Top 10 Loan App in Nigeria With Low Interest

If you need an instant loan to meet your urgent financial needs, it is best to take a loan from a lending platform that offers a loan with low interest rate. Sometimes, there are circumstances that may need urgent financial attention and if there is no money to sort it out, the only option left is to take a loan. So, anytime that you want to take out a loan, it is always important to search for a lending platform with a competitive interest rate.

There  are many loan apps in Nigeria that offer instant loans to their users. Most of these loan apps offer collateral-free loans but their interest rate varies depending on the loan amount that the borrower takes out and the repayment plan chosen. Some of these lending platforms calculate their interest rate on a monthly basis while others use Percentage Annual Rate(APR). Whichever way, ensure that you understand the interest rate of the loan you want to take to enable you to make informed financial decisions beforehand.

Loan App in Nigeria With Low Interest

Loan App in Nigeria

In Nigeria, there are numerous loan apps where you can access instant loans electronically without any form of paperwork or collateral. However, their interest rate varies so we have outlined most of these loan apps with their interest rate, it is left for you to choose the one that suits your financial needs. The loan apps are outlined below:

1. FairMoney

FiarMoney is one of the leading online lending platforms in Nigeria that offer collateral-free loans to their users. Their loan approval process is usually swift since there is no paperwork required. 

Their loanable amount is not fixed while their loan term is flexible to enable borrowers to pay off the loan without breaking banks.

Our check on Google Play Store reveals that FairMoney loan apps have been downloaded by more than 10 million users which is an indication that Nigerians patronize them.  

The monthly interest rate of Fairmoney loans is not fixed, it ranges from 2.5% – 30%. However, this interest rate is primarily determined by the repayment plan chosen. The longer the repayment plan you chose, the higher the interest rate and vice-versa.

2. Branch

When it comes to offering instant loans without paperwork, Branch loan app is always among the top players in Nigeria. Just like FairMoney, Branch loan has more than 10 million downloads from the Google Play Store

Branch lending platforms offer quick loans to their users through their app to enable them to get temporary financial relief. Fortunately, there is no guarantor or collateral required to to loan from Branch. However, the loan amount that a borrower can take from Branch is totally dependent on the reputation built overtime with the platform.

Branch loan monthly interest varies since it is determined by different factors like borrowers creditworthiness, loan term etc. Their interest rate is between 3% – 23%.

3. Carbon

With over 1 million active users, Carbon is one of the popular lending platforms in Nigeria. If you need instant collateral free loans without guarantors, Carbon is an option to consider.

Interestingly, there is no paperwork required to access loans from Carbon since the loan application process can be completed online. So, you can access Carbon loan from the comfort of your home without visiting their office. Like other lending apps, Carbon offers competitive loan terms to their users.

The interest rate of carbon loans ranges from  2% to 30%.

4. PalmCredit

PalmCredit offers instant collateral free that can be accessed electronically. To this end, their loan can be accessed digitally without necessarily visiting their office. They claim that users can get a loan within 3 minutes of their loan application. They have millions of active users who patronize them on a daily basis. PalmCredit loan repayment is designed to allow borrowers repay the loan with unnecessary pressure. 

The Annual Percentage Rate(APR) of PalmCredit loans is between  24% – 56%. However, they charge about 4% monthly interest for their loan.

5. Okash

Okash is another online lending platform in Nigeria, this loan app is managed and regulated by Blue Ridge Microfinance Bank Limited. The loan application process can be completed online since there is no need for endless paperwork as it is with conventional lending systems.

With the Okash loan app, you can access up to 500k instant loans without collateral or guarantor. Their loan repayment plan is very flexible since they have a loan tenure where you can pay off your loan within 12 months. 

The Okash loan Annual Percentage Rate(APR) ranges from 36.5% to 360%.

6. Aella Credit

With more than 1 million downloads from Google Play Store, Aella Credit is one of the fastest growing lending platforms in Nigeria that offers users temporary financial relief. This lending platform is known to offer quick loans to Nigerians without any form of documentation or paperwork.

Borrowers who have built a good reputation with the platform overtime can access up to N1.5 million with the Aella Credit Loan app. However, new users can still get loans from the platform but not a huge amount of money especially for first timers. Their repayment plan is flexible hence repaying the loan won’t be a difficult task. 

The Annual Percentage Rate(APR) of Aella Credit loan is between  22% – 264 % while their monthly interest rate ranges from 2% – 20%.

7. QuickCheck

Another top player in the online lending platforms in Nigeria is QuickCheck. With their advanced and sophisticated technology, QuickCheck predicts borrower’s creditworthiness hence the evaluation of the user’s loan application is done automatically. 

With over 1 million active users, this loan app has continued to gain popularity among Nigeria. Just like other online lending platforms, QuickCheck offers collateral free loans with any form of paperwork. With this loan app, users can access up to 500k from their comfort zone. Their loan tenure ranges from 91 – 365 days.

QuickCheck loan interest rate ranges from 1 – 21%.

8. Newcredit

With the NewCredit loan app, you can access up to 300k without paperwork at a competitive interest rate. 

NewCredit is an online lending platform that offers instant loans to Nigerians. Just like QuickCheck, NewCredit uses a machine to predict borrowers’ behavior by checking their previous transactions hence determining their creditworthiness within seconds. Their loan term is flexible hence offering borrowers the opportunity to repay their loan without breaking the bank.

The monthly interest rate of NewCredit loans is about 4%.

9. Renmoney

Another household name in the online lending platform in Nigeria is Renmoney. With Renmoney loan app, borrowers can access up to N6 million loan from the platform in a matter of minutes without any form of collateral or guarantor.

In Nigeria, Renmoney is among the few online lending platforms that allow borrowers to pay off their loan for over 2 years. So, if you take a loan from this platform, you won’t have a heart attack on how to repay since their loan tenure is very flexible.

The Renmoney monthly interest rate is not fixed; it varies depending on the repayment plan you opt for. However, their monthly interest rate usually starts from 2.76%.

10. Specta

Specta loan is managed by Sterling bank. They offer quick loans to those who need instant cash to meet their urgent financial needs. With Specta, users can access up to N2 million naira loan. 

However, existing users are likely to access higher loan amounts than new users. So, if you want to access a huge loan amount from Specta, you will need to build a good reputation to increase your creditworthiness.

The monthly interest rate of Specta loan is about 2%.


There are many loan apps in Nigeria where you can access instant loans without documentation. Although most of these loan apps offer collateral free loans, their interest rate varies, hence it is best for you to conduct due diligence in each of the loan apps to know the one that suits your financial status. Ensure that you understand the loan terms of a particular loan app before using it. Don’t forget to borrow responsibly and spend wisely!

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