Companies with lowest loan interest rates in Nigeria

Last Updated on Dec 11th, 2023

Businesses need money to survive, thrive, and go toe to toe with their competitors in the market. Narrowing down that list, it could be for an expansion, to handle a huge order or simply an influx of cash. However, for whatever reason it is, personal ones inclusive, always look to companies with the lowest loan interest rates in Nigeria when you need a loan. In addition, to further help your research, we have put together a list of some top companies with favourable loan rates. Therefore, simply feel free to choose, depending on which requirement and services best suit your needs.

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Companies with lowest loan interest rates in Nigeria

Here are some companies with the lowest loan rates in Nigeria:

Paylater (Carbon):

Paylater (Carbon) is one of the fastest online platforms that provide short-term loans to businesses in urgent need of it. Furthermore, they provide loan amounts ranging from N500,000 to N1 million with varying interest rates. However, their interest rates are very competitive at 5% to 12%. Also, the amount you can access is known after a thorough look at the cash flow of your business.


  • BVN
  • Business/home address
  • Passport photograph


Renmoney even pushes the bar higher by offering a maximum loan rate of up to N4 million with a medium tenor of 9 months. Also, it requires no guarantor or collateral, although you are expected to meet certain criteria. In addition, the amount you can borrow is determined after a background check and assessment of previous loans reports from a credit bureau. Their interest rate stands around 4% to 4.5%.


  • Minimum age range 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

Aella credit:

Aella credit is a quick loan platform available in Nigeria and Ghana that provides short-term loans to individuals and businesses. In addition, they provide loans as little as N1500 and as high as N700,000 with an interest between 4% to 29%.


the only basic requirements you would need for this loan is your Bank Verification Number (BVN)


Kwikmoney extends its reach from only accessing loan services through an app to also USSD loan codes. Therefore, it is in partnership with mobile network operators, banks and other tech companies to make services as accessible as possible. In addition, you can access short-term loans as high as N15,000 at an interest rate of 15%. However, their loan tenor is very short as it is only 15 days.


the only basic requirements you would need for this loan is your Bank Verification Number (BVN)

Rosabon Finance Quick Loan:

Rosabon finance loan is also one of the fastest ways to access easy loans in Nigeria. Amazingly, they do not require any collateral too. They have an interest rate of 4 to 6% per annum and offer loans of N100,000 and more.


  • 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

Page financials:

Page financial takes you through a comprehensive 6 steps procedure before granting your loan request. Also, they task a loan rate of 0.5% every day, which averages to about 15% monthly or more if you run into late payment. In addition, they offer loan through a debit card which is preloaded with N500,000 (could be more or less), depending on your monthly income.


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

See also top 10 Best Loan Apps in Nigeria with low interest

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What bank has the lowest loan interest rates?

It is difficult to tell the exact interest rate for commercial banks because they offer so many loan options and varying interest rate for each. Therefore, factors like the amount, personal asset, tenor, credit score, and many others are considered. Generally, commercial banks tend to offer loans to those with high net worth due to the low risk. However, some of the best banks with low loan interest rates in Nigeria are:

  • 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)


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. Whether for personal or business, you can easily obtain that loan you so much need from any of the companies listed above.

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