Top 10 Loan Apps In Nigeria | No Collateral, No Paperwork

 Loan Apps With Low-Interest Rates in Nigeria

Borrowing loans is one thing, but borrowing loans with low-interest rates is better. Some Mobile loan apps with the best interest rates are listed here; Sell Pi Coin Now – See how to trade Pi coin even without a wallet address

1. Carbon: This bank was formerly called Pay Later. With this app, you can borrow from 5,000 up to 1 Million Naira. You can borrow this much between 24 hours as it has an interest rate of 2% yearly. This app has significant features like;

• • You can get a payback on your interest if you pay on time.
  • There are no late fees, rollover charges or loan processing charges.
  • The low rates depend on the amount being borrowed.

2. FairMoney: This is one of the fastest loan apps in Nigeria as it gives you a loan instantly. The interest fee is between 2.5% to 30%  monthly. The APR ranges from 30% to 260% depending on the amount being borrowed. It is important to highlight the features of this app.

• • Payback spreads across 3 to 18 months.
  • There is little collateral involved.
  • A few documents are to be provided.
  • Defaulting means losing your account.

2. Palmcredit: Only individuals between the ages of 18 to 60 can borrow or transact on this app. You can repay the loan between 4 to 26 weeks. Palmcredit interest rates range from 5% to 28%. The annual rate is between 24-56%. The loans can be gotten without many requirements. The loans are to be paid between 91 to 365 days.
3. Branch: This app has the lowest monthly rates with rates as low as 1.5% – 20%. Depending on the amount being borrowed, the APR is between 18% – 260%. However, the interest rate is dependent on the history of your payback and the amount being borrowed. This app also offers personalized loans in minutes. You may choose to repay your loan from 1 month to a year. Their loan amount is from 2,000 Naira.
4. QuickCheck: Overall, this app offers the cheapest rate of 1% daily. With this app, you may want to pay back your loan on time. Defaulting brings about distrust which would make them label you a high-risk borrower. When you have been labelled such, the chances of borrowing again will decrease. When there is a change in their interest rate, it is communicated to their customers to enable trust. However, this app takes long to process a loan application.

Which App Gives High Loans In Nigeria

These seven apps will give you high loans whether it is your first time or you are a returning customer. You may even get up to 1 Million naira as a first-time user.

1. Branch
2. Aella Credit
3. KiaKia
4. Xcredit
5. PalmPlay
6. 9ja Cash and
7. Branch