Loan apps in Nigeria have become increasingly popular in recent years, providing a convenient and accessible way for individuals and small businesses to borrow money. One of the biggest benefits of using a loan app is the ability to access low-interest rates, making it easier to pay back the loan and avoid falling into debt.
Although not all lending platforms offer this opportunity, Nairarush has researched and curated 15 of the best loan apps in Nigeria with low interest rates. These apps include:
1. Carbon
Carbon is a legit loan app in Nigeria with low interest rate. This app offers individuals and small business access to loans without the need for collateral, guarantor, or documentation.
The Carbon app also serves online banking services such as savings, money transfers, and lots more. The app is available on both Play Store and App Store, which means it offers loans to both iPhone and Android users.
- Loan Amount: ₦1,500 to ₦1,000,000m
- Interest Rate: 1.75% – 30%
- Loan Tenure: 1 – 6 months
- Requirements: Personal Details, Employment Details & Bank Statement
- Repayment Methods: Wallet Fund & Bank Transfer
2. Branch
The branch app is one of the most popular lending apps that provide an online banking platform alongside the low interest loans it offers to Nigerians.
Using the Branch loan app, you can get an urgent loan with low interest rate in Nigeria. The platform also offers flexible repayment methods for loans.
Branch offers personal loans ranging from 2,000 to 500,000 Naira in minutes. The app also offers an amazing loan tenure which usually ranges from 62 days to 1 year.
3. Aella Credit
Aella Credit is a very transparent loan app in Nigeria with low interest rate, and a fast disbursal process. This app offers Nigerians instant loans within just five minutes, and no collateral is needed.
Just like Carbon, Aella Credit app is available to both iPhone and Android users. You can access loans on this app by just downloading the app, creating an account and applying for a loan. This app offers a reasonably huge loan amount with a relatively long tenure.
Aella Credit also offers low interest SME loans to entrepreneurs.
- Loan Amount: ₦100,000 to ₦5,000,000
- Interest Rate: 6% – 20%
- Loan Tenure: 1 – 3 months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Wallet Fund, Debit Card & Bank Transfer.
See Also: Top 10 Banks that Give Loans Without Collateral in Nigeria Right Now
4. Quick Check

With QuickCheck, no collateral, documentation or guarantor is needed to get an urgent loan disbursed into your account. Also, there are no long queues, and no long wait times, as loans are credited to borrowers just a few minutes after applying.
QuickCheck loans come with flexible terms which means low interest rates, flexible payment methods, and long tenor. QuickCheck is also very reliable, as it has over a million downloads on the google play store with lots of positive reviews. On the app, you can get access to instant loans worth up to 1 million Naira.
When looking for the best loan app in Nigeria with low interest rate, QuickCheck shouldn’t be left off the list.
5. Fairmoney
Fairmoney is one of the best and most popular lending apps in Nigeria that gives loans without documentation or collateral. Upon that, it offers low interest loans in minutes.
You can just download the Fairmoney app, sign up, add your personal details, and apply for a loan.
Within minutes, you’ll get the money credited into your fairmoney account. You can transfer the money into your bank account, or use it to pay online such as buying airtime, paying bills, and so on.
Fairmoney loan also comes with flexible terms, as the tenor goes up to 18 months, and the loan amount ranges up to 1 million Naira.
Read Also: 14 Best Apps that Give Urgent Loans Without Collateral in Nigeria
6. FlexiCash
Owned by Palmpay, a popular online banking app that lets its users send and receive money, pay bills, buy airtime, invest, and lots more, FlexiCash allows Nigerians to get loans with low interest rates.
Both Android and iPhone users can get loans on Palmpay through its lending service called Flexi Cash. This service offers a reasonable loan amount based on your credit score/record using users’ details with Palmpay.
The better your credit score, the higher the loan amount you’ll be offered, and it keeps increasing over time.
- Loan Amount: ₦1,500 and above
- Interest Rate: 0.70% or more daily
- Loan Tenure: 15 to 30 Days
- Requirements: Palmpay Account
- Repayment Methods: Palmpay Wallet Fund & Debit Card.
7. Renmoney
Renmoney App is one of the best loan apps in Nigeria with low interest rate. Just like Branch, Renmoney is a finance app that let people save and transfer money, pay bills, purchase airtime, and of course, take instant loans from their phones.
This app is very reliable as it is one of the most popular lending platforms in Nigeria. It works for android and iPhones, and it has good loan terms and conditions.
- Loan Amount: ₦6,000 to ₦6,000,000
- Interest Rate: 2.4% – 9.33%
- Loan Tenure: 3 – 24 months
- Requirements: Personal details, BVN, Email & Phone number
- Repayment Methods: Bank transfer, Account balance & Debit Card
Related: 15 Business Loan Without Collateral in Nigeria and How to Apply
8. P2Vest

P2vest is a P2P ( Peer to Peer) loan app for quick and easy credit in Nigeria. With this app, you can get loans from other users with a low-interest rate. the P2Vest lending platform (P2VFB) offers its services to both individuals and businesses as you can get loans ranging from 2,000 to 2 million Naira without a guarantor, or collateral.
All you need to get a loan from this app is to download it, register as a borrower, and then apply for a loan. Once your application is approved, your loan will be sent to your bank account.
- Loan Amount: ₦2,000 to ₦ 2,000,000
- Interest Rate: Depends on the investor’s rate
- Loan Tenure: Up to 12 Months
- Requirements: Personal Details & Some Bank Details
- Repayment Methods: Debit Card
9. Kuda
Kuda is one of the most popular online banking apps in Nigeria. You can download the Kuda app from Play Store or App Store, and use it for various banking transactions such as money transfers, bill payments, and lots more.
The Kuda Bank app can also serve as a loan app, as it offers a lending platform where you can easily get an instant loan with low interest rate, and no collateral or guarantor is needed.
- Loan Amount: Up to ₦50,000
- Interest Rate: 0.3% Daily
- Loan Tenure: Up to 90 days
- Requirements: Verified Kuda Bank Account
- Repayment Methods: Kuda Bank Account Fund
Check Out: List of Fake Loan Apps to Avoid in Nigeria Right Now
10. KiaKia Loan App
Just like P2Vest, KiaKia is a popular Peer to Peer lending app in Nigeria. Getting a loan from this app is as easy as downloading the app from App Store or Play Store, signing up as a borrower, and getting connected to a lender that accepts your loan application.
Once that is done, and all requirements are met, the loan will be disbursed into your bank account in minutes. Of course, loan interest rates are very low on KiaKia, and it offers a relatively long loan tenor, and a huge loan amount.
- Loan Amount: ₦10,000 to ₦10,000,000
- Interest Rate: 15% Monthly
- Loan Tenure: 1 – 3 Months
- Requirements: Personal Details & Bank Details
- Repayment Methods: Wallet Funds, Debit Card & Bank Transfer.
11. Credpal
Credpal is a new loan app in Nigeria with low interest rate that offers loans in a slightly different way. This app uses funded credit cards as a means of giving out loans.
You can use Credpal Credit Card to make payments both online and offline. To get access to this credit card, you need to download the Credpal app and register an account. After that,, you’ll need to wait a while to get your credit limit ready on the card.
Once it is ready, you can request the credit card and get it delivered to your preferred location. With the card, you can start spending, and repay monthly or when you reach your credit limit.
- Loan Amount: ₦5,000 to ₦500,000
- Interest Rate: 3.8% – 8%
- Loan Tenure: 29 Days
- Requirements: Personal Details & Bank Details
- Repayment Methods: Bank Transfer.
See Also: Top 15 Loan Apss for iPhone in Nigeria
12. ALAT

ALAT is a popular lending platform owned by Wema Bank. It offers a lot of credit services including the issuance of virtual cards, and of course, loans.
ALAT by Wema loan is very easy to get, as it offers a very low interest rate, and also flexible repayment methods. While looking for the best loan app in Nigeria with low interest rate for small business. ALAT is worth checking out.
- Loan Amount: ₦50,000 to ₦4,000,000
- Interest Rate: 2%
- Loan Tenure: 3 – 24 Months
- Requirements: Personal Details & Bank Details
- Repayment Methods: Bank Transfer
13. Borome
If you’re in need of an urgent low interest loan in Nigeria without a guarantor, documentation, or collateral. Borome offers instant loans ranging from 2,000 to 100,000 Naira. They have very flexible eligibility criteria for loans, and you can get it disbursed into your bank account within a few minutes after approval.
Borome loan repayment methods and terms are flexible, and they also increase your loan limit if you comply with their terms.
14. Specta
Owned by Sterling Bank, Specta is a popular loan app with low interest rate in Nigeria. It offers mainly business loans to entrepreneurs, and no collateral or guarantor is needed to get the loans approved.
Specta loans can be accessed through their website. Individuals can access personal loans ranging up to 5 million Naira on Specta. You can also apply for, and get a credit card as a form of loan from Specta.
15. Zedvance
If you’re looking for a loan app for business loans with low interest rate in Nigeria, Zedvance is a fast-growing and reliable fintech platform that offers you this opportunity. This lending platform offers up to 5 million Naira worth of loans for all business purposes, without seeking any collateral whatsoever.
By just creating an account with them, applying for a loan, and answering some basic questions, you can get a loan disbursed into your account within minutes. Zedvance loans tenure could last up to 18 months, and they also offer fair interest rates.
Conclusion
Loan apps in Nigeria have become increasingly popular in recent years, providing a convenient and accessible way for individuals and small businesses to borrow money. These apps offer low-interest rates and flexible repayment options, making it easy to pay back the loan on time. In this blog post, we have discussed some of the best loan apps in Nigeria with low interest rate, so you can choose the right one for your financial needs.
Note: Chances are, the above list of apps and the interest rates may not be accurate. Always be sure to check the current interest rate and terms of each loan app on their websites before applying.