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.
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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’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 payday loan amount that varies depending on your salary.
Interest Rate: 5%
Tenor: 30 days
Renmoney offers up to N6 million in loans. without collateral.
Interest rate: 2.4% – 9.33% monthly
Tenor: 3 – 24 months
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 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, 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 offers short term loans of up to N1 million.
Interest rates: 6 – 20%
Tenor: 1 – 3 months