Posted by: James Okwise Category: Banking, Loans Comments: 0


Everyone usually has a time when there are out of money either for business or personal use, that is why the need to borrow a loan is always on the rise. There are lots of loan apps in Nigeria and few of them can be trusted which are licensed and approved by the Central Bank of Nigeria (CBN) and NDIC. Most of them are MicroFinance Bank (MFB) apps and some are owned by Commercial banks.

The reason why you should be more careful with these loan apps and how you submit your information with them is that they can request and check your BVN for validation or misuse it. However, they all promise to give loans but most have a high-interest rate loan repayment which you might not be aware of Loan apps with a low-interest rate in Nigeria.

That is why in this article, we want to show you the list of Loan apps with a low-interest rate that is legit and safe to use in Nigeria and outside Nigeria.

Grab your pen!

Here are a list of top loan app that is legit and if you read further on this page, you get to know their Loan interest rate before you choose the app.

How To Download Loan App

From your device, know the authorized app store to use if you use an Android phone, Google Play Store is your App Store while if you use an iPhone, the Apple App Store is the place to get apps.

To download any legit loan app, go to your app store and search for the loan app name, you must see the app and its logo. no two apps with the exact name and logo.

If you can’t find the loan app on your app store, do not download it elsewhere.

because that app has privacy issue and no matter where else you download it from, either from their website, your privacy and information is at risk.

How To Borrow Loan From Loan App in Nigeria

There is no one eligibility requirement to borrow a loan except that you should have a good transaction history and be able to repay the loan you borrow, different loan apps have different eligibility requirements and the more you are able to repay the previous loan you borrow. you unlock a new loan limit from the app.

To borrow a loan, download the app and fill in all necessary information such as BVN, NIN and documents needed for verification and after approval, you have access to the loan.


This is the list of loan apps with low-interest rates;

Okash Loan Interest Rate

Okash is under Opay. if you want to boorow money from opay, the only method is through Okash. Tenure: We will require your repayment from 91 days to 365 days
Loan Amount: from NGN 3,000 to NGN 500,000.

Okash loan interest rate is calculated on a daily basis.Interest Rate: With a minimum of 0.1% up to 1%. Annual Percentage Rate(APR) from 36.5% to 360%.

Branch Loan Interest Rate

Branch is more than a loan app which also offer legit investment plan but their loan interest rate is till quiet considerable.

Personal Cash Loans range from ₦1,000 to ₦500,000

62 days to 1 year. Monthly interest rates from 3% to 23% depending on the risk profile of the customer.

 Branch Loan Monthly interest rates ranges from 3% to 23%
While APR from 34% to 271% per annum.

FairMoney Loan Interest Rate

Fairmoney is one of the popular loan app in Nigeria with over 10 million download on google play store. it is also registered and license as a Microfinance Bank by CBN and registered with CAC as FairMoney Microfinance Bank.

You can access up to NGN 3 million with no collateral. Loan amounts range between ₦1,500 to ₦3,000,000 with repayment periods from 61 days to 18 months at monthly low interest rates that range from 2.5% to 30% (APRs from 30% to 260%).

QuickCheck Loan Interest Rate

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%).

You can get the app from Google play store and it is the app with over 1M+ download.

RenMoney Loan Interest Rate

RenMoney Loan amounts range between ₦5,000 to ₦1,000,000 with repayment periods from 91 days to 12 months at monthly interest rates that range from 2.12% to 2.65%

You can download Renmoney loan app from Google play store, it has over 1M+ download and is owned by Remoney MFB (Microfinace Bank).

Kiakia Loan Interest Rate

Kiakia Loan interest rate for personal loans is 15% per month. Minimum loan tenure of 180 days and maximum of 540 days. 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.

The app is avaliable on Google Play Store.

Aella Loan Interest Rate

Aella loan is managed and owned by Aella Financial Solutions Limited and licensed by the Central Bank of Nigeria,
Aella loan ranges from ₦2,000 to ₦1,500,000 with a tenor of 61 days to 365 days. the monthly interest rate ranges from 2% – 20% and APR from 22% – 264%/annum.

If you consider this loan rate very affordable, you can download the Aella Loan app fro Google play store, it has over 1M+ download and some review. do not forget to check out other user experience with a loan app before downloading it.

Carbon Loan Interest Rate

Carbon Microfinance Bank loans come with a very low interest rates starting from 5%. You can choose a repayment period between 3 to 12 months, carbon is a safe loan app and avaliable on google play store.

Safe and secure banking Deposits are NDIC insured. Carbon microfinance bank is licensed and regulated by the Central Bank of Nigeria with the RC number: 1642222.

Carbon was formerly called Payday which was owned by AccessBank plc

Palmcredit Loan Interest Rate

Palmcredit is owned and managed by Newedge Finance Limited as a microfinance bank in Nigeria, the palmcredit app has over 5M+ download.

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.

Why Loan App is Better Than Bank

  • No collateral.Nno paperwork,secure and reliable.
  • No hidden fees,no rollover charge,
  • No transaction fees.

Note: When you Repay your loans on time, you get to unlock new loan limit.

Common Loan App Requirement

✔︎Nigeria resident
✔︎18-60 years old


Hope this guide help you find trusted loan app in Nigeria with low interest rate and longer repayment time, before you download and borrow loan from any loan app. ensure their app is avaliable on google play store and apple app store.

Also, check other user review on the app store to know their experience with the loan app. do also leave a comment below if you have use any of the app loan app and what is your experience with them.

WeCreativez WhatsApp Support
Administrator (Online)
👋 Hi, I'm online and ready to help you via WhatsApp chat. Let me know if you need my assistance.