There are now more than a handful of loan apps in Nigeria. However as users complained, many of them provide loans at high and unsustainable interest rates. Some go as high as 5-10% per month.
If you are considering taking a loan online you definitely want to go for the ones with the lowest interest rates and favourable conditions.
GTBank Quick Credit
GTBank’s Quick Credit is one of the online loans with lowest interest rates. The Quick Credit for personal loan offers loans to individuals at 1.5% interest monthly.
Quick Credit for Small Business also offers loans at 1.5% interest per month.
Interest rate: 1.5% per month
Tenor: up to 12 months
Stanbic IBTC
Stanbic IBTC’s EZ Cash loan for small businesses offers up to N5 million without collateral.
Interest rates: 2.5% per month
Tenor: 6 – 12 months
Access Bank
Access Bank payday loan amount that varies depending on your salary.
Interest Rate: 5%
Tenor: 30 days
Renmoney
Renmoney offers up to N6 million in loans. without collateral.
Interest rate: 2.4% – 9.33% monthly
Tenor: 3 – 24 months
Branch
Branch offers loans of between N1,000 – N200,000 with no collateral.
Interest rate: 1.7% – 22% monthly (depending on your risk profile)
Tenor: 4 to 40 weeks
Carbon
Carbon offers loans of up to N20 million to both individuals and businesses.
Interest rates: 1% – 21% per month (depending on amount, tenor and risk analysis)
Tenor: 1 – 12 months
PalmCredit
Palmcredit, owned by Newedge Finance Ltd, offers loans of up to N100,000 to individuals.
Interest rates: minimum 4% monthly
Tenor: 14 – 180 days
Aella Credit
Aella Credit offers short term loans of up to N1 million.
Interest rates: 6 – 20%
Tenor: 1 – 3 months
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