20+ Best Loan Apps in Nigeria with Low Interest Rates (2025)

Getting access to fast and reliable loans in Nigeria has become easier than ever, thanks to the rise of mobile lending apps. Whether you’re facing an emergency, need funds to grow your business, or simply want some extra cash to meet personal needs, online loan apps provide a convenient and quick solution.

But here’s the catch—while the market is saturated with options, not all loan apps offer favorable interest rates or borrower-friendly terms. This 2025 guide ranks the best loan apps in Nigeria that combine affordability, transparency, and convenience—prioritizing low interest rates to help you borrow smart.

What to Consider Before Choosing a Loan App in Nigeria

Before hitting that “Apply” button, it’s essential to understand a few key aspects of borrowing. These factors can make or break your loan experience:

• Interest Rates: This is the most critical factor when choosing a loan app. Even a small difference in interest rates can lead to major cost savings over time. Always check the APR and whether it’s fixed or variable.
• Additional Fees: Some loan apps may charge processing fees, late payment penalties, or early repayment charges. Read the fine print to avoid surprises.
• Repayment Flexibility: Go for loan apps that offer repayment terms that align with your income schedule—short enough to pay off quickly but long enough to avoid financial strain.
• Eligibility Requirements: Each app has specific criteria, including age, income, and sometimes your credit score or employment status.
• Reputation & Reviews: Check user feedback and ratings to see how reliable the app is when it comes to disbursing funds, customer service, and handling complaints.

Top 20+ Best Loan Apps in Nigeria with Low Interest Rates (2025)

Here’s a carefully curated list of the most recommended loan apps in Nigeria this year—based on interest rates, customer feedback, ease of use, and repayment terms.

1. ALAT by Wema

• Loan Range: ₦1,000 – ₦2,000,000
• Repayment Term: Up to 12 months
• Interest Rate: From 11% APR (based on credit profile)
• Highlights:
  ALAT is Nigeria’s first fully digital bank, offering more than just loans—it includes savings, debit cards, and financial planning tools.✅ Pros:
  • Lower APR compared to most apps
  • Easy integration with other banking services
  • Clean user interface

  ❌ Cons:

  • Slower approval time compared to instant loan apps

2. Branch

• Loan Range: ₦1,500 – ₦500,000
• Repayment Term: 91 days to 12 months
• Interest Rate: From 2% per month for first-time borrowers
• Highlights:
  One of the most downloaded loan apps in Nigeria, Branch offers both personal and small business loans.✅ Pros:
  • Very low starting rates for new users
  • Simple application process
  • Offers financial education features

  ❌ Cons:

  • Repeat loan interest can be significantly higher

3. FairMoney

• Loan Range: ₦2,500 – ₦1,000,000
• Repayment Term: 91 days to 18 months
• Interest Rate: From 11% APR
• Highlights:
  FairMoney rewards good credit behavior with lower interest rates over time and higher borrowing limits.✅ Pros:
  • Generous loan limits
  • Longer repayment terms
  • Loyalty system for better deals

  ❌ Cons:

  • Stringent on credit scores

4. PalmCredit

• Loan Range: ₦4,000 – ₦200,000
• Repayment Term: 91 days to 12 months
• Interest Rate: From 4% monthly
• Highlights:
  Known for its quick disbursements, PalmCredit is perfect for short-term cash needs.✅ Pros:
  • Fast approval and disbursement
  • Loyalty program for lower interest over time

  ❌ Cons:

  • Lower loan cap than others

5. Carbon (Formerly Paylater)

• Loan Range: ₦2,000 – ₦1,000,000
• Repayment Term: 91 days to 18 months
• Interest Rate: Starts from 9% APR
• Highlights:
  Carbon stands out for offering both loans and investment features within one app.✅ Pros:
  • Lower APR for larger loans
  • Option to invest and grow your money
  • Excellent financial planning tools

  ❌ Cons:

  • May require more documentation

6. Okash by OPay

• Loan Range: ₦3,000 – ₦500,000
• Repayment Term: 91 to 365 days
• Interest Rate: Starts from 1% per day (can be high when annualized)
• Highlights:
  Okash is known for instant approvals, making it ideal for emergency needs.✅ Pros:
  • Instant loan disbursement
  • User-friendly platform

  ❌ Cons:

  • High effective interest rate when calculated annually

7. Aella Credit

• Loan Range: ₦2,000 – ₦1,500,000
• Repayment Term: 61 to 365 days
• Interest Rate: From 2% per month
• Highlights:
  Designed for both personal and business borrowers, Aella also offers health insurance and investment tools.✅ Pros:
  • Lower rates for qualified users
  • Good for SMEs and salaried workers

  ❌ Cons:

  • Slower approval in some cases

8. QuickCheck

• Loan Range: ₦1,500 – ₦500,000
• Repayment Term: 91 days – 12 months
• Interest Rate: From 5% per month
• Highlights:
  Offers a points-based loyalty system that rewards responsible borrowers with better rates.✅ Pros:
  • First loan usually at lower rates
  • Fast processing

  ❌ Cons:

  • Subsequent loans can carry higher interest

9. Umba

• Loan Range: ₦2,000 – ₦500,000
• Repayment Term: 61 to 180 days
• Interest Rate: From 11% APR
• Highlights:
  Umba is a digital bank offering more than loans, including spending insights and savings tools.✅ Pros:
  • Transparent fees
  • Referral bonuses

  ❌ Cons:

  • Shorter loan tenure

10. KiaKia

• Loan Range: ₦10,000 – ₦1,000,000
• Repayment Term: Up to 12 months
• Interest Rate: From 15% APR
• Highlights:
  KiaKia (meaning “fast fast”) lives up to its name with responsive loan approvals and a strong digital interface.✅ Pros:
  • Offers business loans and peer-to-peer lending
  • Long repayment periods available

  ❌ Cons:

  • Higher starting interest rate than competitors

Final Thoughts

Choosing the right loan app in Nigeria requires more than just picking the one that offers the most money. Pay close attention to interest rates, repayment terms, and overall user experience. The apps listed above stand out in 2025 for offering relatively low interest rates, fast disbursements, and customer-friendly policies.

If you’re borrowing, make sure it’s a smart financial decision. Use these loan apps to your advantage—whether it’s to expand your business, pay for urgent needs, or build your credit score responsibly.

FAQs About Loan Apps in Nigeria

Which loan app in Nigeria has the lowest interest rate?
Apps like Branch and FairMoney often offer very low starting rates for first-time users—sometimes as low as 2% per month, depending on your creditworthiness.

Are these loan apps regulated by the CBN?
Many of the top apps are licensed or partnered with microfinance banks regulated by the Central Bank of Nigeria. Always verify from the app’s official website or the CBN’s list of approved lenders.

Can I get a loan without a BVN?
Most reputable apps require a BVN to verify your identity and credit history. Be cautious of any app that offers loans without it.