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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 an interest 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

  1. Get an Android Phone.
  2. Download the FairMoney App from the Google Play Store.
  3. Sign up with the phone number linked to your BVN.
  4. Answer a few questions and confirm your identity to receive a loan offer.
  5. 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.
Email Address help@fairmoney.ng
Office Phone number 01 700 1276
Android App download Fairmoney App Download
Facebook Fairmoney on Facebook
Twitter Fairmoney on Twitter
Instagram Fairmoney on Instagram

2. ALAT Loan App

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%

Six Steps on How to Apply and Get ALAT Loan

  • Get an android phone.
  • Download the ALAT App on Play store
  • Register with phone number linked to your BVN
  • Apply for loan
  • Answer few important questions
  • Receive loan within minutes

ALAT Customer Care Contact Address Details

 ALAT Contacts Link Address
Office Address  54 Marina Rd, Lagos Island, Lagos, Nigeria.
Email Address help@alat.ng
Office Phone number 01-2777700-9
Mobile Phone number +2348039003700
WhatsApp number +23470022552528
Facebook ALAT on Facebook
Twitter ALAT on Twitter
Instagram ALAT on Instagram

3. Specta Loan App

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.

Five Steps on How to Apply and Get Specta Loan

  • Visit the website
  • Click on the Application Form
  • Fill your details and click on next
  • Answer subsequent questions and hit the the apply button
  • Receive your loan within 5 minutes

Specta Customer Care Contact Address Details

 Specta Contacts Link Address
Office Address Sterling Towers, 20 Marina, Lagos island, Lagos, Nigeria.
Postal Address 100221
Office Phone number 01-7004271
Email specta@sterling.ng

4. Zedvance Loan App

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.

Five Steps on How to Apply and Get Zedvance Loan

  • Visit  online.zedvance.com
  • Download the MoneyPal App
  • Click on “Apply Now”
  • Register to proceed to apply for a loan
  • 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.

Zedvance Customer Care Contact Address Details

 zedvance Contacts Link Address
Office Address 177A Ligali Ayorinde St, Victoria Island, Lagos.
Postal Address 106104
Office Phone number 07001001000
WhatsApp Phone number 09060003933
Email customercare@zedvance.com

5. Carbon Loan App

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
  • Receive funds in your provided bank account.

Carbon Customer Care Contact Address Details

 Carbon Contacts Link Address
Office Address Plot 642C Akin Adesola St. Lagos, Nigeria.
Postal Address 101233
Office Phone number 01-460 9945
WhatsApp Phone number         –
Email customer@getcarbon.co

 

6. KiaKia Loan App

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.

  1. Get an android phone or a very good browsing phone.
  2. Visit the website as all applications are done only on the website because Kiakia currently do not have a borrower’s mobile App
  3. Start an application chat on the site; this application chat determines your credit worthiness.
  4. Upload a valid means of identification e.g National ID, Voters card, Driver’s license, International passport etc.
  5. Input your desired loan amount.
  6. Choose your convenient loan repayment duration.
  7. Upload a screenshot of your last 3 salary or business income alerts.
  8. Accept the loan terms and conditions upon loan approval.
  9. Authenticate your bank account.
  10. Receive Funds in your account.

The six KiaKia Loan Application Requirements for Nigerians, Ghanaian.

  1. You must be a resident of the countries where they operate, Nigeria, Ghana.
  2. You must be above 21 years of age
  3. You must have a Bank Verification Number (BVN) and be an account holder with any of the mainstream commercial banks in Nigeria.
  4. Evidence of verified source(s) of income either you’re an employee or you run your own business.
  5. Valid means of Identification (Work ID for employed applicant, and Government-issued ID for self-employed) applicant
  6. 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.

Kiakia Customer Care Contact Address Details

 KiaKia Contacts Link Address
Office Address Plot 642C Akin Adesola St. Lagos, Nigeria.
Postal Address 101233
Office Phone number 01-460 9945
WhatsApp Phone number         –
Email customer@getcarbon.co

7. Aella Credit Loan App

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

  1. Download the Aella Credit Loan App from google play store or from IOS App store.
  2. Register and Submit your registered account for a quick review.
  3. Update your profile by providing answers to very quick and easy questions.
  4. Check the amount you’re eligible to borrow by clicking the “Eligibility Button” in just seconds
  5. Apply for Loan
  6. Receive funds directly in your bank account

Aella Credit Customer Care Contact Address Details

 Aella Credit Contacts Link Address
Office Address  Abisogun Rd, Maroko, Lagos, Nigeria.
Postal Address 106104
Office Phone number         –
WhatsApp Phone number         –
Email investors@aellacredit.com

8. LCredit Loan App

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

  1. Get an android phone.
  2. Download the LCredit Loan App from play store.
  3. Fill in the online registration form.
  4. Submit your BVN information, no paperwork is needed.
  5. Get approval and apply.
  6. Receive your money straight in your provided bank account within minutes.

LCredit Customer Care Contact Address Details

 LCredit Contacts Link Address
Office Address Lekki Phase 1. 22A Rasheed Alaba Williams Street Lagos Nigeria, Nigeria.
Postal Address         –
Office Phone number       16310555
WhatsApp Phone number         –
Email support-ng@firchinternational.com

 

9. GroFin Loan App

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.

  1. Visit the website
  2. 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.
  3. When your’re contacted, you’ll be granted access to fill the application form.
  4. After application submission, GroFin will check your documents.
  5. Loan Approval after document-check
  6. 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.
Postal Address         –
Office Phone number      +234 806 554 9089
WhatsApp Phone number       +234 705 295 1455
Email portharcourt@grofin.com

10. Fast Credit Loan App

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.
Postal Address         –
Office Phone number     +234 01-888-5046
WhatsApp Phone number     +234 01-888-5046
Email info@fastcredit-ng.com

11. Renmoney Loan App

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.

Renmoney Customer Care Contact Address Details

 Renmoney Contacts Link Address
Office Address  23 Awolowo Rd, Ikoyi 106104, Lagos, Nigeria.
Postal Address         –
Office Phone number      07005000500
WhatsApp Phone number     +2348188889750
Email hello@renmoney.com

12. Branch Loan App

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.

Five Steps on How to Apply and Get Branch Loan.

  • Get an android phone
  • Visit play store and download the Branch app.
  • Create your account. Fill out a simple form in under 30 seconds and submit for a quick review.
  • Apply for loan
  • Receive the loan into your account in just few minutes.

Branch Loan Customer Care Contact Address Details

 Branch Loan Contacts Link Address
USA Office Address San Francisco, CA, Nigeria.
USA Email address         –usa@branch.co
Nigeria Office Address    Lagos, Nigeria
Nigeria Email   nigeria@branch.co
Office Phone Number                 –

13. PalmCredit Loan App

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.

  1. Download the PalmCredit Loan App
  2. Register and fill in your details
  3. Get approval.
  4. Finally Receive funds in your bank account.

PalmCredit Loan Customer Care Contact Address Details

 PalmCredit Contacts Link Address
Office Address 20 Opebi rd. Ikeja. Lagos, Nigeria.
Postal Address             –
Office Phone number     01-700-5700
WhatsApp Phone number             –
Email support@palmpay.co

14. FCMB Fast Cash

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

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