Top 10 Loan Apps With Low-Interest Rates In Nigeria

Loan Apps With Low-Interest Rates In Nigeria

This guide will help you discover the top 10 loan apps with low-interest rates in Nigeria so you can check them out, compare offers and request for quick cash to solve your personal or business needs.

As helpful as loans can be, it can also be quite scary and discouraging for people to make requests due to the high-interest rate of many loan platforms.

A lot of people are willing to take the risk of collecting loans but are most times pulled back by the undeniably high interest accumulated over time on the initial amount collected and this is not uncommon with traditional banking apps.

When searching for a good loan app, there are several things to look out for, the first of which is if the loan platform is approved or not. This gives you a sense of safety and security. The next is the swiftness of disbursement. Some loan platforms can be slow when it comes to the disbursement of funds and you won’t want to be caught in this in case of an emergency.

Another factor to note or look out for is the repayment plan. Check to be sure that the repayment plan of the platform suits you.

One very important factor to also look out for is the interest rate. Some loan platforms charge high returns on their loans. This may make repayment quite hard and inconvenient.

You may wonder, “What loan apps give fast cash with low-interest rates in Nigeria?” If this is your question, this article is for you.

Knowing how hard it is to get approved and credible loan apps with low-interest rates, we have carefully compiled a list of the top 10 loan apps available in Nigeria with very cheap and affordable interest rates.

Feel free to explore them as you go on with this article.

Top 10 Loan Apps With Low-Interest Rates In Nigeria

With the following loan apps, not only can you request and receive loans from the comfort of your home, but these loans also come with low-interest rates compared to other loan apps

In no particular order, these are the top 10 loan apps in Nigeria with low-interest rates.

1. FairMoney Loan App:

This instant loan app offers loans ranging from N1,500 to N1,000,000 with interest rates falling between 2.5% and 30% depending on the amount of loan to its customers.

FairMoney also allows a repayment period of about 61 days to 18 months depending on the terms and conditions of your loan.

You don’t require any form of collateral to receive a loan from this platform.

How To Borrow Money From FairMoney Loan App

FairMoney has made loan applications very easy and swift with their app. You do not have to go through the stress of going to a physical location with loads of documents to apply for a loan. Just follow these steps:

1. Open the Google Play Store app on your Android phone and download the FairMoney loan app.

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2. Open and install the app on your mobile phone.

3. Go ahead with the registration which will require you to provide your BVN and the number linked to it. Fill in the other details correctly.

4. Apply and wait for your account to be credited.

Disbursement will take place within 3 minutes after the application has been approved.

2. Carbon Loan App:

Carbon is one of the most popular platforms when it comes to loans. It has earned its mark as one of the most reputable loan apps in the country.

With the  Carbon loan app, you do not only receive instant loans, but you also get to carry out other financial transactions such as payment of bills, airtime purchases, and funds transfers.

It also gives its clients access to investment opportunities.

The Carbon loan app is one of the high-ranking loan platforms in Nigeria and also happens to be one of the few apps that offer loans to its customers with a very low and affordable interest rate.

Its interest rate ranges between 2% and 30% depending on the amount of loan you receive and the repayment period.

How To Borrow Money From Carbon Loan App

Acquiring a loan from the Carbon loan platform is very easy and fast.

The following are the steps required to receive a loan from Carbon.

1. Download the carbon loan app through your Google Play Store on your Android phone.

2. Fill in your correct details to open an account.

3. Once you have opened an account, the system will make known to you the amount of loan you are eligible for. Pick a loan that suits you.

4. Submit your loan application.

Once you have submitted your application, the system checks to be sure you qualify and as soon it is approved, your account will be credited.

3. Branch Loan App:

Ranking as one of the top 10 loan apps in Nigeria, the Branch loan app allows customers to request and receive loans as low as N2,000 to as much as N500,000 with an interest rate ranging between 3% and 23%.

It is one of the most trusted loan apps in Nigeria. 

How To Borrow Money From Branch Loan App

1. Download the Branch Loan app on your Android phone using the Google Play Store.

2. Install and open the app.

3. Create an account and set up your profile by filling out the form made available and waiting for verification.

4. As soon you are verified, go ahead to apply for your loan.

Your account will be credited as soon as your loan gets approved.

You can repay your loan using the same app.

4. P2Vest Loan App:

P2Vest operates quite differently from other loan apps.

It connects customers who need loans to lenders who want to accumulate returns on their capital.

They offer loans ranging between N5,000 and N2,000,000 with a payback period of 12 months.

It operates with an interest rate of 5% on loans and 6% returns for lenders.

How To Borrow Money From P2Vest Loan App

1. Download the P2vest loan app on your mobile phone through Google Play Store.

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2. Create an account as a borrower and fill in the correct details.

3. Apply and wait for disbursement.

5. Aella Credit Loan App:

If you are looking to get an instant loan with an interest rate as low as 2% – 20% monthly then, the Aella credit app is one loan app to consider.

The Aella credit loan app gives loans as low as N2,000 and as much as N1,500,000 with a repayment tenure ranging from 61 to 365 days.

Receiving a loan from this credit platform only requires your basic information including your Bank Verification Number(BVN).

Aella credit loan app is very swift and requires no collateral to give loans. It also doesn’t charge any late payment fee.

So it was one app to consider if you seek to get a good loan and not accumulate unnecessary costs.

How To Borrow Money From Aella Credit Loan App

Follow these steps to create an account and borrow money from the Aella credit loan app

1. Download the Aella credit loan app from your Android phone’s Google Play Store.

2. Install and open the app.

3. Create an account by providing the necessary information.

4. Click on the ‘check eligibility’ button to know if you qualify for a loan and how much you can borrow.

5. Apply for the loan that best suits you and wait for your credit.

6. Palmcredit:

Palmcredit provides up to N300,000 in less than 5 minutes.

You can borrow as low as N10,000 on this platform and make a repayment with a specific repayment period.

It charges an interest rate of 4% monthly on the loan borrowed. 

How To Borrow Money From Palmcredit Loan App

Borrowing money from palm credit is very easy.

1. Go to your Google Play Store and search out the Palmcredit loan app.

2. Download and install on your Android phone.

3. Open apps and create an account for yourself.

4. The platform will request your basic information. Ensure to fill in your correct details.

After filling in your details and requesting a loan, wait for a few minutes for disbursement.

Your details will be passed through measures to decide your eligibility.

If you qualify for a loan, your account will be credited, if not, you will also be notified.

7. Okash Loan App:

Okash is a loan platform owned and managed by a microfinance bank known as ‘Blue Ridge Microfinance bank limited.

Just like other credit apps, the Okash loan platform operates online requiring few documents from customers to give out loans. It offers loans from as low as N3,000 to as high as N500,000 with repayment tenure of 91 to 365 days.

Its interest rate falls between 0.1% to 1.0% daily. 

How To Borrow Money From Okash Loan App

1. Download the Okash loan app from your phone’s Google Play Store.

2. Open the app and create an account for yourself.

3. Provide correct information and documents.

4. Apply for a loan and wait for credit.

Your account will be credited immediately after you are confirmed eligible for the loan.

8. Quick Check Loan App:

Quick Check is a highly digitalized loan platform that uses automated measures to evaluate customers’ behaviour and determine approval of loan applications.

The Quick Check loan app gives its customers access to loans ranging from N1,500 to N500,000 with a repayment period of 91 days to 365 days.

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Its interest rate ranges from 2% to 30% per annum and 1% to 21% monthly.

How To Borrow Money From Quick Check Loan App

As the name implies, disbursement with Quick Check takes place fast.

To apply for a loan, simply follow these steps:

1. Go to the Google Play store on your Android phone and download the Quick Check app.

2. Install and create an account for yourself by entering the necessary information.

3. Once your account has been created, go ahead and apply for your loan.

4. The system will check your eligibility using automated measures.

5. If you qualify for the loan, your account will be credited within minutes of application.

9. Ease Cash Loan App:

Ease Cash is a loan app that has proved to be reliable and secure with over 1 million downloads on the Google play store.

This loan platform gives loans as low as N1,000 to N100,000 with a payback tenure of 91 days to 180 days.

It operates with an interest rate of 14% per annum.

How To Borrow Money From Ease Cash App

1. Download the Ease Cash app from Google Play Store.

2. After installing, open the app on your phone and create an account.

3. Creating an account will require you to give basic information and documents, go ahead and provide this information.

4. After you have successfully created an account, go ahead and apply for a loan.

Disbursement will take place within 5 minutes of application approval.

10. Umba Loan App:

If you wish to acquire a small loan with a very low-interest rate, then Umba is a good option to consider.

Umba offers N2,000 to N30,000 with a payback tenure of 62 days.

Its maximum interest rate per annum is 10%.

Apart from being a loan platform, Umba is a fully functional mobile bank, so you can be sure to receive the best services from them.

How To Borrow Money From Umba

Borrowing money from Umba is pretty easy and stressless. All you have to do is follow these steps:

1. Go to Google Play Store and search out Umba instant loan app.

2. Click on install

3. Open the app on your phone and create an account by entering the necessary details requested.

4. Go ahead and apply for your loan.

Your application will be accessed and if you qualify for the loan, you will be credited within a few minutes of submission.

The Umba instant loan app also allows you to increase your loan limit at any time you choose. But before you can do this, you must have shown a level of honesty and credibility by paying back past loans on time.

Conclusion.

There you have it, the top 10 loan apps with low-interest rates in Nigeria.

Feel free to explore each of them to discover the one that best suits your plan.

As you go, it is important to realize that these loan companies need money to run and continue in business. The money is as important to them as it is to you. Ensure to pay back your loan within the specified payback tenure. If there should be any reason why you cannot pay back within the specified date, contact the loan company in time to explain whatever the situation may be.

Some of these loan companies have records of demanding their money using embarrassing means. So save yourself the embarrassment and pay back on time.

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