In the world today, getting quick loans with affordable or low interest rates is no longer as difficult as it used to be. In just a few clicks, you can now borrow the desired amount online and from the comfort of your home with the use of loan apps. Unfortunately, not all loan apps offer low interest rates, this is why this list has been put together; so, you can be aware of the best low-interest rate loan apps to use in Nigeria. So, this article will serve as a guide whenever you search for loans.
What is a Loan App?
A loan app (application) is a digital program in which people use to apply for instant loans. A loan application is basically an application that can be used to get fast loans, all that is required of you is to download the app on your smart phone and apply for a loan through the app and in a short time, your request will be granted by the lenders depending on the terms and conditions that comes with the loan.
Top 10 Best Loan Apps in Nigeria
In no particular order, below is a review and a little background information of ten of the best loan apps in the country that have low interest rates:
1. FairMoney Loan App
This is another app that is known to offer customers low rates on interest. Within minutes, you can get instant loans with the FairMoney loan app. You can also purchase airtime and pay your bills on this same platform. Just download the app and register on it to get started.
2. Palmcredit Loan
Palmcredit loan app is reputed for its seamless and secure platform. This lending platform presents a loan spectrum that ranges from N10,000 to N300,000 which is attended by a repayment window that is versatile and spanning from 91 to 365 days.
Like Palmpay and Opay, Palmcredit loan app does not require any collateral or extensive paperwork. The loans represented have an Annual Percentage Rate (APR) that varies from 24 to 56 percent, this translates to 4% interest rate per month.
3. Carbon Loan App
The Carbon loan app has recently become a notable digital loan company in Nigeria. This app does not only give you loan access, it also gives you opportunities to invest and allows you to transfer funds, pay bills, purchase airtime, and more.
All that is required of you is to go to the Play Store app and download. After which you are required to input your bio-data, put in all the necessary details and then apply for your loan.
4. PalmPay Loan App
PalmPay stands as one of the most popular loan applications in Nigeria and it is a great lending platform. The PalmPay loan app offers loans of up to N200,000 without the need for collateral or paperwork. The interest rates attached to loans gotten from PalmPay falls within the range of 15 to 30 percent. Factors such as your credit score and the amount of loan you acquire influences the variation of the range of the interest rate.
5. Opay (Okash) Loan App
This loan app is another well-known lending platform with low interest rates and is used without the need for collateral or paperwork. Opay has its daily interest rate at 0.1 to 1 percent and its annual interest rate between 36.5 and 360 percent (Yes, “360”).
6. Aella Credit
The Aella Credit is another loan app that has a reputation of guaranteeing quick loans. This loan app basically gives loans ranging up to 1M with interest rates of about 6 to 20 percent.
In addition to that, they have a loan tenure that is from 1-3 months with no late/rollover fees. Like other apps, all you are required to do is download the app and register. You can download the app from ‘Play Store’ for Android users and from ‘App Store’ for iOS users.
7. P2Vest
Another known loan app in Nigeria is P2Vest. P2Vest low interest loans to Nigerians and uses its platform to connect borrowers to legitimate lenders who need returns on their capital. In addition, this app has a loan platform which is known as P2VFB.
This P2VFB platform allows various businesses to operate and manages their lending activities. With the use of your Play Store or App Store Application you can download the P2Vest app on your smart phone. This loan app gives a tenure of 12 months to its customers and offers loans that range from N5,000 to N2,000,000.
8. Branch Loan App
This is another good loan app in Nigeria. What this platform basically does is that it offers loan amounts ranging from ₦1,000 – ₦200,000. This lending platform has a monthly interest rate that ranges from 3 to 21 percent and a 15 to 34 percent annual interest rate. This loan app also has no late or rollover fees attached.
9. Renmoney
Renmoney is a lending platform that offers loans up to N6 million with interest rates that begin at 2.76% per month. The payback period for the loans gotten from this platform ranges from 3 to 24 months.
10. QuickCheck
QuickCheck is another lending platform that extends loan opportunities that reaches up to N500,000. Added to this is competitive interest rates that begin at 2.5% per month. The repayment window or the time allotted to payback these loans span from a period of 30 to 180 days, and this allows for the flexibility to align with diverse financial needs and capacities.
Conclusion
Thanks to loan apps like these, borrowing a loan today is very easy compared to the past times when the tedious processes alone will discourage a borrower not to talk of the high interest rate levels. Despite it all, the necessary information on loan apps and how they operate is still required and you will find that the given information in this article will be helpful in finding out all you need to know about the best loan apps in the country which also offer low interest rates.