15 Best Loan Apps in Nigeria with low-interest Rates

February 28, 2024

Best Loan Apps

Do you require immediate cash in Nigeria? If yes, you’re not alone. Millions of Nigerians are searching for ways to get quick and simple money. With the advent of lending apps for mobile devices, it’s more convenient than ever before to access the money you need.

With so many loan apps to choose from, it can be not easy to select the best loan application in Nigeria. This is why we chose to create this listing of the top loan apps available in Nigeria with low rates according to the number of reviews and downloads on the Google PlayStore and all you need to know about.

If you’re in the market for a loan to cover an unexpected expense or a larger loan to help start an enterprise, be sure to go through the entire article in order to make the right choice.

Below is a list of the top loan apps in Nigeria below, so keep reading.

List of 15 loans in Nigeria

1. Branch

Branch is one of the best online loan apps in Nigeria that provides instant cash loans as well as additional financial services. With Branch, you can transfer funds, earn cashback for payment of bills, invest in possible returns, and even borrow money quickly.

The branch offers personal cash loans that range between N1,000 and N500,000 to satisfy various financial requirements. You have between 9 and 52 weeks to repay the loan, which gives you flexibility.

Interest Rates

The rates of interest that the Branch offers depend on factors such as the history of repayment and the cost of lending. The rates vary between 17% and 40 percent with an interest rate for the month of 1.5 17% to 17 percent and an APR range between 18% and 260 percent. Be aware that you are accountable for all bank transaction charges that are related to the repayment of your loan.

2. FairMoney Microfinance

FairMoney Microfinance Bank is a well-known financial institution located in Nigeria that provides a variety of financial services, including loans.

Interest Rates

FairMoney Microfinance Bank offers affordable interest rates on loans. The loan product and the borrower’s creditworthiness determine rates. FairMoney Microfinance Bank charges 2.5 to 30% per year in interest.

3. OKash

Okash is a mobile-based lending service that offers Nigerians loans for short durations. It is available on Android as well as iOS smartphones. You must be a Nigerian citizen with a valid ID card and a bank account in order to qualify for the loan. A strong credit score is required as well.

Interest Rates

Okash loans are available in a variety of denominations ranging from NGN 3,500 to NGN 500 million. Okash loans are characterized by rates of interest ranging from 36.5 percent to 360. The payback time spans between 91 and 365 days.

4. Palmcredit

Palmcredit is a mobile lending application that provides Nigerians with small-term loans. The app is compatible with both Android as well as iOS smartphones can use the application. It is necessary to be a Nigerian citizen with a valid ID card and a bank account in order to be eligible for loans. Additionally, you must have a good credit score.

Interest Rates

Credit loans vary in size, starting at NGN 10,000 and going up to NGN 300,000. Credit loans have an APR that ranges between 24% and 56 percent. The terms of repayment range from 91 to 365.

5. QuickCheck loan

Users in Nigeria can avail of personal cash loans through QuickCheck using less effort and time in the process of borrowing. The loan amount may differ; however, borrowers are able to select from anywhere between N1,500 and N500,000 to suit their financial needs.

Interest Rates

QuickCheck loans come with rates of interest as low as 5 percent per month on the first loan. You can borrow between N1,500 to N500,000 for 90 days to one year. Rates of interest range from 2 to 30 percent, which is between 11 percent and 21% each month.

6. Carbon

Carbon offers Nigerians cash loans for personal use to meet their financial requirements. Carbon offers loans ranging from N1,500 up to N1,000,000, providing customers a variety of options. Carbon simplifies loan applications to make them simple to use.

Interest Rates

The interest rates range from 2% to 30%, dependent on the length of the payback and the amount of money borrowed. The app has more than one million downloads.

7. EaseMoni

FairMoney Microfinance Bank in Nigeria provides loans and other financial services.

EaseMoni is an online lending application in Nigeria that offers loans to individuals in a matter of minutes. EaseMoni provides loan amounts that range from NGN 3,000 up to 1,000,000. This broad range of loans allows borrowers to select the amount of loan that best meets their financial requirements.

Interest Rates

The repayment period for loans offered by EaseMoni is 90 days to 365 days. Borrowers are able to choose a repayment time that matches their financial capabilities and needs.

The interest rate is ranging between 5% and 10 percent per month. The annual percentage rate (APR) of these rates ranges between 60 and 120 percent. It is important to know that the rate of interest that is offered to each borrower is based on their credit score.

8. 9Credit Loan

9Credit is an incredibly well-known credit application in Nigeria that provides users with access to easy and quick loans. The amount of loans ranges from NGN 3000 to NGN 100,000 through 9Credit. 9credit provides loan terms that range between 91 and 120 days.

Interest Rates

The rate of interest per day of 9Credit loans is 0.07 percent, which is equivalent to 25.55 percent each year. This rate of interest is applicable to the loan amount and duration chosen by the borrower.

9. RenMoney

Renmoney is a reputable online lending service that offers personal loans for Nigerians. Renmoney, headquartered in Lagos, has granted more than NGN 20 billion worth of loans to more than 100,000 customers since 2014.

Interest Rates

Renmoney provides loans ranging from NGN 10,000 up to NGN 2 million. Renmoney loan rates vary from 18% to 36 percent APR. The payback period is 91-365 days. Monthly payments or a fixed sum could be used to pay back your debt.

10. Umba Loan

Umba is one of the Nigerian mobile loan apps that offers short-term loans. The app is compatible with iOS as well as Android. Nigerian citizens with ID cards and bank accounts are eligible for loans. You will also require a credit score of at least.

Interest Rates

Umba loans vary between 2,000 and 30,000 NGN. Umba loans have a 10 APR of 5. You have 62 days to repay.

11. New credit

Short-term loans are available via the app for smartphones. credit targets the Nigerian market. The app is available for both Android and iOS, and users can download the application. You must be a citizen of Nigeria and have a bank account as well as a photo ID to be eligible for the loan. You’ll need a strong credit score, too.

Interest Rates

The loan amounts that can be obtained from Newcredit can range between NGN 10,000 to NGN 300,000. New credit loans are based on an annual percentage rate (APR) between 24 percent and 56 percent. The terms of loans can vary from 90 days to a full year.

12. Tloan

Tloan provides Nigerians with short-term loans through a mobile app. Nigerian citizens who have ID cards and bank accounts are eligible for loans. You must also have a strong credit score.

Interest Rates

Tloan loans range from 3,000 up to 500,000 NGN. Loans with a Tloan have an APR between 25% and 36. The repayment period is between 91 and 365 days.

13. Aella Loan

Aella is an application designed for mobile lending that specifically caters to the requirements of Nigerians by offering short-term loans. Aella offers loans across an array of amounts, ranging from NGN 2,000 up to 1,000,000, and offers the borrower a flexible repayment time from 61 days up to 365 days.

Interest Rates

The rates of interest for Aella loans vary between 2 and 20 percent, and the annual percentage rate (APR) ranges from 22% up to 264 percent.

14. TrueNaira loan

TrueNaira is a mobile application that offers Nigerians the ability to get loans for short periods. It is necessary to be a Nigerian citizen with a valid ID card and bank account to qualify for the loan. Also, you must have a good credit rating.

Interest Rates

TrueNaira loans are available for amounts ranging from NGN 22,000 up to NGN 300,000. The APR for a TrueNaira loan is between 10 and 30 percent. The time for paying back the loan ranges from 62 days to 365 days.

15. Kashcash-personal loan online

Kashcash is an online service that offers personal loans to those living in Nigeria. Kashcash provides loan amounts ranging from N10,000 to N100,000. The repayment period offered by Kashcash extends from one week to 365.

Interest Rates

With loan amounts that range from N10,000 to N100,000. The repayment period is between 91 and 365 days, with a competitive annual percentage rate (APR) between 12 to 34% annually; Kashcash aims to offer an affordable and accessible loan option for borrowers.

A quick reminder: Don’t Make a Decision to Take a loan market without…

Let me briefly outline what you should think about when you prepare to apply for a loan in a short time.

  1. Interest Rates: Look for interest rates that are lower to reduce the amount of interest you pay.
  2. Fees Note any additional charges or penalties that could increase the total cost of the loan.
  3. Terms of Loan and Repayment Time: Ensure the repayment schedule and duration of the loan are in line with your financial circumstances.
  4. The amount of the loan: Borrow only the amount you require to avoid unnecessary interest charges.
  5. Eligibility CriteriaCheck whether you comply with the requirements of your lender to avoid rejections.
  6. Credit Score Impact: Understand how the repayment of a loan and the application for a loan will impact your credit score.
  7. Repayment Options: Evaluate flexibility in repayment methods and penalties for late repayment.
  8. Customer Reviews and Reputation Research the reputation of the lender and read customer reviews to gain insight into their credibility.
  9. Transparency and Disclosures Seek out clear terms, conditions, and disclosure of all costs and fees.
  10. Comparison Shopping: Compare loan offers from several lenders to determine the most attractive rates and terms.

Note

If you are in arrears with your payments, your lender is entitled to contact anyone they have on their file, including your employer. The situation could be very humiliating.

I completely understand why you want to have quick access to credit or loan facilities, But here’s the problem: If you need to establish some guidelines to follow, it’s very easy to get caught in a maze of debt.

Conclusion

15 top loan apps in Nigeria allow you to obtain cash in a short time. When choosing a loan application, it is important to take into consideration things like rates of interest, terms of repayment, customer service, and the overall experience for users. Make sure to evaluate various apps and read reviews written by others to help you make an informed choice. Remember to be responsible when borrowing money and only borrow money that you are able to repay.

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