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Top 10 Loan Apps In Nigeria With Low Interest Rate

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Ella Friday, 10 May 2024, 7:32 am

THE TOP TEN LOAN APPS IN NIGERIA WITH LOW INTEREST RATE

You don’t have to go through stress and hassle to get a loan or go to the banks to waste time whereas you can get loans from the comfort of your home.

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Most people are looking for apps that give loans with low interest rates and no collateral. In this article, you will find 20 different legit apps that will proffer solutions to your problems regarding legit, trustworthy, low-interest, and no-collateral loan apps.

Carbon
P2Vest
Fair money
Branch
Aella Credit
Palm Credit
Quick Check
Alat Loan
Okash
New credit

CARBON LOAN APP

Carbon is a microfinance Bank licensed by the Central Bank of Nigeria with deposits insured by the Nigerian Insurance Corporation.

HOW TO GET STARTED WITH THE APP?

Download the app. You can Get the Carbon App on Google Play Store for Android or App Store for iOS.
Register within minutes. Tell us a few details about you to help us create your Carbon account quickly.
Start banking. You’re ready to go. Carry out all your banking transactions within the app.

WHAT ARE THE REQUIREMENTS FOR CARBON?

Must download and use the Carbon app.
They will ask for your basic details such as name, phone number and more.
You must snap a photo of yourself which you may have to snap in real time with your phone via the app.
You need a Bank Verification Number (BVN)
You need bank account details.
You need an ATM card.

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In addition, you can use the carbon loan USSD code without downloading the app, especially for low-storage users or if you don’t have the data to download the app. Simply dial *1303# and follow the due process to get your loan.

Also, Read: LCredit USSD Code, How To Repay LCredit Loan

HOW MUCH CAN I BORROW FROM CARBON FOR THE FIRST TIME?

As a new customer, you are eligible to take one of the following loans;

Loan 1: 30,000 or 200,000. This particular loan depends on your ticket criteria eligibility.

Loan 2: 400,000

Loan 3: 600,000

In essence, defaulting loans are reported to the national Credit Bureaus and this can severely affect your ability to access loans in future. We therefore advise you to pay on time.

WHY DOES CARBON NEED MY BVN?

To verify the provided bank account carbon needs your Bvn. This is to ensure that your details cannot be used to apply for a loan without your authorization in the event a 3rd party has access to your account details.

NOTE: Your BVN does not provide access to your account

WHAT DOES CARBON DO?

Instant Loans

We make access to loans simple and easy. No guarantors, collaterals, or long forms. Apply 24/7 and receive funds in your Carbon account instantly. Unlock higher loan amounts and lower interest rates by repaying loans on time.

IS CARBON LEGIT?

So many people have questions about the legibility of some loan apps, and it has been verified that Carbon is legit and trusted. Is it Approved by CBN? Yes, Carbon loans are legit.

WHAT IS THE INTEREST RATE OF CARBON?

Interest ranges from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21%. Annual Percentage Rate (APR) from 23% – 60.8%. No late fees or processing costs. Example: For a 3-month loan of ₦50,000, Carbon charges 2% a month.

P2VEST LOAN APP

The P2vest loan platform is one of the newly formed loan platforms in the country. This loan platform aims to offer various loans to businesses and individuals. The loans available on this platform are categorized into low, medium, and high, which makes it easy for anyone to obtain a loan from the platform.

With P2Vest, you can borrow a loan instantly to fund and grow your business. The loan platform is well known by citizens for being one of the fastest.

With the P2vest loan, you don’t need to worry about collateral, no paperwork, and no hassles.

CAN I BORROW MONEY FROM P2VEST?

You can borrow from N5,000 to N2,000,000 for up to 12 months tenure. Your credit rating will determine the rate of interest you will pay on your p2Vest loan. The rate of interest at p2Vest is dynamic, based on the market rate and your risk rating.

FAIR MONEY LOAN APP

FairMoney Microfinance Bank is the number 1 most downloaded fintech app in Nigeria. With over 10,000 daily loan disbursements, and over 5 million users enjoying banking, savings, and investment services, FairMoney helps the average Nigerian access finance tools to take control of both their life and their finances.

THE FAIRMONEY HAS 2 CATEGORIES FOR ITS USERS AND THEIR PREFERENCES WHICH ARE:

THE PERSONAL LOAN
THE BUSINESS LOAN

WHAT ARE THE PERSONAL LOAN ELIGIBILITY?

Must have the Fairmoney MFB app on your Android smartphone
Must be 18 years old and above
Must be a Nigerian citizen

WHAT ARE THE REQUIREMENTS?

Bank verification number
Proof of employment (Salaried, self-employed, student)
Monthly income of a minimum salary of ₦1000
Credit History

WHAT ARE THE BUSINESS LOAN ELIGIBILITY & REQUIREMENTS?

6 months Statement of account
Valid ID card
Proof of address
Bank Verification Number
CAC document (If business is registered)
Passport photography or selfie
Age must be between 22 and 65

BRANCH LOAN APP

Branch is the world’s leading personal finance app that provides access to instant loans with no physical documentation.

WHAT ARE THE REQUIREMENTS TO RECEIVE A BRANCH LOAN?

What is required to receive a Branch loan? Requirements are simple – all you need to apply is a phone number or Facebook account, an ID number, and a mobile money or bank account. We will also request access to the data on your phone in order to build your credit.

HOW MUCH CAN BRANCH GIVE?

Branch makes it easy for people in Nigeria to transfer money, get instant loans up to N500,000, and enjoy investment yields of up to 10% and 15% per annum on Flexi Investments and Target Investments respectively.

LEGIBILITY OF THE BRANCH LOAN APP

The branch loan app is a legit and secure loan platform, approved by CBN. A reliable app for personal and SME loans with good interest rates and no late fees.

HOW MUCH IS BRANCH RATE?

Depending on how fast you repay the loans and your creditworthiness, the interest rate charged on your future loans will reduce to between 14-28% while the amount you can borrow will increase.

AELLA CREDIT LOAN APP

Aella App makes it easy for people to get loans, get insurance, make payments, and make investments. Aella opens up financial access for all in emerging markets – whether you are a business or an individual, we put control back in your hands with simple, straightforward products.

How long does it take to process an Aella Credit loan?

The whole process can be completed in 5 minutes. Once your application has been completed and you accept the loan offer provided, your information will be reviewed and the decision on the loan will typically be made within minutes. If approved, funds will be received within 5 minutes of the process being completed.

HOW DO I GET MONEY FROM THE AELLA APP?

The application process is simple: Download the Aella app on your Android or iOS device. Create your account by filling in all required fields accurately. Once this is completed, check your eligibility and borrow the amount that works for you.

Does Aella require BVN?

NO, Aella Credit is another legitimate platform where you can borrow loans without BVN. Basically, this user-centered digital lending platform offers users loans as low as N2,000, with a maximum limit of up to N1,000,000. Also, their own processing period does not take too much time.