obligations on time, you can keep a decent credit score.
  • Compare the interest rates provided by various lenders and pick a more convenient one.
  • Always look out for special offers on these loan apps. There are usually seasons of huge discounts on their loan plans.
  • Verify the interest calculating procedure.
  • Possess a solid employment background. This is a solid point. It gives the loan app conviction that you are capable of repaying the loan you intend to borrow.
  • Maintain a good relationship with the loan apps.


In conclusion, all of these loan applications have thus far provided their services to the wonderful people of Nigeria without posing any problems that can cause you to lose your focus.

However, one of the main problems with using some of these lending apps is when you don’t repay the loan you took out before the end of the specified date.

Some of these loan payees engaged in unethical behavior while trying to recoup their debt, which damaged the borrower’s reputation.

I’ll therefore advise you to pick a convenient date for repayment and also a loan you can pay back.

Lastly, Aside from these listed loan apps in this article, there are some other loan apps you can get out there, but you should be careful of the loan app you release your details to because some of them appear real but are actual Scam measures to get your detail and use it for dubious activities.

you can check out Punchng for the full list of all approved loan apps by FCCPC in Nigeria.

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