Top 10 Loan Apps With The Lowest Interest Rates In Nigeria (2023)

Are you wondering where to get quick money without embarrassment? If you are looking for any loan apps with the lowest interest, then this article is for you. This article will focus on loan apps with the lowest interest rate in Nigeria. (2023)

Getting loan apps with low interest is no longer a problem nowadays. With the invention of loan apps, you can now borrow money in just a few clicks for your own comfort. A loan application is a digital app that borrowers use to apply for instant loans.

Basically, a loan app is an app where you can take out fast loans. All you need to do is just download the app on your smartphone and apply for a loan through the app. Within a short time, the lenders will grant your loan depending on the terms and conditions of the loan.

In this article, RNN will highlight a few loan apps in Nigeria with the lowest interest rates that will serve you as a guide when you are searching or in need of a loan

10. Lidya Loan

Lidya is one of Nigeria’s first loan apps with the lowest interest rate. This is a fintech company founded in Nigeria in 2016 by Ercin Eksin and Tunde Kehinde and headquartered in the US.

Today, They has teams based in Portugal and the US and they are the leading digital financier of SMEs in Nigeria. Lidya is a financial institution that gives individuals access to finance and credit across the frontier and emerging markets.

They provide loans for business owners in need. Also, the company provides a platform that empowers business owners with the appropriate tools to help them manage their cash flow. It uses this assessment to create a credit score unique to each business.

However, it would help if you had a good credit score to be approved for your loan. They also pays out loans in 24 hours or less.

Steps on how to apply and get Lidya loan

1. Create an Account. You can create your profile in less than 5 minutes.
2. Select a loan type. Decide the type of loan you would like to receive based on your needs and apply for it.
3. Lastly, receive your loan.

Interest Rate

The interest rate of Lydia is revealed to be 3.5%.

9. Migo Loan

Migo laon is formerly known as Kwikmoney,  Migo was founded in 2014 by Kunle Olukotun, Ekechi Nwokah. The company is based in Ikoyi, Lagos, Nigeria, with it’s headquartered based in San Francisco, California.

You can get a loan from ₦500 to ₦500, 000. But note that at your first request, you will get a low offer that will depend on your credit score calculation. After the first offer and you pay back your loan on time and so on, you will be able to access bigger funds.

Follow this steps to get a loan from Migo;

1. Dial *561#
2. Select loans
3. Select request loan
4. Wait for loan offer
5. Visit the migo website loan portal
6. Input your Phone number
7. Complete verification
8. Select check loan offer
9. Provide your account number and details
10. Get your loan!

Below are the requirements to get a loan from Migo;

1. Bank account
2. Bank Verification Number (BVN)
3. A working phone number
4. You must be up to 18 years and above
5. You must have been using your phone number actively for the last 90 days
6. Your account number must have been in active use for the last 90 days
7. You must have an account in of the following banks: First Bank, Access Bank, Diamond Bank, First City Monument Bank (FCMB), United Bank For Africa (UBA), Stanbic Bank, Wema Bank, Zenith Bank, Guaranty Trust Bank (GTB), Polaris Bank, Fidelity Bank, Heritage Bank, Union Bank, Unity Bank.

Migo Interest Rate

Migo interest rates are not fixed. They provide Interest rates that range from 5%-25%.

8. Lendigo SME Loans

Lendigo SME loan is one of the loan apps with the lowest interest rate. This is a fintech company that provides loans and financing opportunities for … Founded Date 2016; Founders Benjamin Benaim; Operating Status Active.

Lendigo is regarded as the number one best loan app for small and medium businesses. It offers SMEs in Nigeria access to fast, easy, and flexible business loans according to their business financial needs, and fast and flexible access to working capital according to their business requirements and suited to their financial needs.

Steps on how to apply and get loan

1. Apply online,
2. Gets a loan offer
3. Loan disbursed 

Business Loan Requirements: How To Qualify For A Loan

1. Credit
2. Cash flow and income
3. Age of business
4. Current amount of debt
5. Collateral.
6. Industry

Interest Rate

They charge from 4.0% to 8.0% flat monthly interest including a processing fee from 0.5% to 2.0%.

7. Renmoney

Renmoney opened a single branch in Ikoyi, Lagos in 2012, offering fast and easy-to-use unsecured loans and investment accounts. “Our journey so far has been an interesting one,” says CEO Graham Lee. “We began with a focus on the unmet financial needs of the ordinary Nigerian consumer.

They offers personal and microbusiness loans, fixed deposit accounts, and savings accounts. The NDIC (Nigeria Deposit Insurance Corporation) insures the deposits and savings on RenMoney. So you can rest assured that your funds are safe.

The company has provided over 240,000 loans to Nigerians and empowered more than 10,000 small businesses.

RenMoney provides not only small business loans but also gives personal loans, helping individuals to finance their home renovation, buy a car, smartphone, and household appliances, pay medical bills, school fees, rent, and more.

To qualify for a loan, you must:

• Be older than 22 and younger than 59 at both the application and loan repayment times
• Be a salary earner or business owner (or have a steady and verifiable source of income)
• Live and (or) work in a city where they operate
• Have a good record with the credit bureau
• Have a savings or current account with any commercial bank in Nigeria

Below are the requirements to get a loan from Renmoney:

• A valid government-issued ID card (driver’s license, passport, national ID card)
• Bank statement (6 months)
• Utility bill (3 months) to verify your home address I.e. PHCN, waste management (LAWMA, etc), water bill, cable bills (DSTV), rent agreement etc
• Passport photographs
• Bank Verification Number (BVN)

Steps on how to apply and get a loan:

1. Visit the website
2. Complete the application form
3. Create an Account or Sign In
4. Upload Documents and Confirm Loan Application
5. Wait for Loan Approval

6. Access More App

Access More App is one of Nigeria’s loan apps with the lowest interest rates. They have an innovative mobile payment application that offers a more than banking experience. The App is built to help our customers consummate their financial transactions, payment solutions and enjoy a lifestyle experience.

This is a product of Access Bank Plc that is among our best loan apps in Nigeria to offer instant loans such as Payday loans and device financing and it doubles as a banking app that allows customers to carry out normal banking transactions.

You can get access to an instant loan by dialing *901*11#, *426*11#, or via Internet Banking, WhatsApp Banking, and QuickBucks App.

5. Palmcredit Loan App

Palmcredit is one of the loan apps with the lowest interest rates in Nigeria. It was owned by Newedge Finance Limited where you can get a loan without collateral. With Palmcredit, you can access loans within minutes without having to worry about providing any collateral.

One unique thing about this loan app is its attractive low interest. Perhaps this makes it a popular loan provider in the country.

You can apply for a loan by downloading the app from the Google play store. The company aims to make getting access to quick cash and short-term loans with a smartphone app as easy as possible.

Steps on how to apply and get a Palmcredit loan:

1. Download The App
2. Enter your personal details
3. Input your phone number
4. Respond with the OTP sent to your phone
5. Enter your bank account number and other details
6. Agree to terms and conditions
7. Submit
8. Apply for loan
9. Get approval

Interest Rate

Their interest rate is between 14% to 24%, Equivalent Monthly interest is 4%~4.7%, and the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%. The loan term is between 14 days to 180 days.

4. Quickcheck

QuickCheck is another popular loan app in Nigeria that offers Nigerian low-interest rates. It started as an experiment that the company CTO Luis Rodrigues built over a weekend in 2007. This app is an automated lending service focused on increasing access to credit for individual borrowers in Nigeria.

It takes less than 5 seconds for a customer to find out whether the loan application has been approved or rejected. Once the credit offer is accepted, the money is automatically transferred to the customer’s bank account in less than 5 minutes while the same process in traditional financial institutions takes days or even weeks.

This loan app has a huge potential to impact thousands of people in emerging markets.

Steps on how to apply and get a loan:

1. Download the app from the play store
2. Create your profile by filling in your information
3. Apply for a loan and finally… You get the cash!! It is super fast and only takes a few minutes.

Below are the requirements to get a loan from Quickcheck:

1. A smartphone and data.
2. Bank Verification Number (BVN)
3. Bank account details.
4. Good credit score.
5. An ATM card.
6. Your personal information (like your name, phone number, address, email address, etc)
7. Employment details (self-employed can apply)
8. You must be an adult.
9. Your loan request must not exceed 30% of your income.

Interest Rate

The loan interest rate on QuickCheck starts from as low as 5% per month on your first credit. However, the general interest varies from 2% – 30%, with an equal monthly interest rate of 1 – 21%.

3. FairMoney

FairMoney loan is one of Nigeria’s loan apps with the lowest interest rates. The Paris-based FairMoney was launched in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat. They developed an Android app that gave users access, individuals, and professionals, to microloans in Nigeria.

The term of the loans is one to three months at 10 to 20% interest. With this loan loan app, you can get instant loans in minutes, purchase airtime and pay your bills all in one platform.

Their initial loans, for new customers, start small, but for returning customers, with established positive borrowing histories with them, the loan amount can increase and the interest rate lower.

They offer flexible borrowing periods which also impact the offered interest rate. The money is deposited to a borrower through traditional bank transfers, while borrowers can repay the loan with cash at partner bank tellers, bank transfers or SMS transfers.

Steps on how to apply and get a FairMoney loan:

1. Download the loan app on the google play store
2. Sign in with Facebook or your phone number and answer a few questions to confirm your identity and receive a loan offer
3. Accept your loan offer, select your preferred bank and receive your loan instantly.

There are no requirements for getting a loan. Simply sign up on the app and your loan will be processed.

FairMoney Interest Rate

You can access Loan in the range of ₦1,500 to ₦500,000 with duration for loans up to 60 days and above. The monthly interest is also about 10%-30% monthly.

2. Carbon (Paylater)

Carbon is formerly known as Paylater. This loan app has become a notable digital in Nigeria. Basically, this app not only offers you access to loans, but it also gives you investment opportunities and allows you to do funds transfers, bill payments, airtime purchases, etc.

It was founded by Chijioke Dozie and Ngozi Dozie in 2012. The brothers started the company in a niche digital lending market, but now, the company offers a plethora of services from savings to payments and investments.

The company at the time only provided loans to salary earners, using a complete paper-based approach to its operation which required substantiating documents.

Steps on how to apply and get a Carbon loan:

1. Download the app. Download and install the app from the Google Play store or App Store.
2. Create an account. Get one step closer to getting access to credit by providing us with your personal details.
3. Apply for your desired loan. Go ahead and let us know how much you need.
4. Get money in your wallet instantly.

Eligibility Criteria for Carbon 

1. Valid bank details.
2. BVN number.
3. Android Phone.
4. Complete application.

1. Branch

Branch is a good loan with the lowest interest rates in Nigeria. They are the world’s leading personal finance app that provides access to instant loans with no physical documentation.

This app is one popular app that disburses loans in less than 3 minutes after applying is their app. They provides first-time access to a range of high-quality digital banking products – instant loans, money transfers, bill payments, high-yield investments, and savings.

The wallet provides a gateway to the suite of digital banking services. Enjoy the ease of sending and receiving funds from family and friends with no hidden charges. Pay everyday bills reliably and enjoy amazing bonuses and rewards while at it.

The company says interest rates on the app range from 15% – 34%. You can get access to loans from N1,000 to N200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back

Steps on how to apply and get a loan:

1. Download the app. Use your Android phone to download from the Google Play store.
2. Create your account. Fill out a simple form in under 30 seconds and submit it for a quick review.
3. Apply for the loan that meets your needs.
4. Receive the loan into your account.

Requirements are simple – all you need to apply is a phone number or Facebook account, an ID number, and a mobile money or bank account. We will also request access to the data on your phone in order to build your credit score.

Summary

READ MORE ARTICLES ON RNN

• Top 10 Loan apps in Nigeria to get a Quick Loan without Collateral (2023)
• Wema Bank Supports SMEs in Nigeria with N1 Billion Loans
• Five types of loans you can get on VULTe
• Best Loan Apps in Nigeria To Get Up 500K Without Collateral (Top 7)