Best Loan Apps in Nigeria with low interest Rate

Do you need a loan? Then check out these Best Loan Apps in Nigeria with low interest rate.

Loans are a common financial instrument used to achieve various objectives such as paying for education, buying a car, or starting a business. 

However, not all loans are created equal, and the interest rates charged by lenders can make a significant difference in the amount of money you end up paying back. 

This is why we have put together a list of the 20 Best Loan Apps in Nigeria with low interest rate that you can use to achieve your financial goals.

List of Best Loan Apps in Nigeria with low interest rate

1. Carbon: 

Carbon is a digital financial platform that offers loans to individuals and small businesses. 

The app provides quick loan approvals, and the interest rate is 5% per month. 

The loan repayment period is usually between 15 to 30 days and the amount you can borrow ranges from ₦1,500 to ₦1 million.

2. FairMoney: 

FairMoney is one of the Best Loan Apps in Nigeria with low interest rate. 

It is a mobile banking platform that offers loans at an interest rate of 10% per month. 

The loan application process is straightforward, and you can borrow up to ₦500,000 with a repayment period of 61 to 180 days.

3. Renmoney: 

Renmoney is an online lending platform that offers loans at an interest rate of 2.5% per month. 

The loan application process is entirely online, and you can borrow up to ₦6 million with a repayment period of 3 to 24 months.

4. KiaKia: 

KiaKia is a peer-to-peer lending platform that offers loans at an interest rate of 5.6% per month. 

The app is available on both Android and iOS platforms, and you can borrow up to ₦200,000 with a repayment period of 7 to 30 days.

5. Lidya: 

Lidya is a digital lending platform and also one of the Best Loan Apps in Nigeria with low interest rate that offers loans at an interest rate of 4% per month. 

The loan application process is entirely online, and you can borrow up to ₦2.5 million with a repayment period of 1 to 12 months.

6. PalmCredit: 

PalmCredit is an online lending platform that offers loans at an interest rate of 14% per month. 

The app is available on both Android and iOS platforms, and you can borrow up to ₦100,000 with a repayment period of 14 to 180 days.

7. Aella Credit: 

Aella Credit is also one of the Best Loan Apps in Nigeria with low interest rate 

It is an online lending platform that offers loans at an interest rate of 4% per month. 

The app is available on both Android and iOS platforms, and you can borrow up to ₦720,000 with a repayment period of 1 to 4 months.

8. QuickCheck: 

QuickCheck is an online lending platform that offers loans at an interest rate of 1% per day. 

The app is available on both Android and iOS platforms, and you can borrow up to ₦500,000 with a repayment period of 15 to 30 days.

9. Branch: 

Branch is one of the Best Loan Apps in Nigeria with low interest rate that offers loans at an interest rate of 15% per month. 

The app is available on both Android and iOS platforms, and you can borrow up to ₦200,000 with a repayment period of 4 to 40 weeks.

10. Specta: 

Specta is another online lending platform that offers loans at an interest rate of 26% per annum. 

The loan application process is entirely online, and you can borrow up to ₦5 million with a repayment period of 1 to 4 years.

11. CreditVille: 

CreditVille is another Best Loan Apps in Nigeria with low interest rate that offers loans at an interest rate of 4% per month. 

The loan application process is straightforward, and you can borrow up to ₦2.5 million with a repayment period of 3 to 18 months.

12. FINT: 

FINT is an online lending platform that offers loans at an interest rate of 2.5% per month. 

The app is available on both Android and iOS platforms, and you can borrow up to ₦2 million with a repayment period of 1 to 12 months.

13. KwikMoney: 

KwikMoney is an online lending platform that offers loans at an interest rate of 15% per month.

 The loan application process is entirely online, and you can borrow up to ₦100,000 with a repayment period of 14 to 30 days.

14. Page Financials: 

Page Financials is also one of the Best Loan Apps in Nigeria with low interest rate that offers loans at an interest rate of 3.5% per month. 

The loan application process is entirely online, and you can borrow up to ₦5 million with a repayment period of 3 to 12 months.

15. C24: 

C24 is an online lending platform that offers loans at an interest rate of 4% per month. 

The loan application process is straightforward, and you can borrow up to ₦4 million with a repayment period of 1 to 9 months.

16. Zedvance: 

Zedvance is an online lending platform that offers loans at an interest rate of 4.5% per month. 

The loan application process is entirely online, and you can borrow up to ₦5 million with a repayment period of 1 to 12 months.

17. Credit Direct: 

Credit Direct is an online lending platform that offers loans at an interest rate of 4% per month. 

The app is available on both Android and iOS platforms, and you can borrow up to ₦500,000 with a repayment period of 1 to 12 months.

18. Rosabon Finance: 

Rosabon Finance is an online lending platform that offers loans at an interest rate of 3.5% per month. 

The loan application process is straightforward, and you can borrow up to ₦6 million with a repayment period of 3 to 18 months.

19. One-Fi: 

One-Fi is one of the Best Loan Apps in Nigeria with low interest rate that offers loans at an interest rate of 2.5% per month. 

The app is available on both Android and iOS platforms, and you can borrow up to ₦5 million with a repayment period of 3 to 6 months.

20. LendMe: 

LendMe is an online lending platform that offers loans at an interest rate of 4% per month. 

The loan application process is entirely online, and you can borrow up to ₦200,000 with a repayment period of 1 to 3 months.

Conclusion on Best Loan Apps in Nigeria with low interest rate

There are numerous loan apps available in Nigeria, but it is essential to choose the right one that offers low-interest rates. 

The Best Loan Apps in Nigeria with low interest rate mentioned in this article are some of the best options available, and they offer competitive interest rates that can help you achieve your financial goals. 

However, Always remember to borrow responsibly and ensure you can afford to repay the loan before taking it out.

We hope this article on the Best Loan Apps in Nigeria with low interest rate is helpful. 

Commonly Asked Questions 

What are the best loan apps in Nigeria with low interest rates?

Some of the best loan apps in Nigeria with low interest rates include Carbon, FairMoney, Renmoney, KiaKia, and Lidya.

How can I get a loan from a loan app in Nigeria?

To get a loan from a loan app in Nigeria, you need to download the app, complete the registration process, and provide the necessary information and documents. 

Once approved, you can request a loan and receive the funds in your account.

What is the interest rate for loans on these loan apps in Nigeria?

The interest rates for loans on these loan apps in Nigeria vary, but they range from 1% to 26% per month, depending on the app and the amount borrowed.

Can I borrow a large amount of money from these loan apps in Nigeria?

 Yes, some loan apps in Nigeria offer loans as high as ₦6 million, while others offer loans up to ₦500,000 or less. 

The loan amount you can borrow depends on the app and your creditworthiness.

How long does it take to get approved for a loan on a loan app in Nigeria?

The approval time for loans on loan apps in Nigeria varies, but it can take as little as a few minutes or as long as a few days, depending on the app and the amount borrowed. Some loan apps offer instant loan approvals, while others require manual review.