If you’re searching for loan apps in Nigeria with low interest rates, you’ve come to the right place. With the rise of digital lending, Nigerians now have access to dozens of mobile loan apps—but not all of them offer friendly rates. Many charge hidden fees, outrageous interest, or impose rigid repayment terms. That’s why we’ve carefully reviewed and ranked the top 10 best loan apps in Nigeria in 2025 that not only disburse funds quickly, but also offer affordable interest rates and flexible terms.
Whether you need a personal loan to sort out urgent bills, or a business top-up to restock inventory, these apps combine convenience with cost-effective borrowing. Let’s dive into the list and see which Nigerian loan apps truly offer the lowest interest rates in the market.
Table of Contents
Which Loan App Has the Lowest Interest Rate in Nigeria?
FairMoney and Branch consistently offer some of the lowest starting rates in Nigeria—ranging from 2.5% to 3% monthly. However, other apps like PalmPay and CashX also feature flexible terms and zero to flat fees for qualified users.
Now let’s explore the top-rated apps that combine fast loan access with affordable interest and transparent conditions.
1. FairMoney
Best Loan App with Fast Approval and Low Monthly Rates
FairMoney is one of the most trusted and widely used loan apps in Nigeria. It offers fast, collateral-free loans with amounts ranging from ₦1,500 to ₦3,000,000. Approval is instant, and funds are typically disbursed within 5 minutes.
Key Features:
- Loan Amount: ₦1,500 – ₦3,000,000
- Interest Rate: Starts from 2.5% monthly (up to 30%)
- Repayment Term: 1 to 18 months
- No collateral or paperwork required
Example:
Borrow ₦100,000 for 3 months
→ Interest = ₦30,000 (30%)
→ Monthly Repayment = ₦43,333
→ Total Payable = ₦130,000
→ APR: 120%
Read full Fairmoney loan review and how to apply
2. Branch
Flexible Personal Loans with Competitive APR
Branch stands out as an all-in-one finance app in Nigeria, offering not just loans but also payments and investments. It provides personal loans without collateral, paperwork, or delays, and interest is customized per borrower.
Key Features:
- Loan Amount: ₦6,000 – ₦1,000,000
- Interest Rate: 2.8% – 23% monthly
- Repayment Term: Up to 52 weeks
- APR: 34% – 272%
Example:
Borrow ₦50,000 for 3 months at 15% monthly
→ Interest = ₦22,500
→ Total Payable = ₦72,500
Read full Branch loan review and how to apply
3. EaseMoni
Instant Mobile Loan with Credit-Based Interest
EaseMoni is a mobile loan app in Nigeria that gives users access to personal loans without needing collateral. It adjusts your interest rate based on your credit score and repayment history.
Key Features:
- Loan Amount: ₦3,000 – ₦1,000,000
- Interest Rate: Starts from 5% monthly (up to 30%)
- Repayment Term: 30 days to 12 months
- Licensed by CBN via Blue Ridge Microfinance Bank
Example 1 (Official):
Borrow ₦3,000 for 91 days at 5% monthly
→ Total Repayment = ₦3,273
Example 2 (Real Use):
Borrow ₦10,000 for 30 days
→ Interest = ₦3,000 (30%)
→ Total Payable = ₦13,000
Read full EaseMoni loan review and how to apply
4. PalmPay
Best Loan App for Low Daily Interest
PalmPay offers multiple loan types in Nigeria, including Flexi Credit and POS loans. Interest rates are impressively low—sometimes 0% for early repayment.
Key Features:
- Loan Amount: ₦5,000 – ₦500,000
- Interest Rate: 0% – 24%
- Repayment Term: Flexible
- No BVN required for smaller loans
Example:
Borrow ₦10,000 with Flexi Cash
→ Daily Interest = ₦100
→ 7 Days = ₦700
→ Total Repayment = ₦10,700
Read full PalmPay loan review and how to apply
5. Okash
Transparent Short-Term Loans for Salary Earners and Traders
Okash, part of the OPay ecosystem, is a short-term loan app in Nigeria offering fast cash with transparent fees. It’s ideal for students, traders, or anyone needing quick help.
Key Features:
- Loan Amount: ₦3,000 – ₦500,000
- Interest Rate: Around 15% for 14-day loans
- Repayment Term: 14 – 91 days
- No hidden charges
Example:
Borrow ₦20,000 for 14 days
→ Interest = ₦3,000 (15%)
→ Total Repayment = ₦23,000
Read full Okash loan review and how to apply
6. PalmCredit
Quick Loan Approval with Moderate Rates
PalmCredit is known for fast approvals and flexible loans without collateral. Interest depends on your term length and creditworthiness.
Key Features:
- Loan Amount: ₦10,000 – ₦300,000
- Interest Rate: 4% – 24% per term
- Repayment Term: 14 – 180 days
- APR: Up to 120%
Example:
Borrow ₦150,000 for 6 months at 24%
→ Approx Monthly Payment: ₦29,000
→ Total Repayment: ₦174,000
Read full Palmcredit loan review and how to apply
7. Migo
No App Needed, Just USSD
Migo stands out by offering loans without needing a mobile app. Users can apply via USSD or website, making it ideal for non-smartphone users.
Key Features:
- Loan Amount: ₦500 – ₦500,000
- Interest Rate: 2% – 15%
- Repayment Term: 14 days to 6 months
- No hidden fees
Example:
Borrow ₦10,000 at 10%
→ Total Repayment = ₦11,000
Read full Migo loan review and how to apply
8. CashX
Flat Rate Digital Lending with Transparent Pricing
CashX Loan is another low interest rate loan app in Nigeria with fixed interest and no hidden charges. It’s great for people who want clarity on what they’re repaying.
Key Features:
- Loan Amount: ₦5,000 – ₦300,000
- Interest Rate: 2% – 4% flat
- Repayment Term: 7 to 180 days
- Transparent terms
Example:
Borrow ₦50,000 at 3%
→ Interest = ₦1,500
→ Total Payable = ₦51,500
Read full CashX loan review and how to apply
9. KiaKia
Peer-to-Peer Loans with Human Review Option
KiaKia uses a unique system where real humans can review and approve loan requests. Ideal for people who want a custom approach.
Key Features:
- Loan Amount: ₦10,000 – ₦200,000+
- Interest Rate: 5.6% – 24%
- Repayment Term: 14 days to 18 months
- Flexible, trust-based system
Read full Kiakia loan review and how to apply
Example:
Borrow ₦20,000 for 14 days at 8%
→ Interest = ₦1,600
→ Total Payable = ₦21,600
10. Carbon
Trusted Loan App Licensed by CBN
Carbon is one of the most reputable loan apps in Nigeria, licensed as a digital bank. It provides fast personal loans with competitive rates and a full banking suite.
Key Features:
- Loan Amount: ₦2,500 – ₦1,000,000
- Interest Rate: 4.5% – 30% monthly
- Repayment Term: 61 days – 12 months
- No collateral, hidden fees, or guarantor needed
Example:
Borrow ₦1,000,000 for 12 months at 4.5%
→ Total Interest = ₦540,000
→ Total Payable = ₦1,540,000
→ APR = 54%
Read full Carbon loan review and how to apply
Final Thoughts
When choosing a loan app in Nigeria with the lowest interest rates, consider more than just the advertised rate. Always check repayment flexibility, late fees, and your credit profile’s impact.
These 10 best loan apps in Nigeria combine fast access to cash with low interest, transparency, and ease of use—helping you borrow smart in 2025.
Need help applying for a loan? Check our Loan Application Guides.