It is no news that with the inflation that has hit the country, prices of all goods, from food items to household items and even gadgets, has more than doubled. It is also not news that the increase in living costs has in no way triggered an increase in income; hence, the need to seek more sources of income or finances increases each day.
Loan apps are now widely available to cater to the financial needs of individuals and businesses needing extra support. Amidst seeking the most reliable loan apps, you must take time to make research those with interest rates that suit individual needs. This is essential because all loans must be paid back in time and with agreed interest rates.
5 Loan Apps In Nigeria With Lowest Interest Rate 2022
Some of the best loan apps in Nigeria with the lowest interest rates include:
- Branch Loan App: Branch is one of Nigeria’s best and fastest loan apps. It is also reliable, with an interest rate of between 1.5% and 20% and an Annual Percentage Rate (APR) of between 18% and 260%. The Branch loan app provides loans from as little as N2,000 to as high as N500,000 with a duration of between 4 weeks and 52 weeks. Interest rate is dependent on several reasons. It could depend on Branch’s cost of funds and the amount you are borrowing. Interest rates may reduce with on-time repayments and higher loan amounts. Branch loans do not require any paperwork or collateral, and loan requests are processed in a few minutes.
- Renmoney Loan app: is one of the most downloaded loan apps in Nigeria, and part of this is because it has a flexible loan interest rate. When taking loans for business expansion, personal and family bills, Renmoney is one of the loan apps to consider without exorbitant charges. Renmoney charges a monthly interest rate of 2.9%, and the Annual Percentage Rate (APR) is between 32% -34.17%. Using this loan app for the first time, you can get a loan offer between 30,000 naira and a million naira, while regular users with no outstanding debt can access a higher loan. Loans can be paid back directly from your bank account, with your ATM debit card or using an external payment method like POS, but notify Renmoney with your details when using POS to repay the loan.
- Palmcredit Loan App: Palmcredit is a top-rated instant loan app that processes, completes, and pays out loan requests in less than three (3) minutes. Users can access loan amounts from as little as N2,500 to as high as N300,000 in minutes. Palmcredit interest rates range between 5% and 28% monthly, with an Annual Percentage Rate (APR) of between 24% and 56%. The loan repayment term is typically between 91 and 365 days. No collateral or documentation is required for the application, and all users must be at least 18 years old. Palmcredit charges no rollover fees, transaction fees, or hidden fees.
- Umba Loan App: Umba Instant loan app ranks as one of Nigeria’s most secure financial platforms. It is a full-fledged mobile bank that offers transfer, payment, and loan services. Using Umba does not need documentation, collaterals, or in-person visits. Umba offers users a minimum loan amount of N1,115 and a maximum amount of N89,182. The maximum Annual Percentage Rate (APR) is 10% with no commission or VAT. Several factors are considered with the information provided to determine a credit score and loan amount. With consistent on-time repayments, users can access higher loan amounts. Umba requires no late or rollover fees.
- Aella Loan App: Aella loan app offers users loan amounts of a minimum of N1,500 and up to N1,000,000 with no collateral or documentation. Interest rates of Aella loans range between 4% and 30% monthly. Loan terms may vary per borrower, but typically between one and three months. Aella loan app allows users to build their creditworthiness by on-time repayment of loans, which will qualify users for reduced interest rates and higher loan amounts. The platform imposes no late or rollover fees. Processing and approval of loan requests typically take less than five minutes to be completed.
It is essential that you pay back your loans in time. If you cannot, endeavor to communicate with the loan platform to reach an agreement. Failure to pay back your loans in time may affect your credit score and your chances of receiving higher loans.