Best Loan Apps In Nigeria With The Lowest Interest Rates (2020)

I wanted to know the best loan apps in Nigeria 2020 with the lowest interest rates, so I carried out some research about it and then came up with the following facts which I intend to share with you.

Zedvance is the best loan app in Nigeria 2020 with the lowest interest rate. The reason for this is that you can borrow about N100,000 with Zedvance with a %4-%4.50 monthly interest rate. That’s about the lowest you can get at the moment.

Now lets dive right into the research to find out more about Zedvance and other amazing loan apps in Nigeria that you can employ to assess quick loan for your business with low interest rates.

Most times, all that we need for our businesses to start booming is a little financial push-up in the form of loans. The economic importance of having access to loans can never be overemphasized.

best loan apps in nigeria with lowest interest rate

Regrettably, before one can have access to loans in Nigeria through the Nigerian financial institutions like the banks, you will have to pass through the eye of a niddle, a task which is considered by many as simply impossible.

Even when you manage to secure a quick loan from Nigerian banks, the conditionality that the loans come with, coupled with its high interest rates makes it almost undesirable for any profitable venture.

Also Read: How To Start Dropshipping Business In Nigeria 2020

Fortunately, there are apps that you can install on your mobile through which you can assess quick loans easily without any hassle.

While there are many loan apps out there that individuals and small businesses can use to assess quick loans without issue, most of them comes with high interest rates, which actually reinstates what the bank loans represents.

Hence, in this article, i will be showing us the best loan apps in Nigeria with the lowest interest rates in 2020. You wouldn’t want to collect a loan with high interest rate, would you?

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What Is A Loan App

A loan app is any application on mobile or desktop computer which enables an individual have access to quick loans without going through the banks.

what loan apps really means

Basically, to assess loans via a loan app, all that you need to present is a basic document that shows your income statue and your ability to repay the loan.

Also Read: How To Start A POS Business With Access Bank (Requirements In 2020)

Once you can provide this information, the lender don’t need to physically see you in person before releasing the loan to you ASAP.

While there are many loan apps in Nigeria with high interest rates, there are equally a few others with very low interest rates. It is these ones that we will concentrate on in this article.

Best Loan Apps In Nigeria With The Lowest Interest Rates in 2020

Below is the summary of the best loan apps in Nigeria with the lowest interest rates. It’s our view that after going through this list, you will decide on the best one you can go for, as they all have their individual high and low points.

Below are the list of best loan apps in Nigeria 2020 with the lowest interest rates:

  1. Zedvance
  2. Paylater
  3. Renmoney
  4. Aella credit
  5. Kwikmoney
  6. Rosabon finance
  7. Page financial
  8. FINT loan
  9. Branch
  10. Quick cheque
N/SName Of AppRequirementsInterest RateDownload LinkLoan Duration
1ZedvanceBVN,Employment letter,Valid ID card, Utility bill and Bank account%4-%4.50Download here3-12 months
2PaylaterBVN, Address and passport photographs%12-%15Download here3-12 months
3RenmoneyBVN, statement of account, ID card, and employment letter.%4-%4.50Download here3-12 months
4Aella CreditBVN%4-%29Download here1-2 months
5KwikmoneyBVN%15Download here1 month
6Rosabon FinanceBVN,Employment letter,Valid ID card, Utility bill and Bank account%4-%6Dowload here 3-12 months
7Page financialBVN, salary account, utility bill and ID card%0.5 per dayDownload here3-12 months
8FINT loanBVN, salary account, utility bill and ID card%3-%5Download here 3-12 months
9BranchBVN, Address and passport photographs%1-%21Download here1-6 months
10Quick checkBVN and Bank account number%4-%20Download here1 month
list of loan apps in Nigeria for quick cash

From the table above, zedvance clearly appears to be the best loan app with lowest interest rate in Nigeria, with an interest rate of %4-%4.5 per month.

However, it doesnt mean that zedvance tops the lead in all our indexes of measurement. In terms of easiness in assessing quick loans, Kwikmoney and paylater tops the list, while in terms of innovativeness and convenience, kwikmoney is the best.

Hence, it depends on the factor that you care so much about.

Features Of A Good Loan App

There are a few tips that that should guide you in making a decision as to the loan apps to go for, because while the prospect of getting quick loans may sound sweet, going for the wrong one can quickly put you in a financial mess, and you wouldn’t want that for any reason.

Which loan app should i go for in Nigeria? The loan app to go for is dependent on the particular thing that you want to achieve with the loan.

Below are the features of a good loan app in Nigeria:

  1. Interest rate
  2. Easy access to loans
  3. Duration of payment
  4. Collateral free

Interest Rate

You don’t want to go for a loan app whose interest rate is higher than the profit you intend to make with the loan itself right?

Most of the loan apps online in Nigeria are too greedy in their quest to exploit those who use them, as they mostly charge as much as %30 of the loan you borrowed per month.

Always endeavour to go for the loan apps with the lowest interest rate at any time.

Easy Access To Loans

The main reason Nigerians have now turned to loan apps is that the traditional banks have very rigorous processes and paper works that must be signed and documented before a loan can be issued.

However, most loan apps in Nigeria equally has this tedious process of giving out loans. Hence, you should ensure that you go for the loan apps that you can quickly obtain loan without much stress, while considering their interest rate too.

Duration Of Repayment

Most loan apps offer a very short repayment period of 1 to 3 months. That’s too short for the money to be put into any productive use.

Ensure you go for the loan app with at least 1 year repayment period. This is another important aspect of a good loan app.

Collateral Free

Ensure you go for the one that does not require you provide your landed property or other collateral, in case you fail to meet up with the deadline.

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Eze Elekwachi

Hi, Eze Elekwachi holds an M.Sc. in Public Administration and a PhD in view. He is the brainchild behind Cyriltips.com. People see him as a programmer, web developer, content developer and a seasoned e-marketer probably because he's good at what he does...

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