Loan Apps To Borrow Money In Nigeria with Low Interest Rate

Technology has made life easy for some individuals by providing loan apps to borrow money in Nigeria with low interest rate.

Imagine being in need of cash and you are unable to get it as at when it was really needed, worry no more! there are loan apps to make things easy.

You can now get access to money by borrowing from loan apps and at a very low interest rate too just by using your smart phone. Isn’t this just lovely?

What Are Loan App

loan apps are mobile tools that allows you apply for a loan online without visiting a traditional bank. some apps makes it easy for you to completely manage the process within the app. 

In order to help you satisfy emergency needs or company needs, loan apps are there to offer quick loans. So I’m going to share with you 11 of the best fast loan applications in this article.

Loan Apps To Borrow Money In Nigeria with Low Interest Rate

 1. OKash

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Okash is a sub-unit of Opay and is one of the best apps for quick loans.

Though Okash has always been on the Opay app, it has now moved to become a standalone app on Google play store.

Key Features of OKash Loan

  • Okash gives up to N50,000 maximum for a start (the more you lend and return the more your limit increase)

  • You can apply for loan with your credit card

  • Okash offers a pay-back plan of 91 days to 365 days (this is a flexible payment considering the days)

  • Offers yearly interest rate of 36.5% to 360%

  • Download Link: Click Here

2. Kwikmoney (MIGO)

Move Forward with Migo | Migo Nigeria


Kwikmoney is a loan app that  has been rebranded to Migo. It provides an easy portal for consumers to be able to apply via their website for loans.

Visit the Migo loan portal and access your phone to get a loan at Migo Digit, which will ask you for the amount of loan you want and then enter your bank information in order to conveniently deposit the loan.

It is also easy to use and does not require you to download any app. On the website, all operations will be carried out.

Main features of KwikMoney migo

  • The apps provide two versatile ways to receive loans through USSD codes and their website.

  • Migo does not have a smartphone version, it has a responsive application website.
    To get loans from Migo, you do not need a promise.

  • To download click here

3. RenMoney

Renmoney | Loans | Savings | Deposits

RenMoney is just another quick-loan tool. Under the license of a microfinance bank, the service was created.

To apply for a RenMoney loan, you need to be between the age of 25-59 years of age, have a verifiable and legitimate source of revenue, have a verifiable source of income. 

Finally, the bank account must live or work in the towns they run (and they are practically working in Lagos at the time of writing this post)

Main Functionalities

  • Loan offerings of up to N4 million naira

  • The median term for RenMoney loans is 12 months.

  • An interest rate of 35.76 percent is provided

  • RenMoney has an interface that lets you access its resources.

  • Download link: Click here

4. Palmcredit

Palmcredit-instant loan online - Apps on Google Play

Palmcredit is basically an android app that provides loan to users of the app. They have a website on this platform through which you can request for loans.

Apart from you downloading the app, there is no other way to request loans from Palmcredit which makes their service not versatile enough for users who do not have a phone with an android.

Palmcredit Key Features

  • Must be 18 years or above

  • Loan limit range from NGN 2000 to NGN100,000

  • The Loan period is from 91 days and 180 days

  • Loan interest is between 14 percent and 24 percent while the annual loan interest is between 48 percent to 56 percent

  • download link: Click Here

5. Paylater (Carbon)

Carbon App is 4; How the Digital Bank Has Fared Since Transitioning from  Paylater


Paylater, also referred to as carbon, or Getcarbon is a credit app that makes it easy for you to regulate your finance by offering loans for individuals and small ones with a few clicks.

Carbon is one of the firms in FINTECH that helps you to save money from all the financial transfers you make as well.

In addition to offering loans for citizens, the PayLater network also enables you to make recharge card transfers, bills like your NEPA Bill and other equipment.

Main Functionalities

  • Provides immediate credit without collateral

  • Enables you to receive a discount for multiple purchases by using your wallet

  • Loan repayment can be made through carbon wallet, debit card, quickteller and direct transfer.

  • Offers loans of up to NGN1 million naira or 30,000 million naira

  • For now it provides its services in Nigeria and Kenya.

  • Download link: Click here

6. Branch loan

Branch Announces 1 Millionth Loan Disbursed Since Launching App Two Years  Ago - Punch Newspapers


Branch loan is a fast online loan platform that offers users instant loans. Like the other credit software mentioned here, branch does not need any securities to get loans.

All you need to get a branch loan is your own Facebook account or phone number, bank verification number and bank verification number.

The branch uses your phone data, SMS messages, your information, along with the operation of your deposit, bank account to determine either whether or not to give you a loan.

Main Functionalities

  • Provides loans from as little as NGN1,000 to NGN200,000

  • The branch proposes a loan term of 4 weeks to 15 months.

  • The interest rate is between 14% and 28%, with monthly interest varying from 1% to 20%.

  • It offers versatile options for repaying loans. Loans can be paid by debit card at a GT bank branch with cash.

  • Branch has an affiliation scheme in which if you refer a mate, you receive a bonus

  • Branch lending programs are limited to Lagos.

  • Connect Download: Click Here

7. Quickcheck

QuickCheck's loan app gives you access to loans, with no collateral -


One of the best applications for Quickcheck is as the name means, get easy loans. In reality, it has been able to rationalize what their name actually is.

When your account is accepted within 24 hours, you will get a loan, which is awesome if you ask me.

Quickcheck does not only provide loans for small businesses, people in search of funds before the next payday to keep surviving.

Main Functionalities

  • Offers users instant loans

  • It has a smartphone app that enables access to all loan facilities.

  • Both the software and the webapp(a much more sophisticated website) have a stunning and user-friendly guide.

  • For a period of 30 months, Quickcheck provides loans of NGN10,000 to new customers.

  • Connect Download: Click Here

8. Aella Credit

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Aella Credit is a strategic all-in-one, a remedy for people and small businesses alike. 

Aella credit is not just a loan app, but a total financial business, a selection of investment solutions and merchandise.

That said, Aella credit items can be accessed via their applications. They have all the android applications for smartphone devices. 

Main Functionalities

  • Provides loan sizes from NGN 1,000 to NGN 4,000,000

  • Loan conditions for in-network customers vary from 1 to 2 months to 2 to 6 months.

  • Interest rates range from 4% to 30% depending on the characteristics of the applicant.

  • Download Link: Click Here

9. Fair Money

Loans with FairMoney Loan App - Apps on Google Play


Fairmoney is another best fast loan applications for users interested in taking small loans for short terms. They are not acceptable for company owners, but for wage earners trying to get their pay before the month’s end.

Fairmoney provides a fast, secure and free mobile app that carries out its loan operation. It provides a loan of up to NGN500,000 without collateral.

FairMoney also provides airtime recharge and payment of bill providers on their platform, in addition to handing out loans.

Main Functionalities

  • Provides instant loans from as little as NGN 1,500 to NGN 500,000

  • The loan term is 180 days long.

  • It gives an interest rate ranging from 10% to 30%.

  • Has an affiliate program through which you can earn a program whenever you refer a friend.

  • Offers a flexible repayment of loans through installment

  • Download Link: Click Here (Android)

10. Soko Loan

NITDA Sanctions SokoLoan for Privacy Invasion – NITDA




Another app that can’t be outlooked when listing the best fast loan applications is the soko loan app. Soko loan is a product of Soko lending, a microfinance agency.

The Soko loan is made up of passionate individuals who are not only after the benefit but are seeking to solve the aim of the financial problem.

Main Functionalities

  • On Android devices, the Sokoloan app is currently available.

  • Offers loans in the range of NGN5,000 and NGN100,000

  • 4.5 percent to 34 percent interest rate

  • Offers a loan duration term of 7 days to 190 days

  • Download Link: Click Here


There you have it, if you eventually run out of cash, there numerous loan apps to borrow money in Nigeria with low interest rate.

Whichever you eventually try out, don’t forget to share your experience with us via the comment section.

If you also discover any other loan app you think is efficient, do not hesitate to tell us too and we will be happy to update this post.  




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