Skip to content

Exposed! 5 Best loan app in Nigeria with low interest rates in 2022 with no Collateral

New best loan app In Nigeria 2022

Best loan app in Nigeria with low interest rates: Today in this article we’ll be discussing the  best loan app in Nigeria with low interest rates in 2022 and also be checking some loan apps in Nigeria without collateral which are basically for students and business owners.

Getting a loan can help you in urgent circumstances to get access to quick money, that is why I have decided to bring you legit updates on the best loan app in nigeria 2022. All you have to do is to make sure you read through this post from the beginning to the end so you can choose the best out of my list.

You might have been stuck with financial problems and thinking of getting a loan from any of the best loan apps in Nigeria 2022? 

But Hold on!

Be reminded that most of these loan app interest rates are high. 

So What?

To bypass paying 2x of the money you borrowed as an interest, why not get a decent amount from these loan apps in Nigeria with low interest rates in 2022 that I would be showing you.

We all have come to a point in life where we would have to borrow money just to meet our immediate needs. Maybe a business plan, Upcoming party, school Fees,need to change your haircut and many more. But Then,you would not want to pick up your bag,go to a bank, secure a loan and then be hit hard by the high interest rate and that’s if the collateral doesn’t strike. Better still you could just borrow money from any of the best loan apps in Nigeria with a low interest rate.

Guess what !

Many online lending platforms now offer quick and stress free access to small and medium size loans with instant payment, low interest rate and adequate repayment time frame and majorly no  collateral. In addition,these platforms are safe and also reliable and you could get a loan from your house, using their provided mobile apps.

In Nigeria,Securing a loan for personal or business purposes has evolved into a more easy process,no more long queues at the bank and many other obstacles. With just your smartphone and internet connection, You can put in a loan request from any of the Best loan apps in Nigeria with a low interest rate.

Above all, here are some notable and reliable money lending apps that give loans instantly in Nigeria.

Best loan app in nigeria 2022:

  1. Carbon
  2. PalmCredit
  3. FairMoney
  4. Branch
  5. QuickCheck
  6. Aella Credit
  7. KwikMoney (MIGO)
  8. ALAT
  9. Aella Credit and many more. 

But the question here is, are their pay back Interest rate low? Well we’ll find out later in this article.

The Ultimate List of 5 Best loan app in Nigeria with low interest rates 2022

Do you need apps that let you borrow money instantly in Nigeria without collateral and with a low interest rate? Then these apps below suit your request.

Bet loan app in Nigeria with low interest rates
Best loan app in Nigeria with low interest rates


ALAT is Nigeria’s first-ever digital bank, just like any other apps ALAT does not require you to visit its branch to get a loan nor does it require a physical location. To WOW you the more their response time between loan acceptance and loan disbursement is faster than how you could imagine. ALAT loan app is reliable in Nigeria by many people,so you too can give it a try.

How Does ALAT Operate?

Apart from lending you money,ALAT also offers other physical services such as Device-lending and the Goal-based loan program, which allows you to request a loan towards a specific goal, for instance if you want to get a new phone ALAT would help you achieve that with their Goal-base program.

ALAT Interest Rate | Which is the best loan app in Nigeria.

 Like I have told you, ALAT is one of the best loan apps with low interest rates in Nigeria. Their rate fee is structured to help you gain stability in paying back.

If you are a salary based person, you are eligible to receive about N50,000 and even up to N4 million while students are subjected to N5,000 – N900,000 with instant payment within hours.

 In addition,you will have between 3 months to 24 months to pay back according to your schedule with only a 2% interest rate per month on a reducing balance basis. 

Guess what?

ALAT also has special packages for students. They Build Your Side Hustle,make you Shop in Dollars and also Cut Cost on Movies. For this you just have to go to the cinema with the ALAT app and pay with the ALAT app at a discount Price. 

ALAT offers Quick and Instant Loans, No Collateral Is Required, and Low-Interest Rate. They do not require paperwork, no visitation to any physical location, and the response time between your request and loan disbursement is just in minutes. You can now borrow as much as N2,000,000  without collateral. WOW! WOW! WOW! Honestly your bank can’t do this. Trust me lol.

How to apply for ALAT loan 

To get an instant loan all you have to do is to Login to ALAT or just sign-up if you are new to the platform.

Click on the menu items, then on the drop down menu, click on ‘’Loans’’ make sure you must have read and understand the ALAT policies.

After checking your information, a loan offer is presented with duration and applicable interest based on your current risk score

You will have to understand that, ALAT will  have your account debited for repayment at loan due date and provide your debit card details to be debited. 

Then your account will be credited instantly. They are safe and easy to work with. Hope you liked that.

And number two of the best loan app in Nigeria 2022 with low interest rate is carbon (payback)


You can grow your small business or fix personal emergencies with affordable, collateral-free loans. Carbon, which everyone knows to be PAYBACK, is a simple money lending platform that gives access to loans instantly. 

Carbon allows you to request and receive a loan effortlessly without any documentation and collateral. With this app, you can receive up to 20 Million with a low interest rate from 5% to 15%.

Apart from requesting a loan, Carbon also allows you to use the app to make payments like to recharge any network in Nigeria and also Pay bills for your services, and also transfer money.

Carbon, which is one of the best apps to borrow money, creates an easy loan process which is designed to fit your needs and help you grow. When you repay on time you stand a chance to unlock higher loan amounts and lower interest rates.

Carbon Zero Interest Loans Rate Feature

Carbon will reward you if you pay back your loans on time. You will get up to 100% cashback on the interest paid on all your 7 – 30-day loans, once you repay on time. I.e no interest charges at all.

How to apply for Carbon Loan

The first step is to download and install the app from the Google Play store or App Store. Then create an account,make sure you provide all correct details about yourself. Your personal details are safe and secured.

Then,Apply for your desired loan. Let them know how much you need. Your application would be reviewed. Once approved, your fund would be credited to your carbon account almost immediately.

3. Branch

Branch is one of the best loan apps in Nigeria in 2022 with low interest rate. You can borrow up to N200,000.  Although the minimum you can receive from this platform is N1000.

I can say this platform is for students mainly and small business owners. Branch repayment schedule is within 4 – 40 weeks,with little interest. The interest you’ll have to pay depends on the user repayment history and amount you borrowed. In Nigeria, loan amounts are from N1,000 – N200,000 monthly interest between 1.6% and 23%.

They don’t charge late fees or rollover fees, nor don’t put restrictions on how you spend your money. Talking about customer service,they have 24/7 customer service.

How to apply for branch Loan

To get an instant loan from Branch, all you have to do is to Download the Branch app from Google play store. Create your account. Make sure you Fill out the  form correctly and submit for a quick review.

After the review you can then apply for a loan that meets your needs. If you are approved,the loan would be sent to your mobile money or bank account in minutes. Repay with your mobile account, Build your credit to unlock larger loans.

4. QuickCheck

With this app  you’ll Never  have to go broke again, No long queues, No bulky signs of documents.with just your smartphone and QuickCheck App You can receive loan from anywhere. This is one of the best loan apps in Nigeria and this is because their procedures of borrowing money is really a great one.

You will have access to quick cash loans at single-digit interest rates, anywhere, anytime. This loan app helps Nigerians access instant online quick loans without collateral and it works easier than thought.

QuickCheck aims at offering digital and financial services to help you get closer to your personal and business goals. You can choose when to pay back and also You can borrow money up to  200,000.

Honestly, I have never seen such an amazing App before. Prompt response, quick loan dispensation, payment, and prompt loan disbursement.  If there is a 100 stars rating, I will humbly obliged.

How To Register on Quick Check

To Register on the Quick Check platform,all you have to do is to go to its official Website or download the app to Sign Up quickly. Follow all procedures and you’ll be safe.

5.Aella Credit

AellaCredit gives real money. They  focus on employee lending and allow its users to receive quick loans with a monthly interest rate of 6% to 20% and require loan repayment within 3 months. 

Apart from granting loans, AellaCRedit also provides other financial services like investments, bill payments and affordable insurance services. With Aella, all these are available at the snap of your fingers.

All they need from you is your phone details,Contacts,SMS logs and GPS data. You do not need to appear physically to request their loan.

It shouldn’t be so hard to borrow, invest, pay bills, and get health insurance. Go download the Aella app now

So those are my top 5 best loan apps in Nigeria with low interest rate for quick money lending. Hope you love them.

Best loan app in Nigeria with low interest rates 2022
Best loan app in Nigeria with low interest rates 2022

What are Loan App Without Bvn In Nigeria

Do you need a list of instant loan apps without BVN in Nigeria? The Bank Verification Number (BVN) is an 11-digit unique identity for each individual across the Nigerian Banking industry.

With your  BVN, you can engage securely in transactions at any Point of Banking operations in Nigeria. However some fake loan apps in Nigeria involve in data breach and use your BVN for illegal and fraudulent purposes. 

Here is a list of top Loan App that doesn’t Require Your BVN.

1.JumiaOne Loan App

JumiaOne is one of the best loan apps without BVN in Nigeria. Apart from just rendering loans, you can also do multiple transactions on the platform.

Aside from serving as an online payment platform for Nigeria’s leading e-commerce site, Jumia Nigeria, the JumiaOne app also offers loans to its individual users without collateral.

2.FairMoney Loan App

FairMoney Loan app offers loans to small business owners who plan to start up a business or to grow an existing business. In addition, they provide quick cash for personal finance, house rent, health emergency, business, education needs and car repairs without BVN, documentation, collateral or guarantor.

3.OKash Loan App

Okash I’d one of the best loan apps without Bvn linking. It is safe and secure, owned and managed by Blue Ridge Microfinance Bank Ltd.

It offers users instant loans from N1,500 up to N50,000 for a repayment tenor of 7 to 90 days, at about 10 – 24 percent interest rate per month.

Best New Loan App In Nigeria 2022 allows You Get Instant Credit 

Have you ever wondered what apps let you borrow money instantly in Nigeria? Well, There are many apps that give instant loans in Nigeria, among them are ALAT, Branch, PalmCredit, AellaCredit, Carbon, Quick Check and many more.

But you should know that no app would grant you a loan if you decide to input wrong details. Your information should be correct and you’ll be granted an instant loan. And make sure you stay safe.

List of fake loan apps in Nigeria

Avoid bad loan providers that can frustrate your life. Note that, I am not saying they are scam and being fake doesn’t mean that you can’t get a loan from them, definitely you will.

But how they operate their services is the main point here.  Below are the characteristics of a fake loan ap

  • Higher interest rate
  • Shorter loan duration (7-14 days)
  • They treat their customers like they don’t care
  • They send out abusive messages to all your contacts when you don’t pay on time
  • Can start an argument even before the loan expires
  • They charge for card verification before approving a loan
  • Some don’t offer a loan but refer you to other apps and charge for services fees. This is a risk.

Here is a list of fake loan apps in Nigeria that look unprofessional.

  1. 9jaCash
  2. Go cash loan app
  3. NairaPlus
  4. 9Credit
  5. Sokoloan
  6. ICoin loan
  7. Fast Money loan app
  8. GMoney loan app
  9. LionCash


I know that not everyone is born with a silver spoon,well still even the rich get Loan. The main reason why I came up with this best loan app in Nigeria with low interest rates in 2022 is that, I want everyone to be able to access a good life and get Instant money to promote his or her business or any unprepared issues like all this school Billings.

Note: You should have this in mind that all these money borrowing apps have their own terms and conditions and also they have different policies and different interest rates. But I think ALAT should be the best app for now.

Just make sure that you have read and understood their privacy policies,terms and conditions, disclaimer and many more.

This is all I could tell you about the new best loan app 2022  in Nigeria. Tell me what you think about the loan app you’ve encountered or used in Nigeria by using the comments section below.

Whatsapp group join You can Join our online WhatsApp forum, if you need help in startups,getting loans, Managing your Business and many other

Leave a Reply

Your email address will not be published.

...Check this out...