Best Low Interest Personal Loans in Nigeria [With Instant Approval]

6 Mins read

Over the years, getting loans from financial institutions such as banks can be rigorous and time-consuming, the banks need collateral and other requirements that can be ambiguous, thus the need for personal loans.

What then are personal loans and which are the best low interest personal loans in Nigeria?

In this article, we will discuss everything you need to know about personal loans.

What are Personal Loans?

Personal loans are loans that you can borrow with rigorous requirements and collateral involved. They are loans that you can use for business emergencies or personal purposes that you can pay back install mentally.

You might have gone to a bank in need of a loan and you are asked for identity cards, property checking, guarantors property, and network just to secure a loan. In most cases, the applications are not successful. To remedy this situation, personal loan Banks were formed and it has been embraced by millions of Nigerians especially when you need a little amount of money for instant use.

Personal loans require low interest and no collateral but some may require a specific amount of money in your account before you can borrow. banks offer personal loans and there are various loan apps in Nigeria offering personal loans once registration is done. Which of these are the best low-interest personal loans in Nigeria?

Top 10 Best Urgent Loans in Nigeria without Documentation

Top 10 Best Urgent Loans in Nigeria without Documentation

If you need a personal loan for emergency purposes without documentation, then you should check out these 10 best urgent loans in Nigeria highlighted below:

Carbon instant loan

Carbon instant loan app is one of the best reliable loan apps that offer instant loans with no documentation required. It offers loans with low interest and has a presence in various countries across the world such as Nigeria, South Africa, the U.K, Ghana, etc.

Borrowing from Carbon is as simple as getting airtime from a mobile bank app without collateral. You can borrow a large amount in a period when you have established trust with them by paying back smaller amounts.

You can apply for a loan when you register with carbon at any hour of the day. You can check their website for more details.

Quick credit

Quick credit is another best loan app that functions 24/7 offering loan services without documentation and collateral. The loan offered by Quickcredit is usually for a short period and is best for emerging businesses and personal needs.

Quick credit is reliable and easy to use in borrowing up to a hundred thousand nairas without any documentation required. If you want to borrow from Quickcredit, you should head over to the website for a fast loan application and allocation.

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Fair money 

The third on our list is fair money which is one of the best loan apps for instant cash borrowing with a simple click. You do not need to fill out documents or provide collateral to borrow up to one million nairas in 18 months. The interest rate is low depending on the amount you intend to borrow.

To access loans on Fairmoney,  you should download the app and register, you can also visit their website for more details.


Quickcheck is a reliable loan app that functions with artificial intelligence to study borrowers’ behavior before lending. It requires no form of document filling and collateral to access loans. You can simply apply for loans in Quickcheck today. Ensure to check the website for registration and loan application details.


Palmcredit is a phone app that processes loans to customers in a few minutes of application without collateral or documents required. You can borrow up to N3m in just a few minutes via palm credit for business emergencies or personal use.

Check their website for loan application processes.


Renmoney is an online borrowing platform for business owners and employees who may need loans to handle a business emergency. The Renmoney loan process is fast and reliable and can be accessed in a few minutes of application without any document and collateral required.

You can check out the process for applications on the Renmoney website.

ALAT by Wema

You can access up to N2m by simply downloading the ALAT app and applying for loans with no documentation required. It is fast, secure, and easy to use. If you are seeking personal loans in Nigeria, you can check out the ALAT app.

You can Join ALAT with my code and get an N1k bonus immediately after you sign up

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New credit

New credit is the 8th on our list as one of the best personal loan apps in Nigeria. You do not have to worry about documentation and collateral. The New credit app can access customers’ information required through AI. If you need a fast loan, then check out the New Credit website.


Umba is one of the best loan apps in Nigeria. You can access, increase your borrowing power and pay back loans via amber directly from your smartphone and computers. You should use Umba for a personal loan in Nigeria.

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Aella Credit

Aella is a loan app in Nigeria that we cannot ignore on our list. You can borrow up to N1m from Aella credit without any rigorous documentation. If you are considering getting a personal loan in Nigeria, check out Aella credit.

Best low interest personal loans in Nigeria

The personal loan apps listed above have the best low-interest rates. Below are their Interest rates:

Carbon: interest rate ranges from 2% to 30% and the loan repayment is 61 days to

Renmoney: Interest rate ranges from 2% to 9% monthly

Aella: The interest rate is 6% to 20%

Palmcredit: Interest rate ranges from 14% to 24%

Fair money: interest rate ranges from 10% to 30%

These are the cheapest and best low-interest loan rates in Nigeria at the moment.

Banks in Nigeria that Offers Personal loans 

 Let us now list out 10 banks in Nigeria that offer personal loans with low interest.

First bank of Nigeria

First Bank of Nigeria has also provided personal loan services for its customers. People can access quick loans from the first bank online without visiting any branch. 

First Bank also provides N10,000,000 and below to private school owners who need funds through first for a period of9 months

Zenith bank

Zenith Bank also provides loans without collateral to SMEs, retail loans, bonds, overdrafts, and retail traders for 12 months.

GT bank

GT bank provides easy loans to their customers via quick credit with no collateral needed. It is more like a personal loan because you can process it with your phone without visiting their branch.

Access bank

Access Bank operates personal loans via quick bucks and it is fast and easy to apply for loans without documentation and collateral. You can process the loans without visiting a branch.

Wema bank

Customers operating a current account and savings account for salary can access loans without collateral from wema bank. 

You can only access the salary if you are an employee.

  Fidelity bank

Through the fidelity easy Asset lease Scheme, you can access a personal loan with no collateral required.

Fidelity Bank also has other loan provisions for small-scale businesses that you can access easily with no collateral required.


The following are answers to frequently asked questions:

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Where can I get a Loan of N100,000 in Nigeria?

You can get a loan of N100,000 in Nigeria by registering for any of the personal loan apps in Nigeria. all of the loan apps listed above are easy to access and can grant you loans of as low as N1000 to over N1000,000,000 in Nigeria without any physical meeting required. 

If you need a loan of as low as N100,000 then you should check out our list above and borrow via their apps.

Where Can I get an Instant loan in Nigeria?

You can get an instant loan in Nigeria in Nigeria by applying for loans on any of the personal low-interest loan apps in Nigeria highlighted above. Getting an instant loan is ABC if you can register for any of the loan apps above and access loans without any physical documentation, collateral, or face-to-face dialogue involved.

Check out their website and you will find the word instant written to make customers aware of how easy it is to apply for loans.

The requirements for each of the personal loan apps differ and the duration for payback depends on the amount borrowed but they provide instant services.

Where Can I get a Loan in Nigeria in 5min?

You can get a loan in less than five minutes from most of the personal loan Banks highlighted above. Getting a loan with your smartphone is easy and fast if your network is fast and available in your location. If your network is slow, you might not be able to access the loans as easily as the platform says.


At one point or another, you might need an urgent loan to cater to your business emergencies or personal emergencies. It will be a hard task to start applying for loans that will require physical meetings, collateral, high-interest rates, and endless filing of documents.

Interestingly, physical banks are now providing personal loans too which requires less complicated procedures. You can also check them out.

We would like to state that we are not in any way advertising any of the personal loan Banks above rather through research we bring to you vital information to guide you when you need instant loans.

You can also check out more and make your choice.

Check out their various websites for more details.

I hope this information is vital and will help you make an informed decision.

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