Loan Apps with Low Interest Rates in 2025
Getting a loan in Nigeria has never been easier, with multiple digital lending platforms offering quick cash at the tap of a button. But the real challenge? Finding a loan app with low interest rates, fair repayment terms, and no hidden charges. Many borrowers fall into the trap of outrageous fees, short repayment windows, and excessive interest rates.
In this guide, we’ll help you find the best loan apps from the top Fintech companies in Nigeria with low interest rates in 2025—apps that are CBN-approved, transparent, and borrower-friendly.
Key Factors to Consider When Choosing a Loan App
Before borrowing from any loan app, ensure you check for these essential factors:
- Interest Rate – Look for loan apps with the lowest possible rates to reduce repayment stress.
- CBN Approval – Avoid unlicensed apps that may misuse your personal data.
- Repayment Flexibility – Choose apps that offer longer repayment terms with manageable monthly payments.
- Hidden Charges – Always read the terms and conditions to ensure no extra fees.
- Security & Privacy – Use only apps that encrypt your data and protect your financial information.
Top 10 Loan Apps with Low Interest Rates in Nigeria (2025)
1. RentSpace Loan
Unlike traditional loan apps, RentSpace offers a unique savings-first model where users save 70% of their goal amount before getting a 30% loan to complete their purchase—whether it’s for house rent, car savings, or other financial needs. This approach ensures you borrow less, pay lower interest, and manage your finances responsibly.
P.S. RentSpace stands out as one of the best platforms offering quick loans for house rent.
Features
- 70% savings, 30% loan model for structured financial planning
- Ideal for rent payments, car purchases, and long-term savings goals
- Lower interest rates compared to instant loan apps
- No hidden charges
- CBN-approved and fully regulated
How to Apply
Start saving through the RentSpace platform, and once you reach 70% of your goal, you will be able to access the remaining 30% as a low-interest loan.
2. Carbon
Carbon is well known for its fast approval and zero hidden charges. If you need urgent cash without long paperwork, this is a great option.
Features
- Interest rates from 5% per month
- Loan amounts up to ₦1 million
- No collateral required
- Flexible repayment from 1 to 6 months
- Credit-building tools available
- CBN Approval
3. FairMoney
FairMoney is perfect if you need a larger loan amount with longer repayment periods.
Features
- Loan amounts between ₦20,000 to ₦1 million
- Interest rates start from 4% per month
- Repayment periods of up to 12 months
- Instant disbursement
- CBN Approval
4. PalmPay
PalmPay not only offers loans but also cashback rewards, bill payments, and savings options.
Features
- Interest rates start at 4.5% per month
- Loans are available instantly without collateral
- Cashback and bonuses for frequent users
- Easy repayment via the app
- CBN Approval
5. Branch
Branch offers transparent loan terms, ensuring you don’t get hit with unexpected fees.
Features
- Interest rates as low as 3% per month
- Loans up to ₦500,000
- No late fees or extra charges
- Repayment periods of up to 6 months
- CBN Approval
6. Aella Credit
Aella Credit is one of the most affordable loan apps, ideal for business and personal use.
Features
- Interest rates as low as 4% per month
- Loans up to ₦1 million
- Repayment from 1 to 3 months
- Automated loan repayment system
- CBN Approval
7. QuickCheck
QuickCheck uses AI to assess your creditworthiness, providing fast and fair loan options.
Features
- Interest rates start at 5% per month
- Loans up to ₦200,000
- No collateral required
- Fast approval process
- CBN Approval
8. RenMoney
If you need a larger loan with long-term repayment, RenMoney is a solid choice.
Features
- Loans up to ₦6 million
- Repayment terms up to 24 months
- No collateral required
- Competitive interest rates
- CBN Approval
9. Kuda Bank
Kuda Bank integrates loan services with its digital banking features, making it one of Nigeria’s most convenient options.
Features
- Interest rates from 4% per month
- Automatic repayments
- No paperwork required
- Savings and bill payment options
- CBN Approval
10. Lendigo
Lendigo is tailored for small and medium enterprises (SMEs), offering flexible business financing.
Features
- High loan limits
- Custom repayment schedules
- Minimal documentation required
- Fast approval for business owners
- CBN Approval
How to Apply for a Loan Without High Interest Rates
- Compare Different Loan Apps – Always check multiple options before choosing.
- Read the Loan Terms Carefully – Avoid apps with hidden charges or unclear repayment plans.
- Improve Your Credit Score – Some loan apps offer lower interest rates to users with good repayment histories
- Check for CBN Approval – Never use loan apps that are not CBN-licensed to avoid scams and high interest rates.
- Choose Longer Repayment Plans – If possible, go for a longer repayment period to reduce your monthly burden.
Conclusion
With so many loan apps available in Nigeria, it’s important to choose wisely. RentSpace stands out as the top choice for low-interest loans, offering competitive rates, flexible repayment, and full transparency. Other great options include Carbon, FairMoney, PalmPay, and Branch.
Before applying for any loan, always check the interest rate, repayment terms, and hidden fees to avoid unnecessary financial stress. By choosing a CBN-approved loan app, you ensure a safe, legal, and fair borrowing experience in 2025.