Top 10 Companies With Lowest Loan Interest Rates in Nigeria

Top 10 companies with the lowest loan interest rates in Nigeria. It is indisputable that businesses require money to expand, and scale up their businesses in terms of competition with others, and also for expansion.  In most cases, the funds to finance the aforementioned projects may not be available, and this applies to loans.

Aside from businesses, individual options for personal loans in times of emergencies and other pressing needs. Of course, while opting for loans, one tends to go for ones with convenient terms and conditions, low-interest rates, and minimal documentation.

A few years ago before technology swept across the country, one of the biggest challenges in the banking system was accessing instant loans.  You might be asked to visit the bank to obtain relevant information and provide collateral before getting a loan.

This was not only tedious, time-consuming, and stressful, but it was also out of the reach of many.  However, the emergence of different lending companies laced with instant loans with apps or USSD codes has lowered the bar for businesses and individuals in urgent need of loans.

Different companies are offering quick electronic means of accessing loans in Nigeria with low interest rates. You can monitor the process of your application from the comfort of your home.

10 Best Companies With the Lowest loan Interest Rates in Nigeria

  • Paylater (Carbon)
  • Renmoney
  • Branch
  • Fairmoney
  • Aella
  • Palm credit
  • Migo
  • Xcredit
  • Lydia
  • Rosabon finance

Be sure to keep reading as we unpack them.


Paylater which is also known as Carbon is one of the companies that offer a wide range of financial services which include, personal loans, business loans, funding, transfers, savings, and investment.

This company is the brain behind the carbon loan app which is available in Nigeria and Kenya. Playlater is easy to access and provides instant loans with low-interest rates.

You can borrow as much as five hundred thousand Naira or even one million Naira. Their interest rate is as low as 2% to 10% which is dependent on the amount of loan you are accessing and the monthly repayment plan.

To access loans in Paylater (cabon), you need your Bank Verification Number, home address, and passport photograph.


Renmoney is another company offering instant loans with low-interest rates in Nigeria. They offer both personal and micro business loans ranging from five thousand Naira to six million Naira without collateral or guarantors.

They offer large loan amounts and flexible repayment plans with low risks. Their monthly interest rate ranges from 2.76% to 9.0% with a repayment plan of 3 months to 9 months.

To access a loan in Renmoney, you have to be between the age range of 22 to 59, have a steady source of income, a statement of account, and a history of previous loans if you have borrowed earlier.


The Branch is another amazing company that offers digital financial support like loans to individuals and businesses.

They determine loan eligibility and personalized loan offers using the user’s smartphone data.

Do not get yourself stranded in emergencies when you can save yourself with a Branch loan app. Yes, within a few minutes of application, your loan is sitting pretty well in your bank account.

Their interest rate is very low with a range from 13% to 34%. You can access loans for as low as one thousand Naira to as high as two hundred thousand Naira within 24 hours of applying.


If you are looking for a list of companies with instant loans and low-interest rates in Nigeria, be sure to have FairMoney at the top of the list.

They offer fast loans with no documentation or collateral requirements. Accessing loans on FairMoney is based on your smartphone data and payment history.

You can borrow from one thousand, five hundred Naira (1, 500) to five hundred thousand Naira (500, 000) for 60 to 180 days duration and a monthly interest rate between 10% to 30%.


Aella is a one-stop shop for all your financial services. They offer short-term personal and business loans that range from two thousand Naira (2, 000) to one million Naira (1, 000,000) with a repayment period of 1 month to 3 months.

Their interest rate ranges from 4% to 20%. You can get access to a higher amount of loans if you work with Aella credit as a partner.

Read Also:  10 Banks Granting Student Loan In Nigeria

Mind you, no collateral or documentation is needed, just your BVN – Bank Verification Number.

Palm Credit

Palm credit should not be missing if you are looking for the 10 best companies with the lowest loan interest rates in Nigeria. 

They offer instant payment on approval of your application.

However, you can only borrow a small amount on your first time of application. You can only get access to a higher amount when you pay back the money you borrowed on time.

Palm credit’s monthly interest rate ranges from 14% to 24%. Their loan limit ranges from two thousand Naira to one hundred thousand Naira with a payment period between 82 days and 180 days.

Getting loans from Palm credit is less paperwork but be sure your Bank Verification Number (BVN) is intact.


Migo is one of the leading lending platforms that help businesses and companies to extend credit to customers and small businesses in their apps.

Nothing much is required, you can access Migo loan services either on their website or through a USED code if you do not have a smartphone that can browse through the website.

You can borrow as low as five thousand Naira to as high as five hundred thousand Naira. Their payment period is usually from 14 days to 30 days while their interest rate ranges from 5% to 25% which is dependent on the amount of loan issued.


Lydia is another amazing company with low-the interest rates in Nigeria. They offer short-term personal and business loans. Their banking system and services are top-notch and instant when it comes to issuing loans.

No collateral or bottlenecks are evident here. However, loans will be issued based on the credit balance of your bank account.

You can borrow up to one hundred and fifty thousand Naira or even above from Lydia depending on what is in your bank account.

Their interest rate is as low as 3% per month. Cool right?

Rosabon Finance

This is another company that has low-interest rates just like the other companies we mentioned earlier.

With Rosabon finance, you can get up to a hundred thousand Naira loans and above with a little interest rate as low as 4% to 6% per annum.

To be eligible for a Rosabon finance loan, you must have a paid job, show proof of your salary account, your age should be between 21 years and 58 years and you should have your Bank Verification Number.

How About Banks, Which Bank Has The Lowest Loan Interest Rates In Nigeria? 

We can not say that a particular bank has the lowest interest rate because other factors should be considered.

You need to compare these factors for you to choose the one that suits you. Yes, one that is comfortable and convenient for you, especially the repayment plan.

However, here are a few banks proven to have lower interest rates:

GT Bank

GT bank is one of the top banks meeting the expectations of their stakeholders. GT bank offers salary advance loans with an interest rate as low as 1.3%.

Polaris Bank

Polaris bank is a Nigerian bank that offers digital loans to its customers for as low as 2.5%.

Access Bank

Access bank offer creative loan with a low interest rate of 9%

Zenith Bank

Zenith bank offers amazing loans for creative financing initiative loans to individuals and businesses.

Frequently Asked Questions

  1. What will the company do to recover their money if I do not pay? 

Firstly, you need to know that these companies have access to your contacts by default. So, if you do not meet up with your repayment, they may call your contacts and let them know about the loan you collected. Some will even threaten them over it and that is an embarrassment you wouldn’t want to bring to yourself.

It is better to avoid such by going for the amount of loan you can pay back conveniently and when it is granted, do well to pay back in time to avoid embarrassment.

  1. Which Type Of Loan Has The Lowest Interest Rate? 

We can not tell because each loan interest rate is determined based on different factors. You should go for the one that suits you and not just the one with the lowest interest rate.

Concluding Thoughts

It is erroneous to allow that business idea to die off or allow yourself to wrestle unnecessarily with urgent needs when there are companies you can comfortably get loans from the comfort of your home.

The Top 10 companies with the lowest loan interest rates in Nigeria discussed in this article are always there to offer instant loans to you without much stress, documentation, or even collateral. Contact the companies today!