8 Notable Money-Lending Platforms in Nigeria with Low Interest Rates

Borrowing money in Nigeria often feels like stepping into unfamiliar territory. One of the biggest challenges is not knowing exactly what you’re getting into until the repayment date is around the corner. Many people take loans without fully understanding the interest rates involved, and unfortunately, some lenders take advantage of that desperation.

Even when borrowers are aware of the rates, paying them back can feel like a heavy burden, especially when the interest keeps stacking up faster than expected.

To put things into perspective, Nigeria’s benchmark interest rate currently stands at 27.50%, according to Trading Economics. That’s higher than what you’ll find in some neighboring African countries like Congo (25%) and Malawi (26%). If that’s the benchmark, it’s easy to see how some loan providers might push their rates even higher.

But here's the good news — not all lenders operate that way.

There are still quite a number of notable platforms in Nigeria offering loans with relatively low interest rates, transparent terms, and flexible repayment plans. Whether you’re looking to cover unexpected expenses, start a small business, or handle pressing bills, these platforms can offer much-needed support without making repayment feel like a second job.

Here are 8 of the money-lending platforms in Nigeria you can trust to give you a break on interest:

8 Notable Money Lending Platforms in Nigeria with Affordable Interest Rates

1. Branch

Branch is one of the most reliable lending apps in Nigeria, offering instant loans of up to ₦1000,000. You can get started with as little as ₦1,000, and repayment can be spread over 62 days to 1 year, depending on your loan size and history with the app.

There’s no need for collateral or paperwork; all you need is your phone number and BVN, and you’re good to go. Interest rates vary from 3% to 23% but are based on your creditworthiness.

2. OKash

As a subsidiary of Opay, OKash offers personal loans to individuals who need fast cash. You can borrow anywhere between ₦3,000 and ₦2000,000, with repayment periods ranging from 91 to 365 days.

The interest rates are calculated on a daily basis with a maximum interest rate of 24% per month, which is relatively fair, and like most digital lenders, you don’t need any paperwork or collateral. Just download the app, sign up, and apply.

3. PalmCredit

Getting a loan in just a few taps is one convenience many Nigerians look out for when applying for loans, and that’s exactly what PalmCredit brings to the table. It offers quick access to loans ranging from ₦10,000 to ₦100,000, with a user-friendly app that makes the process seamless.

To be eligible, you’ll need to be at least 18 years old, and once approved, the money lands in your account almost immediately. It also has a referral program that rewards you for inviting others. Interest rates vary from 14%-24%, but the platform tries to keep them on the lower side to make repayment manageable.

4. Carbon (formerly PayLater)

Like PalmCredit, Carbon has made a name for itself by providing fast and reliable loans without unnecessary stress. You can borrow up to ₦1 million, depending on your profile, with interest rates starting from as low as 4.5% to 30%.

No paperwork is required — just your BVN to assess your creditworthiness. The platform allows a repayment period of 61 days to 12 months and also offers additional services like bill payments, airtime top-up, and even investment options.

5. FairMoney

FairMoney is another strong contender in Nigeria’s lending space. The app offers loans ranging from ₦1,500 to ₦3000,000, with repayment periods between 2 to 18 months.

Interest rates vary based on the loan amount, duration, and borrower’s credit profile, but they typically fall between 2.5% and 30% per month.

The process is digital — no collateral or paperwork is required. You’ll just need your BVN and a functioning phone number to get started.

6. Newcredit

Newcredit offers flexible, short-term loans up to ₦500,000. The repayment window ranges from 91 to 365 days, and interest rates typically start from around 4% per month.

One standout feature is how quick the approval process is — sometimes within minutes. As with most platforms, your BVN and basic identification are all you need.

7. AellaCredit

AellaCredit is unique for its focus on employee-based lending. They provide loans to both individuals and employees of partnered organizations ranging from ₦2,000 to ₦1,500,000 with a tenor of 61 days to 365 days. The monthly interest rate ranges between 2% to 20%.

Beyond lending, AellaCredit also offers investment opportunities, bill payments, and affordable insurance options, making it a great all-in-one platform.

8. QuickCheck

QuickCheck is another trusted name for quick digital loans. It offers between ₦1,500 and ₦500,000, with repayment terms ranging from 91 days to 1 year.

Interest rates start as low as 5% per month and increase depending on how much you borrow and how long it takes you to repay. Their app is beginner-friendly, and loan approval can happen in under 5 minutes.

Conclusion

While high interest rates might be the norm, they don’t have to be your reality. Whether you’re borrowing for an emergency, a project, or just to get through the month, choosing the right lending platform can spare you a lot of regret. Always compare rates, repayment terms, and reviews before signing up. And most importantly, only borrow what you can afford to repay.