List of the Best Loan Apps in Nigeria With Low Interest Rate

Best Loan Apps in Nigeria – You can directly get loan from the best loan apps in Nigeria with flexible loan eligibility, interest rate, and  payable time.

After checking your eligibility  you can apply for these best loan apps in Nigeria online. Once the loan application is approved, the amount will be disbursed to your bank account immediately.

Loan Apps in Nigeria are the digital credit application or an online loan application that are reasonably trustworthy solution. In addition to being quicker and less complicated to apply for, these digital credit services also offer the convenience of easy access from the palm of your hand using a smartphone.

List of the Best Loan Apps in Nigeria With Low Interest Rate

The following are the list of best loan apps in Nigeria and link to the finest mobile apps in Nigeria for obtaining personal and business loans online:

1. PalmCredit Loan App in Nigeria

Borrow money with the Palmcredit app, which is available online. Submit an application for a quick loan that has a competitive interest rate and a flexible payback plan.

Newedge Finance Limited (RC1585793), which owns Palmcredit and is fully licensed by the CBN to operate as a finance company in Nigeria, is Palmcredit’s parent company. The CBN has given their approval to Palmcredit. 26-Apr-2022.

The PalmCredit Loan is an initiative of Transnnet company that offers instant and reliable loans to Nigerians right at the comfort of their home.

With your smartphone, you can access loans at ease. Transnnet is a subsidiary of Transsion holdings, the mother company of Tecno Mobile, Infinix Mobility, and Itel Mobile.

On the loan platform, you can get a minimum of N15, 0000, and a Maximum loan of N100, 000.

The app can be downloaded across all android enabled smartphones from its google play store.

After downloading, you’ll install it, and then it is ready to use.

The app has two loan options:

  • The Airtime Loan Option

Here you are free to borrow airtime whenever you want and repay back in 14 days’ time.

You can borrow up to N10, 000 airtime here but that’s the least of our concerns.

Money is and that leads us to

  • Installment loan

Here you can borrow the money you’ve been looking for all those months that banks have been tossing you up and down in a matter of minutes.

No collateral is required and you can pay back in 6 months’ time at maximum.

If you can pay within two days’ time, you’ll do so without interest of any sort.

You can also make some small money off the platform by referrals.

You earn N600 each time you refer someone to the PalmCredit Loan App and the person registers.

The more referrals the more you earn.

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How to Apply for PalmCredit Loan App 

Let’s assume you’ve downloaded the app from Google Play Store (it’s unclear if the app is available for IOS and Windows users at the moment).

After downloading, install the app, open it, and register on the platform.

First, you’ll be required to input your phone number, provide a working phone number.

A verification code will be sent to it so you can verify that it’s indeed you.

Next is a form where you’ll be required to fill in some of your details which includes your gender, surname, BVN and a few others.

You’ll also need to provide your bank account details, at the competition of each step the next one follows immediately, instructing you of what to do.

So just fill in all your bank account details as instructed

Your educational and employment profile will also be required.

Supply them accurately.

In the end, click on submit, then you are good to go.

If this is successful, you’ll receive a congratulatory message from Palm Credit and then you’ll get the loan you asked for wired directly into your bank account which is why you need to provide your bank details.

Requirements for obtaining a Palm Credit

There are some basic requirements you need to meet before you are granted the loan. Don’t sweat it, you have them already.

  • You must be up to 18 years and below 60 years
  • Your bank account details including your BVN
  • Your phone number
  • Your occupation

2. Branch Loan App in Nigeria

Branch makes it simple for residents of Nigeria to send and receive money without incurring any fees, obtain immediate loans of up to 500,000 naira, and receive annual returns on investments of 20%. Simply complete our application in a few seconds to immediately begin receiving exceptional value.

Newedge Finance Limited (RC1585793), which owns Palmcredit and is fully licensed by the CBN to operate as a finance company in Nigeria, is Palmcredit’s parent company. The CBN has given their approval to Palmcredit. 26-Apr-2022.

How to get a loan from Branch

Follow these steps to get a loan from Branch

  • Download the app

The first step is to download the app. You can download it from Google play store using your android phone

  • Create an account

Once you have installed and launched the app, you will need to create an account. Do not forget to grant the app permissions to your phone. It is important if you want to get a loan. Creating an account is easy. Information that will be required includes: your personal details, phone number, and bank details

  • Apply for a loan

Once you have created your account and granted the app permission, you are ready to apply for a loan. Simply navigate to “My loan” page within the app, and you will see many options. Click on “Request loan” to submit your loan application.

  • Wait for loan

Once you have applied, you should wait for loan.  The loan application process may take up to 24 hours

Read Also: 7 Benefits of Saving Money for the Future

3. Fairmoney Instant Loan App in Nigeria

Offering over 10,000 loans daily, Fairmoney ranks 3rd on our list of best loan apps in Nigeria. They provide loans ranging from 1,500 NGN to 1,000,000 NGN, with payback terms ranging from 61 days to 18 months.

Fairmoney loan app is also one of the fastest loan apps in Nigeria, completing loan disbursement within five minutes. The APR ranges from 30% to 260%, or a monthly interest rate of 2.5 per cent to 30 per cent, making Fairmoney a top option for low-interest loan apps.

Fairmoney asks for nothing more than a few papers or a piece of collateral, which has bolstered its reputation as one of the best loan apps in Nigeria.

To authorise a payback debit, you need to link your card or bank account and give your BVN information during the loan application process.

Due to the legislation, if you attempt to default on the loan, you risk losing your FairMoney account and a credit report to CRC and FirstCentral.

Fairmoney is one of the highest-rated Nigerian loan apps on the Google Play Store and adheres to the European Data protection laws since it is based in Europe.

It’s important to note that FairMoney gathers and analyses data from your mobile phone to make a lending decision for mobile loans. This information is required to authorise your loan in real-time without requesting more documents from you.

4. Carbon Loan App in Nigeria

With Carbon, you can borrow up to a million naira without collateral, guarantors, or paperwork. Citing these unique characteristics, the Carbon Loan App has earned the coveted title of best loan app in Nigeria.

Carbon, Formerly known as PayLater, is a Lagos, Nigeria-based platform that provides users access to finance, convenient payment solutions, and high-yield investment options.

Available on the iOS platform for Apple mobile devices, Carbon is also the best loan app in Nigeria for iPhone.

Those who pay off their loans on time are eligible for cashback on the interest they pay, as well as more significant loan amounts and cheaper interest rates.

Because of its reputation for dependability, there are no late fees, rollover fees, or processing expenses with the Carbon loan app. Users only pay what they owe, a much sought-after feature expected of all of Nigeria’s best loan apps.

5. Okash Loan App in Nigeria

OKash quick loan app is a Blue Ridge Microfinance Bank microlending program powered by OPay and is among the best loan apps in Nigeria. The Okash instant loan app excludes borrowers under the age of 20 and those over 55 from receiving loans.

In addition to age, the OKash quick loan app uses information from the borrower’s smartphone, such as the specifications, financial transaction messages, and the reason for your loan, to create a customised credit score and select the most suitable loan offer.

Okash, the 6th best loan app in Nigeria, is one of the fastest loan apps in the country, crediting loans in minutes to Nigerians with a daily interest rate of 1.2% for a set duration of 15-day increments.

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