10 Best Loan Apps in Nigeria With Low Interest Rate 2023-2024

Best Loan Apps in Nigeria With Low-Interest Rate

Money lending apps in Nigeria are all the rage these days, giving people and small-scale enterprises a simple way to get the cash they need.

What’s cool about these apps? Well, they often offer loans with super low interest rates, making it a breeze to pay back what you owe without drowning in debt.

Not all platforms are created equal, though. But hey, no worries! We have done the legwork for you and handpicked 10 top-notch loan apps in Nigeria where the interest won’t be high.

Ready to dive in? Come along, and let’s dig into this ultimate guide.

List Of 10 Best Loan Apps in Nigeria With Low Interest Rate

  1. Carbon
  2. Branch
  3. Fairmoney
  4. PalmPay (FlexiCash)
  5. Renmoney
  6. Kuda
  7. KiaKia Loan App
  8. Credpal
  9. ALAT
  10. Zedvance


Carbon is the first in our list of best loan apps in Nigeria with low interest rate.

Carbon is a solid choice if you’re in Nigeria and on the hunt for a loan app with reasonable interest rates.

This app has got you covered, whether you’re an individual or a small business, and you won’t even need collateral, a guarantor, or piles of paperwork.

Beyond loans, Carbon is your one-stop-shop for online banking needs like savings and money transfers.

Plus, it’s available for download on both the Play Store and App Store, making it super accessible for both iPhone and Android users.

What’s on offer?

  • Interest Rates: From a low 1.75% up to 30%
  • How Much Can You Borrow: Between ₦1,500 and ₦1,000,000
  • Loan Period: Choose between 1 to 6 months
  • What You’ll Need: Just your personal and employment details, along with your bank statement
  • How to Pay Back: You can use either wallet funds or a good ol’ bank transfer.
Low Interest Loan Apps in Nigeria

Read more Carbon Loan app


Branch is another hot pick when it comes to loan apps in Nigeria, and it’s more than just a lending platform. It’s got online banking services along with its wallet-friendly loan options.

Need cash in a hurry without the hefty interest? Branch has got your back. The app makes it easy to pay back your loan, offering a variety of repayment options to fit your needs.

You can score a personal loan from Branch that ranges from as little as 2,000 Naira all the way up to 500,000 Naira, and you’ll get a decision in minutes. What’s more, the loan period is super flexible, ranging from a little over two months to a full year.

What’s the deal?

  • Interest Rates: 15% to 34% — not too shabby!
  • Loan Amounts: Anywhere from ₦1,000 to a cool ₦500,000
  • How Long You’ve Got to Pay it Back: 1 month up to 12 months
  • What You’ll Need: Just your basic personal info, your BVN, and no need for an ATM card.


This list won’t be complete if I don’t include Fairmoney as one of the top loan apps in Nigeria with low-interest rate.

Fairmoney is a standout lending app in Nigeria that simplifies the loan process.

Forget about the hassle of paperwork and collateral; with Fairmoney, you can get low-interest loans in just minutes.

All you need to do is download the Fairmoney app, pop in your personal details, and apply for your loan.

Within no time, your Fairmoney account will be credited with the funds. You can either transfer it to your bank account or use it directly for online transactions like buying airtime or paying bills.

And the best part? Fairmoney loans are super flexible. The loan tenure can extend up to 18 months, and you can borrow as much as 1 million Naira.

Here’s the rundown:

  • Interest Rates: A manageable 2.5% to 30%
  • Loan Amounts: Options range from ₦1,500 to ₦500,000
  • Loan Period: 1 to a whopping 18 months
  • What’s Needed: Just your personal information, setting up an account, and your BVN.

PalmPay (FlexiCash)

FlexiCash is brought to you by Palmpay, a well-known online banking app in Nigeria that’s got it all, sending and receiving money, bill payments, airtime purchases, investing, and a whole lot more.

With FlexiCash, Nigerians can snag loans without breaking the bank on interest rates.

Whether you’re Team Android or Team iPhone, you can tap into this loan service through Palmpay.

How much you can borrow depends on your credit history with Palmpay, so the better your score, the more cash you can get your hands on. Plus, your loan limit can grow over time.

Here’s what you need to know:

  • Interest Rates: Starting at a daily rate of just 0.70%
  • Loan Amounts: You can start with as little as ₦1,500
  • Loan Period: Options range from 15 to 30 days
  • Requirements: All you need is a Palmpay account
  • How to Pay Back: Either use your Palmpay Wallet Fund or a debit card.
10 Best Loan Apps in Nigeria With Low Interest Rate 2023-2024


Renmoney also emerges as one of the top loan apps with low-interest rate in Nigeria.

Renmoney App is a top contender in the Nigerian loan app scene, and its low-interest rates make it a go-to for many.

Similar to Branch, Renmoney is more than just a lending app; it’s a full-fledged financial platform.

You can save, transfer funds, pay your bills, buy airtime, and yes, take out quick loans, all from your smartphone.

This app has built a strong reputation as one of Nigeria’s most trusted lending platforms. It’s user-friendly for both Android and iPhone folks and offers fair loan terms to boot.

Here’s the scoop:

  • Interest Rates: They range from a low 2.4% up to 9.33%
  • Loan Amounts: You’ve got options, from ₦6,000 all the way up to ₦6,000,000
  • Loan Period: Choose between 3 to 24 months for repayment
  • What’s Needed: Your basic personal info, BVN, email, and phone number
  • How to Pay Back: You’ve got choices—bank transfer, using your account balance, or a debit card.

Here is the List of Fake Loan Apps in Nigeria


Kuda is a big name in Nigeria’s online banking world. Available on both the Play Store and App Store, this app lets you do it all, from transferring money and paying bills to a whole lot more.

But wait, there’s more! Kuda isn’t just for traditional banking; it also doubles as a loan app. You can snag a quick loan with minimal interest and skip the hassle of needing collateral or a guarantor.

Here’s the lowdown:

  • Interest Rates: A super low daily rate of 0.3%
  • Loan Amounts: You can borrow up to ₦50,000
  • Loan Period: Repay in up to 90 days
  • Requirements: All you need is a verified Kuda Bank account
  • How to Pay Back: Simply use your Kuda Bank account funds.

KiaKia Loan App

KiaKia is another standout in the Peer to Peer lending game in Nigeria, giving P2Vest a run for its money. The process is super simple:

Download the app from the App Store or Play Store, sign up as a borrower, and get paired with a lender who gives your loan application the green light.

Once you’ve crossed the T’s and dotted the I’s, your loan gets sent straight into your bank account in no time.

And let’s talk perks, KiaKia offers low interest rates, an extended repayment period, and a broad range of loan amounts.

Here’s the details:

  • Interest Rates: A flat 15% monthly rate
  • Loan Amounts: You can go for as little as ₦10,000 or aim high with up to ₦10,000,000
  • Loan Period: Pick a time frame between 1 and 3 months
  • What You’ll Need: Just your personal and bank details
  • How to Pay Back: Choose from wallet funds, debit card, or a good old bank transfer.


Credpal is shaking up the loan scene in Nigeria with its low-interest rates and a unique approach. Instead of directly transferring loan amounts to your bank account, Credpal offers loans through funded credit cards.

Want in? Just download the Credpal app and get yourself registered. Once your credit limit is set, you can request the credit card to be sent right to your doorstep.

With the card in hand, you’re free to make payments anywhere, both online and in stores. You can pay back the amount monthly or whenever you hit your credit limit.

Here’s what you should know:

  • Interest Rates: They range from a low 3.8% up to 8%
  • Loan Amounts: Borrow as little as ₦5,000 or up to ₦500,000
  • Loan Period: You’ve got 29 days to repay
  • What You Need: Just the usual—your personal and bank details
  • How to Repay: A simple bank transfer.


We can’t go without mentioning ALAT as one of the reliable loan apps in Nigeria with loan interest rate.

ALAT is a digital bank that’s caught the eye of many Nigerians looking for a convenient way to manage their finances.

This app, available on both the Play Store and App Store, goes beyond just basic banking features like money transfers and bill payments.

It also serves as a lending platform where you can get loans without the typical hurdles of collateral or guarantors.

After downloading the ALAT app and setting up your account, you can easily apply for a loan.

If approved, the loan amount will be directly credited to your ALAT account, giving you the freedom to use it as you wish.

Here’s the lowdown:

  • Interest Rates: They’re competitive, making ALAT a viable option for quick loans
  • Loan Amounts: The range varies, offering flexibility based on your needs
  • Loan Period: The tenure is quite flexible, allowing you to plan your repayments comfortably
  • What’s Required: A verified ALAT account and your personal details are enough to get started
  • Repayment Methods: Simply pay back using your ALAT account balance.

Read on Best Loan Apps for iPhone in Nigeria


Zedvance is the last in our list of best loan apps in Nigeria with low interest rate.

Searching for a low-interest business loan in Nigeria? Zedvance has got your back.

This rising fintech star offers loans up to a whopping 5 million Naira for all sorts of business needs, and guess what? No collateral needed!

All you’ve got to do is set up an account, apply for the loan, and answer a few easy questions. Before you know it, the loan amount will land straight into your account.

With loan tenures that can stretch up to 18 months and interest rates that won’t break the bank, Zedvance makes for a solid choice.

Read more on Zedvance loan app

FAQs on Low Interest Loan Apps in Nigeria

What’s the top loan app for the lowest interest rates in Nigeria?

Check out apps like Carbon, Branch, PalmPay, and Fairmoney are often mentioned for having competitive interest rates.

Which loan option should I pick for the least amount of interest?

The ideal low-interest loan will depend on what you’re looking for. But you can’t go wrong considering options like PalmPay, Carbon, Fairmoney, and Aella Credit.

How can I Get a loan with low interest in Nigeria?

To get your hands on a low-interest loan, go for trustworthy loan apps that offer good rates and terms.

Check out the Instant 50,000 Naira Loan in Nigeria

Wrapping Up Best Loan Apps in Nigeria With Low Interest Rate

Loan apps are all the rage in Nigeria these days, making it super easy for individuals and small businesses to borrow money.

The beauty of these apps lies in their low interest rates and easy repayment plans, helping you pay back without stress.

In this post, we’ve highlighted some top loan apps with low interest rates in Nigeria, helping you make an informed decision for your financial needs.

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