Online Loan App in Nigeria with Low Interest Rate

Loan App in Nigeria with lowest interest rates

Quick Loan apps come to mind when you have some urgent pressing needs in a business to sort out with money. I want to tell you that there are legit lending companies now in Nigeria that you can approach any day, any time even without collateral, documentation or ATM cards to get your loan requests approved same day in minutes or within 24hrs just after applying.

We found out that a lot of people are reluctant on collecting loans from commercial banks in Nigeria to fund their businesses because of the high interest rates and enormous paperwork involved with borrowing money in the profitable financial system. To such people, we say bother not, we have a better offer. With the urgent loan apps we have here, you will obtain instant business or personal loans at a very low interest rate (the cheapest rates in the market today).

Although the lending business in Nigeria has been thriving, a major drawback has always been the insincerity of some borrowers to payback monies owed as at when due – thanks to credit score and the introduction of BVN. Notwithstanding, this has made lending money a risk on lenders lately. We do recognize all of the frustrations that average Nigerians go through even with proper planning in business as a result of uncertain factors beyond their control which end up not working in their favor in most cases. Hence, inability to make returns.

Best Loan Apps with Low Interest Rate in Nigeria

Without further delay, the good news is that there are mobile app companies, firms or organizations online that have already studied the system and have taken it upon themselves to provide the much needed easy and quick loans for startups and entrepreneurs in the micro, small and medium-sized enterprises in 2023. Below is the top 10 list.

1. Fairmoney Loan App

The digital bank called Fairmoney is one of the top loan apps based in Lagos, Nigeria and headquartered in Europe. The brand comes to mind when you are in need of loan online and don’t have a tangible collateral at the time, Fairmoney App comes in handy to help you secure the needed budget up to a whooping amount of ₦1 million naira.

In addition, you will be privileged to use your debit card and transfer funds without limits. The application process is fast and only takes 5 minutes of your time to get the money into your bank account.

Monthly Interest rate calculator: 2.5% to 30% (APRs from 30% to 260%).

Repayment period spans from 2 – 18 months. There is no reward for bad credits as creditworthiness earns borrowers more benefits.

Requirements: an Android smart phone and a BVN to check for eligibility. See Fairmoney website for more.

Download Fairmoney loan App from Google Play store.

2. Palmcredit Loan App

Palmcredit is a quick loan app that offers the lowest interest rate available in the market. It has good reviews online owing to its quick three-step application process of Registration, Approval and Cash disbursement. Indeed, Palmcredit is the fastest mobile loan app now in Nigeria 2023 with maximum payout time interval of 3 minutes.

The legit instant online loan company is owned by Newedge Finance Limited which has made it even easier now to get short term loans without collateral, paperwork or documentation of any sort. Now, all of these may have been sounding too good to be true? If yes, see app reviews on Play Store to be sure.

Download Palmcredit loan app.

Meanwhile, the period for repayment spans from 91 to 365 days.

Monthly interest rate calculator: 5 – 28% at an annualized rate between 24 – 56%.

Permissible loan amount range from ₦2,500 to ₦300,000.

Requirement remains your smartphone to download app and process forms.

3. Carbon Loan App

The former Paylater now officially known as Carbon is one of the best loan apps in Nigeria 2023 that is considered trustworthy and reputable online. The company started in 2012 and have since recorded success over the years with provision of everyday financial needs like bill payments, money transfers, airtime recharges, investments etc. In 2016, Carbon launched it’s loan app on Google Play Store to becoming Nigeria’s one-stop source for accessing quick loans in minutes and without stress or documentation.

Although Paylater as you may know started out by providing loans for salary earners which involved a whole lot of guarantors, paperwork and confirmations amidst affidavits etc. These days, all that is required of you is your Biometric Verification Number and a smart phone and in return, you get zero account fees with no hidden setup charges. Interestingly, their mobile app is available for both iPhones and Androids.

Highest amount borrowable is up to ₦1 million naira.

For MTN and 9mobile users, *1303# is the Carbon loan USSD code.

The interest rate calculator is at 2% per annum.

Download Carbon App on Play Store or from the IOS platform.

Repayment period will be due in 3 months.

For more info, login to Carbon website

4. Kiakia Loan Website

…and before you ask, Kiakia is a licensed sme lender with legit business operations in Nigeria. Kiakia is trusted by many entrepreneurs for provision of secure and unsecured loans to individuals and corporate organisations across the country to meet their business goals. Loaning with company doesn’t need collateral and usually happens within 5 minutes just after application, that is how long it takes for you to receive credit alert from the quick mobile loan app company.

The highest amount to loan can get up to ₦200,000 depending on your credit score history. Kiakia was designed for easy and quick access to personal and short-term loans that are much needed when there’s an urgent need to borrow in order to solve pressing financial problems. In that case, all you need do is to visit Kiakia loan website and you are good to go.

Repayment period lasts between 7 to 30 days. However, there will be need for a recent bank statement, a BVN and proof that you’re at least 21 year old.

The interest rate calculator ranges from 5.6% to 24%.

Unfortunately, Kiakia hasn’t launched its app yet. Nevertheless, you can perform transactions alike via their official website at Kiakia.co.

For Kiakia loan USSD utilities, dial *448#.

5. Renmoney Instant Loan App

The instant loan app called Renmoney is not just quick in its loan services to customers, it also doubles as the highest paying loan app today in Nigeria with up to ₦6 million naira in queue waiting to be disbursed each point in time. The microfinance bank has all of its activities fully regulated by the CBN, so you don’t need to worry about the safety of your funds.

Of all loan apps listed above, Renmoney is one of the best companies with a more clear-cut category of loans and treats them as such, for instance the smartphone funding, school fees, loan at work etc. However, you need to be employed to be able to access loans and benefits. Just like Kiakia above, it goes with no collateral but needs minimal documentation for a given age brackets so as to be eligible. For more info, read more at Renmoney website.

Interest rate is dynamic and varies according to chosen repayment plan which run from 3 to 24 months after approval.

Install the android version of Renmoney loan App apk from Play Store.

6. Branch Loan App

With no physical documentation, the world’s most popular personal finance app, Branch checks for eligibility and grants loan request with the aid of smartphone data.

Do not worry, the lender is an international company hence your personal details are safe with them. Apart from Nigeria, Branch is also known for granting instant loans in 4 more other countries that include Tanzania, India, Kenya and Mexico where they are also in operation.

With user growth in mind, Branch offers one of the lowest interest rates of 1.5% – 20% per month in the industry and there are no rollover or late fees charged.

Amounts borrowable range from ₦2,000 to ₦500,000 while the repayment period starts from 4 to 40 weeks.

Download Branch’s top-rated loan app on Play store.

7. Aella Loan App

The pack of business solutions best known as Aella is not just a good loan app in Nigeria, it is also a health insurance shop, credit and investment platform etc. Application success rate is so high and you can be sure that your money will land in a matter of 5 minutes.

Interest rates range from 6% to 20%, and there are no hidden charges, late or rollover fees.

During your first application, you will be presented with loan amounts ranging from ₦2000 to ₦1,000,000 which is ought to be repaid within the first 1 to 3 months.

Download Aella App from Google Play store and Apple IOS store.

8. Okash Loan App

This is the loan company that provides financial assistance in the form of loan to entrepreneurs so that they can focus on your businesses so as to make more profits. Okash is a signature of Opay that aims to provide loan assistance to financially excluded individuals in the country. Just like Branch, it uses data from applicant’s phones to process requests and unlike Branch, eligibility is restricted to age brackets 20 to 55 years old.

Daily interest rate is at 1.2%. Repayment affacts interest and is decided be the applicant.

Download Okash loan app from Play store

9. QuickCheck Loan App

This app, QuickCheck allows you to get fast cash without collateral in a matter of minutes. They are PCIDSs compliant, hence all data obtained via machine learning from costumers are safely kept and nothing shared.

In essence, QuickCheck is at the forefront of the campaign against staying broke and cumbersome application process and documentation. Instant loan approval is one of the selling points of the company.

Although, up to ₦200,000 naira are loanable from this lender, but if you are applying for the first time, the highest loan amount available to you will not be more than ₦10,000 and its lasts for 30 days only. This was designed to see if you can unlock the features necessary for higher amounts.

Depending on duration and other notable factors as usual, interest rates vary from 2% – 30%, although first timers are allocated 5% rate (not minding).

Download QuickCheck loan app from Google Play

10. Zedvance (MoneyPal) Loan App

This list will not be complete without mentioning or including Zedvance, a loan app that really stands out from the crowd market. Getting instant short-term loans without collateral have become much easier with Zedvance’s loan app called MoneyPal.

Of all of the benefits the company offers, you might want to install the app and see things yourself, amounts get up to ₦5 million – no need to over promise and under perform. Lagos residents can testify to getting instantly the loan sum applied for. If you live in Abuja, you can give this app a chance too.

Download MoneyPal loan app from Google Play

Top 20 instant loan app in Nigeria

Having given you a list of the most best and most popular mobile apps for collecting loans, we thought it equitable to at least mention names of online loan companies in this business you may not have heard of. In no particular order, here are the companies that are/were into money lending in Nigeria.

  • ALAT app
  • Specta loan
  • Palmcredit loans
  • Fair money app
  • Nairabag App
  • Lcredit loan
  • Grofin loan
  • Renmoney app
  • Naira star loan
  • C24 loan
  • Payattitude loan
  • Quickcheck app
  • Kiakia app
  • Aella app
  • Branch loan
  • Fint loan
  • Carbon app
  • Life Purse loan
  • Okash app
  • Zedvance loan

This is not necessarily a list of fake loan apps list since credible ones discussed in this post are also included, rather it is a list of top 20 and still trending ones. Meanwhile, check out how you can stop loan apps accessing your contacts.


In summary, all the loan apps listed above will give you loan for a specified amount. If the lendee wants more, timely repayment and good credit history are the notable keys for more. Otherwise, the said borrower will have to face the Credit Bureau with the resultant consequences.

As tempting as it may sound, none of the loan companies listed give loans with no interest rate, ❌ zero interest rate is a mirage. If not, how are these companies going to stay in business? So you know now. Borrow what suits you and what you have plans to repay so you don’t go bankrupt or heavily in debt.

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