Top 5 Low-Interest Loans in Nigeria

Whether for business or private projects, loans come in handy when you need extra cash to hit your financial targets. However, borrowing may become detrimental when you make it a habit because it can keep you in a loop of debts. But at the same time, you can leverage low-interest loans to access capital as long as you handle repayment faithfully.

Before you apply for a loan in Nigeria, one of the most important factors to consider is the interest rate. High interest rate means you’ll have to pay much more than you borrowed over time and, depending on your financial strength and the loan amount, this can make repayment more difficult. On the other hand, low interest rates mean your loan repayment will be more affordable.

If you’re looking for low-interest loans in Nigeria, online loan providers might be your best option. And here, we’ve listed the top 5 low-interest loans you can leverage to secure capital for your financial projects in Nigeria.

Top 5 Low-Interest Loans in Nigeria

Each of these companies has its app on Google Play Store, so you can easily access funds through them.

  1. Carbon
  2. FairMoney
  3. Palmcredit
  4. Branch
  5. QuickCheck

1. Carbon

Carbon, formerly known as PayLater, is a platform established in Lagos, Nigeria that provides customers with access to quick loans and quick payment alternatives. With Carbon, you can get loans ranging from ₦5000 to ₦1M with interest as low as 2% yearly. However, you need to verify your details before you can obtain a loan from Carbon.

Features of Carbon Loan Offer

  • No late fees, rollover charges, or even loan processing charges
  • Annual interest rate of 2%
  • They offer loans as low as ₦5000 to as much as ₦1M within 24 hours.
  • You get a payback on your interest payments if you pay on time.
  • The process phase requires your BVN, passport, and address.
  • Offer good interest rates relative to the volume of money requested.

2. FairMoney

FairMoney is one of the quickest loan platforms in Nigeria, with loan disbursement taking only about five minutes. It is a top option for low-interest loan apps because its monthly interest rate is between 2.5% – 30% and its APR varies from 30% – 260%.

Fairmoney offers loans starting from ₦1,500 to ₦1,000,000, with repayment terms spanning from 3-18 months. They require only a few documents to set up and verify

If you default on repayment for the loan, you risk losing your FairMoney account as well as CRC and First Central credit report.

Features of FairMoney Loan Offer

  • 24/7 instant loan disbursement
  • Offer as low as ₦1,500 and above
  • The interest rate per month is between 2.5% – 30%
  • Repayment spreads across 3 to 18 months
  • BVN details for payback debit
  • Little collateral or documents will be required

3. PalmCredit

PalmCredit offers loans as low as ₦2500 to its clients with a payback duration from 3 months to a year. PalmCredit loan repayment terms range from 4-26 weeks with interest rates ranging from 5-28% at an annualized rate of between 24-56%.

PalmCredit loan terms range from 1-6 months. Its monthly interest rates vary from 5-28% and between 24-56% for the annual rate.

There are no hidden expenses, rollover fees, or transaction costs. The age range for qualified Individuals to request a loan is between 18 and 60 years.

Quick Snip on PalmCredit Loan Offer

  • Quick loans without any requirements
  • Eligible for their loan services is 18-60 years
  • The loan starts as low as ₦2500
  • 4-26 weeks repayment span
  • Monthly interest starts from 5%
  • Payback duration falls within 91 to 365 days

4. Branch

Branch is yet another low-interest rate platform that offers loans. It appears to be the lowest loan platform with monthly rates ranging from 1.5% – 20%.  It offers finds as low as ₦2000 to ₦500,000 spanning from 4 to 52 weeks. Depending on the loan, the APR ranges from 18% – 260%.

Several factors determine interest rates offered by Branch, including your payback history and the cost of funds. There are no late fees or rollover costs, as well as collateral is needed.

Branch’s loan app’s algorithms process hundreds of bits of information and deliver personalized loan options in minutes, making it one of the fastest lending apps in Nigeria.

Quick snip on Branch Offer

  • Loan starting as low as ₦2000
  • Repayment period spans from 1 month to a year
  • The annual rate varies from 18% to 260%
  • Unique algorithm for personalized loan options
  • Interest rates are as low as 1.5% to 20% monthly.

5. QuickCheck

The final loan company on our list is QuickCheck. QuickCheck ‘s strong point and advantage over its competitors is its low-interest rate. It offers one of the market’s cheapest interest rates of 1% each day.

As a first-time customer, you can loan as much as 10,000  for 30 days, but early payback offers larger amounts and lower interest rates.

To ensure the greatest standards of data security, the Quickcheck loan app is PCI DSS-compliant. Once you fail to pay your loan within a set time, the National Credit Bureaus may very well label you as a high-risk borrower, making future credit more difficult to get.

To protect its users, every interest rate change affecting a borrower’s account is usually communicated in writing within seven days.

QuickCheck is not among the fastest lending apps in Nigeria because processing a loan application takes more than 24 hours.

Quick snip on QuickCheck offer

  • A new customer can loan as low as ₦10,000
  • 7 days communication of changes in interest rate
  • Offers a 1% interest rate.

How to Get Instant Loan from Low-Interest Rate Companies

This procedure follows through for all loan companies mentioned above.

  • Get theapp from the  Google play store
  • Register with accurate details
  • Wait for a quick check to see your credit score
  • Your details will also be scanned by machine learning to verify your eligibility.
  • Once your request is approved, the loan will be transferred to your bank account within minutes.


Choosing the best loan company is entirely dependent on your unique requirements. As a result, it is critical that you carefully analyze the loan and its terms before committing. Be it for personal or business purposes, any of the loan companies listed can readily provide you with the loan you require.


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