Getting quick access to cash no longer means walking into a bank. Today, dozens of mobile loan apps promise “instant” money in minutes. But with so many options, interest rates and hidden charges vary widely. This guide brings together the most trusted low-interest loan apps available in Nigeria.
We compare rates, loan limits, repayment periods, and regulatory status so you can choose the app that best fits your needs. All apps listed here are widely used in Nigeria, and many are approved by the Central Bank of Nigeria (CBN).
Scroll down to compare apps or jump to our tips on getting the lowest possible rate.
Compare Low-Interest Loan Apps in Nigeria
| App | Interest (from) | Max Loan Amount | Repayment Term | Get App |
|---|---|---|---|---|
| FairMoney | ~2.5% per month | ₦1,500 – ₦1,000,000 | 61 days – 18 months | Play Store / App Store |
| Carbon (Paylater) | ~2% per month (returning users) | ₦1,500 – ₦1,000,000 | 1–12 months | Play Store / App Store |
| Branch | ~1.5% per month | ₦1,000 – ₦500,000 | 4 – 40 weeks | Play Store / App Store |
| Aella | ~4% per month (drops with good history) | ₦2,000 – ₦1,000,000 | 1 – 60 days | Play Store / App Store |
| QuickCheck | ~2% per month | ₦1,500 – ₦500,000 | 30 days – 12 months | Play Store / App Store |
| Kuda (Overdrafts) | Low-interest overdraft (based on activity) | Dynamic—small overdrafts for active customers | Flexible repayment | Play Store / App Store |
Rates accurate as of 2026; always confirm inside each app before applying.
Best Low-Interest Loan Apps in Nigeria
Below are the top-rated low-interest loan apps, each with a quick mini-review.
FairMoney
FairMoney is one of Nigeria’s most downloaded instant loan apps, with over 10 million installs on Google Play. The platform offers loans from ₦1,500 up to ₦3,000,000 depending on your profile, with repayment periods ranging from 61 days to 18 months. Starting interest rates are typically around 2.5–30% monthly, depending on loan size and your repayment history; many longtime users see lower rates after a few successful repayments.
Key features:
Quick approval and disbursement (often within minutes).
Flexible repayment schedules; repay early to improve your limit.
No collateral required; only your BVN and basic details.
Bill payment and airtime purchase inside the app.
FairMoney is licensed by the Central Bank of Nigeria (CBN) as a microfinance bank, which gives it an extra layer of credibility compared to unlicensed lenders. You can download it from the Google Play Store or Apple App Store, create an account with your BVN and phone number, and apply for a loan right from your phone.
Best for: People looking for a widely used, CBN-licensed loan app with the potential for larger loan amounts over time.
Get the App: [FairMoney on Google Play or FairMoney on App Store]
Carbon (formerly Paylater)
Carbon (known to many as Paylater) is one of the longest-running digital lenders in Nigeria. It offers loans from about ₦1,500 up to ₦1,000,000 depending on your profile, with repayment periods typically from 1 to 12 months. Starting interest rates can be as low as 1.75% per month for returning customers with good repayment history, though new users may see higher initial rates.
Key features:
Simple application process with instant approval for many users.
In-app bill payments, airtime, and money transfers.
Carbon Credit Report tool to help track and improve your credit.
No collateral required; only basic KYC such as BVN and a valid ID.
Carbon is licensed by the Central Bank of Nigeria as a finance company, which adds to its trustworthiness. The app has been downloaded millions of times and is rated highly on the Play Store for ease of use and quick disbursement.
Best for: Users who want a well-established lender with extra features like bill payment and a built-in credit report.
Get the App: [Carbon on Google Play or Carbon on App Store]
Branch
Branch is another popular instant loan app operating across several African countries. In Nigeria, it offers loans from about ₦1,000 to ₦500,000 with flexible repayment periods ranging from 4 to 40 weeks. Interest rates start around 1.5% per month for eligible customers and adjust based on your repayment behavior.
Key features:
Fully digital application—no paperwork or collateral.
Instant loan disbursement into your bank account.
Early repayment discounts for lower effective rates.
Simple interface and a built-in wallet for savings and payments.
Branch is a licensed finance company under Nigerian regulations and is widely reviewed on the Play Store with millions of downloads.
Best for: Borrowers who prefer small to medium loan amounts with quick approval and a user-friendly app.
Get the App: [Branch on Google Play or Branch on App Store]
Aella
Aella (also called Aella Credit) focuses on providing quick personal loans to salary earners and small business owners. Loan amounts typically range from ₦2,000 to ₦1,000,000 with repayment periods from 1 to 60 days. Interest rates start at about 4% per month but can drop as you build your credit score within the app.
Key features:
Quick signup with BVN and basic details.
Insurance products and bill payments are built into the app.
In-app credit score to monitor your eligibility.
Early repayment improves your loan limit and rate.
Aella partners with several organizations to offer payroll-based loans and is licensed by relevant Nigerian regulators.
Best for: Salaried individuals who want a multi-service app with loans plus insurance and bill payment.
Get the App: [Aella on Google Play or Aella on App Store]
QuickCheck
QuickCheck is designed for fast, short-term loans. It offers ₦1,500 to ₦500,000 with repayment tenures from 30 days to 12 months. Interest rates typically start from 2% per month and decrease for users with a good repayment history.
Key features:
Instant decisions based on your smartphone data and BVN.
24/7 availability—apply anytime.
Credit limit increases and lower rates for repeat users.
Simple interface with good reviews on the Play Store.
QuickCheck operates under Nigerian financial regulations and promotes responsible lending with reminders and clear disclosures.
Best for: People who need quick, small loans with flexible tenures.
Get the App: [QuickCheck on Google Play or QuickCheck on App Store]
Kuda
Kuda is a fully digital bank in Nigeria that also offers small overdrafts and loans to eligible customers. Unlike pure loan apps, Kuda provides a full mobile banking experience—account opening, savings, bill payments, and spending controls—plus microloans/overdrafts for active users.
Key features:
Free digital bank account with no maintenance fees.
Access to small, low-interest overdrafts based on your transaction history.
In-app budgeting tools to help manage your money.
Licensed as a microfinance bank by the Central Bank of Nigeria (CBN).
Kuda’s lending features are currently rolled out to active users who maintain regular inflows. While interest rates on its overdrafts are competitive, limits depend entirely on your usage patterns.
Best for: People who want a full mobile bank account with built-in low-interest overdrafts rather than a standalone loan app.
Get the App: [Kuda on Google Play or Kuda on App Store]
How to Qualify for the Lowest Interest Rates
Most apps advertise “from X% per month,” but your actual rate depends on your profile. Tips:
Pay on time. Early or on-time repayment earns lower rates on later loans.
Keep your BVN/ID consistent. Mismatched details can raise risk scores.
Borrow within your means. Smaller amounts = lower perceived risk.
Use the same app regularly. Loyalty often unlocks better rates.
Build a positive credit footprint. Pay bills and obligations promptly.
Are These Apps Safe & CBN-Approved?
Not every app on the Play Store is regulated. Choose lenders that:
Show a valid CBN license or FCCPC approval.
Disclose interest rates and fees clearly.
Have a privacy policy under NDPR.
Offer working customer support channels.
Received mostly positive recent reviews.
Tip: Search the FCCPC public list of approved digital lenders before applying.
Loan Calculator—Estimate Your Repayment
Before you apply, it helps to know exactly how much you’ll repay every month. That’s why we’ve included a simple loan calculator on this page. Enter the amount you want to borrow and your preferred repayment period, and it will instantly estimate:
Monthly repayment
Total repayment over the loan term
Effective interest rate/APR
This tool is for illustration only, but it gives you a clear picture of what to expect before you tap “Apply” on any app.
Using the calculator can help you:
Compare different apps more accurately than just looking at their “starting rate.”
Choose a loan amount and tenure that fit your budget.
Avoid surprises from hidden charges by seeing an estimated total cost.
Tip: For the most accurate estimate, always read the official terms inside the app you plan to use. Rates and fees may vary based on your profile.
User Reviews & Complaints
What borrowers report across major apps:
Fast approval & disbursement for well-rated apps.
Lower rates for repeat customers after two or three successful repayments.
Clearer terms from licensed apps than from unlicensed ones.
Hidden fees/aggressive collections sometimes in unapproved apps.
Responsive customer support correlates with higher ratings.
Tip: Check how an app responds to complaints. Quick, helpful replies are a good sign.
Continue Your Research
FAQs on Low-Interest Loan Apps
Which loan app has the lowest interest rate?
Rates change often. FairMoney, Branch, and Carbon usually start lower for good customers. Always check inside the app.
Are loan apps in Nigeria regulated?
Yes. Licensed by CBN or monitored by FCCPC. Check before applying.
How fast will I get the money?
Most apps disburse within minutes of approval.
Can I reduce my interest rate?
Yes. Repay on time, borrow within your limit, and build a good history.
Do I need collateral?
No. These are unsecured loans; BVN and a valid ID are usually enough.
Conclusion—Compare, Choose, and Apply
With so many options in the Nigerian loan app market, interest rates and repayment terms can vary widely. This guide brought together the most trusted low-interest loan apps, explained how to qualify for better rates, and highlighted safety checks to protect you.
Use the comparison section at the top of this page (or the stacked cards on mobile) to see rates, limits, and repayment terms at a glance. Then tap “Get App” on the one that suits your needs to start your application immediately.
Reminder: Always read the full terms and conditions inside the app before accepting a loan. Borrow responsibly — only take what you can repay.