Home Finance TOP 10 Best Loan Apps in Nigeria With Low Interest Rates

TOP 10 Best Loan Apps in Nigeria With Low Interest Rates

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The need for loans for majority of businesses and by individuals cannot be over emphasized. The great downside that comes with the acquisition of these loans is the fact that they are not readily accessible and even when they are, the criteria set as minimum requirements for acquiring the loan is almost said to be outrageous.

This standard cuts out most of the low- and middle-class individuals who are in dire need for the loan. Luckily for us, due to the fast-advancing technological world everything has now been made easier by the use of mobile phones to access instant loans in Nigeria and even all around the world which offers you a lot of cash which minimum criteria for acquiring it and only in a matter of minutes.

Presently there are tons of instant loan apps in Nigeria that offer individuals lots of opportunities to acquire loans with minimum criteria and are not as demanding as those of commercial banks. Without further ado, let us dive into the top 10 best loan apps for acquiring loan in Nigeria.

1. BRANCH Loan App

Branch is the world’s leading personal finance app that provides access to instant loans with no physical documentation. Ranking as number one out of the top 10 best loan apps in Nigeria, branch makes it easy for people in Nigeria to transfer money, get instant loans of up to 500,000 naira and enjoy investment yields of up to 10% and 15% per annum on flexi investments and target investments respectively.

They use alternative credit scoring methods to assess borrowers.


This is one of the best and most popular loan apps in Nigeria. It features a friendly user interface and it doesn’t require a lot of information or criteria to acquire a loan. It offers instant loans with a flexible repayment schedule.

They also offer financial services such as bill payments and investments.


With fair money, you can obtain a loan without collateral or any form of paperwork, and pay back within 15 days to a month. Also, like carbon, the app allows you to pay for other utility bills.

In addition, fair money has one of the best services for obtaining a mobile loan in Nigeria, therefore, it is available any time of day or week.


Palm credit is also one of the best apps for acquiring instant loans in Nigeria.

It offers loans to Nigerians ranging from as low as 2000 naira to as high as 100,000 naira without any collateral. It is easy to use and provides quick loan disbursement.


Ren money is a financial institution offering personal and business loans in Nigeria. It is one of the best loan apps in Nigeria. It operates under a microfinance banking license in Lagos, Nigeria. It has both physical branches and online presence.

The minimum loan amount is 50,000 naira, and the maximum is 6 million naira. However, the amount you can borrow depends on your capability to pay back the loan, along with other factors such as your debt-to-income ratio.

The amount of information you provide during the application process will be crucial to the amount of money you will be able to access. In addition, when you make your payments on time and do not default, you will be eligible for higher amounts and longer repayment terms.


Okash is a convenient instant online loan platform for Nigerian mobile users managed by Blue Ridge microfinance bank limited. It is one of the best loan apps in Nigeria as its application process just takes a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account.

The loan ranges from a minimum amount of 3000 naira to a maximum amount of 500,000 naira and repayment plan ranges from 91 days to 365 days.


Looking for a quick way to get loans to settle your pending needs and urgent debts, Aella credit has you covered. It is one of the top 10 best loan apps in Nigeria. It provides loans of up to 1 million naira with minimal collaterals.

This app has collaborations with a lot of investors such as YCombinator, Vy Capital, Friale, and others, across different countries like Nigeria, Ghana, Philippine, etc. It provides very fast services and 45% of its benefactors are women who are salary earners.


Kuda, the bank of the free as it is popularly called, is one of the best loan apps in Nigeria with low interest rate. It offers short term loans in the form of overdrafts to regular customers. Their overdrafts require no paperwork and come with a 0.3% daily interest rate. The overdrafts typically last 90 days but repayments are expected to begin 30 days after disbursement.


QuickCheck is a modern lending platform for individuals and small-scale businesses. QuickCheck uses mobile technology to enable individuals and small businesses to gain access to financial credit within minutes. According to the platform, users can access quick and stress-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.


PalmPay is also a great lending platform in Nigeria. The app offers loans up to N200,000 without any need for paperwork or collateral. The interest rate for loans from PalmPay falls within the range of 15% to 30%. This variation within the specified range is influenced by factors such as the loan amount you acquire and your credit score.


In conclusion, getting the capital to start or fund an already existing business can sometimes be a challenge.

But now that several mobile instant loan apps have been made available to the public, it will be advisable for us to take advantage of this opportunity and the knowledge of which of the loan apps is the best for us looking for low interest rate to fund whatever it is that needs urgent funding. Thank you so much for reading. Do have a nice day!!!



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