Best loan mobile apps in Nigeria with a low-interest rate

 Best loan mobile apps in Nigeria with a low-interest rate

If you are looking for a low-interest loan app in Nigeria and also with no collateral where you can access up to 100k loans and pay back in 9month these are the loan app to look out for. Also note that to qualify for this option, you must have used the platform without defaulting.

    List of  Best Loan Apps in Nigeria in 2023.

Migo loan 

Migo loan is a web-based and USSD code loan service that has been around since 2017. migo is one of the easiest loan services to access and it doesn't require you to have a smartphone or request documents like others. The most important requirement is your sim card that is linked to your BVN which will be used to calculate your credit scores. To access Migo loan you can dial *561#  or Visit their official website.

As a starter, you can have access to a loan of up to 3-35k depending on your credit scores when it is accessed by their server.

Migo Interest rate

Migo interest ranges from 15-18% depending on the money collected and additional fees when paid late  

Branch Loan 

The branch app is available on both ios and Android devices, just like Migo branch loan has been given out loan since 2016  and you can access up to 200k loans without collateral if you have been using the app regularly and also paying back the loan on time. As a first-timer, you only have access to loans from 2000-5k loan.  apart from the loan service, they also have a savings plan with a 12-15% annual interest rate.

Keeping a good record which means paying back the loan on time will give access to a larger amount of money and for branch loan defaulters, you might not have access to the loan again which can spoil your credit scores.

Paylater Loan

Paylater formally known as Carbon is one of the most popular loan apps in Nigeria and one of the first that started no collateral instant loan back in 2016. Paylater is also a microfinance bank which is called one finance which means you can house your fund with them. 

With paylater you can access loans of up to 100-200k with a 9-month repayment plan of 14-24%interest rate.