A lot of people do have an interest in borrowing online, but after seeing the interest rates, most of them back off. it is clear that the fear of taking a loan with high interest is one of the reasons most people don’t take loans online.
However, loan companies are not the same, and likewise loan apps. There are loan apps with high interest and ones with low interest. so, if you have been looking for the best online loan apps in Nigeria with low-interest rates, look no further.
In this post, we are going to give you some of the things you need to know about online loan apps in Nigeria and the list of the best online loan apps in Nigeria with low-interest rates.
Now, let’s dive in..
What is online loan?
Online loan is a digital platform (App or website) that allows people to take loans virtually. Those platforms don’t require physical appearance, physical verifications, or collateral.
All you need is to download the best online loan apps in Nigeria with low-interest rates, register, and follow the steps to get your loan. well, you may not know the best online loan to download, if so, then check the next heading.
Best online loan apps in Nigeria with a low interest rate
It can be hard to find the best online loan app in Nigeria because there are so many to choose from. But with this complete list, you’ll never have to waste time dealing with scammers or banks that don’t understand your needs again!
Check also: 5 Best Online Loan Apps in Nigeria
- Carbon Loan App
Carbon is one of the best loan apps in Nigeria in many aspects ranging from its interest rate to its customer support. taking a loan from carbon is always easy, it about 5 to 20 minutes.
Well, their interest rate is not that high. it is always between 2% to 30% depending on the amount and repayment period.
- Fair money Loan App
When talking about must-used loan apps in Nigeria, fair money of no doubt one of them. And why do you think millions of users are using it? It is because of their simplicity and the low interest.
Fair money interest range from 15% to 30%. Although, their minimum interest is quite high compared to some of the loan apps mentioned here. However, the maximum interest is almost the same.
- Branch Loan App
Branch has over 5 million downloads on play store and thousands of good reviews. This simply implies that the branch is a very good loan app. However, their interest rate is quite high, but not that bad.
Branch interest rate ranges from 15% to 34% depending on the amount you want to borrow and the repayment period. And branch repayment period is always between 4 to 40 weeks.
If you are a Nigerian, you might have heard something like palmpay, palmcredit, and others. The truth is that palm is a very big brand in Nigeria that offers many services with different platforms, especially in the fintech field.
palmcredit is a loan app owned by palm. It is one of the most popular loan apps in Nigeria with millions of users. Well, popularity does not matter that much, so what about the interest rate? Palm credit interest rate starts from 14% to 24% which is awesome.
- ALAT Loan App
Alat is not just a loan app. it is a digital wallet owned by Wema bank of Nigeria. However, the platform allows you to borrow money with certain requirements.
Alat loan app lets you borrow up to N4,000,000 with an interest rate of 2% interest rate per month on a reduced balance basis. Although, your past transactions are what will determine the amount you will be given.
Conclusion on Best online loan apps in Nigeria with a low-interest rate
there are many fake and scam loan apps out there, that is why it is very important to know how legit an app is before putting your details. Another thing to consider is the interest rate of the loan app you are planning to borrow from. Some loan apps don’t look like scam apps, but their interest rate makes them one.
Well, having the list of some of the best online loan apps in Nigeria with low-interest rates, will help you from falling the victim to those fake and scam loan apps.