Top 15 Personal Loans with Low Interest Rates in Nigeria in 2025/2026

Top 15 Personal Loans with Low Interest Rates in Nigeria in 2025/2026

Introduction

Access to personal loans in Nigeria has improved significantly in recent years, thanks to digital lending platforms and reforms by the Central Bank of Nigeria (CBN). Whether you’re looking to fund a business, handle an emergency, or consolidate debt, choosing the right loan provider can save you thousands in interest.

In this guide, we explore the top 15 personal loans with low interest rates in Nigeria for 2025. We examine interest rates, repayment terms, eligibility requirements, and the unique features that set each loan apart.

What is a Personal Loan?

A personal loan is a fixed amount of money borrowed from a lender, repayable over a set period, usually with interest. Unlike mortgages or auto loans, personal loans can be used for any purpose — from education to emergencies, weddings, medical bills, or home renovations.

What Makes a Loan “Low Interest”?

A loan is considered low-interest if its Annual Percentage Rate (APR) is significantly lower than average. Factors affecting your interest rate include:

1. Credit score or financial history

2. Income level or salary

3. Loan tenure

4. Type of lender (bank vs. fintech)

Top 15 Low-Interest Personal Loans in Nigeria (2025)

1. GTBank Quick Credit

• Interest Rate: ~1.33% monthly (~16% APR)

• Loan Amount: ₦10,000 – ₦5 million

• Tenure: 6–12 months

• Eligibility: Salaried and self-employed customers with a GTBank account

• Disbursement: Instant, through Internet Banking or mobile app

Why Choose GTBank Quick Credit?
It’s one of the most affordable bank loans in Nigeria with a smooth digital experience.

2. UBA Click Credit

• Interest Rate: ~1.58% monthly (~19% APR)

• Loan Amount: ₦50,000 – ₦5 million

• Tenure: 12 months

• Eligibility: Active UBA salary account holders

• Processing Time: Within 24 hours

Highlight: No paperwork or collateral required.

Top 15 Personal Loans with Low Interest Rates in Nigeria in 2025/2026

3. Access Bank PayDay Loan

• Interest Rate: ~1.9% monthly (~22% APR)

• Loan Amount: ₦5,000 – ₦500,000

• Tenure: 31 days – 12 months

• Eligibility: Salary account holders only

Best For: Fast, short-term emergency cash with flexible repayment.

4. Kuda Overdraft Loan

• Interest Rate: ~0.3% daily (~9% monthly)

• Loan Amount: ₦1,000 – ₦200,000

• Tenure: 1–30 days

• Eligibility: Frequent Kuda account users

Perks: Repay only what you use from the overdraft. No paperwork.

5. Carbon (Formerly Paylater)

• Interest Rate: 1.75% – 30% (based on credit history)

• Loan Amount: ₦5,000 – ₦1 million

• Tenure: 3 – 12 months

• Eligibility: Carbon app users; no collateral required

Highlight: Lower rates for loyal customers.

6. FairMoney

• Interest Rate: ~2.5% monthly (as low as 1.5% for trusted users)

• Loan Amount: ₦1,500 – ₦3 million

• Tenure: 30 – 180 days

• Application: App-only

Pros: CBN-licensed, high approval rate, and fast loan disbursement.

7. Palmcredit

• Interest Rate: 4% – 24% monthly

• Loan Amount: ₦2,000 – ₦300,000

• Tenure: 14 – 180 days

• Requirements: Android smartphone and active BVN

Why Choose Palmcredit?
Low entry barrier and easy for new borrowers.

8. Branch

• Interest Rate: 3% – 15% monthly

• Loan Amount: ₦1,000 – ₦500,000

• Tenure: 4 weeks – 12 months

• Credit Score: Built-in scoring system in-app

Special Feature: Offers investment and bill payment options.

9. QuickCheck

• Interest Rate: 2% – 30% monthly

• Loan Amount: ₦1,500 – ₦500,000

• Tenure: 30 – 180 days

• Platform: App-based only

Ideal For: Students and entry-level workers.

10. ALAT by Wema Quick Loan

• Interest Rate: From 2% monthly (~24% APR)

• Loan Amount: ₦5,000 – ₦2 million

• Tenure: Up to 24 months

• Application: Via ALAT App

Bonus: Access other digital banking features seamlessly.

11. Page Financials

• Interest Rate: ~0.5% daily (~15% monthly)

• Loan Amount: ₦100,000 – ₦5 million

• Tenure: 3 – 12 months

• Eligibility: Must be employed or running a registered business

Why Page?
Professional financial planning support included.

Top 15 Personal Loans with Low Interest Rates in Nigeria in 2025/2026

12. RenMoney

• Interest Rate: From 2.49% monthly (~30% APR)

• Loan Amount: ₦6,000 – ₦6 million

• Tenure: 3 – 24 months

• Eligibility: Self-employed or salaried with proof of income

Benefits: Larger loan amounts for business expansion or personal needs.

13. Specta Loan (by Sterling Bank)

• Interest Rate: ~2% monthly

• Loan Amount: ₦150,000 – ₦5 million

• Tenure: 1 – 12 months

• Application: Online

• Credit Check: Required

Best For: Customers needing instant approval without collateral.

14. Zedvance Personal Loan

• Interest Rate: ~2.5% monthly

• Loan Amount: ₦50,000 – ₦5 million

• Tenure: 3 – 18 months

• Application: Via app or online

Unique Advantage: Flexible documentation; supports civil servants.

15. Aella Credit

• Interest Rate: 2% – 20% monthly

• Loan Amount: ₦2,000 – ₦1 million

• Tenure: 1 – 3 months

• Platform: Mobile app

Key Feature: Also offers health insurance and investment options.

Expert Tips for Choosing the Best Personal Loan

1. Check Interest Rate & APR: Look beyond the monthly rate. Calculate the full APR including fees.

2. Compare Tenures: Shorter tenures mean less interest, but higher monthly payments.

3. Review the Lender’s License: Use only CBN-approved lenders or NDIC-insured banks.

4. Borrow What You Can Repay: Defaulting damages your credit score and reputation.

5. Read the Fine Print: Watch out for hidden charges and rollover penalties.

6. Check for Early Repayment Benefits: Some lenders waive interest for early payoff.

Real Testimonials

Chuka I., Lagos: “I switched from payday apps to GTBank Quick Credit. I saved over ₦45,000 in interest in one year.”

Blessing E., Abuja: “FairMoney approved my ₦200k loan instantly with no paperwork. Repayment was easy via the app.”

Samuel D., Ibadan: “I used Carbon to fund my NYSC relocation. They were fair, and the interest was okay for my salary.”

Top 15 Personal Loans with Low Interest Rates in Nigeria in 2025/2026

Frequently Asked Questions (FAQs)

Q1. What is the lowest personal loan interest rate in Nigeria?
A: GTBank Quick Credit currently offers one of the lowest at around 1.33% monthly.

Q2. Can I get a personal loan without a salary account?
A: Yes. Apps like FairMoney, Carbon, and Branch accept self-employed individuals.

Q3. Do I need collateral for these loans?
A: No. All the loans listed above are unsecured personal loans.

Q4. Which app gives the highest personal loan amount?
A: RenMoney and GTBank offer up to ₦6 million and ₦15 million respectively.

Q5. Can I repay early to reduce interest?
A: Yes. Many lenders allow early repayment with reduced interest if agreed.

Conclusion

Securing a personal loan in Nigeria no longer requires long bank queues or heavy paperwork. With the emergence of digital lending, you can now access up to ₦15 million with fair interest rates — if you choose the right lender.

Remember: the best personal loan is one you can comfortably repay. Always compare interest rates, read the terms, and make your decision based on what fits your income and needs.