Are you looking for low interest loan apps in Nigeria? If yes then you are on the right page.
Loan apps have made it very easy for people to collect fast loans even without collateral, this has made life really easy for a lot of Nigerians because in the past in order to get a loan people have to go physically to the bank.
Though loan apps have really made getting a loan in Nigeria very easy but they come with very high interest rates.
On this page we will list out the Nigerian loan apps with the low interest rates.
Note that we can't specifically point at an app and say this loan app has the lowest interest rate.
The interest rate for different loan apps vary based on several factors such as amount, duration of repayment etc.
We will list out top loan apps with low interest rates so that you can compare them and decide which one is the best for you.
Loan Apps In Nigeria With Lowest Interest Rates
Quickcheck
A QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan.
Loans range from ₦1,500 to ₦500k with terms from 91 days - 1 year.
Interest ranges from 2% - 30%, with an equivalent monthly interest rate of 1 - 21%. (APRs from 30% to 260%)
Okash
Loan Amount: from NGN 3,000 to NGN 500,000.
Interest Rate: With a minimum of 0.1% up to 1%. Interest rate is calculated on a daily basis. Annual Percentage Rate(APR) from 36.5% to 360%.
Origination Fee: Range from NGN 1,229 – NGN 6,000 for a one-time charge
Palmcredit
Loans interest rate:4% to 24%,Equivalent monthly interest 4% to 4.7%,the annual percentage rate (APR) on a Palmcredit loan is 24%-56%.
If you choose a 6-month loan and borrow NGN100,000, Plamcredit charges an interest rate of 4% per month.
Borrow NGN interest rate: 24% and the APR is 48%.180 days repayments of NGN24,000. Total amount payment is NGN124,000.
Nloan
Loan amount : 1,000 NGN - 100,000NGN
Loan term: 91 days - 120 days
Maximum APR: 14%
Service fee: 0 and overdue fee:2.5%
Interest calculation：Loan amount is 10,000 NGN and the term is 91 days. If you are 2 days overdue, the amount payable is 10,599 NGN(10,000*14%/365*91+10,000+10,000*2.5%)
Fast Money
Loan interest: ranges from 4.5% – 34% with an equivalent monthly interest of 3% – 29% and APR of 29% - 365%.
Example:
If you choose a 6-month loan and borrow NGN 1,000, Fast Money charges an interest rate of 4.4% per month.
The interest rate is 26.4%, we would charge you GNN 263 as interest of 6-month repayment period. Total amount of repayment is NGN 1,263.
Easemoni
Loan Amount: from NGN 3,000 to NGN 1,000,000.
Interest Rate: 5% to10% monthly, APR60%-120%, it depends on your credit evaluation.
No any other hidden fee.
QuickLoan
The Quick Loan App offer:
Loan Amount: ₦ 2000 - ₦ 50,000
Loan Term: 92 - 365 days
Interest rate: 16% -21% APR
Service Fee: 0
Carbon
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.
Example: For a 3-month loan of ₦50,000, Carbon Bank charges 2% a month. With an APR of 24.3%, the total repayment amount after 90 days is ₦53,000.
Annual Percentage Rate (APR) from 23% - 60.8%. No late fees or processing costs.
Example: For a 3-month loan of ₦50,000, Carbon Bank charges 2% a month. With an APR of 24.3%, the total repayment amount after 90 days is ₦53,000.
Foundone
Loan amount: ₦3,000 - ₦50,000
Loan term: the shortest is 91 days, the longest is 365 days
Daily interest rate: 0.0057%
Maximum annual interest rate APR: 20.55%
Icredit
Loan Amount: From ₦1,000 to ₦50,000.
Interest ranges from 5% – 36% APR.
Origination fees range from ₦ 1000 - ₦ 6000 one-time charge.
Maximum Annual Percentage Rate (APR) includes interests plus processing fee is 365%.
Minimum Annual Percentage Rate (APR) includes interests plus processing fee is 5%.
Imoney
Loan Amount: ₦5,000 ~ ₦500,000
Loan Term: the shortest tenor is 91 days, the longest is 180 days
Interest rate: 12% - 36%APR
Service Fee: 0%
Branch
Loan Amounts: ₦2,000 to ₦500,000
Loan Terms: 60 days to 1 year
Monthly Interest: 1.7% to 22%
APRs: 20% to 265%
Late fees: None
Origination fees: None
Rollover charges: None
Easycredit
Lending amount: 3,000 NGN – 100,000 NGN with the lending term: 91 days – 365 days
Interest ranges from 0.1% – 1%, one time processing fee ranges from 1,256 NGN - 6,000 NGN, and the maximum APR 40%.
AimLoan
Loan amount: NGN3000-NGN500000
Interest rate: as low as 0.05% (daily interest)
Interest rate: Maximum APR is 18% per year, 0.05% per day
Transaction fee：No.
Processing fee: No.
9ja Cash
Loan Amount: ₦2,0000 - ₦300,000
Loan Term: 91 - 720days
Loan interest: from 10% to 28% per annum.
Service charge: 0%.
For example: If you apply for a loan of ₦20,000, the term is 120 days and the annual interest rate is 18%.
So the daily interest rate=18%/365=0.049%, the interest for 120 days =₦20,000x18%/365x120= ₦1184, the totally repayment=₦20,000+₦1,184= ₦21,184.
TrueNaira
The Online Loan App offer
Loan Amount: ₦ 2000 - ₦ 50,000
Loan Term: 91 - 365 days
Annual Interest rate: 16% -21%
Service Fee: 0
Kiakia
Our interest rate for personal loans is 15% per month.
Minimum loan tenure of 30 days and maximum of 90 days.
Our Annual Percentage Rate (APR) is maximum at 180%.
A ₦50,000 loan for 30 days at 15% interest rate has a loan repayment sum of ₦58,300 where ₦50,000 is the loan principal, ₦7,500 is the interest charged at 15% and ₦800 is the applicable fee charged on the loan.
Easy Money
Loans amount: NGN1,500 to NGN80,000
Loans tenure: 3-month to 6-month.
Loans interest rate: 12% to 24%, Equivalent Monthly interest 4%, the Annual Percentage Rate (APR) is 48%
Origination Fee: No
Transaction Fee: No
Rollover Charge: No
MoneyLoanPlus
Loan term: From 91 days to 365 days.
Loan Amount: from NGN3,000 to NGN50,000.
Interest rate:The maximum APR is 36% with an equivalent maximum monthly interest of 3%
If you apply for a 91-day loan，there would be an origination fee of 9%.
For the loan processed with principal amount of 3,000, the interest fee would be NGN270, the total amount due would be NGN3,270
Xcollect
Monthly interest rates range from 2.76% - 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%.
No other fees are charged when you apply for a loan.
Credpal
Loan Amount: ₦200,000
Loan Term: 3 months
Interest rate: 4.5%
Service Fee: 1.5% (Goes to the Payment Service Provider)
Interest amount of the loan: ₦27,000
Monthly repayments for 3 months: ₦79,071.67
Total amount payable: ₦237,215
Total Percentage Rate (13.5%)
Umba
Umba loans have a maximum and minimum duration of 62 days.
Credit amount: from ₦ 2000 to ₦ 30,000 ;
Terms: 62 days
Maximum annual interest rate of 10%
Commission: 0% (No commissions)
VAT: 0%
Maximum APR: 10%
For example, for a loan of 10,000 Nairas, there is a 10% interest rate (1000 Nairas).
So at the end of the term of 62 days, you will be required to pay 11,000 Nairas.
No late fees, rollover charges or origination fees.
Irorun
Irorun is focused more on micro loans therefore the loan amount ranges from N5,000 to N50,000.
Furthermore, you must be at least 21 years at your last birthday to be eligible.
The loan tenor can be up to 180 days. Interest rates range from between 3% to 5% per month with a typical APR of 36%.
Loannaira
Loan amount: from ₦5,000 - ₦100,000.
Interest rate is 0.013% to 0.05%
One time processing fee of 10%
Loan term: 91 days - 180 days;
Annual interest rates from 14%-20%.
PayCredit
Loan amounts range between ₦5000 to ₦50,000 with repayment periods of 61 to 90 days at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)
Arvofinance
Monthly interest rate: 2.7-30%
Processing fee rate: 0-2%
Maximum representative APR (Annual Percentage Rate): 32.4-360%
APR is influence by your credit score with us.
Above are the loan apps in Nigeria with low interest rates.
Which Loan App In Nigeria Has The lowest Interest Rate
From our comparison above AimLoan app has the lowest interest rate in Nigeria.
Other apps listed on this page also have low interest rates.
I hope this post will enable choose among the low interest loan providers in Nigeria.
Drop your comments for support.