10 Best Loan App In Nigeria With Low Interest Rate 2024

Will you like to know the best loan app in Nigeria with low interest rate that you can easily borrow money from fast within 24hrs.

These new loan apps will help you to borrow money online instantly to solve your financial problem without any collateral.

Have you ever been in a situation where by your account balance look like time; N10:44 but you need money urgently for a business or to solve a particular problem within 24hrs and no one around you was able to help even your close friends?

I was ones in such position that is why am here to show you how I was able to get fast loan in Nigeria without guarantor with low interest rate.

Things keep becoming harder everyday, guys are getting broke, while most girls are looking for urgent 2k to solve their financial problem.

Internet have come to our rescue where by we can find some best loan app in Nigeria with low interest rate that will enable us to request for loan and get it within 24hrs.

Back then, you will need to go to the bank with a lot of documents and stand on queue for many hours, until some fintech companies started launching new loan apps in Nigeria 2023 that guarantees 24hrs loan in Nigeria without collateral.

Most of those best loan application will request for your Bank Verification Number (BVN) before they can offer you any loan.

But Wait!

Before you get scammed! It is better you read my honest review and make more research before putting your BVN into any of those platforms.

Because fraudsters are everywhere with fake loan apps; and many of us believed that they can easily hack our bank account using our Bank Verification Number (BVN), that is why you need to know how legit the loan app is before putting your BVN.


3 major requirements to apply for loan are;

  • Bank Verification Number (BVN)
  • Phone number
  • Loan app.


Best Loan App in Nigeria With Low Interest Rate

  1. Fair money App
  2. Kashkash
  3. Okash app
  4. Renmoney app
  5. PalmCredit loan app
  6. Myspecta loan app
  7. Monica
  8. Carbon
  9. PayLater
  10. QuickCheck.

Now, let quickly look at how these new loan apps operate and how you can easily get loan from them fast either by using USSD code of without using any USSD code.

Best loan app in Nigeria with low interest rate

1. Fairmoney App

The first best loan app in Nigeria with low interest rate in our list is fairmoney loan app. it is licensed by the CBN and they are fair just as their name suggest, it is a mobile banking application that makes loan application easier and faster.

With fairmoney you can borrow up to N500,000 without BVN or collateral, in less than five minutes. Fair money prove beyond standing promise, they provide loan as swift as the air speed. You can borrow minimum of N1,500.

Fairmony loan USSD code is *566*15N both old and new customers can make use of the USSDC to apply for loan.

How much is fairmoney interest rate?

The fact is fairmoney interest rate is high, that is; their monthly interest rate is between 2.5% to 30%. And the repayment period is 61days to 18 months.

How to get instant loan from fairmoney

  • Go to playstore and download fairmoney loan application.
  • New user: sign up with the phone number linked to your BVN while old user should login.
  • You can either create account with your phone number or social media accounts.
  • Once you have login into the app, apply for the loan and get credited instantly into your bank account, with no hidden fee.

However, fairmoney is one of the best loan app without BVN in Nigeria and as at the time of publishing this review; fair money is still offering fast loan in Nigeria. As you can repay the loan on or before the due date without any hidden charges.



2. Kashkash loan app

Kashkash loan app is another legit 24hrs loan app in Nigeria that offer quick loan without BVN. You do not need to carry document to any where before you can obtain the loan, you can stay at the comfort of your home and apply for it.

This application gives loan in two ways; best loans and super loans, with and interest rate of 30%. They offer loan amount of N3,000 to N200,000.

You can pay back the loan within 91 or 365days, the bank may contact you for the due date to remind you that your loan need to be repay in case you do not remember.


Kashkash app loan requirements

  • You must be a citizen of Nigeria
  • You must be 20 year and above, but not above 55 years.
  • You must have a stable income source.

To request for loan on KashKash app

  • Download and install kashkash loan app from app store.
  • Register on the platform (fill all necessary details.)
  • Apply for the loan on the app.
  • Wait and receive the loan within 10 minutes.

The reason why I like kashkash is that you can choose when to pay your debt, it is secure, reliable and offer fast loan in Nigeria.


3. Okash app

Another fast loan app in Nigeria with low interest rate that is genuine is Okash. It was popularly called Opay loan app in the past, because it is a feature on Opay mobile banking app but later it was created as a separate app that is basically for loan application.

24hrs loan in Nigeria

Okash is an online loan platform that give you access to 24hrs loan in Nigeria with only your BVN number, if you borrow loan from them their repaymentt period is within 30days.

Okash loan requirements:

  • Android Phone
  • Valid bank account details
  • BVN number
  • Valid ID card
  • Must be above 18 years old.

If you meet up with these requirements, go to play store and download the application, if you are a new user you can sign up with your personal information, but if you are an old user you can simply login.

Read; How Does Okash Loan App works?


4. Renmoney app

This is another best loan app that is capable of offering you instant loan with low interest rate, I mostly recommend this to entrepreneurs who are looking for money to invest into their business.

They are capable of giving you up to N6 million loan without any single collateral with low interest rate of 2.8% per month. They are very legit and are regulated by the central bank of Nigeria (CBN). Their mission is to help you to;

Grow your income source, renovate your home, purchase a new car, pay school fees or house rent etc.

They do not have any hidden charges no do you need any guarantor they provide 24hrs loan in Nigeria with low interest rate, for upto 24 months.

What are the Renmoney loan requirements?

  • You must be Be between 22– 56 years old
  • must be a citizen of Nigeria
  • Have a verifiable source of income
  • Have a savings or current bank account with any commercial bank.

How does Renmomey works?

  • Download and install the app on play store,
  • Register on the app (with your correct details
  • Choose your loan amount and repayment time
  • Verify the information that you’ve provided
  • You will receive the money into your bank account within 24 hours if your loan is approved.


5. PalmCredit loan app

This is one of the new loan apps in Nigeria 2023 that offers fast loan with low interest rate, they give loan ranging between N5,000 to N300,000, not only that repayment of the loan may reach up to one months.

This kind of loan platform is good for students looking for where to borrow money to pay their school fees. The major documents needed to request for the loan is ; your government issued ID card and your bank account statement.

Though, palmcredit is a legit loan app without BVN in Nigeria that offer people loan on internet.

To request for the loan;

  • Download and install the app from play store.
  • Register an account with your correct details.
  • Request for the loan.
  • You will receive alert within 2 minutes.


6. Myspecta loan app

Myspecta is another best loan app that provide customers with fast loan in Nigeria without any collateral, with the help of spectra you can easily take care of your immediate need or solve your business problem.

It is one of the best digital banking app, that gives you the chance to create account and bank instantly and you can make payment, invest or borrow money from them instantly.

Myspecta is own by sterling bank, it was create to enable people get loan from the comfort of their home without any need to go to the bank.

There are many loan packages available for different people like; serving youth corps members (NYSC),  salary earners, business owners. But the package that is meant for every individuals is known as quick loan packages and this can offer up to N20,000 to customers.

You can borrow up to N5 million without collateral from myspecta within 5 minutes.

Specta fees

Interest rate on Loan: 25.5%-28.5%* . One off payment for Insurance: 2.5% . One off payment of Management fees: 1% . Repayment Period: 1-12months . Penalty fee- 1%

Requirements For MySpecta Loan

Before you can request for instant loan from myspecta you will be required to provide the following;

  • Bank account number (preferably Sterling Bank account)
  • Bank Verification Number (BVN)
  • Valid ID Card
  • Email Address.


7. Moniva

Moniva is basically online lending platform that is mainly design to help people with financial need. It is the most trusted lending platform that provide 24hrs loan in Nigeria.

Moniva limited is a registered platform that is located on Lagos state, their major focus is on providing technology Steven financial services in emerging market world wide.

Moniva was formally called snapcredit, is one of the most trusted leading platform that provide fast loan in Nigeria majorly to salary earners.

You can borrow up to N10,000 and above, and you may pay back at the selected period. It is one of the best loan app that may not request for your BVN before offering you loan.


Monica interest rate;

The loan interest rate may depend on the amount of money borrowed but you can login to snap credit dashboard to check your interest rate.

But most times the interest rate may vary from 3.5% to 5% per month.

Moniva loan requirement

  • Your bank account information
  • You must have a defined source of income
  • You must be above 18 years.


8. Carbon

Carbon is one of the best investment platform that also offer instant loan with low interest rates, you can borrow up to N1,000,000 from them, but as a new user you may not get up to date.

If you repay your dept on time you will have opportunity to unlock higher loan amounts and lower interest rates. You get up to 100% cashback on the interest paid on all your 7 – 30-day loans, once you repay on time.

However, carbon is a fast loan app without BVN in Nigeria, they give own to both old and new users.

Carbon Loan Interest Rate

The interest rate of loans on Carbon are really very low, but it all depend on the amount borrowed but lowest is 2% per  months.


Steps to apply for the carbon loan

  • Download and install the Carbon app from the Google  App Store.
  • Create an account on the app, do not worry your details are secure.
  • Apply for your desired loan amount
  • Once they approve it, The money will be send to your Carbon wallet instantly.


9. PayLater

Paylater is another best new loan apps in Nigeria that offer 24hours loan without any collateral with low interest rate. Just as their name suggest, they give you the money so you can pay later when you have it.

This type of loan is mostly good for student or people that just need small money to solve their immediate problem because they are one of the legit loan app without BVN in Nigeria.

Paylater is an automated landing platform that majorly based on helping individual with short term loan around African. If your loan is approved instantly, you will get alert with 10 minutes.


  • Android Phone
  • Valid bank details
  • BVN number
  • Complete application.


10. QuickCheck

This suppose to be the first best loan app in Nigeria with low interest rate in our list because of the fact that it is one of the legit platforms that offer fast loan in Nigeria.

Just as the name sound; quick check, you receive the money at the speed of light, they do not waste time to approve it, except if their server is having issue.

Quickcheck platform is created for small business owners, or people with heath issue but need urgent money to solve the problem.

You can borrow up to N30,000 from this platform and pay back within 30days. though, it’s not a new loan app in Nigeria but it is reliable and fast.


Steps to apply for quickcheck loan

  • Download and install the app from play store,
  • Register on the app and fill your details correctly
  • Request for the loan.
  • You will receive alert into your bank account within 2 minute.

Things To Know About Genuine Loan App In Nigeria Are:

  1. Legit loan app in Nigeria does not ask for collateral they only request for your BVN and some other vital details.
  2. They will never ask you for your bank account password nor your ATM details.
  3. You must download the application from play store and register on it.
  4. It must be registered under center bank of Nigeria.
  5. It must not have any hidden charges.


Is it safe to give out my BVN?

Only give out your BVN when you know that the platform where you want to put it is legit and is registered under central bank of Nigeria with a registered license.

The fact is, almost every genuine loan application will request for your Bank Verification Number (BVN) before they can give you any loan.

However, their are many new loan apps in Nigeria 2023 that may borrow you money online without asking for BVN.


Why do every loan apps always request for BVN?

Loan apps request for your BVN to enable them get all your vital details like; your home address, parent name and more.

This is a CBN policy for all financial institutions as part of Know Your Customer (KYC) requirement.

The major reasons they do request for BVN before offering anyone instant loan in Nigeria is to enable them track the borrower if he/she failed to refund the dept.


Where can I get interest free loan in Nigeria?

Online is the best place where you can get loan without interest, but majorly investment platforms that offers loan are those that normally give loan to most of their investors without any interest rate during repayment.


What happens if you don’t pay fairmoney?

They will wait for some days after the due date for the repayment, after that they will contact you. If you fail to repay the loan they will start contacting your contacts, that is those that you have their phone number!

They will send both, WhatsApp messages and calls which means all your friends and families will know that you are a debtor.



Borrowing loan online may be very easy but the question is can you be able to pay back? Borrow loan with a reason.

I always advise people to borrow the amount of money they can be able to pay back to avoid embarrassment. It is always bad to misuse money that you borrowed, make sure you invest it into something important.

Though, there are most loan app without BVN that offer loan within 24hrs, but do not forget to check the team and condition of any loan platform before applying for any fast loan in Nigeria.

What is your opinion about these best loan app in Nigeria with low interest rate?

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