We all know that applying for loans in banks sometimes can be frustrating and stressful because of their lengthy processes and even though you will be given a loan, it will come with very high-interest that might be at a level you’d considered not applying for the loan anymore. However, today’s article on NaijaKnowHow focuses on the best loan apps with low interest in Nigeria. So if you have your Android or iOS device and you want to collect a loan but you want the loan to come with low-interest rate, I’ve listed some recommended loan apps for you.
List of The Best Loan Apps With Low Interest in Nigeria
The best loan apps with low-interest rates that will be listed below are popular loan apps in Nigeria, some of these loan apps are also fintech companies and digital banking apps in Nigeria, they offer the best interest rate on loans.
1. Branch
Branch is a Nigeria-based company that provides personal low-interest loans and other financial services to Nigerians. This app enables anyone living or working in Nigeria, who has a bank account, to apply for instant loans and offers flexible repayment options. Some of the benefits of Branch include no credit check, no processing fee, and flexible repayment periods. While loaning from Branch, keep in mind that Branch gives a monthly interest rate of 3% to 21% and that’s arguably the best you’ll get from a loan app in Nigeria. Branch is very popular and it’s one of the best loan apps with low-interest rates in Nigeria.
2. FairMoney
FairMoney is one of the best instant loan apps in Nigeria that doesn’t focus on collecting collaterals, you can series of loans from FairMoney provided that your credit score is high and your details have been verified prior to registration. Additionally, FairMoney offers really competitive rates with no hidden fees, so their loans are guaranteed to save you money. With flexible repayment terms and an easy application process, FairMoney can be a great way to solve your short-term financial problems with ease. FairMoney’s interest rate varies actually and your profile level with them will determine your interest rates, but FairMoney’s standard interest rates come from 1% to 3% per month and that’s why it’s one of the best loan apps with low interest in Nigeria.
3. Carbon
Carbon is a premier provider of instant loans for those living in Nigeria. Carbon provides flexible financing that gets people from financial crisis to financial stability. With Carbon Loans, there are no set loan terms and customers don’t need a bank account, debit card or personal guarantee to qualify. And it’s all done right on your phone. Carbon offers repayment periods as short as three months or as long as one year with no penalty for prepayment – something nearly unheard of elsewhere. That’s why they’re known as a good digital bank and a fantastic loan app, they offer 2% per annum rates on loans.
4. Aella Credit
The Aella Credit app was designed to give anyone the ability to access a low-interest loan for their needs, regardless of credit history. When signing up for Aella Credit, you’ll only need to signup with your BVN and one of the best features of Aella Credit is that when you take loans like ₦100,000, you’ll be paying a sum of ₦115,000 under 180 days and that’s the best you’ll see from a loan app. Aella Credit offers loan repayments from 61 days to 365 days, they offer low-interest rates from 2% to 20% on monthly loans and 22% to 264%/annum. The Aella Credit has plenty of features and it’s one of the best apps you can download on your Android and iOS device.
5. NewCredit
NewCredit is another good loan app you might consider using on your Android device, it’s a loan app that offers monthly and yearly loan services with one of the best interest rates out there. You can take months and yearly loans on NewCredit and they don’t need collateral as long as your credit score is high. When applying for monthly loans, NewCredit will charge you nothing less than a 4% to 24% interest rate and if you’re applying for a yearly loan, you’ll get an annual interest rate of 25% to 56%. NewCredit is one of the best you can try if you’re looking for a loan app that’ll give you a small interest rate when applying for loans with them.
6. PalmCredit
The last loan app on this list is PalmCredit and there’s no doubt it’s one of the best loan apps with low interest in Nigeria, it’s a very fast loan service provider that’ll grant you loans without having to wait for days as long as you’ve provided your correct and accurate information to them. PalmCredit offers loans as low as 2,500 to 1 million depending on your credit score. PalmCredit’s monthly loan interest rate ranges from 4% to 4.7% and sometimes 14% to 24% depending on the loan period and the amount you want to loan. Applying for loans on PalmCredit is very easy, it’s one of the best apps you can use on your Android and iOS device.
Conclusion
For getting loans in Nigeria with a low-interest rate attached to them, the listed loan apps in this article are the best you can use, they’re safe, very fast and reliable and plus, they give juicy discounts as well.
Best Digital Bank Apps in Nigeria for Android and iOS Best Domiciliary Account in Nigeria (Top 5 Banks in Nigeria) Best Virtual Dollar Cards in Nigeria (Apps and Providers) List of All Mobile Banking Apps in Nigeria & Download for Android & iOS
