Finance apps

Best Loan Apps in Nigeria with Low Interest Rate (2023)

In today’s fast-paced world, where financial emergencies can arise at any time, having access to quick and reliable loans is crucial. Fortunately, with the advancement of technology, loan apps have emerged as a convenient solution to meet the financial needs of individuals in Nigeria. These apps provide easy access to loans with low-interest rates, eliminating the hassle of traditional lending institutions. In this article, we will explore the best loan apps in Nigeria with low interest rates which enables borrowers to swiftly and efficiently get a loan without any hassle.

List of The Best Loan Apps in Nigeria with Low Interest Rate In 2023

Best Loan Apps in Nigeria with Low Interest Rate In 2023
Best Loan Apps in Nigeria with Low Interest Rate In 2023

The list and information on the “Best Loan Apps in Nigeria with Low Interest Rate in 2023 can be found right below:


Renmoney is a reputable loan app in Nigeria that provides fast and convenient loans without collateral or any paperwork. With Renmoney, you can access loans ranging from N50,000 to N6 million. 

The repayment period for Renmoney loans is flexible, ranging from 3 to 24 months. Most importantly, the interest rates are competitive, starting from as low as 2.76% per month. 

Renmoney maintains their focuses on offering personalized loan options to meet the diverse financial needs of its customers.

This loan app offers low competitive interest rates when compared to some others not listed in this article, keep in mind there are thousands of loan apps in Nigeria but these stand to claim the list and information on the “Best Loan Apps in Nigeria with Low Interest Rate in 2023”.


You must have one or two times heard or seen carbon loan app adverts online, yet, it is one the most popular and reputable loan apps in Nigeria. Not limited to that, it is also amongst the best loan apps in Nigeria with low interest rates.

With over 1 million downloads, Carbon has become a trusted loan app in Nigeria. 

The app allows users to access loans within 5 minutes, with interest rates ranging from 2% to 30%. 

The interest rates offered depend on the loan repayment period and the desired loan amount.


Okash is a loan app managed by Blue Ridge Microfinance Bank Limited, Okash is a convenient loan platform designed specifically for Nigerian mobile users. 

The app ensures quick and hassle-free loan disbursal, with the approved loan amount transferred directly to your designated bank account once you apply.

Okash offers loans ranging from N3,000 to N500,000, with repayment plans spanning from 14 days to 365 days. 

The interest rates on Okash range from 0.1% to 1% per day, equivalent to an Annual Percentage Rate (APR) of 36.5% to 360%. It is also one of the best loan apps in Nigeria with low interest rate in 2023.


KiaKia is an innovative digital lending platform in Nigeria that aims to provide quick loans with low-interest rates. 

The platform claimed to use machine learning and artificial intelligence to assess borrowers’ creditworthiness and offer personalized loan options. 

Read: How To Become MoniePoint Aggregator And MoniePoint Agent

KiaKia offers loans ranging from N10,000 to N200,000, with flexible repayment terms of up to 30 days. 

The interest rates on KiaKia loans start from as low as 5.6% per month, making it an attractive option for borrowers seeking affordable financing


FairMoney is another leading loan app in Nigeria, with over 10 million downloads on the Google Play Store. 

It provides fast loans within just 5 minutes, eliminating the need for extensive documentation or collateral. Loan amounts on FairMoney range from N1,500 to N1 million, with repayment periods from 61 days to 18 months. 

The monthly interest rates offered by FairMoney range from 2.5% to 30%.

This loan app is CBN approved and insured by NDIC making it a better option for most borrowers.

Page Financials

Page Financials is a reputable digital lending platform that offers personal loans to individuals in Nigeria. 

This loan app is also included amongst the best loan apps in Nigeria with low interest rate and flexible repayment without collateral.

With Page Financials, you can access loans ranging from N20,000 to N5 million. The repayment duration for Page Financials loans varies from 3 to 12 months, providing borrowers with flexibility in managing their loan repayment. 

The interest rates for Page Financials loans are competitive and depend on the borrower’s risk profile.


Branch is known for its popularity in the finance industry with over 10 million downloads just from the Play Store alone.

It offers quick online loans with personalized loan offers determined based on the user’s smartphone data. 

The branch loan app provides loans that range from N2,000 to N500,000, with repayment periods spanning from 2 weeks to 1 year. 

Read: Best Loan Applications in Nigeria For Quick and Instant Loans with Low Interest Rates in 2023

Branch’s monthly interest rates vary from 3% to 23%, depending on the customer’s risk profile.


KwikCash is a popular loan app that offers quick and easy access to loans in Nigeria. With KwikCash, users can borrow from N1,000 to N100,000. 

The repayment duration for KwikCash loans ranges from 14 to 30 days. 

The interest rates for KwikCash loans are competitive, and they provide borrowers with transparent terms and conditions. KwikCash is known for its user-friendly interface and seamless loan application process.


Palmcredit is one of the oldest loan apps in Nigeria with over 5 million downloads from Play Store.

With Palmcredit, borrowers can get a quick loan of up to N300,000 within 3 minutes, without requiring any collateral. 

Loan amounts on Palmcredit range from N10,000 to N300,000, and the app claims to disburse funds within 24 hours provided all the requirements are met.

The Annual Percentage Rates (APR) on Palmcredit range from 24% to 56%.


QuickCheck is a renowned loan app in Nigeria that utilizes machine learning to evaluate loan applications instantly.

The interest rates on QuickCheck loans range from 2% to 30%, with an equivalent monthly interest rate of 1% to 21%.

 With over 1 million downloads, QuickCheck offers loans starting from as low as N1,500, going up to N500,000, with repayment terms ranging from 91 days to 1 year. 

FAQs On 15 Best Loan Apps in Nigeria with Low Interest Rate In 2023

Here are some frequently asked questions on the 15 Best Loan Apps in Nigeria with Low Interest Rates:

What documents are required to apply for a loan through a loan app?

The documentation requirements may vary between loan apps. 

However, common documents usually include a valid means of identification (such as a national ID card, driver’s license, or international passport), proof of income (such as bank statements or pay slips), and sometimes a utility bill or proof of address.

Can I get a loan through a loan app with a bad credit history?

Some loan apps in Nigeria consider applicants with less-than-perfect credit histories. 

These apps often use alternative data points, such as your transaction history, employment status, and social media presence, to assess your creditworthiness. However, the interest rates and loan terms may be less favorable for individuals with poor credit.

What happens if I default on a loan obtained through a loan app?

Defaulting on a loan obtained through a loan app can have consequences. 

The specific actions taken by the loan app can vary, but common measures include late payment fees, increased interest rates, reporting to credit bureaus, and possible legal action. 

It’s crucial to communicate with the loan app if you anticipate difficulties in making payments and explore possible repayment arrangements.

Can I repay my loan before the agreed-upon tenure?

Yes, most loan apps allow borrowers to repay their loans before the agreed-upon tenure. Some apps may charge early repayment fees, while others may offer incentives for early repayment. 

How can I improve my chances of getting approved for a loan through a loan app?

To increase your chances of loan approval, maintain a good credit history, provide accurate and complete documentation, and ensure you meet the eligibility criteria of the loan app. 

It’s also beneficial to choose loan apps that consider alternative credit scoring methods, as they may provide more opportunities for individuals with limited credit histories.

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