Discover The Best Loan Apps In Nigeria With Low-Interest Rate

Apps for borrowing money in Nigeria have become increasingly popular in recent years. These apps provide a convenient and accessible way for individuals and small businesses to borrow money. One of the biggest advantages of using a loan app is the ability to access low-interest rates. This makes it easier to repay the loan and avoid falling into debt. While not all lending platforms offer this opportunity, we have researched and curated a list of 15 of the best loan apps in Nigeria with low interest rates. So, if you’re looking for a loan app with low interest rates, join me as we explore this comprehensive guide together.

Understanding Low Interest Loan Apps in Nigeria

Before we dive into the list of loan apps, let’s first understand what apps with low interest rates are and how they work. Low-interest rates are the ideal scenario for borrowers, especially in Nigeria. But what exactly are low-interest rates, and how do they affect our understanding of loans?

Think about it like this: if you borrow N100,000 with an interest rate of 20%, you will have to pay back N120,000. But what if you could get the same loan with a 5% interest rate? You would save a huge N15,000! That’s the amazing thing about low-interest rates.

But there’s more to consider. While low-interest loans can help you save money, they often have stricter requirements. You may need a good credit score, a stable income, and sometimes even financial statements to qualify. Additionally, it’s important to remember that some low-interest rates are only temporary and could increase over time.

Low Interest Loan Apps in Nigeria

Now that we’ve covered that, let’s take a look at loan apps in Nigeria that offer these opportunities.

1. Carbon

Carbon is a legitimate loan app in Nigeria that offers low-interest rates. It provides individuals and small businesses with access to loans without requiring collateral, a guarantor, or documentation. Additionally, Carbon offers online banking services such as savings and money transfers. The app is available on both the Play Store and App Store, making it accessible to both iPhone and Android users.


  • Interest Rate: 1.75% – 30%
  • Loan Amount: ₦1,500 to ₦1,000,000
  • Loan Tenure: 1 – 6 months
  • Requirements: Personal Details, Employment Details, and Bank Statement
  • Repayment Methods: Wallet Fund and Bank Transfer

2. Branch

Branch is a popular lending app in Nigeria that provides low-interest loans and an online banking platform. With the Branch loan app, users can obtain urgent loans with low interest rates. The platform also offers flexible repayment methods. Personal loans ranging from ₦2,000 to ₦500,000 can be obtained within minutes, and the loan tenure typically ranges from 62 days to 1 year.


  • Interest Rate: 15% – 34%
  • Loan Amount: ₦1,000 to ₦500,000
  • Loan Tenure: 1 – 12 months
  • Requirements: Personal Details, BVN, and no ATM card

3. Aella Credit

Aella Credit is a transparent loan app in Nigeria with low interest rates and a fast disbursal process. It offers instant loans within five minutes without requiring collateral. Similar to Carbon, Aella Credit is available to both iPhone and Android users. To access loans on this app, users simply need to download the app, create an account, and apply for a loan. Aella Credit also provides low-interest SME loans to entrepreneurs.


  • Interest Rate: 6% – 20%
  • Loan Amount: ₦100,000 to ₦5,000,000
  • Loan Tenure: 1 – 3 months
  •  Requirements: Personal Details and Some Bank Details
  • Repayment Methods: Wallet Fund, Debit Card, and Bank Transfer

4. Quick Check

QuickCheck offers urgent loans without the need for collateral, documentation, or a guarantor. There are no long queues or wait times, as loans are credited to borrowers within minutes of applying.

QuickCheck loans have flexible terms, including low interest rates, flexible payment methods, and a long repayment period. QuickCheck is a reliable app with over a million downloads on the Google Play store and positive reviews. Users can access instant loans worth up to 1 million Naira.

When searching for the best loan app in Nigeria with low interest rates, QuickCheck should not be overlooked.


  • Interest Rate: 2% – 30%
  • Loan Amount: ₦1,500 to ₦500,000
  • Loan Tenure: 1 – 12 months
  • Requirements: Smartphone, personal details, and no bank details.

5. Fairmoney

Fairmoney is one of the most popular lending apps in Nigeria that offers loans without documentation or collateral. It provides low interest loans within minutes.

To get a loan from Fairmoney, simply download the app, sign up, add your personal details, and apply for a loan. The money will be credited to your Fairmoney account within minutes. You can transfer the money to your bank account or use it for online payments such as buying airtime or paying bills.

Fairmoney loans also have flexible terms, with a repayment period of up to 18 months and loan amounts ranging up to 1 million Naira.


  • Interest Rate: 2.5% – 30%
  • Loan Amount: ₦1,500 to ₦500,000
  • Loan Tenure: 1 – 18 months
  • Requirements: Personal details, account setup, and BVN.

6. PalmPay (FlexiCash)

FlexiCash is a lending service offered by Palmpay, a popular online banking app in Nigeria. Both Android and iPhone users can access loans through Palmpay.

The loan amount offered by FlexiCash is based on the user’s credit score/record with Palmpay. The better the credit score, the higher the loan amount offered, and it increases over time.


  • Interest Rate: 0.70% or more daily
  • Loan Amount: ₦1,500 and above
  • Loan Tenure: 15 to 30 days
  • Requirements: Palmpay Account
  • Repayment Methods: Palmpay Wallet Fund & Debit Card.

7. Renmoney

Renmoney App is a finance app in Nigeria that offers low interest loans. It allows users to save and transfer money, pay bills, purchase airtime, and take instant loans from their phones.

Renmoney is a reliable lending platform and works for both Android and iPhone users. It has favorable loan terms and conditions.


  • Interest Rate: 2.4% – 9.33%
  • Loan Amount: ₦6,000 to ₦6,000,000
  • Loan Tenure: 3 – 24 months
  • Requirements: Personal details, BVN, Email & Phone number
  • Repayment Methods: Bank transfer, Account balance & Debit Card.

8. P2Vest

P2Vest is an app in Nigeria that allows for quick and easy peer-to-peer loans. With this app, you can borrow money from other users at a low-interest rate. P2Vest offers its lending services to both individuals and businesses, with loan amounts ranging from 2,000 to 2 million Naira. The best part is that you don’t need a guarantor or collateral to get a loan. All you have to do is download the app, register as a borrower, and apply for a loan. Once your application is approved, the loan will be sent directly to your bank account.


  • Interest Rate: Depends on the investor’s rate
  • Loan Amount: 2,000 to 2,000,000 Naira
  • Loan Tenure: Up to 12 Months
  • Requirements: Personal Details & Some Bank Details
  • Repayment Methods: Debit Card

9. Kuda

Kuda is a popular online banking app in Nigeria that offers various banking transactions such as money transfers and bill payments. It also serves as a loan app, providing an instant loan with a low-interest rate and no collateral or guarantor required. You can easily download the Kuda app from the Play Store or App Store to access these services.


  • Interest Rate: 0.3% Daily
  • Loan Amount: Up to 50,000 Naira
  • Loan Tenure: Up to 90 days
  • Requirements: Verified Kuda Bank Account
  • Repayment Methods: Kuda Bank Account Fund

10. KiaKia Loan App

KiaKia is another popular peer-to-peer lending app in Nigeria. Getting a loan from this app is as simple as downloading it from the App Store or Play Store, signing up as a borrower, and connecting with a lender who accepts your loan application. Once all requirements are met, the loan will be disbursed into your bank account within minutes. KiaKia offers low-interest rates, a relatively long loan tenor, and a large loan amount.


  • Interest Rate: 15% Monthly
  • Loan Amount: 10,000 to 10,000,000 Naira
  • Loan Tenure: 1 – 3 Months
  • Requirements: Personal Details & Bank Details

11. Credpal

Credpal is a new loan app in Nigeria that offers loans with low-interest rates in a unique way. This app uses funded credit cards to provide loans. You can use the Credpal Credit Card for both online and offline payments. To access this credit card, you need to download the Credpal app, register an account, and wait for your credit limit to be ready on the card. Once it’s ready, you can request the credit card and have it delivered to your preferred location. With the card, you can start spending and repay monthly or when you reach your credit limit.


  • Interest Rate: 3.8% – 8%
  • Loan Amount: 5,000 to 500,000 Naira
  • Loan Tenure: 29 Days
  • Requirements: Personal Details & Bank Details
  • Repayment Methods: Bank Transfer.

12. ALAT

ALAT is a popular lending platform owned by Wema Bank in Nigeria. It offers various credit services, including virtual cards and loans. ALAT by Wema Bank provides easy access to loans with low interest rates and flexible repayment options. If you are searching for the best loan app in Nigeria for small businesses with low interest rates, ALAT is definitely worth considering.


  • Interest Rate: 2%
  • Loan Amount: ₦50,000 to ₦4,000,000
  • Loan Tenure: 3 – 24 Months
  • Requirements: Personal Details & Bank Details
  • Repayment Method: Bank Transfer

13. Borome

If you urgently need a low interest loan in Nigeria without a guarantor, documentation, or collateral, Borome is the solution. Borome offers instant loans ranging from ₦2,000 to ₦100,000. They have flexible eligibility criteria and disburse the loan into your bank account within minutes after approval. Borome also offers flexible repayment methods and terms, and they increase your loan limit if you comply with their terms.


  • Interest Rate: 0.9% Daily
  • Loan Amount: ₦2,000 to ₦100,000
  • Loan Tenure: 1 – 3 Months
  • Requirements: Personal Details

14. Specta

Specta, owned by Sterling Bank, is a popular loan app in Nigeria with low interest rates. It primarily offers business loans to entrepreneurs without requiring collateral or a guarantor. Specta loans can be accessed through their website, and individuals can apply for personal loans up to ₦5 million. Additionally, Specta provides the option to apply for a credit card as a form of loan.

15. Zedvance

Zedvance is a fast-growing and reliable fintech platform in Nigeria that offers business loans with low interest rates. They provide loans up to ₦5 million for all business purposes without the need for collateral. By creating an account, applying for a loan, and answering some basic questions, you can receive loan disbursement within minutes. Zedvance offers loan tenures of up to 18 months and fair interest rates.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top