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Instant loan apps with low interest in Nigeria - Best 5

Best loan apps in Nigeria

Instant loan apps with low interest in Nigeria - Best 5

There are times in life when things might not be so smooth. You get low on cash, and this frustrates you. Sometimes, you have a business idea, and you don't have as much money to execute that plan. It's heartbreaking as well. Don't fret, as things have become more accessible nowadays. There are various instant loan apps in Nigeria, even with low interest rates.

However, you can't trust every loan app you come across because not all are reliable. It is why we have compiled a list of the five best instant loan apps with low interest rates in Nigeria. Read on to know more.

What Apps Let You Borrow Money Instantly in Nigeria?

As I said, various apps let you borrow money instantly in Nigeria, but only a few are reliable. Nobody wants an app that doesn't loan them money immediately, has high interest rates, and the worst part of it is that they invade people's privacy. Below is the list of the five best instant loan apps with low interest rates in Nigeria. Also, we discussed some of the worst loan apps you should never try. Enjoy!

1. Carbon loan app

Carbon is one of the best instant loans apps in Nigeria that grants loans within minutes of applying. It was initially called PayLater. You can get a loan of up to #5,000 without collateral with this app. However, it would be best if you input your BVN to verify your account. Then, you can request a loan. Immediately they approve your loan, you will get a credit alert within three business days.

Asides from all these beautiful features, Carbon has low interest rates. The interest rate range from 2 to 30 percent, depending on how much you want to borrow and the repayment period. Furthermore, this app doesn't limit its users to loans alone; you can transfer funds, recharge airtime, and pay bills. However, you have to be reliable too, because paying at the expected time will give you access to higher amounts for the following loan.


  • Carbon is a secure loan app that you can trust.

  • It is easy to operate.

  • The services are always available.

  • The charges of the bank transfer are swift and low.


  • Carbon experiences bugs sometimes. But don't bother, as an update of the app could fix the bugs.



2. Branch loan app

The branch app is another excellent and reliable loan app in Nigeria. This app operates in Nigeria, Kenya, India, and Tanzania. They launched Branch in 2017, and it's been saving lives ever since. It also doesn't take much of your time to sign up and apply for a loan, as it is swift. However, new users can get loans, starting from #1000 to #200,000, and they are expected to pay back within 40 weeks.

These features are enough to add Branch to our list of the best instant loan apps with low interest rates in Nigeria. Also, Branch has no business with whatever you choose to do with the money you borrowed. The interest rate ranges from15 to 35%, and this depends on the amount being borrowed and the user's repayment history. Furthermore, this app is so excellent that you don't need any collateral to borrow money. How awesome!


  • It helps to keep your finances in order.

  • The Branch app user interface is easy to use.

  • It is secure, it encrypts the user's data. 


  • The app doesn't log you out automatically, unlike others.


3. FairMoney loan app

This list of the best instant loan apps with low-interest rates would be incomplete without mentioning the FairMoney app. This app is reliable and free to download. It operates in Nigeria and India, and users don't need collateral to get a loan. However, you have about four weeks to repay loans, and the whole process does not take more than 5 minutes. Also, you can get 18 months installment repayments, depending on your repayment history. Asides from all these, you can pay bills and recharge airtime on this app.


  • This app's user interface design is beautiful.

  • First-time users won't get confused exploring the app.

  • The loan process is stress-free.


  • It is not for people who want a high amount of loan because of its low loan limit.


4. Palmcredit loan app

The Palmcredit app is a fast and reliable loan app. This app allows the user to borrow money urgently, with low-interest rates that range between 4 to 24%. However, users can get a loan starting from #5,000 to #300,000, and there are two repayment options, which are 91 days and 365 days. Also, this app's loan service is easy and stress-free. The customers can check loans by using a virtual credit card. To increase your loan limit to #100,000, you need to ensure the app sees you as reliable by repaying at the expected time. Furthermore, your reward for paying at the right time is a lower interest rate and a high credit score.


  • You don't need a guarantor to get a loan.

  • You don't require collateral.


  • The app sometimes experiences bugs.


5. OKash

Okash loan app belongs to Opera, and it is one of the most instant loan apps with low-interest rates. This app doesn't waste your time at all. It lets you know if your loan is approved or rejected within 15 seconds. If you are lucky to get your loan approved, you will get a credit alert within minutes. However, new users can only borrow #10,000 for a start.


  • You don't need a guarantor or collateral.

  • The loan approval process is fast.


  • The app has a low credit limit.


Other Instant Loan Apps in Nigeria

We have listed our top 5 instant loan apps with low-interest rates in Nigeria. But other loan apps are still impressive but didn't make it to our top five. Let us take a glimpse at them!

  • Kiakia: Kiakia is an online loan app that grants you small business loans at reasonable rates. The loan approval process is swift, and you don't need collateral to borrow money.

  • Quickcheck: Quickcheck is an excellent loan app too. Within 5 minutes of the loan request, the user gets approval, and the money gets into the account.

  • Renmoney: Renmoney lends users up to 4 million naira. However, to be eligible for a Renmoney loan, you must have a business with good income history.

  • Migo: Migo is also an instant loan app in Nigeria. It started by forming partnerships with banks, and you have access to up to #500,000. Also, it charges 5 to 15% on loans.

What Are the Loan Apps to Avoid?

We have the best loan apps in Nigeria, and we have the worst loan apps to avoid. These apps are not so easy to identify until you have tested them. However, this article is based on the reviews of the people who have tried them. So, let us talk about how to identify a lousy loan app. Read on!

How to Identify a Bad Loan App

  • These apps have a short duration of repayment.

  • They have poor customer service.

  • These apps have a ridiculously high interest rate.

  • You will get charged for card verification before you get a loan.

  • The service fee is different from the interest fee.

Below is the list of the worst loan apps to avoid.

1. 9Credit

People who have used this loan app have given them the worst reviews ever. This app sends messages to the user's contact, tagging you a fraudster, no matter how small the loan amount is. Also, they have a very high-interest rate. You can't imagine receiving #5000 as a loan and paying #7500 in a week. Furthermore, a user once revealed that this app made her lose her job because they sent a message to the boss, saying she dropped his contact as an emergency number. So, whenever you see this app, you should look away.

2. 9ja Cash

9ja cash has so many similarities with the 9credit loan app. They have a very high interest rate. However, they tell users to build good credit before accessing a reasonable interest rate, but that's a blatant lie. So, it would be best to avoid this app to avoid unnecessary embarrassment, no matter how much you need help.

3. LionCash

You should avoid this LionCash app, no matter how desperate you are, for money. They have terrible customer service, and their interest rate is too high. Besides that, they threaten the users for repayment. It is very typical to ignore the implications when you are in desperate need of money. But you should also know that other good loan apps would lend you money without stress.

4. Sokoloan

Sokoloan is a company that has three different loan apps that do the same thing. This app will make you regret having anything to do with them if care is not taken. They render poor customer service, and no one should ever have to go through what they put the users through with their interest rates. However, the reviews on Google Play are good because they have paid people for that.

5. Getcash

This app doesn't care about its users in the slightest way. They will threaten you, no matter how small your mistake is, and will embarrass you by texting all your contacts that you owe them. Also, their interest rate is ridiculously high and doesn't pay the user.

6. Fast Money

This app also threatens their customers, and I'm afraid that's not right. If you use this app, be ready to face whatever they throw at you. These people are prepared to fight with you to any length. They will go as far as texting all your contacts by telling them you owe them, with abusive words included. So, it's best to avoid this app if you want peace of mind.

NOTE: Several apps promise you a ridiculously and unbelievable low-interest rate. You might start to think you have found the best loan apps to use. It is another method to defraud people who are desperately in need. Sometimes, they ask for your ATM card details during registration.

Then, they refer you to other loan apps after registration. Unfortunately, even Google doesn't have the tools to separate these apps from the good ones. However, the only way they do this is through the user's ratings on the play store. But these fraudsters still have their way through all that. They pay people to give them five stars and write good reviews about the app. So, the perfect way to learn about these apps is to learn from other people's pains by reading the negative reviews. That way, you would know the loan apps you can cope with and the ones you should avoid.


Borrowing money has become so easy because many other great apps grant loans without collateral. However, each loan app's loan limit is different from the other. While these apps claim to give fast loans, I would advise that you read their terms and conditions carefully before applying for a loan. Also, it has become hard for people to differentiate the excellent loan apps from the bad ones; that is why we wrote this article to help you through this journey. 

Furthermore, I would advise that you only use the loan apps we recommended because several bad apps are owned by one organization. So, if you avoid a bad one, you might end up falling into the trap of the other ones.


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