Best loan apps with low interest rates in Nigeria
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Best loan apps with low interest rates in Nigeria
Read my post on the best loan apps with low interest rates.
It is certain that people will need urgent financial help at some point in time, however, there are quick and reputable mobile loan apps that will come in handy whether it’s an emergency healthcare loan, business loan and so on.
People are ditching traditional lenders and online loan apps are now gaining more traction because of enticing features such as flexible repayment plans, low-interest rates, quick loan disbursement and online loan apps that don’t require any documentations, guarantor or collaterals.
In this guide on “best loan apps with low interest rates in Nigeria“, I will be listing the best online loan apps that lend with low-interest rate in order to cut repayment amount and make it easy.
Without further TED talks, let’s dive right in…
Best loan apps with low interest rates in Nigeria
1. Fairmoney
Fairmoney is a digital bank that also gives out instant loans without requiring a guarantor or any collateral. You can get a loan up to N1 million naira all within 5 minutes of installing their app which has a 4.4 rating from over 375 thousand customers on Google play store.
They are insured by NDIC and licensed by CBN (Central bank of Nigeria) with their offices in 3 continents and expanding.
Fairmoney interest rates range from 2.5% to 30% (APRs from 30% to 260%) with loan repayment period from 61 days to 18 months.
Read my post on Quickcheck loan
2. Carbon
With Carbon, you will not only access a quick no collateral loan, but also a free Carbon bank account that you can use to Pay bills, enjoy high savings interest, make inter-bank and intra-bank transfers.
Carbon is insured by NDIC and licensed by CBN so you know they are operating legally and there will be no complications. Just download their app on Google play store or Apple store for IOS users, apply with your BVN coupled with other requirements.
You can get loans up to N1 million from Carbon, their interest ranges from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21% and you can repay over the course of 64 weeks.
3. KiaKia
Most people haven’t heard of this platform yet, but KiaKia is a leading peer-to-peer non-banking digital lender.
KiaKia was founded back in 2016 and has since then lent out 7 billion naira and counting. The best part is that KiaKia is a Crowdsourced platform, you can borrow people’s loan in return for a huge interest rate and also apply for a loan.
KiaKia offers secured loans and also participates in well-structured profit-sharing business transactions.
If you want to borrow a loan from this platform, you will have to chat with their chatbot known as Mr K. The Chatbot will register your account, get a loan, guarantee a loan, repay a loan and many more.
4. Aella
Aella credit serves as a one-stop shop for all of your financial needs. They provide short-term personal loans with repayment terms ranging from one to three months and amounts ranging from N2,000 to N1,000,000.
Rates range from 6% to 20%. If you borrow from Aella Credit, you’ll have access t0 more money and better rates.
5. Renmoney
Renmoney provides personal or micro-business loans ranging from N50,000 to N6 million with no collateral. They provide large loan amounts and flexible repayment terms to low-risk borrowers with strong financial profiles.
Monthly interest rates range from 2.76 percent to 9.33 percent, with repayment terms ranging from 3 to 34 months.
6. Fast Credit
Both small and big scale firms can get business loans through Fast Credit. Fast Credit is noted for having a speedy online loan application process, Instant loan disbursement and a flexible repayment schedule of up to 15 months. The annual interest rate might be as low as 12%.
They are regulated by CBN (Central Bank of Nigeria) and also a partner with NIBSS (Nigeria Inter-bank Settlement System) so you can be sure that you’re providing your personal details to get a loan from a trusted app.
7. Quickcheck
Quickcheck is a loan app that grants you quick loans without the need for paper work or any collateral. To get a loan on quick check, you just need to download the app, which is available only on android and apply for a loan.
Quickcheck offers loan from 1,500 naira to 500,000 naira, with repayment option from 91 days to 1 year.
The interest rate on quickcheck is between 2% to 30%.
Conclusion
Thanks for reading this guide on “Best loan apps with low interest rates in Nigeria” to the end. I hope you’ve been able to find a loan app with the lowest interest rate from the above-listed ones.
If you have more questions not covered or you simply need any help, leave a comment down below.
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