Updated on December 11, 2023
Do you need some extra cash quickly? Is a loan app one of your options? Here are the best loan app in Nigeria with low interest rates.
There are only a handful of loan apps that offer quick access to funds without charging exorbitant high-interest charges.
When it comes to borrowing money in Nigeria, there are numerous loan apps that you can choose from. But with so many options available, how do you know which ones are the best and which ones are fake loan apps?
Are you facing an unexpected financial emergency or want to fund a personal project, these loan apps in Nigeria are here to help you fix your financial emergency at a fair cost.
In this guide, we’ll walk you through the best loan apps available in Nigeria, each carefully selected for its user-friendly interface, transparent terms, and, most importantly, low interest rates.
Say goodbye to the stress of traditional borrowing and say hello to hassle-free loans with favorable interest rates. Let’s discover the best loan app in Nigeria that suits your needs!
30 Best Loan App in Nigeria 2023
Not all loan apps are created equal. Some offer higher interest rates than others, while some have stricter repayment terms. Here’s a list of the best loan apps in Nigeria with low interest rates, so you can make an informed decision when you want to borrow money
Carbon
Carbon, formerly known as Paylater, is one of the most popular loan apps in Nigeria. With Carbon, you can borrow up to ₦1 million with interest rates as low as 5% per month. The loan term ranges from 30 days to 6 months, and you can apply for a loan using their mobile app.
Carbon has now expanded into a digital bank and one we hope stays longer in Nigeria because it not only gives you access to loans, it also provides options for investment, funds transfer, airtime purchase, bill payment and so much more.
All you need to do is download the app from the Play Store. Fill in your Biodata, submit all the necessary details, including your BVN and based on the provided information, a loan amount will be calculated and approved for you.
Then, if you need to repay your loan from Carbon, on or before your due date, you simply fund your Carbon wallet using either a bank transfer or the USSD option on the app.
One of the unique features of Carbon is its “Carbon Score” system, which assesses your creditworthiness based on your loan repayment history. This means that the more you borrow and repay on time, the higher your Carbon Score, and the more likely you are to be approved for a larger loan with lower interest rates.
Renmoney
Renmoney is a loan app that offers loans ranging from ₦35,000 to ₦6 million with interest rates starting at 4.5% per month. The loan term ranges from 3 to 24 months, and you can apply for a loan using their mobile app or website.
Palmcredit
Palmcredit is a loan app that is designed for people who need small loans quickly. With Palmcredit, you can borrow up to ₦300,000 with interest rates as low as 14% per month. The loan term ranges from 14 to 180 days, and you can apply for a loan using their mobile app.
The PalmCredit loan app is available for download in Playstore or you could check any PalmCredit social media platform for more details.
See: How to Borrow Money from Palmcredit
FairMoney
FairMoney is a loan app that offers loans to people who are employed or run their businesses. With FairMoney, you can borrow up to ₦500,000 with interest rates as low as 2% per month.
The loan term ranges from 1 to 12 months, and you can apply for a loan using their mobile app.
Kiakia
Kiakia is a loan app that offers loans ranging from ₦10,000 to ₦200,000 with interest rates starting at 5.6%.
The loan term ranges from 7 to 30 days, and you can apply for a loan using their mobile app or website.
Aella Credit
Aella Credit is a loan app that offers loans ranging from ₦1,500 to ₦700,000 with interest rates starting at 6%.
The loan term ranges from 1 to 3 months with no late/rollover fees, and you can apply for a loan using their mobile app. You can download the app from Playstore (Android), or App Store (iOS) or check Aella for more information.
Branch
Branch is one of the best loan apps in Nigeria with low interest that offers loans ranging from ₦1,000 to ₦200,000 with interest rates starting at 14%. The loan term ranges from 4 to 40 weeks, and you can apply for a loan using their mobile app.
Simply download and install the Branch mobile app from the Play Store, then, follow the instructions. For more information, check out the Branch review.
QuickCheck
QuickCheck is a loan app that offers loans ranging from ₦1,500 to ₦500,000 with interest rates starting at 2%. The loan term ranges from 15 to 30 days, and you can apply for a loan using their mobile app.
However, being a first-time user, you can access a ₦10,000 loan for 30 days.
Should you decide to get more information, kindly check the FAQ page and you can download the app from Playstore.
Page Financials
Page Financials is a loan app that offers loans. The loan term ranges from 3 to 12 months, and you can apply for a loan using their mobile app or website.
Page Financials is a financial company licensed by the CBN that offers personal loans in Nigeria ranging from ₦200,000 to ₦5 million with interest rates starting at 5%.
The company claims that getting a loan from them is smooth and easy and that they use a flexible documentation process. The Annual Percentage Rate (APR) of Page loans is 29% – 120% and the Loan tenure is between 60 – 180 days.
You can repay a Page loan manually or via the auto-debit service.
Specta
Just like Alat, Specta is owned and managed by a financial institution, Sterling Bank. Specta loans do not require any collateral, guarantor, or bank visit to access quick loans.
Irrespective of your occupation or bank, you can access a Specta loan amount of up to ₦5,000,000 to meet your financial needs. Specta loan interest rates start at 1.33% per month. The loan term ranges from 1 to 12 months.
The Specta app can be downloaded on Playstore and has other interesting packages for you. For more details about Specta loans check out our review of Specta Loan.
Zedvance
Zedvance is a loan app that offers loans ranging from ₦50,000 to ₦5 million with interest rates starting at 4.5%. The loan term ranges from 1 to 12 months, and you can apply for a loan using their mobile app or website.
Kuda
Kuda is a loan app that offers loans ranging from ₦1,000 to ₦200,000 with interest rates starting at 2.5% per month. The loan term ranges from 7 to 30 days, and you can apply for a loan using their mobile app.
C24
C24 is a loan app that offers loans ranging from ₦40,000 to ₦2 million with interest rates starting at 4% per month. The
Lendme
Lendme is a loan app that offers loans ranging from ₦10,000 to ₦100,000 with interest rates starting at 4% per month. The loan term ranges from 7 to 30 days, and you can apply for a loan using their mobile app.
Alat
Alat by Wema gives you access to instant loans without paperwork or visiting the bank branch.
Even though it’s owned and managed by a bank, you can borrow up to ₦2,000,000 based on certain terms and conditions.
The app is available for download on Google PlayStore or the AppStore and has loads of information on Alat.
Okash
Remember the popular Opay app, where you could make transactions, buy airtime, pay bills, and still book a ride? Okash is a subsidiary of Opay and was once included in the Opay app.
Presently, Okash is one of the standalone loan apps in Nigeria, which means you can download and install just the loan app via Playstore.
It provides access to loan amounts of up to ₦50,000 with no collateral, although, the maximum loan amount you could receive differs.
So, if you want more information about this lending platform, please check the Okash site.
JumiaPay
Another loan app in Nigeria to review is JumiaPay, a product of Jumia, which gives instant loans to users.
You could download the app on Playstore, create your account, scroll down to the ‘Financial Services’ section, and click ‘Loans’ to apply for a quick loan.
Details are displayed on the website: pay.jumia.com.ng/services/loans.
Migo
Formerly Kwikmoney, Migo loan app is a very popular lending company in Nigeria. You can get a mobile loan in Nigeria of up to N500,000 with Migo in less than 2 minutes in Nigeria.
Over N40 billion Naira has been borrowed from Migo. The interest rate for a Mogo loan is 5 % to 15%.
See: How to pay a Migo Loan (Migo Loan Repayment)
Lidya
Lidya is one of the first loan apps in Nigeria that started providing small and medium-sized businesses access to an unsecured instant online loan in Nigeria. The platform offers businesses credits of $500 and $50,000.
Related: Best Business Loans in Nigeria Right Now
Lydia assesses the credit risk of every business seeking a loan. It uses this assessment to create a credit score unique to each business. Lydia also disburses loans in 24 hours or less.
- Requirements: Own a business.
- Platform: Web
- Interest Rate; Unspecified (The company claims they are affordable)
- Loan tenure: Depends on the loan amount
- Multiple loans at a time: No
- Repayment channel: Debit Card, Direct Deposit.
Page Financials is a financial company licensed by the CBN that offers personal loans in Nigeria. The company claims that getting a loan from them is smooth and easy and that they use a flexible documentation process.
- Platform: iOS
- Loan Amounts: N100,000 – N5,000,000
- Interest rate: (3.76%) – Charged Flat Per Month
- Annual Percentage Rate (APR): 29% – 120%
- Loan tenure: 60 – 180 days.
- Repayment channels: Manually or via the auto-debit service.
Checkout: List of Fake Loan Apps in Nigeria
Blocka Cash
Blocka Cash provides easy and hassle-free loans in Nigeria. Blocka cash is both available on the Android app store and the Apple app store.
You can access short-term loans on Blocka from at least N5,000 and up to N50,000 depending on your credit score.
The requirements for a Blocka cash loan include:
- You must be at least 21 years of age.
- You might need to provide a valid Government
Other features of Blocka cash loans are:
- Platform: iOS, Android,
- Loan Amounts: N5,000 – N50,000
- Interest rate: 3% per month – of 10% per month
- Annual Percentage Rate (APR): 36% to 120%.
- Loan tenure: 60 to 180 days
- Repayment channels: Debit Card, Quickteller, and direct transfer
Blocka Cash considers several factors when assessing if you are eligible for a loan. Factors like past loan performance and credit score.
Blocka Cash app is powered by James Crown Credit Limited, which has a money lender license issued by the Ogun State Government of Nigeria. You can contact Blockacash at support@blocka.cash.
Kuda Loan
Kuda Bank is one of the most popular digital banks in Nigeria. Kuda offers its users an overdraft (loans) of up to N50,000 at 0.3% daily interest.
However, your loan amount can increase based on your usage of the Kuda app.
Kredi Loan
Kredi is another digital bank on the rise in Nigeria that also offers loans in Nigeria. Kredi offers 4 types of loans; Kredi SME Loan, Kredi Nano Loan & Kredi Salary-backed loan & Kredi collateral-backed loan.
The amount you can borrow with Kredi depends on the amount you are eligible and qualified for based on the customer tier you are in.
Related: GTBAnk Loan for Non Salary Earners
Yescredit
YesCredit is one of the loan apps for iPhone in Nigeria that offers a low loan amount.
Their loans range from N5,000 to N50,000. To access a YesCredit loan can take only a few minutes and you can receive it into your wallet and transfer it into your bank account immediately.
You increase your loan limit every time you repay your YesCredit loan back.
- Platform: iOS
- Loan Amounts: ₦5,000 to ₦50,000
- Interest rate: 4.5% – 35% with an equivalent monthly interest of 5%- 29%
- Annual Percentage Rate (APR): 29% – 120%
- Loan tenure: 60 – 180 days.
- Repayment channels: debit/ATM card, and direct transfer
YesCredit requires no collateral, guarantors, or documents for them to grant you the loan. Just make sure over 21 years old. But for loans beyond certain amounts, YesCredit will need additional documentation.
YesCredit is a product of YesCredit Limited, which is a licensed money lender by the Lagos State Government of Nigeria.
You can contact Yescredit please contact us at support@yescreditng.com.
Irorun
Irorun is one of the new loan apps for iPhone in Nigeria. You can sign up on the Irorun app request a loan and have it disbursed to you in a matter of minutes.
If you want to access mobile loans in Nigeria with peace of mind, Irorun says they should be your choice. Irorun is more of a micro-credit platform. They’re focused on small loans.
- Platform: iOS
- Loan Amounts: N2,500 – N50,000
- Interest rate: 4.5% – 35% monthly interest of 5%- 29%
- Annual Percentage Rate (APR): 29% – 120%
- Loan tenure: 60 – 180 days.
- Repayment channels: Manually or via the auto-debit service.
Umba
Umba Bank is becoming one of the more popular digital banks in Nigeria offering loans as well as rewards and bonuses to its users.
With an Umba bank account, you can easily spend, pay bills, get loans, and even cash back all from your phone using the Umba mobile app.
Umba also offers zero fees and unlimited transfers to its users as well.
The Umba loan app is one of the new loan apps in Nigeria offering personal loans. Umba loans start at N1,115 up to N89,182 Naira at a 10% interest rate for a loan duration of 62 days.
What are the Best Loan Apps in Nigeria with Low Interest Rates?
The best loan apps in Nigeria with low-interest rates include Carbon, FairMoney, Palmcredit, Aella Credit, Quickcheck, KiaKia, Specta, Page Financials, Branch, Zedvance, Kuda, FairMoney, CreditVille, C24, Lendme, and Renmoney.
How Can I Apply for a Loan Using a Loan App in Nigeria?
To apply for a loan using a loan app in Nigeria, download the app from the app store, create an account, fill out the application form, provide the necessary documents, and wait for approval.
How Much Can I Borrow Using a Loan App in Nigeria?
The amount you can borrow using a loan app in Nigeria depends on the app and your creditworthiness. Some loan apps offer loans as low as ₦1,000, while others offer loans up to ₦5 million.
What are the Interest Rates for Loans apps in Nigeria?
The interest rates for loans on loan apps in Nigeria vary from app to app and can range from 1% per day to 17% per month. It’s important to compare interest rates before applying for a loan to find the best rate for you.
How Long does it take to get Approved for a Loan on a Loan App in Nigeria?
The time it takes to get approved for a loan on a loan app in Nigeria varies from app to app.
Some loan apps offer instant approval, while others may take a few days to approve your application.
Wrap up on Best Loan App in Nigeria
When it comes to borrowing money in Nigeria, there are plenty of loan apps to choose from. However, not all loan apps are created equal, and some offer better interest rates and repayment terms than others. If you’re looking for the best loan app in Nigeria with low-interest rates, we recommend checking out Carbon, Renmoney, Palmcredit, FairMoney, and KwikCash.
These loan apps offer competitive interest rates, flexible repayment terms, and unique features that can help you build your creditworthiness and qualify for larger loans with even lower interest rates. So, if you need a loan in Nigeria, be sure to check out these top loan apps and find the one that’s right for you.
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💡 Tip: APR (Annual percentage rate) is the annual cost of a loan that is charged to borrowers or paid to investors. APRs are expressed in percentages like interest rates. APR includes other charges or fees like mortgage insurance, closing costs, discount points and loan origination fees.
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