TOP 20+ Best Loan App in Nigeria with Low Interest (2024)

Whether it’s an unexpected medical bill, a business opportunity, or a need for extra cash, online loan apps in Nigeria offer quick financial solutions. However, navigating the options and finding the best balance of convenience and low interest rates can be challenging. This guide will highlight the top 10 online loan apps in Nigeria prioritizing low interest rates in 2024.

Important Things to Consider

Before diving into specific apps, keep these things in mind:

• Interest Rates: The core of your decision-making! Low interest rates directly save you money. Be sure to compare and understand the total cost of the loan.
• Fees: Check for processing fees, hidden charges, or prepayment penalties. These can significantly add to your loan’s cost.
• Repayment Terms: Choose a repayment period that fits your budget comfortably. Avoid overly short terms that can put you in a debt cycle.
• Eligibility: Ensure that you meet the app’s requirements (like minimum income requirements and creditworthiness) before applying.
• Reputation: Look for apps with positive customer reviews and a proven track record.

Top 20 Online Loan Apps in Nigeria with Low Interest (2024):

1. ALAT by Wema

Key Features:

• Loan Amounts: ₦1,000 – ₦2,000,000
• Loan Term: Up to 12 months
• Interest Rates: As low as 11% APR (subject to credit assessment)
• Fully digital bank offering various financial services, including loans

Pros:

• Relatively low interest rates compared to some competitors
• Convenient online application process
• Access to other financial services like a debit card and savings account

Cons:

• Loan approval might take longer than some instant loan apps

2. Branch

Key Features:

• Loan Amounts: ₦1,500 – ₦500,000
• Loan Term: 91 days – 1 year
• Interest Rates: Starts as low from 2% per month (subject to credit assessment) on the first loan
• Offers small business loans

Pros:

• Potentially lower interest rates for first-time borrowers
• Offers loan options for small businesses
• Relatively fast loan processing

Cons:

• Interest rates can be higher for repeat borrowers

3. FairMoney

Key Features:

• Loan Amounts: ₦2,500 – ₦1,000,000
• Loan Term: 91 days – 18 months
• Interest Rates: Starts from 11% APR (subject to credit assessment)
• Offers a point system for repeat borrowers with potential for lower interest rates

Pros:

• Competitive interest rates, especially for repeat borrowers with good credit history
• Longer loan terms for larger amounts
• User-friendly app

Cons:

• Loan application might be rejected if you don’t have a good credit score

4. PalmCredit

Key Features:

• Loan Amounts: ₦4,000 – ₦200,000
• Loan Term: 91 days – 1 year
• Interest Rates: Starts from 4% per month (subject to credit assessment)
• Offers a loyalty program for repeat borrowers with potential for higher loan amounts and lower interest rates

Pros:

• Potentially very low interest rates for borrowers with a good credit history
• User-friendly interface
• Loyalty program incentivizes responsible borrowing

Cons:

• Lower loan maximums compared to some competitors

5. Carbon

Key Features:

• Loan Amounts: ₦2,000 – ₦1,000,000
• Loan Term: 91 days – 18 months
• Interest Rates: Starts from 9% APR (subject to credit assessment)
• Offers investment opportunities alongside loans

Pros:

• Competitive interest rates, especially for larger loan amounts
• Option to invest your idle funds
• Relatively long loan terms

Cons:

• Loan application process might be stricter compared to some instant loan apps

6. Okash

Key Features:

• Loan Amounts: ₦3,000 – ₦500,000
• Loan Term: 91 days – 1 year
• Interest Rates: Starts from 1% per day (subject to credit assessment) which translates to a high APR

Pros: Fast approval, can be good for emergencies.

Cons:

• High interest rates, even when calculated as APR
• Shorter loan terms for larger amounts

7. Aella Credit

Key Features:

• Loan Amounts: ₦2,000 – ₦1,500,000
• Loan Term: 61 days – 365 days
• Interest Rates: Starts from 2% per month (subject to credit assessment)
• Caters to both individuals and small businesses

Pros:

• Relatively lower interest rates for qualified borrowers
• Offers loan options for small and medium-sized businesses
• Longer loan terms for larger amounts

Cons:

• May require a longer wait time for loan approval compared to some instant loan apps

8. QuickCheck

Key Features:

• Loan Amounts: ₦1,500 – ₦500,000
• Loan Term: 91 days – 1 year
• Interest Rates: Starts from 5% per month (on the first loan) translating to a potentially lower APR (subject to credit assessment)
• Offers a point system with potential benefits for repeat borrowers

Pros:

• Competitive interest rates, especially for first-time borrowers
• Point system incentivizes responsible borrowing
• Relatively long loan terms for larger amounts

Cons:

• Interest rates can be higher for repeat borrowers

9. Umba

Key Features:

• Loan Amounts: ₦2,000 – ₦500,000
• Loan Term: 61 days – 180 days
• Interest Rates: Starts from 11% APR (subject to credit assessment)
• Offers a referral program with potential rewards

Pros:

• Relatively transparent interest rates
• Referral program can benefit both borrower and referrer
• User-friendly app

Cons:

• Shorter loan terms compared to some competitors

10. KiaKia

Key Features:

• Loan Amounts: ₦10,000 – ₦1,000,000
• Loan Term: Up to 1 year
• Interest Rates: Starts from 15% APR (subject to credit assessment)
• Fully digital bank offering various financial services, including loans

Pros:

• Access to other financial services like a debit card and savings account
• Relatively transparent interest rates
• Longer loan terms for larger amounts

Cons:

• Interest rates might be higher than some competitors
• Loan approval process might take longer than some instant loan apps