Best Loan Apps with Low Interest Rate in Nigeria

Do you want to find out about loan apps with a low interest rate in Nigeria? You are reading the right guide. We have carefully curated a collection of loan apps that offer a low interest rate in Nigeria.

Loan apps have gained a foothold since their advent due to the expediency with which they operate. Since their emergence, loan taking has become seamless and accessible to myriad users. The influx of loan takers has undeniably gained traction since the proliferation of these loan apps, and that’s because of the accessibility of the loan to a wide user base.

However, while taking a loan from loan apps may seem easy and straightforward, it is quite important to assess the interest rates charged by the creditor before indulgence.

Owing to advancements in technology, there has been a rapid surge in the number of these loan apps in Nigeria, and the country has almost become saturated with them. Consequently, loan takers often face the quandary of selecting the right loan app that offers the best interest rate.

This article aims to allay every confusion regarding selecting loan apps with a low interest rate in Nigeria and also expose readers to loan apps that offer competitive interest rates. Stay tuned while we delve into the topic.

Importance of Low Interest Rates

When considering taking a loan, it is important to consider the interest rate because it is one of the key determinants of loan repayment. Opting for loan apps with a low interest rate potentially enables borrowers to be consistent with turning in their loan dues.

Oftentimes, borrowers evade their responsibility to repay their loans when they become overwhelmed with exorbitant interest rates. Intrinsically, it is mostly not always the will of these people to do so, but when the rate becomes higher than what they can afford, they tend to fail to keep their end of the bargain, which is prompt repayment.

Conversely, when the interest rate is minimal or relatively affordable, borrowers are potentially inclined to pay their dues when necessary.

Moreover, loan apps with a low interest rate also foster financial inclusivity, which is one of the cores of mobile lending platforms. The accessibility of this loan to wide base of users is one of the major factors that promotes these apps.

Loan apps with a low interest rate empower individuals who may have previously been excluded from traditional lending channels due to high interest rates or stringent eligibility criteria. A low loan interest rate ensures the accessibility of the loan to people of varying degrees of financial capacity.

Furthermore, low interest rates also help maintain a positive credit history. When borrowers are able to pay their loans in due time, it ultimately reflects a positive repayment behaviour in their credit history. All of these, collectively, emphasize the importance of seeking a loan with a low interest rate.

Without further ado, we will explore a curated list of the 20 best loan apps with a low interest rate in Nigeria in the ensuing paragraphs.

The 20 Best Loan Apps with Low Interest Rate in Nigeria

Below is a list of the 20 best loan apps with a low interest rate in Nigeria.

1. Carbon
2. Fair money
3. Branch
4. Migo
5. Palmcredit
6. Alat
7. Aella App
8. Specta loan
9. Palmpay
10. Umba Loan
11. QuickCheck
12. P2vest
13. Okash
14. Jumiapay
15. Page Financials
16. Blocka Cash
17. Kuda
18. Kredi
19. Yescredit
20. Irorun

Let’s discuss each of these apps, and the features peculiar to them.

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1. Carbon Loan App

Carbon is one of the best loan apps with a low interest rate. It is an automated lending platform that makes loans accessible to Nigerians. Unlike traditional loan providers, the requirement is minimal.

To get a loan from the Carbon Loan app, all you need is your phone number and BVN during the application; there is no excessive paperwork.

How Does the Carbon Loan App Work?

To access the Carbon Loan, you need to provide valid bank details, your BVN (Bank Verification Number), and a complete online application form. Your application will be reviewed and approved by an AI (Artificial Intelligence) after you have made the provision.

First-time borrowers are offered loans starting at N1,000, and their chances of getting a higher amount increase as they pay off their loans on time. Here is an excerpt that describes the interest rate of the Carbon Loan:

Carbon implements a daily interest rate ranging from 0.1% to 1%, influenced by the borrower’s creditworthiness. As borrowers repay loans promptly, they often experience reduced interest rates. The daily interest rate translates to an Annual Percentage Rate (APR) ranging from 36.5% to 360%.

For instance, on a 91-day loan with a principal amount of NGN 3,000, the interest would be NGN 273, resulting in a total amount due of NGN 3,237. Monthly breakdowns reveal the interest and total amounts due, illustrating the financial commitment over the loan term. Follow the steps in the next section to get a loan from the Carbon Loan app.

How to Apply for a Loan on the Carbon Loan App

Follow these steps to apply for a loan on the Carbon Loan app.

• Download the Carbon Loan app from your app store.
• Open the app, and register an account with your name, phone number, email, and BVN.
• Navigate to the dashboard of the app, and you will find an option that reads, “Apply for a loan.” Click on the option.
• Fill in your information accurately.
• Verify your application.
• Receive the application form through the app and SMS.
• Sign the loan agreement electronically upon approval.
• Your loan will be disbursed shortly after you have provided the electronic signature. You will also get an SMS to alert you of the disbursement.

2. Fair money Loan App

Fair Money is another mobile lending platform in Nigeria. It is one of the best loan apps with a low interest rate in Nigeria. It has a place in the list of the top fintech apps with an outrageous user base in Nigeria.

The interest rate of the Fair Money Loan app varies based on profiles, and ranges from 1% to 3% per month. Taking multiple loans with FairMoney and repaying them on time usually improves the loan rates. In addition to the interest rate, Fair Money charges a processing fee for every loan one gets. Here are some facts about the Fair Money Loan app:

• It processes loans in 5 minutes.
• It has over 10 million app downloads.
• It engages in over 10,000 daily loan disbursements.
• It has over 5 million users.
• It has over 210,000 monthly card transactions.
• It requires no collateral.
• It offers up to N5,000,000 in FairMoney SME loans for businesses.
• It offers up to N3,000,000 in personal loans.

Requirements for the Fair Money Loan App

• Your BVN (Bank Verification Number)
• Your proof of employment
• You must earn a minimum monthly income of N10,000
• You must also possess a good credit history.

3. Branch

Another app on the list of our best loan apps with a low interest rate in Nigeria is the Branch Loan app. This app offers a monthly interest rate of 3% to 21%, and an annual rate of 15% to 34%. With the Branch Loan app, you can get a quick loan from N2,000 to N1, 000,000. Here are some facts about the Branch Loan app from their official website:

• You can get instant loans up to ₦1,000,000, and enjoy investment yields of up to 15%.
• As you build credit with Branch, you unlock larger loan amounts.
• Branch offers flexible withdrawals so that you can access your money anytime, anywhere.
• With the Branch Wallet, you can send and receive payments from your friends and family.
• Easily pay bills and purchase airtime and data bundles directly from your Branch Wallet.
• You can request a debit card in the app.

4. Migo Loan App

Formerly known as Kwikmoney, Migo is one of the loan apps with a low interest rate in Nigeria. It provides access to instant loans with interest rates ranging from 5% to 15%. Borrowers can enjoy the convenience of obtaining funds within 2 minutes, coupled with favorable repayment terms.

Also read: Top 10 Online Banking Apps in Nigeria 2025

5. PalmCredit

PalmCredit offers instant loans, ensuring borrowers can effectively address their financial needs. The loan repayment timeline is between 3 and 6 months, and the interest rate is between 14% and 24%. It has a user-friendly interface and efficient services, and it is also a popular choice among Nigerians.

6. Alat

Alat, a product of Wema Bank, provides hassle-free access to loans with competitive interest rates. A loan of up to 2 million Naira can be borrowed from the app. The app is available for download on the Google Play Store.

7. Specta

Specta is owned by Sterling Bank, and it offers personal loans with attractive interest rates. A loan amount of up to N5,000,000 can be borrowed from Specta. It is not exclusive to only Sterling Bank users; users of diverse bank choices can also be beneficiaries. Borrowers can enjoy affordable financing solutions tailored to their needs.

8. Palmpay

PalmPay provides quick access to funds, typically within 5 minutes. However, it offers a short repayment period and a high interest rate for first-time borrowers. Both improve over time, provided the user pays up on time and never defaults on the loan agreement. PalmPay’s interest rate is between 15% and 30%.

9. Aella Credit

Here are some things to know about the Aella app:

• Features: Aella Credit guarantees quick loans of up to N1 million with a loan interest rate of 6% to 20%.
• Loan Tenor: Offers a loan tenor of 1 to 3 months with no late/rollover fees.
• Accessibility: Users can download the app from Playstore or the App Store for easy access to loan facilities.

10. QuickCheck Loan App

QuickCheck specializes in business loans, empowering entrepreneurs to access financing for their business goals.Here are some things to know about QuickCheck:

• Features: QuickCheck specializes in offering business loans of up to N1 million to individuals in Nigeria.
• Initial Loan Amount: First-time users can access a ₦30,000 loan for 30 days, with higher amounts available upon repayment.
• Quickcheck can be downloaded from Playstore.

11. Okash Loan App

With Okash, borrowers can access loans without collateral, ensuring accessibility to funds without additional burdens. Some facts about Okash:

• Features: Okash is among the top standalone loan apps in Nigeria, offering loans of up to ₦50,000 without collateral.
• Eligibility Criteria:
  • 20-55 years age range
  • A means of identification
  • Valid bank account and card

12. P2Vest

P2Vest distinguishes itself as a peer-to-peer lending platform, connecting borrowers with investors seeking better returns on their capital. With loan amounts ranging from N5,000 to N2,000,000, P2Vest provides an alternative financing option for individuals and businesses alike.

• Features: P2Vest is a promising new loan app in Nigeria, offering alternative loans through a peer-to-peer lending platform.
• Loan Amount: P2Vest offers loan amounts ranging from N5,000 to N2,000,000 with a loan tenor of 12 months.
• It is available for both Android and iOS users.

Also read: 8 Illegal Digital Loan Companies in Nigeria You Should Avoid 2025

13. JumiaPay

JumiaPay, a product of Jumia, not only offers instant loans but also provides a one-stop solution for daily needs such as airtime, utility bills, and shopping. Users can download the JumiaPay app from Playstore for access to loans and other financial services.

14. Page Financials

Page Financials, licensed by the Central Bank of Nigeria (CBN), offers personal loans.

• Features: Page Financials offers personal loans in Nigeria with flexible documentation processes.
• Loan Amount: Borrowers can access loan amounts ranging from N100,000 to N5,000,000.
• It charges a flat interest rate of 3.76% per month, and an Annual Percentage Rate (APR) of 29%-120%.
• Loan tenor of 60-180 days

15. Blocka Cash

Blocka Cash is also among the loan apps on our list. It offers its loan in an easy and uncomplicated process. Moreover, quick loans of N5,000-N50,000 are available and can be accessed based on the user’s credit score.

It’s interest rate is up to 3.5% per month and 42% per year. Furthermore, as an eligibility criteria for the Blocka Cash loan, you need to be at least 21 years old and also provide a valid government ID. Blocka Cash is also available for Android and iOS users.

16. Kuda Loan

Kuda Bank is one of the most popular digital banks in Nigeria, with a significantly outstanding user base. It offers loans of up to N50,000 at a daily interest rate of 3%. You can increase your chance of getting a higher loan amount by increasing your usage of the app.

17. Kredi Loan

Kredi is one of the developing digital banks in Nigeria. The amount of loans users are eligible to, is dependent upon their customer tier level. Additionally, Kredi offers four kinds of loans:

• Kredi SME Loan
• Kredi Nano Loan
• Kredi Salary-backed loan
• Kredi collateral-backed loan

18. YesCredit Loan

YesCredit is an iPhone loan app available for all eligible persons in Nigeria. It grants a loan amount of up to N5,000-N50,000. It offers an interest rate between 4.5%-35%, while its equivalent monthly interest rate is between 5%-29%. Its Annual Percentage Rate (APR) is between 29% – 120%.

Additionally, borrowers have 60-180 days window to repay their loans. The loan limit of borrowers increases as they pay up their loans.

19. Irorun

Irorun is another loan app you could consider. However, to be eligible for the Irorun loan, you must be at least 21 years old. Without meeting up with this requirement, your loan will not be granted. The loan tenor is between 60-90 days. It offers an interest rate of between 3%-5% per month, and an Annual Principal Rate (APR) of 36%.

20. Umba

Umba loan app is one of the new digital banks gaining popularity in Nigeria. It offers loans from the range of N1,115 Naira to N89,182. It’s interest rate is between 10%-21%. Additionally, it offers a loan tenor of 62 days.

That brings us to the end of this piece. It is true that the essence of loan apps cannot be undermined especially in the Nigeria of today where the prices of essential commodities are on an insane rise without any restraint.

These loan apps help to save the day in periods where unexpected financial needs arise. However, the importance of interest rate cannot be overstated because it holds a key piece in every borrower’s loan repayment endeavour.

When the interest becomes too exorbitant, defaulting becomes an imminent response from borrowers. Nonetheless, with this exhaustive piece, it is our belief that the next time you consider taking a loan, whether it is for your business, personal needs, emergencies, or simple petty needs, you have been armed and furnished with the requisite knowledge in determining loan apps with a low interest rate in Nigeria.

To access other useful information such as this one, stay connected with us and also follow us on our Twitter handle, @SilicoAfriTech, a platform where valid pieces of information are shared non-stop.

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