Loan applications were quite cumbersome and demanding, that was of course until the advent of instant loan application software. Now, an individual stranded somewhere, a woman having the emergency need for cash, a student short on supplies, or a family in need of immediate funds can now access such necessary credit from the comfort of wherever they are by simply punching a few buttons on the mobile devices.
But one challenge borrowers are confronted with is usually that of high, most times, extortionate interest rates.
But while loans are generally not free, it is possible to get loans with low-interest rates. So in this article, we will present a carefully researched list of the best loan apps with low-interest rates. So, in no particular order, let’s review the 16 best loan apps in Nigeria.
- Carbon Loan App
- Okash
- P2Vest
- Fairmoney Loan App
- LCredit Loan App
- Branch Loan App
- Aella Credit
- Page Financials
- QuickCheck
- Alat
- Specta Loan App
- JumiaPay
- Lydia
- Kuda Loan
- PalmCredit
- Migo
Carbon Loan App
Carbon is a digital bank and not just only gives you access to loans, it also provides options for investment, funds transfer, airtime purchase, bills payment and so much more.
Carbon offers up to ₦1 million loan. But at your first try, it is usually very low. As you pay back, you get access to bigger amounts.
All you need to do is download the Carbon 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 a loan, on/before your due date, you simply fund your Carbon wallet using either a bank transfer or the USSD option on the app.
Okash
Presented by Blue Ridge Microfinance Bank Limited to fulfil customers’ financial needs, Okash is a money lending app that is convenient and reliable to access anytime, any day and anywhere in Nigeria. It is safe, secured and offers low-interest rates.
The application process is easy and takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account.
To access the Okash loan click on download.
P2Vest
P2Vest peer-to-peer lending platform connects screened borrowers to lenders and investors who are looking for better returns on their capital compared to savings accounts and fixed deposits.
P2Vest also has a B2B loan platform called P2VFB which serves businesses to manage their money lending activities.
P2Vest is available on iOS and Android. This P2P loan platform offers loan amounts of N5,000 to N2,000,000 with a loan tenure of 12 months.
To access the P2Vest loan click on download.
FairMoney Loan App
If you have been involved in online borrowing, chances are you have come across the very popular FairMoney loan app.
FairMoney Online Loan App helps you meet your cash needs fast and easy!, Users have experienced quick disbursal in under 5 minutes, without collateral or paperwork and delivered directly to your account and with some of the industry’s lowest interest rates.
To use FairMoney, simply register using your phone number attached to your BVN (an OTP will be sent to the registered number for verification) Just like every other loan app, you are required to fill in your contact details. To access the FairMoney loan click on download.
LCredit Loan App
LCredit is a service created by Cashigo International Limited that 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%.
The mobile application is available for Android and iPhone. To access the LCredit loan click on download.
Branch Loan App
Branch is licensed by the CBN to provide fund management services, therefore they are able to manage the funds placed with us by ourselves. They also work with licensed fund managers who invest the funds on our behalf in approved investment opportunities. Branch is one of the loan apps in Nigeria that is also available in other countries.
Branch loan amounts range from ₦1,000- ₦200,000. The loans from this lending company have no late/rollover fees, monthly interest is 3% – 21%, and an annual Interest range 15% – 34%.
Branch does not charge late fees or rollover fees, we don’t put restrictions on how you spend your money, and their customer support team is available 24/7.
Simply download and install the mobile app from the Play store, then, follow the instructions.
For more information, check out the Branch review. To access the Branch loan click on download.
Aella Credit
Aella provides instant credit solutions that eliminates the hassle of standard loan applications and enables employee to borrow at competitive and fair rates.
You can download the app from Playstore (Android), App Store (iOS) or check Aella for more information. To access the Aella Credit loan click on download.
Page Financials
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.
QuickCheck
QuickCheck is a one-stop platform with the mission of providing financial services to underserved consumers and micro-entrepreneurs in Africa, going beyond, Quickcheck aims at providing financial services to meet personal and business goals.
However, being a first-time user, you can access a ₦10,000 loan for a period of 30 days.
Should you decide to get more information, kindly check the FAQ page on quickcheck.ng/faq/ and you can download the app from Playstore. To access the QuickCheck loan click on download.
Alat by Wema
With ALAT, Nigeria’s first fully digital bank, you can open an account and manage your money without ever going to a branch. This award-winning app also provides you access to instant loans.
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 Play or the App store and has loads of information on the Alat website.
To access the Alat loan click on download.
Specta Loan
Just like Alat, Specta is owned and managed by a financial institution, Sterling and does not require any collateral, guarantor or bank visit to access quick loans.
Irrespective of your occupation or bank, you can access a loan amount of up to ₦5,000,000 to meet your financial needs.
The app could be downloaded on Playstore and has other interesting packages for you.
JumiaPay
JumiaPay is a product of Jumia, which gives instant loans to users. They provide fast and affordable loans to consumers.
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 Jumia website.
Lidya Loan
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 credit of $500 and $50,000.
Lydia loan offers an instant loan option where if your application is accepted, you get credited 14 days after the confirmation, though this takes a couple of days, interest rate is quite low.
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.
You can access the Lydia loan through their website.
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, no paperwork, no embarrassment, and just 0.3% daily interest. Kuda Overdrafts are short-term loans you can take any time as long as you use your Kuda account …
However, your loan amount can increase based on your usage of the Kuda app.
PalmCredit
Palmcredit is one of the loan apps that are providing easier access to loans compared with commercial banks in Nigeria, offering flexible and fast loan products within minutes.
Only three steps to Your loan: – Register. – Get Approval. – Disbursement to your bank account.
PalmCredit is very popular among Nigerians and promises to put a smile on your face with a quick loan of up to ₦300,000. Its loan duration ranges from 91days to 180days. Interest Rate is between 14% to 24%. This means if you apply for a 6-month loan of ₦100,000, the total repayment amount is ₦124,000.
The PalmCredit loan app is available for download in Playstore or you could check any PalmCredit social media platform for more details. You can download the app from Playstore (Android), App Store (iOS) or check Aella for more information. To access the PalmCredit loan click on download.
Migo Loan App
Formerly Kwikmoney, Migo loan app is a very popular cloud-based platform that deals with companies like banks, telecommunications operators, and merchants.
It enables these companies to provide leading companies 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 on Migo. The interest rate for a Mogo loan is 5 % to 15%. To access the Migo loan click on download.
Author: Chukwu Chinatu-Ikem
Economist, Researcher, Econometrician, Human Resource Expert, Business Developer and Writer.
Committed to solving real problems, for real people and in real-time. His focus is on excellence in service delivery.