How to Obtain a Loan in Nigeria With Lower Interest

How to Obtain a Loan in Nigeria With Lower Interest

You would concur with me that getting a loan in Nigeria or personal finance for your projects or endeavors does not frequently happen. That is why the majority of individuals search for platforms that offer low-interest loans to provide them with access to this money.

If you are aware of the right people to contact at the right time, you can easily obtain a loan in Nigeria with no worry associated with repaying it.

With the new system they have successfully established to enable quick access to loans in Nigeria, financial technology businesses today have made receiving a loan so simple in Nigeria.

These lending businesses provide fast, quick loans without any type of collateral.

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platforms in Nigeria for borrowing money

Let's examine some of these Nigerian money-lending websites that can help you obtain a loan.

Zedvance Aella Credit

Rosabon Finance Quick Loan Renmoney Paylater Kwikmoney (Mines)

Loan from SMEDAN Page Financials


With an interest rate ranging from 4% to 29% depending on how much you want to borrow, Aella Credit assists employees in obtaining loans between $1,500 and $700,000.

Ghana, Nigeria, and the Philippines are the current countries that offer Aella credit.

The amazing part about Aella Credit is that you may effortlessly acquire this loan using your Android phone and little to no documentation.

What are the conditions for applying for a loan with Awela Credit?

Mobile application

BVN is required.

Rate of interest: 4% to 29%

Not a top-up

1 to 2 months for the loan.

Direct debit as a method of repayment


With Zedvance Limited, you can borrow up to 3 Million Naira with fewer hassle and paperwork in under 24 hours.

A consumer finance company, this FINTECH firm is in charge of giving people personal consumer loans.

The interest rate for Zedvance is heavily influenced by your negotiating skills and the degree of risk associated with your loan. It is for those who earn salaries in the nation.

The quick cash loan from Zedvance Limited has an interest rate of 4.0% to 4.5%, and the amount you can borrow heavily depends on your net salary.

For instance, a loan of N70,000 for 4 months will result in a total repayment of N82,456.


In Nigeria, Renmony has given more than 200,000 loans to private citizens and small enterprises. This loan is worth more than $50 billion in total, according to estimates.

Your financial demands can be readily met with Renmoney personal loans and microloans. You can therefore obtain a loan of up to £6,000,000. This is true whether you are employed or own your own business.

An illustrative example of how Renmoney operates

borrowed a $2,000,000 loan over a 12 month period. Rate of Interest: 35.76%. 2,715,200 is the total amount due.

APR (Annual Percentage Rate) maximum: 35.76%. none other costs. 3 to 24 month loan term.


Short-term loans without collateral are available through this FINTECH company's rapid internet lending platform for pressing expenses.

Paylater offers loans ranging from N500,000 to N1,000,000 at variable interest rates of 5 to 12.6%. The risk involved and cash activities via your BVN are used to calculate the loan.

A good illustration of how Paylater operates

The computer created N68,500 when you sought for a loan for N70,000 (meaning some charges of about N2,000 have been incurred). For a four-month payback period with a monthly payment of N25,345, the system also set the interest rate at 12%.

This only means that you would pay N101,380 back to Paylater in April 2020 in exchange for a N70,000 loan in January 2020.

What are the requirements for applying for a loan with PayLater?

Mobile application

Rate of interest: 12 to 15% (Depending on risk level)

Channels for repayment: Money transfer

3 to 12 month loan term

Requirements: BVN, address, and passport photo

No Kwikmoney for top-ups (Mines)

Kwikmoney makes it simple for you to get a quick, low-interest loan. On Kwikmoney, you may borrow up to N15,000 for 15 days (a half-month) at a 15% interest rate.

You might find it useful to know that kwikmoney offers both internet-based, app-based, and USSD lending choices if you want to secure a loan in Nigeria. Additionally, they collaborate with financial institutions, mobile network providers, and IT firms to provide easy access to personal banking services for all Nigerians.

What qualifications are needed to apply for a loan with Kwikmoney (Mines)?

Direct debit as a method of repayment

USSD and a mobile app, BVN

Loan Rate of interest: 15%

One-month loan term

Not a top-up

Quick Loan Rosabon Finance

Please take note that Rosabon Finance Quick Loan offers loans for up to N70,000 at rates between 4 and 6% per month.

Finance Rosabon One of the quickest and simplest ways to get unsecured personal loans in Nigeria is through Quick Loan.

What are the requirements for applying for a Rosabon Finance Quick Loan loan?

Rosabon Finance's quick cash loan eligibility conditions include things like;

being between the ages of 21 and 58, having a paid job,

possessing a salary account, a pension account, or a tax ID

Lastly, have a current electricity bill and a valid ID on hand.

Loan through the FINT

FINT Loan functions in a distinctive method. For a competitive return and an alluring interest rate, this business connects lenders (those looking to lend) with creditworthy borrowers.

Depending on the borrower's risk assessment, FINT interest rates range from 3% to 5% monthly.

Using a numerical expression based on a level analysis of a person's information and net salary, FINT Loan additionally provides a quick loan with an interest rate based on risk score.

Two one-time fees from FINT are assessed to the borrower. A 3,000 Naira verification payment is the first payment, and an 8% closing charge is the second. The closing fee must be paid before the fully financed loan is disbursed. Additionally, a transfer fee of 1.8% plus NGN100 is charged to the borrower.

To apply for a loan right away, go to the FINT website.


SMEDAN is an initiative supported by the federal government that provides quick and simple business loans to Nigerian SME companies in need of funding. One of the organization's main goals is to encourage Nigerians to start their own businesses by offering funding.

Additionally, this effort offers practical training and support to business owners to assist them in running their enterprises.

Get a loan from Page Financials in Nigeria.

This company is a cutting-edge retail financial institution, providing a range of quick personal and salary advance loans to satisfy the demands of her clients.

Requesting a loan through Page Financial involves six stages. Entering your BVN information is the first step.

Page Financials, also known as Pledge Finance, offers a daily rate for its loan of 0.5%, which accrues on its debit card issue.

In less than three hours, the borrower can get access to a rapid loan of up to five million naira.

Additionally, based on your NET monthly income, the Pledge Finance debit card comes preloaded with up to N500,000. The card, which is good for three years, also has a one-time cost of N1,500 from Page Financials.


You can get loans through this money-lending company's official websites to obtain loans in Nigeria. Also keep in mind that this information might not contain all you need to know about getting quick cash loans in Nigeria.

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