Best Loan Apps in Nigeria with Low Interest Rate 2024

The advent of digital lending platforms has revolutionized the way individuals and businesses access credit. These loan apps offer convenience, speed, and flexibility, making them an attractive option for those in need of urgent financial assistance. In 2024, the focus is not just on accessibility but also on affordability, with a keen eye on interest rates to ensure borrowers do not fall into a cycle of debt. Here, we explore the best loan apps in Nigeria with low interest rates, empowering borrowers to make informed decisions about their financial health.

Best Loan Apps in Nigeria with Low Interest Rate 2024

Branch Loan App

Branch remains a stalwart in the Nigerian digital lending space, known for its quick loan disbursal and competitive interest rates. With over 10 million downloads and a 4.5-star rating on the Google Play Store, Branch offers loans ranging from ₦2,000 to ₦500,000 with repayment periods extending from 61 to 180 days. Its commitment to financial inclusion is underscored by its accessibility and reasonable interest rates, making it a top choice for borrowers seeking affordable credit.


FairMoney continues to uphold its reputation as a top mobile app for loans, boasting over ten million downloads and a 4.2-star rating on the Google Play store. This platform offers short-term loans of up to ₦1,000,000 for individuals and up to ₦5,000,000 for SMEs, with a swift approval process that eliminates the need for paperwork or collateral. FairMoney’s interest rates start from as low as 2% per month, making it an ideal option for those prioritizing cost-effective borrowing solutions.


Carbon stands out for its commitment to providing affordable loans without the need for collateral or extensive documentation. With a range of loan products tailored to different needs, including Paylater, Carbon for Business, Education, and Health, this platform offers loans from ₦1,000 to ₦5 million, catering to diverse financial requirements. Carbon’s interest rates, starting from 14% per annum, coupled with flexible repayment terms, position it as a reliable choice for borrowers seeking low-cost financing options.

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Renmoney has established itself as a trusted fintech company offering loans of up to ₦6,000,000 without collateral, making it an attractive option for individuals and small businesses alike. With competitive interest rates and repayment periods ranging from 3 to 24 months, Renmoney prioritizes affordability and accessibility. Its commitment to transparency and customer-centricity makes it a preferred choice for borrowers looking for dependable loan apps with low-interest rates.


PalmCredit continues to be a popular choice for quick loans in Nigeria, offering loans ranging from ₦2,000 to ₦100,000 with interest rates between 14% and 24%. Known for its straightforward application process and quick approval, PalmCredit ensures borrowers have access to affordable credit when they need it most. With flexible repayment options and competitive interest rates, PalmCredit remains a reliable option for individuals seeking low-cost financing solutions.

Okash (Opay)

Under the umbrella of Opay, Okash has solidified its position as a significant player in the digital loan app market. Offering instant loans of up to N500,000, Okash distinguishes itself with interest rates ranging from 10% to 30% per month. Beyond lending, the app facilitates various financial services, including money transfers, bill payments, and online shopping. With a 4.4-star rating on the Google Play Store and over 5 million downloads, Okash provides a reliable and accessible option for borrowers seeking affordable credit.


Quickcheck remains a popular loan app in Nigeria, known for its quick and easy access to loans without the need for collateral. With loans ranging from ₦1,500 to ₦500,000, Quickcheck maintains competitive interest rates ranging from 1% to 15%, depending on the loan amount and repayment period. The app’s efficient application process ensures borrowers receive funds directly into their bank accounts within minutes. Quickcheck’s commitment to transparency and responsible lending positions it as a trustworthy option for individuals seeking low-interest rates and fast loan disbursal.


Can I get a loan with my BVN?

Yes, lenders in Nigeria often require your BVN (Bank Verification Number) to confirm your identity and ensure the security of transactions. Providing your BVN allows lenders to verify your personal information and helps establish trust in the lending process.

How much does OKash give first time?

For first-time users, OKash offers instant collateral-free loans ranging from NGN 3,000 to NGN 500,000. The platform operates 24/7, providing accessible financial solutions to individuals who meet the required standards for borrowing.

How much can I borrow from FairMoney for the first time?

FairMoney, as an automated online moneylender, offers first-time borrowers a minimum loan amount of N10,000 and an upper limit of N40,000. The loans are provided without the need for collateral or a guarantor, making it a convenient option for those seeking financial assistance.

Which loan app gives 50,000 instantly?

Carbon loan app allows users to instantly access loans of up to fifty thousand naira. The platform is designed to address urgent needs such as bills and school fees, providing quick and efficient financial solutions.

What is the most favorable loan app in Nigeria?

FairMoney stands out as one of the most favorable lending apps in Nigeria, boasting over 10 million downloads. Recognized for quick loan approvals within 5 minutes, FairMoney caters to both individual and business needs, offering SME loans as well. The app’s widespread popularity attests to its reliability and efficiency in providing timely financial assistance.

What is the interest rate for Renmoney?

Renmoney offers two savings products with compound interest. RenFlex provides up to 10% per annum, allowing flexibility with no interest penalties on withdrawals. Meanwhile, Fixed Savings offers a higher interest rate of up to 18% on deposits, emphasizing the versatility of savings options to suit different financial goals.

What is the interest rate of Okash?

Okash’s interest rate is calculated on a daily basis, with an Annual Percentage Rate (APR) ranging from 36.5% to 360%. For example, on a 91-day loan term, the interest would be 9.1%, showcasing the daily computation model used by Okash to determine interest rates.

What is the interest rate for PalmPay?

PalmPay stands out by offering a compelling 20 percent annual percentage rate (APR) on savings, outperforming other banks and fintechs in the market. This high daily payout savings plan emphasizes PalmPay’s commitment to providing lucrative returns on savings for its users.

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