Today I will be reviewing the top 6 best instant loan apps in Nigeria with low interest which are equally the fastest applications to borrow money from in 2023. If you happen to fall into a cash emergency or have sudden unexpected bills, I advise that you only patronize trusted and reputable loan apps in Nigeria that have been very responsive to customer lending requests over a long period of time. These online lenders can give you emergency cash loan within a few minutes without collateral, paperworks or documentation.
With the rise of technology, loan apps have become increasingly popular in Nigeria as a way for individuals to access loans quickly and easily. These apps, especially the instant loan applications amongst them, offer a variety of lending options, from loans with monthly payments, peer-to-peer lending, to instant personal and business loans without collateral and most often with very low interest.
Best 6 Loan Apps in Nigeria for Instant Borrowing With Low Interest 2023
The most popular best and instant loan apps in Nigeria with low interest to borrow money right now include: Carbon App, FairMoney App, Branch App, Irorun App, Aella Credit App and Lendigo app among others. These lending applications are all licensed and best for protecting their customers data privacy, approving loan in minutes with lowest interest and without collateral, documentation or paperwork.
1. Carbon App
Carbon is one of the best instant loan apps in Nigeria with low interest giving access to funding to help you cover immediate expenses and emergencies within minutes for a relatively long repayment tenor, of about is 1 – 6 months without collateral, paperwork, or guarantor.
Carbon app is very reliable as it has over one million users on Google Play Store, and do not have feedbacks relating to negative customer service, harassment calls or data privacy intrusions. The app has a fast loan processing timeframe, and helps customers buy needed commodities to pay later in installments at a later date.
2. Fairmoney App
Fairmoney is another instant loan app in Nigeria with an average low interest, allowing consumers to apply for loans without tendering any collateral, paperwork or guarantor. Both businesses and individuals can make use of this lending app, known for extended monthly payments, to access fast loans up to 1,000,000 Naira.
With FairMoney loan app, you can obtain an urgent loan and make repayment within 15 days to a month, and even up to 8 months. Like Carbon app, FairMoney also allows you to pay for your utility bills.
Fairmoney comes with fair interest rate of 2.5% to 30% per month and takes less than 15 minutes to assess borrowers’ loan applications, and if approved, the loan will be disbursed immediately.
3. Branch App
Branch is the best loan app in Nigeria for the lowest interest rates, offering instant collateral-free loans worth millions of Naira with flexible repayment terms, and a long loan tenor ranging up to a year to thousands of consumers. Branch loans ranges from 2,000 to 500,000 NGN for 1 to 12 months. The APR runs from 18 to 260 per cent, depending on your loan.
Like the other instant loan apps in this list, Branch also offers online banking services that help users with day-to-day financial transactions such as money transfers, savings, investing, airtime purchases, bill payments, and many others.
Among the top 6 instant loan apps in Nigeria with low interest, Branch’s 1.5% to 20% monthly interest is the most competitive. The loan app’s APR of 18% to 260% is considerably lower than that of Fairmoney, Carbon, Palmcredit, and other rivals in the mobile loan sector.
4. Irorun App
Irorun is a digital lending application that offers microloans to eligible users within minutes with little or no documentation. The app is one of the fastest loan apps in Nigeria for small personal loans, giving access to a maximum of 50,000 Naira worth of loan for a very low interest rate, without any collateral or physical office visit.
The app offers interest free loans to their most loyal customers who need urgent assistance or meet unexpected expenses with a little cash of N5,000 for 7 to 30 days tenor with processing fees of N400.00. Irorun app also facilitates utility bills payment with only a few clicks on your smartphone.
5. Aella Credit App
Aella Credit is a very transparent instant loan app in Nigeria with low interest rate that approves collateral-free lending in just five minutes. The Aella Credit app, one of the best apps for business loans in Nigeria, works on both Android and iPhones and has over 1 million users.
The platform offers loans ranging from N2,000 to N1.5 million with a tenor of 30 days to 180 days. Its monthly interest rate ranges from 2% – 20% and APR from 22% – 264 %/annum. All you need to get a loan from Aella Credit is to download the app from App Store, create an account and apply for a loan.
6. QuickCheck App
QuickCheck is the last on our list of instant loan apps in Nigeria with low interest and one of the most digitally innovative and customer service compliant. Loan applications are promptly evaluated using machine learning to forecast borrowers’ behaviour and approval decided within a few minutes.
The Quickcheck loan app, which has over one million users on Google Play Store alone, is PCI DSS-compliant to provide the highest levels of data protection. If you ever default on a loan, the national Credit Bureaus will classify you as a high-risk borrower, making it more difficult for you to get credit in the future.
The lending platform has interest rates starting from 5% monthly on the first loan. Loans range from N1,500 to N500,000 with terms from 30 days – 1 year and monthly interest ranges from 2% – 30%.
Which is the Best Instant Loan App in Nigeria with low interest to borrow money from?
Branch. Some of the best instant loan apps in Nigeria with low interest include Branch App (From 1.5%), Carbon App (From 1.75%), Aella Credit App (From 2%), QuickCheck (From 2%) and Umba App (From 1%). The full list include:
- Carbon
- Fairmoney
- Branch
- Irorun
- Aella Credit
- QuickCheck
- Lendigo
- ALAT by Wema
- Money in Minutes
What to Do If Your BVN is Blocked by a Loan App
If your BVN is blocked by a loan app or a loan app reported your default to the credit bureau and you are blacklisted, take the following steps to resolve the issue.
- The first step is to contact the loan app’s customer service team and inquire about the reason for the block.
- If the block is due to a default or non-repayment of a loan, you should work with the loan app to develop a repayment plan that is feasible for you.
- If the block is due to an error or false information provided during the registration process, you should provide the loan app with accurate information and request that they unblock your BVN.
- After resolving all issues with the app, if the loan app refuses to take action to unblock your BVN or if you suspect that your personal information has been compromised, you should report the issue to the CBN, the Credit bureau authorities and the police.
What Happens if Online Loan is not Paid?
When you collect a loan from a lending application and fails to pays back as at when due, you run the risk of your name been blacklisted and your BVN been blocked by the financial regulatory authorities. The loan app or creditor can report you to the CBN or authorities and get your BVN blocked.
The following will happen if your online loan is not paid thereafter.
- The Credit Bureau and financial authorities will label you a high-risk borrower, making it more difficult for you to get a loan from any lending platform in the future.
- Having a negative credit rating with the Bureau and financial body means that if you find yourself in a financial crisis or emergency and you need quick funds, no loan app or financial institution in Nigeria would provide you with funding because of your poor credit history and serial loan default.
- Due to the above, you should never hesitate about your loan repayment, and if you have presently defaulted on a loan due to unavoidable reason(s), contact the loan app for assistance and negotiation on a mutually acceptable mode and timing for repayment.
Conclusion
The list reviewed in this article are the most reputable instant loan apps in Nigeria with low interest in 2023 for emergency cash loans. There are many online lending platforms and digital banks out there and you may be tempted to contact just anyone that comes handy. However with the threatening and defamatory messages from many fake loan apps and loan sharks, you should only patronize the licensed and legit platforms in this review..
These are the best reputable applications that have distinguised themselves in terms of customer friendliness, reputable and ethical lending practices and won’t compromise your private data to unsolicited public.
