10 Companies With Lowest Loan Interest Rates in Nigeria 2023

10 Companies With Lowest Loan Interest Rates in Nigeria 2023

Businesses require capital to exist, thrive, and compete in the marketplace. To be more specific, it could be for an expansion, a huge order, or simply a financial inflow. When you need a loan, whether for personal or business reasons, always look for companies with the lowest loan interest rates in Nigeria.

Furthermore, to help you with your study, we’ve compiled a list of some of the best companies with low lending rates. As a result, feel free to make your choice based on which requirements and services best suit your expectations.

You may also want to read 9 Smart Ways to Use a Personal Loan

10 Companies With Lowest Loan Interest Rates in Nigeria 2023

Below is list of loan companies that have the lowest interest rates in Nigeria:

• Renmoney
• Paylater (Carbon)
• Aella credit
• Rosabon Finance Quick Loan
• Kwikmoney
• Page financials
• Migo
• Xcredit
• FairMoney
• Lydia

1. Renmoney

Renmoney goes even further, with a maximum loan rate of up to N4 million and a medium tenor of 9 months. It also does not require a guarantor or collateral, though you must meet certain criteria. Furthermore, the amount you can borrow is determined following a background check and evaluation of previous loan reports from a credit bureau. Their interest rate ranges between 4% and 4.5 percent.

Requirements

• Minimum age range is between 22 and 59
• A steady source of income with proof of bank statement
• Valid means of identification
• Verification of your standard monthly income
• Report on previous loans from a credit bureau

You may also want to read How To Easily Get Loan From Your Insurance Company

2. Paylater (Carbon):

Paylater (Carbon) is one of the quickest online platforms for providing short-term loans to businesses in need. They also offer loan amounts ranging from N500,000 to N1 million at varying interest rates. Their interest rates, however, are very competitive, ranging from 5% to 12%. Furthermore, the amount you can access is determined after a thorough examination of your company’s cash flow.

Requirements:

• BVN
• Business/home address
• Passport photograph

3. Aella Credit

Aella Credit is a quick loan platform that offers short-term loans to individuals and businesses in Nigeria and Ghana. Furthermore, they offer loans ranging from N1500 to N700,000 with interest rates ranging from 4% to 29%.

Requirements

Your Bank Verification Number is the only basic requirement for this loan (BVN)

4. Rosabon Finance Quick Loan

Rosabon finance loan is also one of the quickest ways in Nigeria to get easy loans. Surprisingly, they do not require any collateral as well. They offer loans of N100,000 and above at an annual interest rate of 4 to 6 percent.

Requirements

• Must have a paid employment
• Minimum age of 21 and a maximum of 58
• Must have a salary account
• Recent utility bill
• Valid proof of identification
• Pension account of tax ID

5. Kwikmoney

Kwikmoney expands its reach beyond just loan services via an app to include USSD loan codes. As a result, it is working with mobile network operators, banks, and other technology companies to make services as accessible as possible. Furthermore, you can obtain short-term loans of up to N15,000 at a 15% interest rate. Their loan term, however, is very short, lasting only 15 days.

Requirements:

Your Bank Verification Number is the only basic requirement for this loan (BVN)

6. Page Financials

Before granting your loan request, Page Financial takes you through a comprehensive 6-step procedure. In addition, they charge a daily loan rate of 0.5 percent, which adds up to about 15% monthly or more if you miss a payment. Furthermore, they provide loans via a debit card that is preloaded with N500,000 (or more, depending on your monthly income).

Requirements

• Letter of employment
• Valid means of identification
• Utility bill
• Salary account

You may also want to read 7 Best Long-Term Investments Options – Experts Guide

7. Migo

Migo is one of the leading lending platforms that help businesses and companies to extend credit to customers and small businesses in their apps.

Nothing much is required, you can access Migo loan services either on their website or through a USED code if you do not have a smartphone that can browse through the website.

You can borrow as low as five thousand Naira to as high as five hundred thousand Naira. Their payment period is usually from 14 days to 30 days while their interest rate ranges from 5% to 25% which is dependent on the amount of loan issued.

8. Lydia

Lydia is another amazing company with low-the interest rates in Nigeria. They offer short-term personal and business loans. Their banking system and services are top-notch and instant when it comes to issuing loans.

No collateral or bottlenecks are evident here. However, loans will be issued based on the credit balance of your bank account.

You can borrow up to one hundred and fifty thousand Naira or even above from Lydia depending on what is in your bank account.

Their interest rate is as low as 3% per month. Cool right?

9. FairMoney

If you are looking for a list of companies with instant loans and low-interest rates in Nigeria, be sure to have FairMoney at the top of the list.

They offer fast loans with no documentation or collateral requirements. Accessing loans on FairMoney is based on your smartphone data and payment history.

You can borrow from one thousand, five hundred Naira (1, 500) to five hundred thousand Naira (500, 000) for 60 to 180 days duration and a monthly interest rate between 10% to 30%.

Banks That Have Lowest Loan Interest Rates

• GT bank (1.3% for salary advance loans)
• Zenith bank (9% for creative financing initiative loans)
• Polaris bank (2.5% for digital loans)
• Access bank (9% for creative loan)

Conclusion

Whether for personal or business, you can easily obtain that loan you so much need from any of the companies listed above. Choosing the right loan company is all dependent on your specific needs. Therefore, it is important that you carefully consider the loan and its requirement before committing.