These 5 Apps Help You Access Loans Easily and at Low Interest Rates

While many of us scoff at and try to avoid loans, we often have to get one. From handling an emergency to boosting your business or even investing in yourself, loans and loan apps can be a quick rescue for financial problems. 

However, one thing no one enjoys, regardless of why we take loans, is the loan interest. It is never fun when you have to repay a loan, and the interest equals or doubles the initial loan amount. That changes when you use any of the loan apps spotlighted in this article. These loan apps with the lowest interest in Nigeria also offer quick accessibility to funds and legal compliance, among other perks.

1. FairMoney

FairMoney operates as a mobile bank for financial inclusivity. This credit-led digital bank helps provide loans but has also diversified into savings. FairMoney understands that not everyone is privileged enough to acquire loans from traditional banks, mainly because of collateral. Hence, they have created a system that offers collateral-free loans. 

Personal loans can be made in less than five minutes, with loans from ₦1,500 to ₦3,000,000. To be eligible for a loan, you need to be a Nigerian citizen above 18 years of age and have the app on your phone. 

The requirements for a loan include:

• Your BVN (bank verification number)

• credit history

• proof of employment, and 

• monthly income of at least ₦1,000. 

Monthly interest rates range from 2.5% to 30%, with an in-app calculator that makes this process smoother.

Business loans are also available on FairMoney. Eligibility and requirements for this include: 

• A valid identification card

• BVN

• proof of address, and 

• Six-month statement of account.

In addition to these, FairMoney offers savings options, bill payment, and POS services. 

Find it on the Google Play Store and the Apple Store.

If you want to save money with interest options, check out our article on The Best Savings Apps in Nigeria.

2. OKash

Provided by Blue Ridge Microfinance Bank, OKash operates as a microlending product. To be eligible for a loan, you need to be between 20 and 55 years old, have a means of identification, and have a valid bank account and card. The Interest charged is 1.2% per day for a fixed term of 15 days. Late loan repayments automatically incur a rollover interest of 2% per day.

Get it on the Google Playstore and Apple Store.

3. Aella Credit

With over 8 years of providing financial services, Aella MFB has operated while being secured and licensed by CBN and insured by NDIC. Under Aella MFB, Aella Credit is a money-lending feature. Loans can be as high as ₦2,000,000 and can be gotten in minutes with minimal stress.

Aella Credit’s interest rate varies from 4% to 29% per month, depending on the amount loaned and the repayment duration (usually 1 to 4 months). Loans paid on time are usually given discounts, and such users can borrow more in the future.

Aella also offers a savings option (Aella Chest) that grows your money with 14% per annum interest credited daily. There's also a POS service.

Where to Download: Google Playstore and Apple Store.

4. QuickCheck

With over 3 million downloads on Google Play, QuickCheck has built a reputation as one of Nigeria’s most trusted loan apps for instant cash. The loan process is fast, and safety and legal compliance are equally prioritized. QuickCheck fully complies with the NDPR (Nigeria Data Protection Regulation), ensuring that the personal data obtained from users is secure and their privacy is protected.

First-time users can lend ₦15,000 for 15-60 days, with the borrowing amounts increasing subsequently based on how repayments occur. The loan calculator helps with checking the interest rates on loans made. Loan repayments can be made via in-app bank payments, bank transfers, and USSD.

Where to Download: Google Playstore.

Click here for the 5 Best Apps to Receive Dollars From Abroad.

5. Carbon

Carbon, founded by Chigozie Dozie and Ngozi Dozie, aims to provide users with various forms of financial access.

Loans on Carbon range from ₦2,500 to ₦1,000,000, with repayment periods ranging from 61 days to 12 months. Monthly interest rates range from 4.5% to 30%. Users can also use the loan calculator to determine their applicable rates.

Other than loans, Carbon helps with payments. You can transfer funds, make airtime purchases, and make bill payments. Also, there's Carbon Zero, which allows you to pay in four installments. This loan app also has various savings modes.

Get it on Google Playstore and Apple Store.

In Closing

Follow these tips for a better loan experience:

• Borrow only what you can repay.

• Check the applicable rates and, if possible, compare them with other loan apps. Also, read about the penalties for missing a payment and how they affect the loan.

• Please pay on time and, if necessary, ask for an extension before your current due date.

Most people do not like the idea of loans, and they are usually a last resort for those who use them. However, with these loan apps, the entire process is legal (every entry on this list is approved by CBN) and user-friendly.