10 Best Personal Loans with Low Interest Rates in Nigeria

This article will list the best personal loans with low interest rates in Nigeria. If you’re you in need of urgent money for personal use or for your business purposes, getting a personal loan is probably your best option.

With a personal loan, you borrow money from a bank or any financial institution and repay in fixed installments over an agreed period.

Personal Loans with Low Interest Rates in Nigeria
Photo credit: El paso Times

List of the 10 Best Personal Loans with Low Interest Rates in Nigeria

From our research, here are the best personal loans with low interest rates in Nigeria, and they include the following:

1. Branch

The branch is among the best Personal Loans with low interest rates in Nigeria; the branch is a reliable lending platform in Nigeria. With this platform, lenders can receive loans amounting to ₦200,000 from a minimal amount of ₦1000 within 24 hours, and users are expected to make repayment within 4 to 40 weeks.

You have to enter your details on the Branch App to see if you are eligible.

Loan Tenure is 62 days to 1 year. Monthly interest rates range from 1.7% to 22%, depending on the customer’s risk profile.

Example: If the loan is ₦9000 & interest is 24% per annum with a tenure of 2 months, the interest for two months would be ₦360. The EMI per month would be ₦4680. This would translate to a max APR of 24%.

The sum cost of the loan will be ₦9360. The total amount payable, including everything at the end of the term, will be ₦9360.

2. Migo 

It was known as Kwikcash and Kwikmoney but now goes by the name Migo. Migo loan offer is quick and easy. With only your phone number, you can get a Mino instant loan.

  • Requirements: Phone number USSD: *561#.
  • Loan Amounts: N500 to N500,000
  • Interest rate: 5% to 15%
  • Loan tenure: 14 to 30 days
  • Repayment channels: USSD code

3. Okash

Okash is Opay’s automated moneylender that focuses on increasing access to credit to financially under-excluded individuals in Nigeria.

The Loan decisions are provided within 15 seconds, and if approved, customers receive funds within 5 minutes to 24 hours a day, seven days a week.

  • Tenure: OKash requires repayment of 91 days to 365 days.
  • Loan Amount: ranges from NGN 3,000 to NGN 500,000.
  • Interest Rate: With a minimum of 0.1% up to 1%
  • Their interest rate is calculated on a daily basis. Annual Percentage Rate (APR) from 36.5% – 360%.

4. Carbon

Carbon, formally known as PayLater, gives loans of any amount needed within minutes.

Like many other loan companies in Nigeria, Carbon requires its customers’ Bank Verification Number (BVN) to be able to get a loan credit.

Users can receive up to ₦20 million with interest ranging from 5-15%, depending on the repayment time and loan amount received. Users can receive loans ranging from ₦1,500 to ₦1m.

  • Interest ranges from 1.75% to 30%, with an equivalent monthly interest rate of 1 to 21%.
  • Annual Percentage Rate (APR) ranges from 23% – 60.8%. No late fees or processing costs.

Example: For a three-month loan of ₦50,000, Carbon Bank charges 2% a month. With an APR of 24.3%, so the total repayment after 90 days is ₦53,000.

5. Fairmoney

FairMoney is an online moneylender that provides single payment loans, installment loans, and payroll loans for borrowers.

The Loan amounts range from ₦1,500 to ₦1,000,000 with repayment tenure from 61 days to 18 months at monthly interest rates, ranging from 2.5% to 30%.

For instance: If a user lends ₦100,000 over three months

  • Interest (total cost of the loan): ₦30,000 (30% rate)
  • Three monthly repayments: ₦43,333
  • Total amount payable: ₦130,000
  • Representative: 120% APR

Read also:

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6. Fast Money

This platform was created to provide users with instant loans. Loan advantages include loans amounting to NGN 300,000 without any mortgage, a low-interest rate, and long-time repayment.

If a user chooses a six-month loan and lends NGN 1,000, FAST MONEY charges an interest rate of 4.4% monthly. And the interest rate is 26.4%; they would charge you GNN 263 as the interest rate for the 6-month repayment period. The total sum of repayment is NGN 1,263.

7. Palmcredit

Palmcredit is one of the best personal loans with low interest rates in Nigeria, owned by Newedge Finance Limited.

They make use of the interconnected relationships between itself, telcos, and banks to provide convenient and instant/immediate credit to its users without paperwork or collateral.

The interest rate is between 14% to 24%, the Equivalent Monthly interest rate is 4% to 4.7%, and the Annual Percentage Rate (APR) on this loan app is 48% to 56%. The loan term is between 14 days to 180 days.

Example: If you choose a six-month loan and lend NGN100,000, they charge an interest rate of 4% per month.

Borrow NGN interest rate:24%, and the APR is 48%. Repayments of NGN24,000 in 180 days, and the total amount of payment is NGN124,000.

8. Zedvance

Zedvance is a finance company that provides personal loans to individuals in Nigeria. They also give credit to groups and also offer Point of sale finance for consumer goods and appliances in partnership with retailers across Lagos. They offer two primary loan products.

Moneypal and salary loans. Salary earners can get loans of up to a N5million and a payback time frame of up to 18months.

  • Requirements: one Passport Photograph, means of Identification, Employee ID Card, Employment Letter, and also NUBAN Cheques or Direct Debit Mandate.
  • Loan amounts: ~ ₦5,000,000
  • Interest Rate: 4% to 20%. Zedavance applies risk-based pricing to determine repayment on loans
  • Loan tenure: three to 18 months
  • Multiple loans at a time: No
  • Repayment channel: Via ChatbotCheques or Direct Debit mandate

9. ALAT Loan App

ALAT is said to be the first fully digital bank in Nigeria designed to help people do more with their money. With the ALAT App, you can automatically transfer, save, and pay bills.

The app allows requesting instant loans with no collateral, no paperwork is needed, and it’s very easy to process.

Using the app, you can create a free virtual dollar card for paying online and conversion of naira to dollars at any time. ALAT interest rate ranges from 29 to 30%

10. QuickCheck

QuickCheck is a known loan platform and also one of the best personal loans with a low-interest rate in Nigeria that gives Nigerians loans without collateral.

A QuickCheck loan has interest rates ranging from as low as 5% monthly on the first loan. Loans range from ₦1,500 to ₦500k, with tenure from 91 days – to 1 year. Interest ranges from 2% to 30%, with an equivalent monthly interest rate of 1 to 21%. (APRs from 30% to 260%)


  • Borrow ₦100,000 over six months
  • Interest rate: 13% p.m. (fixed)
  • Total Interest rate: ₦ 50,000
  • Three repayments of ₦ 50,000
  • Total sum payable: ₦150,000
  • Representative: 13% APR”.

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About Author

Personal Loans with Low Interest Rates in Nigeria
Precious Ejimofor
My name is Precious Ejiofor, I am a professional self motivated, dependable writer and editor, with over 4 year of experience in writing for variety of business and platforms. I am able and capable to write on any kind of topic.
Specifically, I focus on producing persuasive and compelling contents that is thoughtful, prominent, and engaging.

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