14 Best Instant Loan Apps in Nigeria with Low Interest Rate
Everyone borrows money at certain stages of life to solve one financial need or the other which may come as an emergency loan, business investments or for leisure purposes. Whatever your case may be, there are reputable mobile loan apps that can become handy in such a situation.
They are urgent loan companies with very low interest rates that disburse money to individuals and corporate organizations without collateral or paperwork. No documentation is actually needed to get these emergency or urgent loans in Nigeria. All you just need to do is to download their App from Google Play Store and apply for any loan amount of your choice. These urgent loan institutions offer loans to unregistered business and startup business in Nigeria
Top 14 Urgent Loan Apps to grow your business with Low interest rates in Nigeria
When a loan is offered or issued at a very low interest rate, repayment becomes easy. Loans with high interest rates make it difficult for borrowers to pay back in time. In Nigeria, some financial institutions offer emergency loans with a very low interest rates with a very flexible repayment schedule of up to 2 years. The maximum repayment schedule of most financial institutions is 2 years.
1. FairMoney Loan App
FairMoney is a licensed online lender, that provides instant loans to individuals and organizations mainly for bill payments. FairMoney App which has 200,000+ reviews and a rating of 4.4 on google play store is a very good loan App and can be used to get urgent quick loan within 5 minutes of completion of application. FairMoney App does not only give you access to loans, it also gives you opportunity to recharge your Cable TV, pay NEPA bills etc. The app loan application form is very easy. You can borrow up to 500,000 naira using FairMoney App and a maximum repayment period of 1 year and 6 months (18 months) at aninterest of 10% per month. Ensure you pay back your loan on time, if you don’t do that on time, your BVN would be reported to Credit Bureau. When this happens, you’ll not be able to receive loans again from any financial institution in the country.
Five Steps on How to Apply and Get FairMoney Loan
Get an Android Phone.
Download the FairMoney App from the Google Play Store.
Sign up with the phone number linked to your BVN.
Answer a few questions and confirm your identity to receive a loan offer.
Accept offer and you will receive your loan instantly in your preferred bank account.
FairMoney Customer Care Contact Address Details
FairMoney Contacts
Link Address
Office Address
8/10 Hakeem Balogun Street , Agidingbi, Ikeja, Lagos, Nigeria.
ALAT is said to be Nigeria’s first fully digital bank designed to help people do more with their money. With the ALAT App which has over 14,000 reviews and a rating of 3.8, you can transfer, save and pay bills automatically. The app gives you an opportunity to request for instant loans with no collateral, no paperwork needed and it’s very easy to process. Using the App, you can create a free virtual dollar card for paying online, convert naira to dollars any time. ALAT interest rate ranges between 29 – 30%
Specta is an online lending platform that gives loans up to 5 million naira depending on individual credit worthiness. The interest rate is based on risk rating and it ranges from 25.5% to 28.5%. Using the Specta Loan App, you can actually apply for Personal loans, Wedding, Medical, Holiday, Project and Education Finances.
Zedvance uses an app called MoneyPal. With the MoneyPal Loan App, individuals can easily apply and receive loans of up to 5 million naira on your mobile device within just 5 minutes. The MoneyPal App which currently has a rating of 3.7 on google play store has a very stress-free application process. No collateral or any documentation is required and approved loans are disbursed within minutes of approval. Zedvance has a very low interest rate of 3.5% per month but with management fee charged upfront.
After application, your application would be automatically reviewed within minutes and you’ll be notified if your’re qualified or not. If you’re qualified, you’ll receive your loan within few minutes of approval.
Carbon App has 90,000+ reviews and a rating of 4.1 on google play store as at date. Carbon offers loan with a very competitive interest rate of 16% per annum. With Carbon App, you can get quick loans in Nigeria without collateral, business loans, transfer funds, pay bills. You can also save money and earn high interest rate, as much as 2% per annum using the App. When you repay on-time, you’ll stand a chance of getting higher amounts the next time you apply as your credit score increases as a result of consistent on-time loan repayment.
Eight Steps on How to Apply and Get Carbon Loan
Get an android phone
Download the Carbon Loan App from google play store
Fill in your details as you register, ensure you register with the phone number linked to your BVN.
Update your profile and upload your photo for recognition
Apply for loan
Exercise Patience as your loan is under review
Upon approval, accept the loan and provide your repayment details
Mr KiaKia accesses your credit worthiness through online psychometric intelligence. KiaKia operates in Nigeria, Ghana, and other African countries. It offers very quick loan services without collateral. Upon approval, your account will be credited in just few minutes. KiaKia currently does not have a borrower’s App at the moment. All borrowing services are done through mobile/PC web platforms. Visit KiaKia here to apply. The interest rate is as low as 6.9% per annum.
Ten Steps on How to Apply and Get KiaKia Loan in Ghana, Nigeria.
Get an android phone or a very good browsing phone.
Visit the website as all applications are done only on the website because Kiakia currently do not have a borrower’s mobile App
Start an application chat on the site; this application chat determines your credit worthiness.
Upload a valid means of identification e.g National ID, Voters card, Driver’s license, International passport etc.
Input your desired loan amount.
Choose your convenient loan repayment duration.
Upload a screenshot of your last 3 salary or business income alerts.
Accept the loan terms and conditions upon loan approval.
Authenticate your bank account.
Receive Funds in your account.
The six KiaKia Loan Application Requirements for Nigerians, Ghanaian.
You must be a resident of the countries where they operate, Nigeria, Ghana.
You must be above 21 years of age
You must have a Bank Verification Number (BVN) and be an account holder with any of the mainstream commercial banks in Nigeria.
Evidence of verified source(s) of income either you’re an employee or you run your own business.
Valid means of Identification (Work ID for employed applicant, and Government-issued ID for self-employed) applicant
Proof of income (sms or email screenshots of monthly income alerts or electronic bank statement (in Pdf format) for the 6 most recent months). Alternatively, you can authorize KiaKia to view your bank transactions by connecting your bank account to the Mr. K software ONLY for the purpose of obtaining bank transaction details.
Aella credit is a financial institution that offers quick loans in minutes. Aella’s App has 29,000+ reviews and an average rating of 3.3 on google play store. The interest rates ranges between 4% to 30%based on the borrower’s profile.
Six Steps on How to Apply and Get Aella Credit Loan
Download the Aella Credit Loan App from google play store or from IOS App store.
Register and Submit your registered account for a quick review.
Update your profile by providing answers to very quick and easy questions.
Check the amount you’re eligible to borrow by clicking the “Eligibility Button” in just seconds
Apply for Loan
Receive funds directly in your bank account
Aella Credit Customer Care Contact Address Details
Lcredit issues loans to individuals using their loan App. They have a very competitive interest rates as well. Their interest rates ranges from 36.5% to 300% per annum depending on individual credit profile.
Six Simple Steps on How to Apply and Get LCredit Loan
GroFin helps entrepreneurs overcome business growth challenges by issuing them SME loans after filling the application form. The maximum repayment duration for GroFin loans is 2 years.
Six Steps on How to Apply and Get GroFin Loan in Nigeria, South Africa.
Visit the website
Fill the online Assessment Form. Note that this online assessment form isn’t an application form. GroFin’s agent will contact you if you qualify. The purpose of the online assessment form is to examine your eligibility.
When your’re contacted, you’ll be granted access to fill the application form.
After application submission, GroFin will check your documents.
Loan Approval after document-check
Loan disbursement into your provided account.
GroFin Customer Care Contact Address Details
Grofin Contacts
Link Address
Office Address
Plot F16C, Deborah Lawson House, Sani Abacha Road, G.R.A. Phase 3, Port Harcourt, Rivers State, Nigeria.
Fast credit offers business loans to SME’s. They’re known for quick online loan application and their repayment period is very flexible up to 15 months. The interest rate is as low as 12% per annum. Visit Fast Credit Loan to Start the Application Process. Fast Credit does not currently have a Loan Application App. All Applications are done through their website.
The 8 Fast Credit SME Application Loan Requirement
A year business account statement
The business owner’s government Issued ID (Voters Card, Driver License or Intl Passport Data Page)
The business owners’s recent passport photograph
Incorporation documents/Proof of registration of business with CAC.
Proof of business address (Utility bill not older than 3 months)
Evidence of tax payment
Credible guarantors form & cheques (Guarantor should be bankers of Manager Level and above)
Business owner’s personal cheques.
Fast Credit Customer Care Contact Address Details
Fast Credit Contacts
Link Address
Office Address
First Floor ,Wing A, Motorways Complex, Opposite 7-Up Alausa, Lagos, Nigeria.
Renmoney offers SME loans to salaried and non-salaried individuals. They have a very low interest rate of 16% and a very flexible repayment schedule. All you need to do is to download the Renmoney Loan App from google play store and apply for a quick loan within minutes and get funds directly to your bank account. The App loan application process is very straightforward and fast.
Renmoney’s major requirement for non-salaried individuals is a 6 months statement of account.
Branch offers loans to individuals at an interest rate of 20% per annum and a flexible repayment period up to 2 years. All you need to do is to download the Branch Loan App from google play store. The branch App has recorded 420,000+ reviews and a very encouraging ratings of 4.5 star.
PlamCredit offers very urgent loans in minutes, Their application process is the easiest ever seen. Only 3 steps to get your loans approved and money will land in your provided bank account. The App has over 107,000 reviews and a very high rating of 4.4 on google play store. PalmCredit offers loans at a very competitive interest rate of 2.4 – 9.33% per month.
The four Steps on How to Apply and Get Branch Loan.
FCMB FastCash is for both Fcmb customers and non-Fcmb customers. The loan is designed to offer quick and urgent cash to anyone except military and paramilitary employees. With the FCMB Fast cash, you can borrow up to 200,000 with a very low interest of 3.5% per month and up to 3 months repayment schedule.
FCMB Customers Loan Requirements and Application Process
Instant access to funds
Up to N200,000 loan amount
No paperwork required, just apply through *329*11#.
No collateral needed
It is available to both salaried and Non-salaried customers of the bank
Up to 3 months repayment cycle
30 days clean up cycle
Customer can apply as many times in a year as he/she is qualified.
NON-FCMB Customers Loan Requirements and Application Process
Instant access to funds
Up to N200,000 loan amount
No paperwork required, just apply through *329*11#.
No collateral needed
No FCMB account is required
Up to 3 Months Repayment cycle
Customer can apply as many times in a year as s/he is qualified.
Interest Rate of 3.5% monthly and a One-Off management fee of 1%
Funds will be transferred to the customers salary account in any bank where the salary is domiciled
All Federal Government Employees EXCEPT Military and Para-Military Employees
Top 24 Financial Institutions in Nigeria and their Interest Rates.
There are a number of financial institutions offering loans at a very competitive interest rates. Below are the top 20 financial institutions that offer urgent instant loans at a very low interest rate.
Financial Institution
Interest Rate
Max. Repayment Duration
Nirsal Microfinance Bank
5% per annum
2 years
Bank of Industry
9% per annum
2 years
Union Bank
1% – 3.75 %per month
5 years
FCMB Fast Cash
3.5% per month
3 months
Specta
25.5% to 28.5%
1 year
First Bank
5% per loan amount
2 years
AB Microfinance Bank
6.6% per month
2 years
Zenith Bank
9% per annum
1 year
UBA
2% per month
1 year
GTB
1.33% per month
1 year
ALAT
29 – 30% per annum
2 years
Fairmoney
10% per month
18 months
Zedvance
3.5% per month
1 year
Carbon
16% per annum
1 year
LAPO Microfinance Bank
5 to 10% per loan amount
1 year
KiaKia
6.9% per month
2 years
Aella Credit
4 – 30% per month
2 years
Lydia
2.99 – 3.12% of total amount
1 year
LCredit
36.5% to 300% per annum
2 year
GroFin
6% per month
2 years
Fast Credit
12% per annum
2 years
Renmoney
2.4 – 9.33% per month
2 years
Branch
20% per annum
2 years
PalmCredit
2.4 – 9.33% per month
2 years
Thanks for reading. Remember to share this post with someone out there who will appreciate it.
This is a great list of loan apps in Nigeria. I especially like the fact that you included the interest rates for each app. This will definitely help people make the best decision for their needs.
Interesting blog post! I’m looking for an instant loan app that offers a low interest rate, and I’ll be sure to check out the beta prices mentioned in the post. Thanks for the tips!
Interesting blog post! I’m looking for an instant loan app that offers a low interest rate, and I’ll be sure to check out the beta prices mentioned in the post. Thanks for the tips!
Interesting blog post! I’m looking for an instant loan app that offers a low interest rate, and I’ll be sure to check out the beta prices mentioned in the post. Thanks for the tips!
15 Instant Quick Loans in minutes without collateral in Nigeria
This is a great list of loan apps in Nigeria. I especially like the fact that you included the interest rates for each app. This will definitely help people make the best decision for their needs.
Good
Interesting blog post! I’m looking for an instant loan app that offers a low interest rate, and I’ll be sure to check out the beta prices mentioned in the post. Thanks for the tips!
Interesting blog post! I’m looking for an instant loan app that offers a low interest rate, and I’ll be sure to check out the beta prices mentioned in the post. Thanks for the tips!
Interesting blog post! I’m looking for an instant loan app that offers a low interest rate, and I’ll be sure to check out the beta prices mentioned in the post. Thanks for the tips!