20 Best Loan Apps In Nigeria With Low Interest Rate 2023

It is possible to obtain an urgent loan in Nigeria in several ways. You can get an instant loan online within 24 hours or sometimes within five minutes, depending on the loan app, with the growing number of digital services financial platforms providing quick loans to prospective customers.


Considering that there are so many lenders offering loans within 24 hours, we thought it would be useful to let you know the best Apps that offers seamless services and also low interest rates in Nigeria.

Technology has enabled traditional financial services institutions to experience disruption with innovative digital services that are making borrowing easier and more convenient.

Let’s review a list of 20 best loan Apps in Nigeria with low interest rate.


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20 Best Loan Apps In Nigeria With Low Interest Rate 2022

1. Renmoney

Renmoney is one of the loan companies in Nigeria that provides micro-business loans up to N4 million.

To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments.


The minimum loan amount is N100,000 while the interest rate is 2.8% per month.

For capital-intensive businesses like in the case of a real estate company in Nigeria, the platform also makes their process of getting access to funds quick and easy.

2. Carbon

Formerly (and popularly) known as PayLater, Carbon Loan is a lending platform that gives you access to a loan in minutes in Nigeria.

The 3-year old lending app prides itself as “a simple digital finances management platform” that provides instant online loans to help you cover urgent and unexpected cash needs.

The platform accesses your Bank Verification Number (BVN) to determine your loan worth.

Its loan amount is up to N20 million while interest varies. See how to check BVN if you no longer have your details.

Carbon is available on the web, and on mobile apps (Android and iOS). Their rates range from 5 – 15%, and this depends on the loan repayment period and the amount of money you wish to borrow.

Apart from being one of the top loan companies in Nigeria, Carbon provides a platform that allow its customers to recharge airtime, transfer funds, and pay bills.

Loan apps in Nigeria

3. Branch

Branch Loan is another platform that offers quick online loans in Nigeria. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, with a period of 4 to 40 weeks to pay back.

It is arguably regarded as one of the most reliable loan apps in Nigeria because of its mode of operation. Its interest rate rages from 15% to 34%.

As a borrower, you don’t need any collateral or income-generating assets to get a loan. Interest rates are determined by a number of factors, including the lender’s repayment history and the cost of lending for the Branch.

Branch has made it easy for Nigerians to access loans from anywhere in the country without physical engagement or collateral.

4. Aella Credit

Aella Credit is a loan app in Nigeria designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly.

Aella Credit is available in Ghana, Nigeria, and the Philippines. Like other platforms, the Bank Verification Number is one of its requirements. Its loan tenure spans between 1 to 2 months.

5. Fairmoney

FairMoney is a licensed loan app that offers quick loans to cater to needs like bill payments. It requires your Bank Verification Number and your debit card to obtain a loan (from ₦2,500 to ₦150,000). Loan interests on FairMoney start at 5% and can grow up to 28% depending on how much you are borrowing. Also, it runs a loan term duration of 4 – 26 weeks. If you pay back your loan before the due date on FairMoney, you’d repay at a reduced interest rate.

6. Migo, formerly Kwikmoney

Formed out of a partnership between companies, banks, and other technology companies, Migo loan is a platform where you can get a quick loan in Nigeria. With your Bank Verification Number (BVN) and your account number, you can access up to N500,000 instant collateral-free loans.

You can access Migo’s lending services their web interface, or the loan app. If you don’t own an internet-enabled device, you can use the Migo USSD code.

You can check out this post to see the USSD code for loans in Nigeria.

Depending on how much money you borrow, Migo charges 5 – 15% on loans and you have to repay between 14 – 30 days.

It provides innovative financial services to the financially underserved mass retail segment.

It’s a simple, digital-finance-management platform that provides fast cash loans up to help cover unexpected expenses or urgent cash needs.

7. Lidya

Lidya is one of the leading loan companies in Nigeria. It launched in November 2016 with a mission to close the credit gap, both in Nigeria and across emerging markets.

Businesses seeking a loan at Lidya can do so online or via their mobile phone and get a decision within a few hours pending all requirements are satisfied.

The loan amount at Lidya ranges from N150,000 and above with an interest rate of 3.5% per month.

8. Kiakia

KiaKia Loan is a platform where you can get a loan in Nigeria as an individual or a business. Backed by Sterling Bank Plc, the lending platform also allows savers to lend out funds at negotiated interests through intuitive conversations. Its minimum loan amount starts at N50,000 with an interest rate of 3.5% per month.

9. Social Lender

Social Lender is a lending solution based on social reputation on mobile, online, and social media. It bridges the gap of immediate fund access for people with limited access to formal credit.

With its own proprietary algorithm to perform a social audit of the user on social media, online and other related platforms, Social Lender gives social reputation scores to each user.

10. QuickCheck

QuickCheck provides up to NGN 500,000 instant loan online in minutes in Nigeria. As a first-time user, however, you can only access up to N10,000 for a period of 30 days.

Their repayment terms state that early repayment of loans guarantees lower interest rates and higher amounts. Additionally, interest on loans is only paid for the number of days you use the loan.

Like other loan platforms, QuickCheck requires your BVN for security and verification purposes; and bank account number for disbursal of your approved loan.

11. C24 Loan

C24 Loan is another platform where you can get an urgent loan in Nigeria. Their application form can be completed within 5 minutes after which application feedback is sent to you almost immediately.

They have a flexible repayment structure which means you don’t have to break the bank to pay back.

The loan platform claims to have empowered over 150,000 customers with credit facilities of over NGN 5 billion.

Loan apps in Nigeria

12. Fint Loan

Fint Loan grants you access to affordable loans. This is one of the loan companies in Nigeria that gives you the opportunity to borrow at as low as 2% monthly for your rent, medical bills utilities, school fees for yourself and your co-workers once you register your company on the FINT employment model.

13. Specta

Specta loan is your source for an emergency loan in Nigeria. The company offers 3 different loan products which include:

MySpecta – for quick loans of up to NGN 5m in 5 minutes
SpectaScore – for checking your credit standing and forecasting your networth
Specta4Business – for accessing business loans

14. Jumia

This is a quick cash loan platform created by Jumia to provide users with instant loans. Jumia loan can be accessed from the JumiaPay Android app on Google Play Store.

All you have to do is to download the app, go through the ‘financial services’ section, and provide your details. Once your request is approved, you’ll get your loan without collateral. The next time you’re wondering how to get a loan, you might want to consider a Jumia loan.

15. Opay

Mainly known as the Okash loan, this is a lending platform owned by the tech giants – Opera. They have positioned themselves as one of the reputable loan companies in Nigeria today.

To get an instant loan, all you have to do is to download the Okash mobile app, open an account, provide your details, and wait for the approval. You’ll get your loan within 24hrs.

16. Loanspot

Loanspot is one of the leading loan apps in Nigeria that provides users with instant loans. The goal of this platform is to make it easier for businesses, entrepreneurs, and everyday individuals to have access to credit that would enhance the quality of their livelihoods.

On this note, they design this platform to connect you with several lenders across Nigeria by giving you the power to compare loans from different lenders in minutes. The amazing thing about this platform is that you will always get a lender to meet your needs.

17. PalmCredit

Palmcredit is a loan app in Nigeria owned by Newedge Finance Limited where you can get a loan without collateral. The company uses the interconnected relationships between itself, telcos, and banks to provide convenient and instant credit to its users without paperwork or collateral.

Their interest rate is between 14% to 24%, Equivalent Monthly interest is 4%~4.7%, the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%. The loan term is between 14 days to 180 days.

18. Fast Money

This quick cash loan platform was created to provide users with instant loans. Loan advantages include loans up to NGN 300,000 without any mortgage, a low-interest rate, and long-time repayment.

If a user chooses a 6-month loan and borrows NGN 1,000, FAST MONEY charges an interest rate of 4.4% per month. And the interest rate is 26.4%, they would charge you GNN 263 as the interest of the 6-month repayment period. The total amount of repayment is NGN 1,263.

19. LCredit

LCredit allows you to apply instantly for personal online loans of up to ₦ 50,000 depending on factors like age, monthly income and existing debt. LCredit just requires you to provide a valid BVN and Android phone.

LCredit’s loan app offers personal loans with a starting interest rate of 11.99% for salaried and self-employed individuals with a maximum limit of 36%.

20. Kuda

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.

Loan apps in Nigeria

Frequently Asked Questions On Best Loan Apps In Nigeria

Some of the most frequently asked questions when it comes to instant online loans in Nigeria include:

How Do I Qualify For A Loan?

The criteria for a loan are usually stated by the lender. Basically, all you need to do is visit their website and read the terms and conditions on the particular loan you’re aiming at. Usually, lenders set criteria based on income, credit rating, assets, and collateral.

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What Do Loan Apps Check Before Giving A Loan?

Most Loan Apps start by checking your credit rating and history. Depending on how shinny or poor it is, they then make a decision on your loan application. However, they also consider other factors like your income, place of work, assets, net worth, and more. The exact parameters they consider vary from one Loan App to another.

What Will Happen If I Wasn’t Able To Pay Back At The Right Time?

The exact penalty that follows being unable to pay back at the right time depends on your agreement. Usually, the penalties are stated in the loan terms and conditions and are enacted once there’s a default. Most lenders either increase the interest percentage or sell off collaterals.


You may be asked for your bank account information and BVN by these loan apps. Don’t provide false information, only borrow what you can afford to repay so you won’t run into trouble while meeting your goal.

A good credit score is assured for higher amount loans and lower interest rates when you repay your loans early.

Before applying for any loan, make sure you have read the attached terms and conditions, and only include your bank account information on verified loan applications.


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