loan application in Nigeria (lowest interest rate)

Shame to banks that require collateral and guarantor before they can loan people money, right now you can access as much as #300,000 with loan application in Nigeria such as Branch, Fairmoney C24, Aellacredit, Quickcheck and others without collateral, paperwork or guarantor.

All thanks to Fintech boom, before it was very hard to get a #10,000 loan, you either borrow from fronds and family which might later bring Shame or from bank which require collateral that are more than the amount you want to borrow.

List of loan application in Nigeria

Below are the list of reliable and trusted loan application in Nigeria

Migo Loan

Migo loan is the first on our list of loan application in Nigeria; they are one of the loan app that provide loans quickly in Nigeria.

They collaborate with banks and telecommunications firms. To get a loan from them, dial their USSD code on your phone or visit their website; if you use the USSD code right away, it will bring the amount of loan you can get and if you transact regularly with your bank account, you will have access to more money.

Their repayment period is one month, but their interest rate ranges from 15% to 40%, depending on the amount borrowed.

Branch loan

If you want a professional loan app that treats their customers well, branch loan company is the place to go.

They do not harass or call out their customers on social media. You can get a loan of up to #200,000 and as little as #1,000 through the Branch application.

They have a reasonable interest rate rate that ranges from 15% to 30% depending on the amount of the loan requested. Their payback period is lengthy; you can pay back between 4 and 40 weeks, but keep in mind that the longer the payback period, the higher the interest rate.

Branch is more than just a loan company; it is also act a mobile money where you can save, transact, and pay bills. If you save with them, you will earn 20% interest on your savings each year.

To apply, download their app from the play store or the app store, request a loan, and your account will be credited within 24 hours or less.

Aellacredit

Aella Credit disburses loans to requesters in 24 hours or less. They are also a professional like Branch and they have been ploughing loan industry for a long time. They have a presence in Nigeria, Ghana, and the Philippines, and they employ a large number of people.

With Aella credit, you can borrow up to #700,000 at an interest rate ranging from 4% to 29%, with a payback time of 1 to 2 months.
They, like Branch, have feature to transact, pay bills, and invest. If you invest with them, you will receive an annual interest rate of 26 percent.

So far, they have received positive feedback and ratings on the Play Store and App Store, which shows that they know what they are doing.

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Fairmoney loan app

This is another loan application in Nigeria They have one of the best pay back times in Nigeria, ranging from 4 weeks to 26 weeks. You can obtain a loan of up to #150,000 with them, but as a first-time borrower, the highest you can request is #50,000.

Their loan is hassle-free, simple, and does not require collateral or documentation; their interest rates range from 5% to 20%.

They also provide people with the ability to pay bills, transact, and open a free bank account.

Lidya loan app

Liday is a loan company that focuses on businesses. They provide loans to businesses that meet their requirements, which include proof of monthly cash flow, BVN, valid email address, physical address, and phone number.

They lend businesses up to $150,000 with a 3.5 percent interest rate and a one-month repayment period. If you need a quick loan for your business, they are the place to go, but make sure you have 6 months of cash flow ready before submiting application, also ensure you have good credit score and have never defaulted on a loan.

Their loan is quick and easy to obtain if you meet their requirements, which include a BVN and a good credit score.

Social lender

Social lenders in Nigeria provide loans without collateral or documentation, but they do so in a unique way; they assess your creditworthiness based on your social media reputation.

If you are known to cause mayhem on social media, abuse people frequently, or have a few heavy people as your friends, you will not be approved for a loan.

Kiakia loan application

Kiakia is very quick in disbursing loans to requesters; if you meet their requirements, such as being a Nigerian, lives in Nigeria, having a daily income, and having a good credit score, the loan will be sent to your account within minutes of applying.

The repayment period is determined by the amount of the loan requested, but it is usually a month, with a monthly interest rate of 3.5 percent.

Quickcheck loan app

Quicjkcheck is another loan application in Nigeria; they provide loans of up to #500,000 at a time, but as a first-time borrower, you will not be able to obtain this amount.

Their repayment period is one month, and they offer a competitive interest rate.
Before applying to this loan app, make sure you have a good credit score and have never defaulted on a loan.

Their loan is quick and easy to obtain if you meet their requirements, which include a BVN and a good credit score.

Social lender

Social lenders in Nigeria provide loans without collateral or documentation, but they do so in a unique way; they assess your creditworthiness based on your social media reputation.

If you are known to cause mayhem on social media, abuse people frequently, or have a few heavy people as your firiends, you will not be approved for a loan.

They believe that people with a good online reputation will be able to pay back in time. If you meet their criteria, you may be able to obtain a loan of up to #300,000; however, this is not possible for first-time borrowers. You can apply through their app or by using the ussd code.

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Specta loan app

If you are desperate need of cash, Specta is the place to go; if you meet their requirements, they will credit your account in minutes and you will not be required to provide collateral or documentation.

They have a good payback time and a good interest rate that ranges from 26% to 30% depending on the amount requested.

Before applying to Specta, you must be a Nigerian who resides in Nigeria, be at least 21 years old, have a government issue ID card, have a stable source of income, and possess BVN

To apply, download their app from the Google Play Store for Android or the App Store for iPhone and request a loan; you can get up to #1 million within 24 hours.

Jumia loan (jumia pay)

Jumia pay is a subsidiary of Jumia, a Nigerian ecommerce store.

They also offer a quick loan that can be obtained in 24 hours for people, but you must first download the Jumia app pay before you can apply for the loan.

You can borrow up to #200,000 with a 3.5 percent interest rate and a month repayment period. Jumia loans are simple to obtain and do not require collateral or a guarantor.

Okash

Oksh is owned by Opramini, a Nigerian web browser. Okash allows you to obtain up to #500,000 laon without the need for collateral or documentation.

The payback period can last up to a year, but the interest rate is very high at 36% per year, which shows that the longer the payback period, the higher the interest rate. It is simple and straightforward, like others loan application above.

Fint loan application

Fint loan only provides loans to businesses at a very low interest rate of 2%. It is simple and requires no collateral, but you must have your BVN, phone number, email address, and monthly cash flow ready. The repayment period is one month, and you can borrow up to #200,000 at a go.

Rosabon loan app

Rosabon offers loans of up to 5 million naira without requiring collateral or a guarantor, but you must have a national id card, bvn, and a source of income before applying.

They have a good interest rate and pay back is monthly, depending on the amount borrowed.

Carbon loan app

Carbon is another professional loan application in Nigeria that will give you a loan within 24 hours.

They do not require collateral or paper work, and once you have your BVN, you are ready to go. Carbon offers loans of up to one million naira, but as a first-time borrower, you will not be eligible for this amount.

Their interest rate ranges between 5% and 15%. To use them, go to the Google Play or Apple App Store, download their app and request a loan; your account will be credited within 24 hours or less.

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Palmcredit loan app

Palmcredit is a well-known loan company in Nigeria, with many customers giving them positive review on app store and plastore.Palmcredit offers loans of up to #100,000 at a time, with interest rates ranging from 91 days to 180 days.

They don’t ask for collateral or guarantor, you’re good to go with just your BVN and email address.

However, make sure you have never defaulted on a loan before, as Palmcredit will calculate your credit score before granting you a loan.

Zedvance loan app

Zedvance loan app will provide you with a loan of up to 5 million naira with no collateral or paper work. Don’t let that five million naira shock you; as a first-time borrower, you will not be getting that close; it will be much lower.

Their loan is disbursed within minutes and is hassle-free; the interest rate is determined by the amount of loan requested, but it usually ranges between 15% and 30%.

Alat loan

Alat is an online bank created by Wema bank; they also provide instant loans to their customers in Nigeria, but you must have a Wema bank account to apply for loan.

The amount that will be available to loan, is determined by your monthly transaction volume.

It is simple and does not require collateral; however, do not lend more than you can afford to repay; remember, it is your account; they will deduct the money whenever there is a deposit.

Kuda loan

Kuda Loan is Nigeria’s only online bank; they also allow customers to request overdrafts, with the amount based on their monthly transaction volume. The repayment period is one month, but if you repay before that time, your interest rate will be reduced.

Conclusion

We have done our part; now it is up to you to visit this platform and check out this loan application yourself, I will advise you to borrow less money until you find one that ticks all of your boxes.

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