8 Best Loan App in Nigeria with Low Interest Rate (New) – 2024

Are you looking for the reliable and best loan apps in Nigeria with low interest rate to borrow money quick for your business or personal needs? 

If YES, this article is only what you need to read today.

In the past, accessing quick loans in Nigeria has always been tedious, as there are a lot of formalities you need to go through.

Well, thanks to some online lending startups that are making it easier for businesses and individuals to have access to quick loans when the needs arise.

Some of these loan apps in Nigeria will grant you access to quick personal cash loans with low interest rate, without requesting collateral, with no paperwork involved just from the comfort of your home or office, as you don’t even need to go to a bank.

The only tool you’ll need for this process is just your smartphone with a stable internet connection.

With these apps, you can get loan amounts to foot a couple of domestic bills such as paying your tuition fees, house rents, invest in a business.

Do you want to know some of the best quick online lending apps and platforms for when you need to meet some emergency financial obligations?

Well, ensure to take your time and read this post to the end to avoid making wrong choices.

Getting started…

Loan Apps in Nigeria

Loan apps are registered, and government approved mobile tools and online platforms designed to let interested individuals and businesses apply for loans easily without ever setting foot in a bank.

Features of Reliable Loan Apps in Nigeria

A reliable loan app in Nigeria must: 

  • Have a strong security level.
  • Have a considerable interest rate.
  • Be mobile friendly.
  • Have flexible payment options.
  • Be fully registered with the proper agency.
  • Not have hidden charges.
  • Have fair customer policies.
  • Have terms and conditions for its customers.

Loan Apps Advantages

These are the benefits of using loan apps instead of regular money lenders in Nigeria.

  • Loan apps are available for Android, iOS, and Windows phone.
  • No paperwork required.
  • Flexible payment options.
  • You receive money directly into your bank account.
  • Most of the loan apps do not require collateral or guarantors.
  • Loan apps are quick and useful for emergencies.
  • 24/7 accessibility.

Loan Application Requirements in Nigeria

  • You must be above the age of 18 years old.
  • Must have a Valid ID card for verification (National ID, Voters Card, or Passport).
  • You must live and work here in Nigeria.
  • Must have a Bank Account and Bank Verification Number.
  • 3 – 6 months’ pay slips or bank statement of your account.
  • Ability to pay back your loan before or by the due date.

Steps to Apply for Loans Online in Nigeria

Here are the steps to borrow money instantly from loan apps in Nigeria.

  • Choose and download from playstore or iOS the loan app(s) you want to borrow money from.
  • Install the app on your phone. Open the app, register with your correct details and any document needed.
  • Choose the loan amount you want to apply for and check the repayment duration and interest rate.
  • Confirm your loan and submit, then allow it to be processed.
  • Your credit score will be calculated, and you get a loan offer.
  • Once your loan is approved, then cash will be credited straight into the account number that you provided during registration.

8 Best Loan Apps in Nigeria with Low Interest Rate in 2024

Here are the best loan apps in Nigeria with low interest to borrow money.

8. JumiaPay

Jumia is an online retail company that provides an excellent shopping experience for its customers.

JumiaPay is a fully automated lending platform and one of Jumia diversifications.

The platform was created with a focus on making credit facilities accessible to all and sundry; especially those that are not necessarily eligible for standard bank loans.

Why Should You Take a Loan on JumiaPay?

  • It’s very easy to apply – no long forms to fill in.
  • It only takes a few minutes to get the loan in your bank account after approval.
  • No collateral is required.
  • Low interest rates.

How to Apply for a JumiaPay Loan

  • Visit the JumiaPay Android app.
  • Scroll down to the ‘Financial Services’ section and click ‘Loans’.
  • Provide all the requested information.
  • Approval takes a few minutes, and you get an email requesting for your details for disbursement.
  • Once you provide your details, the loan is paid into your account instantly.

7. Migo

Migo is a platform designed to lend long- and short-term loans to individuals and cooperate bodies.

The only thing you need for the loan application is your smartphone and your SIM registered for your bank account.

Migo Loan Features

  • Migo does not have a mobile app, but has a responsive website for the application.
  • Migo loan amounts range from ₦500 to over ₦500,000. You will start with a small loan amount and your loan offers grow over time as you build trust with the system.
  • You do not need any collateral or documentation to request a Migo loan.
  • Your loan offers are based on your repayment history with Migo. The more you pay your loans back on time, the higher the amounts you can be offered.
  • Interest rates and loan amounts vary based on your personal information and loan repayment history.

You can access Migo from your mobile phone any time by logging into the web portal with your mobile number or by dialing *561#.

Two Methods to Get a Migo Loan 

Method 1

  • Dial *561# on your mobile phone.
  • Select ‘Loans” and then “Request Loan”.
  • Select the loan amount you require.
  • Enter your bank details and within seconds, your account will be credited.

Method 2

  • Visit Migo Site.
  • Enter and verify your phone number text box on the website.
  • You will receive a verification code on your mobile phone, input the code in the text box provided.
  • Click “Check Loan Offer” from the menu displayed.
  • Choose the best fitting loan offer.
  • Add your banking information so Migo can pay you.
  • You do not need collateral for getting loans from Migo.

With Migo, your offers reflect your borrowing behavior.

The best way to increase your loan offers is to repay your loan by the due date.

The better your repayment history, the better your future offers will be.

If you cannot repay in full and on time, extending your loan is a better alternative for preserving your credit record with Migo, rather than allowing your loan to default.

6. QuickCheck

QuickCheck is a modern lending platform that uses machine learning to predict borrower’s behaviour and instantly evaluate loan applications.

QuickCheck aims to offer digital financial services to help you get closer to your personal and business goals.

Only Nigerian adults with good credit score are eligible to apply for loans.

You can access the services from anywhere in Nigeria if you are eligible, and you own an android device.

To get a QuickCheck loan, you do not need to submit any document.

You will only be needed to provide accurate answers to some questions while filling in your details.

As a first-time user, you can access up to ₦10,000 for 30 days.

Early repayment guarantees higher amounts and lower interest rates.

Your loan cap increases as you pay your loans on time and build trust with the system.

How to Apply for QuickCheck Loans

  • Download the app for free and sign up for an account.
  • Apply for a loan and your credit score will instantly be run.
  • If you qualify, your cash will be disbursed within minutes to your provided bank account.

5. Aella Credit

Aella credit is an all-in-one financial solution for both individuals and small businesses.

The app offers these products and services: loans, investment, pay bills, micro-insurance plan and peer-to-peer donation.

Aella takes the hassle out of finance – efficiency, simplicity and ease of use is what you get with having all your financial services on one app.

Aella Credit loans do not require documents of any sort – the process is entirely paperless!

All you need is an Android device, a data connection, a means of identification and valid bank details.

Loan size ranges from about ₦1,500 to ₦1,000,000.

Your loan offer is determined by a variety of factors, so ensure that you use your personal mobile device and provide the details to receive the best possible loan offer.

Loan tenors vary per individual but are usually within a month or 3 months’ repayment period.

Interest rates vary between 4% to 30% based on the borrower’s profile.

Borrowers are required to cover any bank transaction fees associated with repaying the loan.

Standard SMS and data charges by your mobile carrier may apply.

How to Apply for Loans on Aella

  • Download the Aella App.
  • Create your account.
  • Fill in all required fields with valid information.
  • Click the “Check Eligibility” button to see how much you are eligible to borrow.
  • Apply for a loan that works for you.
  • Receive funds in your Aella Wallet.

The entire process can be completed in 5 minutes.

Once your application has been completed and you accept the loan offer provided, your information will be reviewed and the decision on the loan will normally be made within minutes.

If approved, funds will be received within 5 minutes of the process, being completed.

4. RenMoney

RenMoney is a reliable app for quick loans in Nigeria.

RenMoney is a group of technology and finance enthusiasts who are passionate about making financial inclusion count.

They are one of Nigeria’s most convenient lending companies – delivering outstanding service experiences.

RenMoney Features

  • You need your bank statement, a government issued ID card and utility bill (optional).
  • You can get up to ₦6million for up to 24 months.

Loan Application Requirements

To qualify for a loan, you must:

  • Be between 22 – 59 years old.
  • Have a verifiable source of income.
  • Live and /or work in cities where the company operates.
  • Have savings or a current bank account with any commercial bank.

How to Apply for RenMoney Loans

  • Apply and choose your loan amount and tenure, then share some information about yourself.
  • Verify the information that you’ve provided.
  • Get money in your bank account within 24 hours if your loan is approved.

3. FairMoney

FairMoney loan app is a licensed online lender that provides instant loans and bill payments.

It is the third-best loan app in Nigeria because of their excellent service.

All you need to do for a fast application process is to download the app on your Google Play Store, receive your money (without collateral), repay between 15 days or 1 month.

You should know that there will be some terms and conditions attached, so make sure you check that before you apply for the loan.

Apart from giving out loans, FairMoney also offers airtime recharge and paying of bills services on their app.

FairMoney Loan App Features

  • FairMoney offers loans from ₦1,500 to ₦1,000,000 for a period of up to 2 years. The better your lending history, the more you can access and the longer the period!
  • The interest rate varies based on your profile, from 2.5% to 30% per month (APR – 30 to 260%).
  • No document, no collateral. You will only need to share your BVN during the loan application and connect your ATM card to allow your account to be debited for the repayment.
  • App’s user interface is beautiful and extremely easy to navigate.
  • Offers flexible repayment of loans through installment.
  • App rating: 4.3 out of 5 on Google Playstore (5M+ downloads).

In case you want to get quick cash loans at fair interest rates, then you should do well to make use of this loan app.

To get started on your loan application, you need an Android phone.

  • Download the FairMoney app from the Google Play Store.
  • Sign up with the phone number linked to your BVN, answer a few questions, and confirm your identity to receive a loan offer.
  • If you accept it, you will receive your loan instantly in your preferred bank account!

2. Branch

Branch loan is an easy online lending platform that offers quick loans to millions of users.

Branch uses the data on your phone, SMS messages, details of your bank account alongside the activeness of your account to decide if to give you a loan.

Branch Loan App Features

  • Branch has an affiliate program in which you earn a bonus whenever you refer a friend.
  • Branch offers loans from ₦2,000 to ₦500,000.
  • Interest ranges from 17% – 40% with an equivalent monthly interest of 1.5% – 20% and APR of 18% – 260%, depending on your loan option.
  • Loan terms range from 4 to 52 weeks.
  • Offers flexible methods for the repayment of loans. Loans can be paid through a debit card, with cash at a GTBank branch.
  • Standard SMS and data charges by your mobile carrier may apply.
  • There are no late or rollover fees and no collateral necessary.
  • Interest rates are determined by several factors, including your repayment history and the cost of lending for Branch.
  • App rating: 4.5 out of 5 on Google Playstore (10M+ downloads).

How Branch Loan Works

  • Use your Android phone to download Branch app from the Google Play store.
  • Create your account by filling out a simple form in under 30 seconds and submitting it for a quick review.
  • Apply for the loan that meets your needs and it will be conveniently sent to your mobile money or bank account in minutes.
  • Receive the loan into your account.
  • Repay with your mobile account. Build your credit to unlock larger loans.

1. Carbon

Carbon is the best loan app in Nigeria to borrow quick cash online today for your business or personal purposes.

It is a simple, entirely online lending platform that enables you to grow your small business or fix personal emergencies with affordable, collateral-free loans.

Carbon is there for you whenever you need money, whether you’re working, whether you’re a student or a monthly salary earner, or even if you are an entrepreneur.

Using Carbon, you do not need any sort of documentation or collateral to apply and get approved, except an android phone to download and use the app, and a means of identification.

Aside from providing loans for individuals and businesses, Carbon lets you send money to anyone, pay all your bills, and recharge airtime, with just a few taps on your smartphone – and always at the lowest possible cost.

Carbon Loan App Features

  • Access up to ₦1,000,000.
  • Provides instant loans. No collateral. No guarantors. No paperwork.
  • Get cashback on interest paid once you repay on time.
  • Allows you to earn a reward while using your wallet for various transactions.
  • Has a mobile app you can download from Google play store to use their services.
  • Loan repayment can be done through carbon wallet, debit card, Quickteller, and direct transfer.
  • Repayment period of 2 weeks to 3 months (depending on the amount of loan taken).
  • Pay only what you owe. No hidden and late fees, rollover fees, or processing costs.
  • Offers an interest rate of up to 11%.
  • App rating: 4.2 out of 5 on Google Playstore (1M+ downloads).

To get started in applying for loans, download the Carbon App on Google Play Store for Android or App Store for iOS.

Register within minutes – Input a few details about you to help in creating your Carbon account quickly.

Once done, you’re ready to carry out all your banking transactions within the app, from investments to loan applications and bill payments.

Apply 24/7 and receive funds in your Carbon account instantly.

Unlock higher loan amounts and lower interest rates by repaying loans on time.

Top 8 Apps in Nigeria for Quick Loans

These are the best apps with low interest rates in Nigeria for instant loans.

  • Carbon
  • Branch
  • FairMoney
  • RenMoney
  • Aella Credit
  • QuickCheck
  • Migo
  • JumiaPay

The Best Loan Apps in Nigeria?

Reliable loan apps in Nigeria depend on your requirements, app trustworthiness, the amount you want to borrow, the interest rate you will pay, and the duration you want the repayment spread out.

From my research and users review, the best loan app in Nigeria to borrow quick money is Carbon.

Branch and FairMoney are the closest competition.


Getting quick loans in Nigeria could be one of the best methods to be debt free, which is why I’ve compiled this list of best loan apps in Nigeria for you.

The best loans apps, as I have said, depend on your need and the requirements for the loans.

If you’re going to borrow money, especially for business, make sure you plan everything very well and consider the interest rate and payback period.

As a business, you will not want to go in for loans with a very short payback period, unless you are very sure you will earn back the money in no time.

These apps could request your bank account details and BVN. Don’t give false information.

Early loan repayment guarantees a good credit score for higher amounts and lower interest rates.

Each loan app/platform has its own terms and conditions.

Ensure you review before applying for any loan and only include your bank details on verified loan apps.

Hope you enjoyed this article.

If you know any online loan apps in Nigeria that are equally a good option or shouldn’t be on this list, please let us know in the comment section.

Tell us the loan app and why it is excellent or bad for lending.

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Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.

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