Loan Apps With Low Interest Rate

Are you on the lookout for a convenient and affordable way to get a loan? Well, look no further! We’ve got you covered with our exciting list of the top 10 loan apps in Nigeria with low interest rate. Whether you need quick cash for emergencies or want to finance your dreams, these apps are here to make borrowing hassle-free.

List of Loan Apps With Low Interest Rate


KiaKia is a unique peer-to-peer lending platform that provides quick loans to individuals in need. They offer loans up to N500,000 with interest rates starting from 0.6% per day. KiaKia’s loan repayment period ranges from 7 to 30 days, allowing borrowers to repay their loans promptly.


Branch is a loan provider that offers loans up to N200,000. They provide competitive interest rates ranging from 1.7% to 17.6% monthly interest. The interest rates offered by Branch vary based on the loan amount and repayment period. Branch aims to provide individuals with accessible loans to meet their financial needs.


FairMoney is another loan provider in Nigeria that offers loans up to N500,000. They provide flexibility in interest rates, which can range from 2.5% to 30% per month. Depending on your needs and financial situation, you can select a loan amount ranging from ₦1,500 to ₦3,000,000. The repayment period for FairMoney loans varies from 1 to 6 months.


QuickCheck is a loan provider that offers quick loans up to N500,000. They provide loans at affordable interest rates starting from 2.5% per month. QuickCheck’s loan repayment period ranges from 30 to 180 days, giving borrowers ample time to repay their loans without stress.


Renmoney is a trusted loan provider in Nigeria that offers loans up to N6 million. They provide competitive interest rates starting from 2.76% per month, making their loans affordable and accessible. You can choose a loan repayment period between 3 to 24 months, depending on your preference and financial capabilities.

Page Financials

Page Financials is a loan provider in Nigeria that offers loans up to N5 million. They charge a flat monthly interest rate of 3.76%, regardless of the loan amount and repayment period. Page Financials provides individuals with access to larger loan amounts for various purposes.

Aella Credit

Aella Credit is a loan provider in Nigeria that offers loans ranging from N1,500 to N1,000,000. The loan tenor, or repayment period, varies per individual but typically falls within one to three months. Aella Credit provides affordable interest rates starting from 4% per month, making their loans accessible to a wide range of borrowers.


Carbon is a loan provider in Nigeria that offers loans ranging from ₦1,500 to N1 million. Their loans come with interest rates starting from 5%. You can choose a repayment period between 3 to 12 months. Carbon provides a convenient and accessible way to borrow money for various purposes.


Palmcredit is a loan provider that offers loans from NGN10,000 to NGN 300,000. Their loans are designed to be easy and convenient, with no collateral or extensive paperwork required. Palmcredit provides a secure platform for borrowers to access loans. The repayment period for Palmcredit loans is flexible, ranging from 91 days to 365 days. Their loans come with an Annual Percentage Rate (APR) ranging from 24% to 56%, or an interest rate of 4% per month.


Specta, a product of Sterling Bank, allows individuals to access personal loans up to a maximum of N2 million. They offer competitive interest rates that range from 25.5% per annum to 28.5% per annum, which translates to approximately 2% interest rates monthly. Specta provides a reliable solution for individuals in need of personal loans to meet their financial obligations.

The Importance of Loan Interest Rates:

  • Lower interest rate make loans more affordable, as borrowers pay less in interest over the loan term.
  • Lower interest rate result in reduced overall borrowing costs, allowing borrowers to save money.
  • Lower interest rate make loans more accessible to a wider range of individuals and businesses.
  • Lower interest rates can stimulate borrowing and investment, fueling economic growth.
  • Interest rates help borrowers manage their debt by determining the cost of borrowing and the repayment period.
  • Loan interest rates provide borrowers with a predictable monthly payment, facilitating budgeting and financial planning.

Eligibility to Borrow From Loans in Nigeria

  • Minimum age requirement
  • Nigerian citizenship
  • Bank account
  • Valid identification
  • Employment or income
  • Good credit history
  • KYC verification

How To Borrow Loan On Loan Apps

  1. Download and install the app: You need to start by choosing a loan, especially one with low interest, like Carbon, Fairmoney, etc. Once you’ve selected the loan app you want to use, head to your smartphone’s app store and download it. Install the app and read and understand the terms and conditions before proceeding.
  2. Create an account: Launch the app and follow the registration process to create your account. Typically, you’ll need to provide your personal information, such as your name, phone number, email address, BVN, and  your employment details.
  3. Complete the profile and verification process: After creating your account, you may need to complete your profile by adding additional details, such as your address, bank account information, and social media profiles. Some loan apps may require additional documentation or verification steps, such as uploading a valid ID card or providing a selfie for facial recognition.
  4. Determine your loan eligibility: Most loan apps have an eligibility criteria based on factors like your credit history, income, and employment status. Enter the necessary information and wait for the app to assess your eligibility for a loan.
  5. Select loan amount and repayment terms: If you’re eligible, the loan app will provide you with various loan options. Choose the loan amount that suits your needs and select the repayment term that works best for you. Remember to review the interest rates and any associated fees or charges.
  6. Submit your loan application: Once you’ve chosen your loan details, review the application thoroughly and ensure all the information provided is accurate. Submit your loan application through the app.
  7. Wait for loan approval: After submitting your application, the loan app will review your information and assess your creditworthiness. This process can take anywhere from a few minutes to a few hours, depending on the app. Some apps offer instant loan approvals, while others may take longer.
  8. Receive funds in your account: If your loan is approved, the loan amount will be disbursed directly to your registered bank account. Depending on the loan app, the funds may be transferred instantly or within a few hours.
  9. Repay the loan: Make timely repayments according to the agreed-upon repayment schedule. Loan apps usually offer multiple repayment methods, including bank transfers, debit card payments, or automatic deductions from your account.
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How To Repay Loan On App Loans

  1. Determine the Repayment Schedule: Loan apps usually provide borrowers with a repayment schedule outlining each installment’s due dates and amounts. Make sure to review and understand this schedule.
  2. Keep Track of Due Dates: You have to keep track of the due dates for your loan repayments. Set reminders or notifications to ensure you don’t miss any payments.
  3. Fund Your Account: Ensure you have sufficient funds in your bank account or wallet linked to the loan app to cover the repayment amount on the due date.
  4. Automatic Deductions: Some loan apps offer the convenience of automatic deductions. If this option is available, ensure your bank account or wallet has the funds necessary for the loan repayment.
  5. Manual Repayment: If the loan app doesn’t support automatic deductions or if you prefer manual repayment, follow the provided instructions to initiate the repayment process. This may involve selecting the repayment option within the app, entering the repayment amount, and confirming the transaction.
  6. Timely Repayment: Try to repay your loan on or before the due date specified by the loan app. Timely repayment helps maintain a positive borrowing history and may improve your eligibility for future loans.

Frequently Asked Questions

What Can Loan Apps Do With My BVN?

Loan apps in Nigeria may request your Bank Verification Number (BVN) as part of their verification process. With your BVN, loan apps can access your banking information, including your transaction history, credit score, and account details. This allows them to assess your creditworthiness and determine your eligibility for a loan. Loan apps use your BVN to verify your identity, prevent fraud, and make informed lending decisions.

Is Renmoney only for salary earners?

No, Renmoney is not exclusively for salary earners. While Renmoney does provide loans to individuals with a steady income, they also offer loans to self-employed individuals who meet their eligibility criteria. Renmoney considers various factors beyond just salary income when assessing loan applications, allowing a wider range of individuals to access their loan services.

Are loan apps safe to use?

Reputable loan apps implement stringent security measures to protect your personal and financial information. They use encryption protocols to secure data transmission and have privacy policies in place.

How long does it take to review Renmoney loan?

Renmoney typically reviews loan applications within 24 to 48 hours. Once you submit your loan application and provide all the required documents, Renmoney’s team will assess your application, verify the information provided, and evaluate your eligibility for a loan. The review process may vary depending on the volume of applications and other factors, but generally, you can expect a response within 1 to 2 business days.

Is Carbon loan app legit?

Yes, Carbon (formerly known as Paylater) is a legitimate loan app in Nigeria. It is a well-established and reputable lending platform providing loans to individuals for several years. Carbon operates under the regulations and guidelines of the Central Bank of Nigeria (CBN) and is committed to maintaining high-security standards to protect its users’ personal and financial information.

What is the meaning of Carbon loan?

The term “Carbon loan” refers to a loan provided by the financial technology company Carbon (formerly Paylater) in Nigeria. It is a type of personal loan that individuals can apply for through the Carbon loan app.The loan amount, interest rates, and repayment terms are determined by Carbon based on the borrower’s eligibility and creditworthiness.


Accessing loans through loan apps in Nigeria has never been easier or more convenient. The top 10 loan apps mentioned in this article offer competitive interest rates and flexible repayment terms, making them excellent options for borrowers. Whether you’re a salary earner or self-employed, there are loan apps like Carbon, Fairmonye, Renmoney that cater to your specific needs.

Remember to follow the step-by-step guide provided to apply for loans successfully through loan apps. Also, loan apps prioritize the security of your personal and financial information, using encryption and privacy protocols to ensure your data is safe. With quick loan reviews and disbursements, these loan apps provide a hassle-free borrowing experience.