8 Best Loan Apps in Nigeria With Low Interest Rates
Determining which are the best loan apps in Nigeria with low interest rates depends on various factors.
Online loan apps have been serving the purpose of helping people out financially.
However, the interest rates on some of these apps discourage a lot of people from patronizing their services.
In other words, Many people can only achieve their dream of beginning or continuing a business by obtaining loans from apps.
However, they are also not able to pay back their loans with high-interest rates.
Since you are keen on knowing which are the Best loan apps in Nigeria with low-interest rates, then you have to read this till the end.
What are Loan Apps?
Loan apps provide customers with borrowed money that can be returned later with a specified interest rate.
The interest rates specified by these apps differ and range from low to high-interest rates based on different factors.
Without further wasting time, let’s delve into the listing and explaining of some low-interest rate loaning apps.
List of The 8 Best Loan Apps in Nigeria With Low-Interest Rates
1. FlexiCash
Flexicash is a financial service owned by Palmpay which lets its customers receive or send money, buy airtime, pay bills, get a loan, and so much more.
This banking app is one of the many that offers low-interest rates for any loan you borrow from them.
The amount of loan offered to you is based on your credit score or record using your recorded details with Palmpay.
This means that your credit score is directly proportional to the amount of loan you will be offered on the app.
You can get an interest rate of about 0.70% on a loan amount of 1500 naira and, above all flexi Cash.
You are required to have a Palmpay account and will have a loan tenure of 15 to 30 days.
You can pay back your loan through Palmpay Wallet Fund and Debit Card.
2. Specta
Spectra, owned by Sterling Bank, is one of the best loan apps in Nigeria with low interest rates
The app’s loan can be accessed through their website, and individuals can get a loan of up to 5 million naira.
Spectra gives loans to mostly business entrepreneurs, and there is no need for a collector or guarantor when obtaining the loan.
You could also get a credit card as a form of loan from Spectra when you apply for it.
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3. Credpal
This is a newly established best loan apps in Nigeria with low interest rates
The app offers its loan differently and uses funded cards as a means to give out loans.
Your loan amount can range from 5,000 naira to 500,000 naira with an interest rate of 3.8% to 8%.
You are required to submit your bank details and personal details for approval of the loan and have a loan tenure of 29 days.
You also have the opportunity to use Credpal Credit Card to make your payments both offline and online.
To get the Credpal Credit Card, you have to download the Credpal app and register an account with them.
4. Carbon
Carbon is a loan app that can be used in Nigeria with low-interest rates.
This app provides loans for small businesses and individuals without the presence of a guarantor, documentation, or collateral.
The loan amount ranges from 1,500 naira to 1 million naira at an interest rate of 1.75% to 30%.
You are required to submit your employment details, bank statement, and personal details for approval of your loan.
You can repay your loan through the use of a bank transfer or wallet fund and have a long tenure of 1 to 6 months.
The Carbon app is available to both Android and iPhone users on the Play Store and app store.
5. ALAT
ALAT is one of the best loan apps in Nigeria with low interest rates
It is a popular low-interest rates loan app owned by Wema Bank.
The services they offer include the issuance of virtual cards, loans, and credit services.
It has a long tenure of 3 to 24 months and requires your personal and bank details for approval of the loan.
You can receive a loan amount of 50,000 naira to 4 million naira with an interest rate of 2%.
You can repay your loan money through the use of a bank transfer.
Getting an ALAT by Wema loan is a simple process, plus it has a very low-interest rate, with flexible repayment methods.
6. KiaKia Loan App
You can get a loan from the KiaKia loan app easily.
After signing in to the app, you get connected to a lender that accepts your loan application.
Once you’re done with all the required processes and requirements needed, your loan will be credited to your bank account after some minutes.
This app has an interest rate of 15% per month and a loan tenure of 1 to 3 months.
You need to provide your bank and personal details for your loan money which can range from 10,000 naira to 10 million naira to be approved.
You can pay back by using a debit card, wallet, phone, or bank transfer.
7. Aella Credit
Aella Credit is one of the best loan apps in Nigeria with low interest rates and fast processing in Nigeria.
This app offers all Nigerians that meet the required criteria instant loans without the need for collateral within minutes.
To get access to a loan, download and create an account on the app and then apply for a loan.
The app offers small to huge loan amounts with a long tenure.
You can repay your loan amount by debit card, bank transfer, or wallet fund.
The loans are acquired at an interest rate of 6% to 20% of the loan tenure of 1 to 3 months.
Before getting the loan approval, you are required to submit the required personal and bank details.
Your loans can range from 100,000 naira to 5 million naira on Aella credit.
8. P2Vest
The P2Vest lending platform provides services to both businesses and individuals and can range from 2,000 naira to 20 million naira.
Your loan will be credited into your bank account once your application has been approved without the need for a guarantor or collateral.
You get a loan tenure of up to 12 months and an interest rate that depends on the investors’ rate.
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Conclusion on Best Loan Apps in Nigeria with Low Interest Rates
The interest rate on some of the Best loan apps in Nigeria with low interest rates may range from 2 to 18% on different apps.
Some loan apps do not require a collateral or guarantor to approve your loan application after presenting the necessary documents.
We hope you find this guide on the Best loan apps in Nigeria with low interest rates helpful.
Frequently Asked Questions on Best Loan Apps in Nigeria with Low Interest Rates
Are there loan apps with low-interest rates in Nigeria?
Yes, many apps offer you loans with low-interest rates in Nigeria.
Can I get a loan without a guarantor?
It is possible to get a loan without a guarantor on some loan apps.
How long is a loan tenure?
Loan tenure for different apps can differ based on some circumstances.
Do loan apps offer loans to individuals?
Yes, loan apps offer loans to both individuals and businesses.
