Top 10 Best Loan Apps with the Lowest Interest Rates in Nigeria 2023

Are you looking for a low-interest loan app in Nigeria? worry no more, because, in this post, I will show you the top 10 loan apps with the lowest interest rates.

Getting a loan in Nigeria is becoming easier and easier with time, this is due to the rise of many loan providers in the country, over the past few years, Nigerians have seen a massive number of loan apps on the internet

However, not all loan apps are legit, there are many fake loan apps in Nigeria, so you should be very careful with the ones you download on your phone, to make sure you are on the safe side.

This blog post is written after a long and careful research that I've been doing for the past 3 weeks, and I decided to compile the results here so that you can get some value out of this post.

So, all I am asking is that you read this post from the beginning to the end and pay close attention, also, after reading this post, make your own research as I am not a financial adviser whatsoever.

So, without wasting much of your time, let's proceed with the post.

What is considered a low interest loan?

Depending on the loan period, if the loan should be repaid in 30 days, then a 20% interest rate should be considered low, and if the loan is to be repaid in a year, then 30% and below should be considered low interest loans.

In this post, all the apps I will mention are loan apps with very low interest rates, I've used a few of them, and the others were researched thoroughly.

What is considered a low interest loan?

Depending on the loan period, if the loan should be repaid in 30 style="text-align: left;">10 best loan apps with the lowest interest rates in Nigeria

1. Opay/Okash loan

Okash is a loan service app that is owned by Opay, Opay is a personal finance application that is available in a few African countries including Nigeria and Ghana, Opay offers a lot of fun stuffs like opay cashback, Opay virtual and physical debit cards, etc

Since Okash came into the market, many people have downloaded the app. You can get a quick loan with low interest rate on Okash application.

You only need an active Opay account, and you can start applying for a loan from the comfort of your home. Read how to borrow money from Opay

How much can I borrow from Okash?

You can borrow up to N1,000,000 from the Okash loan application, but if you are borrowing for the first time, you will be offered N4000 Naira first, if you repay on time, you can apply for a higher amount. The more you repay your loan, the better your credit score which will help you acquire much more on your next loan application.

What is the interest rate on Okash loans?

the interest rate on Okash loan is 15% if you pay on time, but if you don't pay on time, you will have to pay an extra 0.5% each day you fail to repay.

So, to avoid being charged an extra fee on your loans, you need to repay on time, which will also help you build your credit score and increase your chances of getting a better loan in the future.

2. Fairmoney loan

Fairmoney is one of the top loan services in Nigeria after Okash, with fair money, all you need to get a loan is the app which you can download from Playstore or the app store if you are using an iOS device.

Getting a loan on Fairmoney is easy, because you are not going to any physical location, and you also don't need to sign any paperwork as everything can be done on the app.

You can borrow up to N100,000 Naira for a start on Fairmoney which is a significant amount considering that you are just borrowing for the first time.

Fairmoney loan interest rates

Before you take a loan from any loan provider, make sure you know their interest rates too, this will help you know what you are getting and what you are giving.

The interest rate on Fairmoney loan is 20%, you can choose to pay in instalments or repay the loan in full via bank transfer. 20% interest rate is low considering other loan providers who have up to 40% interest rates on their loans.

3. Migo

Migo is one of the top trending loan providers in Nigeria because of their relatively low interest rates. You can easily get a quick loan from Migo from the comfort of your home without any paperwork or collateral.

Everything can be done from the website and you may receive the loan within a short period of time. 

How much can I borrow from Migo?

For a start, you can borrow from N10,000 to N50,000, and if you are able to repay on time, your credit score will increase and you will be able to get a much higher amount on your next loan application.

N10,000 Naira for a start is not bad at all, but before your loan will be processed, Migo will check if you are an active user of your bank account, if your bank account has been dormant for some time, then the chances of getting a loan from Migo is very slim.

Migo loan interest rates

The interest rate on Migo is 20% - 25%, which is considered low considering a few other similar loan providers in Nigeria. When you take a loan from Migo, make sure you repay on time to avoid extra charges.

4. Palmcredit loan

Palmcredit is an app that offers instant loans to individuals in Nigeria, you can apply for a loan when you download the app on your phone and open an account.

You don't need paperwork or collateral before you can borrow money from Palmcredit app, the process is easy and you can do everything from the comfort of your home.

The app has over 4.3 star reviews on Playstore with over 160,000 downloads, this is a sign that Palmcredit app is legit and their loans are easily accessible.

How much can I borrow?

You can borrow from N5000 Naira to N10,000 Naira on your first loan application, so if you are just looking for a low amount, Palmcredit might be the right loan app for you.

In order to have access to a higher amount, you need to keep a good credit score by repaying your loans on time, if you do this, Palmcredit will offer you a much higher amount next time you are taking a loan.

Palmcredit loan interest rate

The interest rate on Palmcredit loan is 24%, you can repay with instalments or full payment at the end of the loan term. 24% interest rate on a loan is low because a few other loan apps charge much more than that.

5. Palmpay loan

Palmpay is a personal finance app that is available in Nigeria, you can download the app on the Google play store or on the App Store if you are using an iOS device.

You can use your Palmpay account to send money, receive money, save money, etc. Aside from all of these, Palmpay also offers loans to their users which you can easily access by creating a Palmpay account.

With Palmpay loan, you don't need collateral or paperwork before your loan will be processed, all you need is to keep your Palmpay account active for over a month and you can apply for a loan.

Also read 10 best apps like Palmpay.

How much can I borrow from Palmpay?

You can borrow up to N150,000 on your first loan application which is considered very high for a start, and if you repay on time, the amount will be much higher on your next loan application.

Remember that before your loan application will be approved, you need to be actively using your palmpay account for transactions for over a month, else, your loan application will be rejected.

Palmpay loan interest rate

The interest rate on Palmpay loan is %25, but if you fail to repay on time, extra charges may apply. So to repay with the supposed 25%, you need to repay on time. Read how to transfer money from palmpay account

6. Carbon loan app

Carbon loan app is one of the oldest loan providers in Nigeria and they are still in service today, you can get a loan from Carbon when you download the app and sign up for a free account.

Carbon also offers the Buy now pay later option which allows borrowers to buy things like smartphones, PCs, Furniture, etc, and then repay later.

Getting a loan from Carbon is relatively fast, so for those of you who are looking for a quick loan, Carbon might just be the right choice for you.

To get a loan from Carbon, you don't need collateral or need to visit any location or sign any paperwork, all you need is your phone and a few minutes and you can start applying for a loan on the Carbon loan app.

How much can you borrow from Carbon for the first time?

For a start, you can borrow up to N20,000 Naira, which is a great price considering that you are just borrowing for the first time. If you repay on time, you will get a much higher amount on your next loan application.

Carbon loan interest rate

The interest rate on loans provided by Carbon is 18% to 20%. But if you fail to repay on time, you may be charged extra for the delay. So to make sure you are not paying more, make sure you repay on time.

7. Branch loan app

Branch is one of the oldest and primarily used loan apps in Nigeria, it offers quick loans and all you need to do is just download the app on Play Store or the app store.

Branch loan app has over 1 million downloads on the Play Store with over 4.5 star reviews which indicates a trust score and a good customer experience.

To start applying for a loan on the Branch app, you need to download the app and open a free account with your phone number and password, then complete your profile by providing your BVN number to increase your chance of getting success on your loan application.

How much can you borrow?

For a start, you can get up to N50,000 Naira, as long as you complete your profile information on the app. If you repay on time, you can get up to N500,000 on your next loan.

So, for those that are looking for a business loan, the Branch app might be the best option because of its high loan amount.

Branch loan interest rate

Branch loan interest rate is 30%, which is still considered a low interest rate considering the rates on other loan apps. 

8. Easemoni loan app

Easemoni loan is one of the latest loan apps in Nigeria with low interest rates, Easemoni comes with a fantastic feature that allows you to repay the loan in either 30 days or even up to a year. This feature has made the app stand out from the crowd.

To get a loan on Easemoni, you only need to download the app on your phone and create an account for free, after which you can start assessing loans anytime.

In order to qualify for Easemoni loan, you need to link your BVN number to your Easemoni account, you also need to include a government-issued ID card such as an International passport, Voter's card or National Identity Card.

How much can I borrow from Easemoni?

You can get as high as N1,000,000 on Easemoni, but if you ar borrowing for the first time, you will be offered a lower amount, and if you are able to repay on time, they will increase your loan offer the next time you borrow.

Easemoni loan interest rate

Easemoni loan interest rate is 30% if you are repaying in 30 days, and 50% if you are repaying in a year. This is considered a low interest rate.

9. Quickcheck loan app

Quickcheck is one of the few loan apps where you can borrow a business loan in Nigeria with low interest rate, the app has over 4.7 star reviews on Playstore which indicates safe and reliable.

To get a loan from Quickcheck, you need to create an account on the app using your correct name and other information, you also need to verify your account by uploading a few documents which they will request from you.

How much can I borrow from Quickcheck?

You can borrow from N10,000 to N200,000 on your first loan request, this will totally rely on how often you make transactions on your usual bank account.

The more transactions you make on your bank, the higher your chance of getting a massive amount for the first time of application.

Quickcheck loan interest rate

You are repaying Quickcheck loan in 30 days maximum, and the interest rate is a flat rate of 30%, if you repay on time, you will unlock more benefits on your next loans.

Quickcheck doesn't offer a yearly repayment loan, so be ready to repay in 30 days before you proceed to collect a loan from Quickcheck.

10. Renmoney loan app

Renmoney is one of the few loan providers that offer both personal and business loans in Nigeria, and they function in a very simple manner, so anyone with a smartphone can access their loan services.

You can download their app on your phone, and after downloading the app, you can easily apply for a loan directly from the app.

Renmoney also allows you to repay your loan in 24 months if you wish, but you can still choose to repay in 30 days if you think that's your best option.

On the website, you will also see a loan calculator which you can use to calculate how much you can take depending on your profile, all you need to do is fill in your monthly income salary amount, and employment status

After that, they will help calculate how much you can potentially borrow for the first time on the app.

How much can I borrow from Renmoney?

You can borrow from N50,000 to N6,000,000 directly on the app or the website without any paperwork or collateral, but getting a loan of that amount also comes with a lot of risks, so if you can't repay the loan, it is better you don't take it at all.

Renmoney loan interest rate

Renmoney loan interest rate is 33% which is slightly higher than most loan providers in Nigeria, but it is still good, considering the amount you can get on your first attempt.

Conclusion

So, there you go, you now have the list of top 10 best loan apps with the lowest interest rates in Nigeria, if you enjoyed this list, kindly share it with others that may need it.

If you have further questions regarding this post, let me know in the comments section below. Thanks for reading to the end, I hope to have you next time on our blog, have a wonderful day.