Best Loan Apps with Low interest Rate in Nigeria

In this post we will Show you some of the best instant loan apps with Low interest Rate in Nigeria. If you want to borrow or get Loan from One of the numerous Loan Apps or platforms we have out there then this post will be perfect for you.

If you’ve been wondering how to get quick loans, with no collateral and minimal interest rate, from the comfort of your home or office. There are now lots of loan apps in Nigeria that offer loans at different interest rates. Some rates are friendly, others not exactly. 

One of the great thing about this Loan Apps is you don’t have to waste your time going to the bank and staying in the que, you can easily get loan from them with just few click away and in most cases it takes just an hour or 24 to get the loan good thing is it doesn’t require any sort of collateral! 

Best loan apps with low interest rates in Nigeria 2022

Branch Loan App

Branch offers loans from ₦2,000 to ₦500,000. Loan terms range from 4 – 52 weeks. Interest ranges from 17% – 40% with an equivalent monthly interest of 1.5% – 20% and APR of 18% – 260%, depending on your loan option. There are no late or rollover fees and no collateral necessary. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch. Standard SMS and data charges by your mobile carrier may apply.

Branch doesn’t just Offer you Loan you can also invest and earn with their app. 

To get Loan from Branch just follow the steps below

1~ Use your Android phone to download Branch from the Google Play store

2~Fill out a simple form in under 30 seconds and submit for a quick review.

3~Apply for the loan that meets your needs.

Loans are conveniently sent to your mobile money or bank account in minutes.

4~Receive the loan into your account

FairMoney Loan App

With the FairMoney loan app, you can access loans in minutes, buy airtime and pay bills using your registered account.

To get started, simply register using your phone number attached to your BVN (an OTP will be sent to the registered number for verification) Just like every other loan app, you are required to fill in your contact details.

Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)

An example of a FairMoney loan

Borrow ₦100,000 over 3 months

Interest (total cost of the loan): ₦30,000 (30% rate)

Three monthly repayments: ₦43,333

Total amount payable: ₦130,000

Representative: 120% APR

LCredit Loan App

LCredit allows you to apply instantly for personal online loans of up to ₦ 50,000 depending on factors like age, monthly income and existing debt. LCredit just requires you to provide a valid BVN and Android phone.

LCredit’s loan app offers personal loans with a starting interest rate of 11.99% for salaried and self-employed individuals with a maximum limit of 36%.

LCredit is available for Android and iPhone.

LCredit is a service created by Cashigo International Limited.

How to apply?

Register using your android phone and submit necessary information (BVN, job information)


Nigerian, 18-55 years old.

how to increase the loan amount?

Maintain a stable loan record, and please repay the loan as scheduled. We will increase your loan amount from time to time.

Quickcheck Loan App

Quickcheck aims at providing financial services to meet personal and business goals.

However, being a first-time user, you can access a ₦10,000 loan for a period of 30 days. 

All applications MUST be completed on your android device . You can begin your application by downloading the QuickCheck app from the Google Playstore. After downloading the app, sign in with your facebook email address and password and fill the provided fields correctly.

Should you decide to get more information, kindly check the FAQ page on and you can download the app from Playstore.

Okash Loan App

OKash is a Micro-lending product which is provided by Blue Ridge Microfinance bank. Users can download OKash from Google Play and set up their loan account in seconds, select their preferred bank account, link their active bank card for repayment, fill out a set of questions, and get a decision on their loan application in minutes with paperless.

Okash is a subsidiary of Opay and was once included in the Opay app. 

Presently, Okash is one of the standalone loan apps in Nigeria, which means you could download and install just this loan app in Nigeria via Playstore.

It provides access to loan amounts of up to ₦50,000 with no collateral, although the maximum loan amount you could receive differs.

Read More about this platform here


Carbon Loan App 

Carbon, once known as PayLater, gives anyone in need of loans the amount needed within minutes. Users urgently in need of loans can request and receive them instantly and effortlessly.

Like the many other loan firms in Nigeria, Carbon requires customers’ Bank Verification Number (BVN) to ascertain their loan credit. Users can receive up to ₦20 million with an interest rate ranging from 5-15%, depending on the repayment time frame and the amount of loan received.

With Carbon, users can get loans ranging from ₦1,500 to ₦1m(Nigeria)

# Interest ranges from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21%.

# Annual Percentage Rate (APR) from 23% – 60.8%. No late fees or processing costs.

Also Read : Apps that Pays you Real Money in Nigeria


This is the best loan app with low interest rates in Nigeria, and interestingly you can get an instant loan with these apps when you meet their requirements. Just make sure you pay your loan in time when you borrow, Some of the Apps will increase your borrowing Limit when you pay Your loan on time. 

If you have any question or insight kindly drop it in the Comment section below. We will do will to answer you.

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