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In 2025, according to SMB Intelligence, 27 percent of Nigerians use loan apps to cover day-to-day living expenses due to the present Nigerian economy. In a recent study, the Nigerian poverty rate is estimated to have reached 38.9 percent; hence, there is a need for commercial loan apps.
However, commercial loan apps heap a load on borrowers due to high interest rates. In order to tackle this, ten different commercial loan apps with the lowest interest rates in 2025 are highlighted below:
Table of Contents
10 Loan App With Lowest Interest Rate
here are the best loan apps with the lowest interest rates in Nigeria:
Fair Money
Fair Money is one of the commercial loan apps with the lowest interest rates that offers loans ranging between N1,500 and 500,000 with an average monthly interest percentage of 2.5 to 30. This lending app is licensed by the Central Bank of Nigeria and NDIC. To get this app interested individuals should download this app from Google Play Store.
Branch
Branch is another loan app with the lowest interest rates that provides loans ranging from 1000 naira to two hundred thousand naira. They have a staggering monthly interest rate of 15%.
Pasepal
Pasepal is a commercial loan app with the lowest interest of seven percent per month, although its interest rate varies. They are not limited to the provision of loans, but they help with mobile payments and other financial services.
Kwik money (Migo)
It is an easy-to-go commercial loan app with the lowest interest rate of three percent per month. To apply for a loan on this app is not complicated.
QuickCheck
It is a commercial loan app that gives loans only to businessmen/women and salaried workers. It is a loan app with low interest rates of 5 percent per month.
Lidya
This commercial loan app offers quick loan processing for small businesses. Lidya is a loan app with the lowest interest rate that starts at three percent per month..
Renmoney
It is a commercial loan app with a flexible repayment plan. Ren Money’s interest rate starts from 4.5% per month for personal loans. This app doesn’t limit their loan to salary earners, businessmen or women alone.
Loan square
Individuals who have an interest in this commercial loan app don’t need to worry about repayment terms because loan square offers flexible loan repayment terms. The loan app offers a low interest rate of five percent every month.
Carbon
Heard about the Carbon commercial loan app? No.
Carbon commercial loan app grants quick personal loans; they also help with utility bill payments and other financial services.
However, the loan app offers a low interest rate of five (5) to ten (10) percent every month.
Aella Credit
A low 3 percent interest rate per month? Of course, an individual who uses this loan app gets to pay only a three percent interest rate monthly.
Does Aella Credit have a complicated application process? Of course not. In fact, their simple application process helps individuals get their loans in easy steps.
A Step-by-Step Guide On How to Compare Interest Rates on Commercial Loan Apps
With the long list of different commercial loan apps with the lowest interest rates, individuals might be confused about which to pick. Below are ways individuals can compare interest rates to pick the best;
1. Individuals interested in taking loans must decide on how long they will need the loan (it could be a short-term period or long-term)
2. Read the loan terms to understand how often the loan will be repaid. It could be weekly, bi-weekly or monthly.
3. Check for the annual interest rate to understand the total amount to be repaid to the company.
4. Interest rates vary on the length of the loan. Longer loan terms have a lower interest rate.
5. Some loan apps charge upfront fees before a loan can be secured. It will, however, increase the cost. So, individuals are to look out for this to avoid falling into a ditch.
Eligibility Requirements for Low-Interest Commercial Loan Apps
Are you eligible to get a loan? If yes, let us get into it.
1. Age
Can your age be a barrier? Yes! Most loan apps require individuals interested in taking loans to be at least 18 years of age.
However, some apps have an upper age limit of 55 or 60 years for some types of loans.
2. Citizenship
The country a prospective lender comes from can also be a barrier. To be able to borrow/lend Money in Nigeria, an individual must be a Nigerian citizen or a legal Nigerian resident. Some apps require a bank verification number or an individual’s loan address.
3. Proof of income
Most of the loan apps do require proof of income in the form of a pay slip, bank statements or evidence of business revenue before an individual could be eligible.
4. Credit history
Many loan apps out there evaluate individuals’ credit scores as part of the eligibility process. A good credit score gives an individual an improved chance to secure a loan with a low interest rate.
5. Individuals employment status
To secure a low-interest loan, applicants must be gainfully employed or own a business of their own. It assures the company that the lender will pay back.
Hidden Fees to Watch Out for in Loan Apps Offering Low Interest Rates
Before you apply for that loan, be vigilant!
Some commercial loan apps with the lowest interest rate have hidden fees that could increase the overall cost of the loan.
Loan interest rates might be attractive, but hidden fees make the benefits of low interest rates of no effect.
What is the origination fee?
The origination fee is demanded by the company/firm processing the loan application. It is often a percentage of the loan amount.
How to avoid hidden fees?
Individuals should always confirm if an origination fee applies. After confirmation, individuals are to calculate the total cost of the loan by including this hidden fee with the original loan amount.
Which type of loan has no interest?
In present-day Nigeria, individuals/lenders could be faced with the challenge of paying back loan interest due to the recent fall of the naira against the dollar. However, a loan that has no interest is called a subsidized loan, and they are meant for undergraduate students with financial needs.
Which personal loan is the best in Nigeria?
People’s needs differ from theirs. Individuals need to weigh their needs, such as the loan amount, interest rate, and repayment terms, to know the best personal loan for themselves.
What will happen if I don’t repay my loan in Nigeria?
In Nigeria, if a lender refuses to pay back their loan, the consequences of that action are based on the type of the loan agreement.
Conclusion
Different commercial loan apps offer loans with a high interest rate, and some offer loans with the lowest interest rates. Individuals who want to lend must carefully scheme through all the apps to pick the best for themselves. However, commercial loan apps with the lowest interest rates have many benefits for individuals who are not financially buoyant to repay a loan with high interest.
Different loan apps with the lowest interest rates are Fair Money, Kuda, Aella Credit, and Carbon. Lenders must be aware of the eligibility criteria for borrowing from any of the loan apps of their choice.