5 Quick Loan Provider in Nigeria With Low Interest Rate
Are you looking to get a quick loan with low interest rate from a reputable lending company in Nigeria without collateral to start a business or pay off your bills? Or you want to understand how online lending apps work to compel bank loans, then you’re at the right place.
These lending providers don’t require collateral. Thanks to technology, it is easier now to get a loan at a low interest rate without depositing any property.
You don’t need a shorty. Yes. We can now get mobile loans to sort out personal and business needs using a smartphone, a mobile app and an internet connection within 24 hours. All we need is our BVN, an account associated with your BVN, valid I.D and a smartphone.
Here are some of the best instant lending apps in Nigeria providing financial credit services to people, established businesses, and small-medium enterprises SMEs.
5 Quick Loan provider in Nigeria with Low Interest Rate
1. Branch: Loan and Digital Banking
Branch is a digital online lending provider in Nigeria that provides a secure and easy platform where you can get instant loans in Nigeria. It only takes a few minutes to obtain a loan from this loan platform.
Branch has been in existence since 2015 and started operation in Nigeria in 2017. The company also operates in Kenya, Mexico, India, and Tanzania.
Interest rate is between (14% – 28%)
You can use Branch app:
Get quick loan – no collateral, late fees or paperwork
Make free transfer unlimited to any bank in Nigeria
Pay bills without extra N100 charges
Invest and earn 20% interest, and
Withdraw your money anytime.
Their loan amount is N2000 to N500,000.
Monthly interest: 1.7% to 22% and Annual percentage rate (APR) is
Loan terms: Range from 60 days to 1 year
No late fees
No rollover charges, and
Origination fee: None
2. Renmoney: Loans, Savings, Fixed Deposit
Renmoney is a fintech online lending company in Nigeria operating in Lagos. The company offers loans for personnel and business needs up to N6 Million to individuals and small businesses.
They also offer high interest rates on Savings and Fixed Deposits.
Renmoney is a regulated company under the Central Bank of Nigeria (CBN) and issued by the Nigeria Deposit Insurance Corporation (NDIC).
With Renmoney loan app, you can:
You can get quick and convenient loan from N6000 to N6,000,000
Flexible repayment from 3 months to 24 months
Lower rates and longer tenure on your next loan
No collateral or guarantor needed
No paperwork, and hidden charges.
With the Renmoney app, you can get a quick loan in just a few steps.
Renmoney loans are for employed or self-employed people as well as a business owner. So, if you need a quick personal or business loan, you can apply for a loan of ₦6,000 – ₦6,000,000 without collateral and repay in 3 -24 months.
Monthly interest rates range from 2.4% – 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged.
FairMoney is an online lender in Nigeria that gives Free bank transfer, and instant loans – no collateral.
With over 3 million customers that have relied on fairmoney loans to solve personal or start up a business with interest rate from 2.5% to 30% monthly.
Fairmoney offers a user a repayment period of from 61 days to 18 months.
FairMoney gives customers an instant loan up to ₦1000,000 without needing any paperwork or even collateral.
Early repayment attracts a discount of up to 90%.
To get a loan, all you have to do is provide the required information once accepted, you will be granted a loan ranging from ₦1500 to ₦1000,000
EaseMoni is an online lender in OPay that allows opay users to get access to borrow cash up to 1000,000 between 1 – 12 months.
The loan app provides a loan for it’s users without any form of collateral or paper work. All you need is only your OPay Account (KYC Level 2). If you don’t have an Opay account, create one
Before you can benefit from EaseMoni service, you must be a registered user on their Platform to access their loan.
Carbon, formerly known as Paylater is one of the leading online lending apps in Nigeria and financial technology companies that gives quick loans to its customers in Nigeria instantly.
You can access a variety of banking services, invest money to earn high-interest returns, and get instant short-term loans for your urgent needs. You don’t need collateral to obtain their loans.
The Carbon loan app is flexible, easy to use, nice user interface, and instant loan.
Carbon allowed users to get a loan from ₦10, 000 – ₦1 Million within 5 minutes.
The loan term ranges from 30 days to 12 months with interest rate ranging from 1.75% to 30% with an equivalent monthly interest rate of 1% – 21%.
No late fees or processing costs.