Best Loan App In Nigeria With Low Interest | Top 10 Most Trusted

Get Loans With The Lowest Interest Rate, No Collateral, BVN Number And Long Repayment Period. 

Loan App In Nigeria: Are you looking for where to get quick loan? Do you know you can get loans in as fast as 5 minutes? Sounds interesting right? If you want to find out about loans and how to get loans with low interest rate, then keep reading this article!

It is very easy to get a loan these days on many platforms because of how fast technology is improving. However, you need to be careful not to fall into the hands of loan sharks. To help make your life easier, I have compiled a list of the best loan apps in Nigeria with low interest rate. Without wasting your time, let’s get right into it.

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Loan App In Nigeria With Low Interest

Sometimes, one can be in a dire need of loan, getting loan from a wrong source can make your life go apart instead of better. This is the reason I tell people about getting loans from the right places. Here are some of the best loan apps with low interest rate in Nigeria:

1. FairMoney Loan App

One of the best loan apps in Nigeria with low interest rate is fair money. It also very popular among Nigerians. It is licensed by the Central Bank of Nigeria. This app gives loans to individuals and businesses that might need them. If you need a quick loan, this definitely a good app to get it from.

You can borrow up to 500,000 NGN from this loan app which it has a repayment period of 1 year and 6 months max. The interest comes at 10% per month which is very fair. There are also some interesting features on the FairMoney loan app like bills payment and so on.

2. ALAT Loan App

Next on our list, we have ALAT loan app. This loan app is the first fully digital bank that was set up to help people do more with their money. Many people do not know that ALAT is more than just a bank, you can borrow money, pay bills and so on with the ALAT loan app. You also do not need to do any paper work before you obtain loan at any time, it is also very easy to process.

The interest rate of the ALAT loan app is 29-30%.

3. Carbon Loan App

Another loan app with a very low interest rate is Carbon loan app which was formerly pay later. One good thing about this loan app is the fact that it is licensed by the Central Bank of Nigeria. On Carbon loan app, you can get quick loans without paying any collateral This app gives higher loans to people that repay their loans on time. The interest rate of Carbon loan app is pegged at 16% per annum.

4. Palm Credit

Palm Credit is another loan app with a very low interest rate. With this loan app, you can get quick and easy loans. The interest rate of this loan app is 2.4 – 9.33%.

5. Quick Check

Next on our list, we have Quick check. On this loan app, you can get loans up to 500,000 NGN. Their interest rate is very affordable from 2.5% per month. The repayment period is from 30 to 180 days which is very great.

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6. Branch

Next on our list, we have Branch. You can download this loan app from google play store, you can also repay your loan in 2 years at an interest rate at 20% per annum.

7. Page Financials

Next on our list, we have Page financials. On this loan app, you can get loans of up to 5 million naira. The interest rate is also flat for 3.76% which does not depend on the amount you have collected or the repayment period. This is great for small businesses that may need loans.

8. Okash

Next on our list, we have Okash. This loan platform was put up together by Opay. You do not need any collateral or paperwork to be able to get a loan. On Okash, the interest rate is around 0.1% to 1% daily and the annual interest rate is 36.5% to 360%, this is relatively low when compared to other loan platforms.

9. New Credit

Next on our list, we have New credit. On new credit, you can get quick loans of up to 100,000 NGN and it is available for download on your smart phone. The interest rate on this loan app is from 4% to 24% on a monthly basis. If you pay your loan on time, you would be eligible to borrow a higher amount of money.

10. Aella Credit

Lastly on our list, we have Aella credit. On Aella credit, you can get as little as 1,500 and up to 1,000,000 as loan. On Aella credit, the loan repayment time is from 1-3 months. They also do no have any late or roll over fees.

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List Of Fake Loan Apps In Nigeria

It is unfortunate that a lot of people have fallen into the hands of fake loan platforms that do not fulfil their promises to the borrower, in fact, they can go ahead to embarrass you if you fail to repay your loan as at when due.

On August 1, 2023, FCCPC requested Google remove illegal apps operating without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022 (Guidelines), from its play store. Here is a list of all the fake and illegal loan apps in Nigeria:

1. Swiftkash App
   2. Hen Credit Loan App
   3. Cash Door App
   4. Joy Cash-Loan Up To 1,000,000 App
   5. Eaglecash App
   6. Luckyloan Personal Loan App
   7. Getloan App
   8. Easeloan Apps
   9. Naira Naija
   10. Cashlawn App
   11. Easynaira App
   12. Crediting App
   13. Yoyi App
   14. Nut Loan App
   14. Cashpal App
   15. Nairaeasy Gist Loan App
   16. Camelloan App
   17. Nairaloan App
   18. Moneytreefinance Made Easy App
   19. Cashme App
   20. Secucash App
   21. Creditbox App
   22. Cashmama App
   23. Crimson Credit App
   24. Galaxy Credit App
   25. Ease Cash App
   26. Xcredit
   27. Imoney
   28. Naira Naija
   29. Imoneyplus-Instant
   30. Nairanaija-Instant
   31. Nownowmoney
   32. Naija Cash
   33. Eagle Cash
   34. Firstnell App
   35. Flypay
   36. Spark Credit
   37. Luckyloan Personal Loan App

Loan App Without BVN In Nigeria

Your BVN need to be protected at all cost, this is because your finance is at the mercy of theft if it has been compromised. Many of the fake loan apps would request that you input your BVN because they have a trick up their sleeves. This is why you should never borrow money from these loan sharks.

There are however some legit loan apps that you can get quick loans without having to include your BVN. Here are a few of them:

1. FairMoney Loan App

One of the best loan apps in Nigeria has to be FairMoney.  It also very popular among Nigerians. It is licensed by the Central Bank of Nigeria. This app gives loans to individuals and businesses that might need them. If you need a quick loan, this definitely a good app to get it from. You do not need any collateral, paper work or even your BVN.

You can borrow up to 500,000 NGN from this loan app which it has a repayment period of 1 year and 6 months max. The interest comes at 10% per month which is very fair. There are also some interesting features on the FairMoney loan app like bills payment and so on.

2. Carbon Loan App

Carbon is also one of the legit loan apps we have where you do not need your BVN information to be able to borrow money. One good thing about this loan app is the fact that it is licensed by the Central Bank of Nigeria. On Carbon loan app, you can get quick loans without paying any collateral This app gives higher loans to people that repay their loans on time. The interest rate of Carbon loan app is pegged at 16% per annum.

3. Okash

On Okash, you also do not need your BVN information. This loan platform was put up together by Opay. You do not need any collateral or paperwork to be able to get a loan. On Okash, the interest rate is around 0.1% to 1% daily and the annual interest rate is 36.5% to 360%, this is relatively low when compared to other loan platforms.

4. Aella Credit

Lastly on our list, we have Aella credit. Aella credit protects your sensitive information and you do not need your BVN information to get a loan. On Aella credit, you can get as little as 1,500 and up to 1,000,000 as loan. On Aella credit, the loan repayment time is from 1-3 months. They also do not have any late or roll over fees.

Instant Loan App In Nigeria

Here are a list of loan apps you can get quick loans from in Nigeria:

RenMoney

Aella Credit

FairMoney

Carbon

Okash

Palmcredit

Branch

QuickCheck

Lendigo

Page Financials

Frequently Asked Questions

1. Can I Borrow From Opay?

Yes, you can borrow money from Opay.

2. Can A Loan App Block My BVN?

It is not possible for a loan app to block your BVN. This is because restrictions can only be placed on your BVN in Nigeria by CBN.

3. What Happens If I Don’t Repay My Loan?

If you default on loans, it can negatively impact your CIBIL score and may prevent you from obtaining loans in the future.

4. How Much Is FairMoney First Loan?

The minimum loan amount that can be given out by fair money to new customers is 10,000 NGN with a limit of 40,000 NGN

5. Who Is The Owner Of FairMoney?

Laurin Hainy Is the current CEO and the founder of FairMoney.

Conclusion

Over all, before you take a loan from any loan app, you need to be very careful, read all the details so that you do not fall into the hands of scammers. I hope this post was very helpful to you. Cheers!

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