In recent years, loan apps have gained popularity in Nigeria for their accessibility and convenience in providing quick cash for various financial needs. While most loan apps offer smaller amounts, there are some that stand out by providing higher loan limits. In this article, we’ll explore the factors that determine the loan amount you can get and highlight the top loan apps in Nigeria that offer higher loan amounts. Let’s delve into the details!
Factors Determining Loan Amount Eligibility:
Before we discuss the loan apps with higher limits, it’s crucial to understand the factors that determine the loan amount you can get:
- Credit Score: Your credit score plays a significant role in determining loan eligibility. A higher credit score increases your chances of getting approved for a larger loan amount.
- Income: Having a steady source of income is essential for loan apps to consider your application for a higher loan amount. The higher your income, the more likely you are to qualify for a larger loan.
- Repayment History: Loan apps assess your repayment history to determine your creditworthiness. A good repayment track record improves your chances of securing a higher loan.
Top Loan Apps Offering Higher Amounts in Nigeria:
- Carbon: Carbon is one of the most popular loan apps in Nigeria, boasting over 1 million downloads. It offers loans ranging from ₦1,500 to ₦20 million with a repayment period of 2 weeks to 6 months. Interest rates vary from 2% to 30%, depending on the loan amount and repayment period. To apply, you’ll need a Bank Verification Number (BVN), a valid bank account, and a source of income.
- Branch: Branch is another widely-used loan app in Nigeria with over 5 million downloads. It offers loans from ₦1,000 to ₦500,000 with repayment terms between 4 weeks to 15 months. Applicants require a valid bank account and a source of income to apply.
- FairMoney: FairMoney provides loans ranging from ₦1,500 to ₦1,000,000 with a repayment period of 61 days to 180 days. The interest rates vary between 10% to 30% monthly. Applicants need a valid bank account, BVN, and a source of income. The loan disbursement process is claimed to be as fast as 5 minutes.
- KwikMoney: Formerly known as Migo loan, KwikMoney offers loans ranging from ₦500 to ₦500,000 with a repayment period of 14 days to 6 months. Interest rates range from 10% to 25%. The application process requires a valid bank account, BVN, and a source of income.
- RenMoney: RenMoney offers loans from ₦6,000 to ₦6 million with a repayment period of 3 to 24 months. Larger loans may require collateral in the form of a car or landed property, in addition to a valid bank account, BVN, and a source of income.
Conclusion:
These loan apps offer higher loan amounts, making them suitable for various financial needs in Nigeria. However, before applying, it’s essential to review their terms, interest rates, and repayment periods to choose the best option that aligns with your financial situation and needs.
