In recent times, loan apps have become really popular in Nigeria because they’re easy to use and accessible. These apps offer a quick and convenient way to get money for various needs like starting a business, paying bills, or handling unexpected expenses.
Even though most loan apps in Nigeria typically provide small amounts like N2,000 to N20,000, there are some that offer larger sums. These are often referred to as “Higher Loan Apps.” In this article, we’ll explore the loan apps in Nigeria that offer larger amounts of money, along with their interest rates, repayment periods, and how they work.
Factors That Decide How Much You Can Borrow
Before we dive into the list of loan apps, let’s understand what determines the amount of loan you can get:
- Credit Score: Your credit score is crucial in deciding how much you can borrow. A higher credit score means you’re more likely to get approved for a larger loan.
- Income: Your earnings also play a significant role. Loan apps usually require a steady income source for loan approval. The more you earn, the higher your potential loan amount.
- Repayment History: Loan apps assess your past repayment behavior. If you’ve repaid loans on time before, you’re more likely to qualify for a larger loan.
Loan Apps with Higher Amounts in Nigeria
Here’s a list of loan apps in Nigeria that offer larger loan amounts:
- Carbon: A popular app with over a million downloads. They provide loans ranging from ₦1,500 to ₦20 million, with repayment periods between 2 weeks and 6 months. Interest rates range from 2% to 30%, depending on the loan amount and duration.
- Branch: Another well-known app offering loans from ₦1,000 to ₦500,000, with repayment periods of 4 weeks to 15 months.
- FairMoney: This app provides loans from ₦1,500 to ₦1,000,000, with repayment periods of 61 to 180 days. Interest rates vary between 10% and 30% per month.
- KwikMoney: Formerly known as Migo loan, it offers loans from ₦500 to ₦500,000, repayable in 14 days to 6 months, with interest rates of 10% to 25%.
- RenMoney: This app offers loans ranging from ₦6,000 to ₦6 million, with repayment periods of 3 months to 24 months. Collateral like a car or property might be required for larger amounts.
- Okash, Aella Credit, KiaKia, QuickCheck, and P2Vest: These apps also offer higher loan limits, each with its own terms and conditions.
Comparison of Loan Apps
Here’s a comparison of the top 5 loan apps based on loan amount, repayment period, interest rate, and requirements:
| Loan App | Loan Amount | Repayment Period | Interest Rate | Requirements |
|---|---|---|---|---|
| Carbon | ₦1,500 – ₦20M | 2 weeks – 6 months | 5% – 15% | BVN, bank account, income source |
| Branch | ₦1,000 – ₦500K | 4 weeks – 15 months | 15% – 34% | Bank account, income source |
| FairMoney | ₦1,500 – ₦1M | 61 days – 180 days | 10% – 30% | BVN, bank account, income source |
| KwikMoney | ₦500 – ₦500K | 14 days – 6 months | 5% – 15% | BVN, bank account, income source |
| RenMoney | ₦6,000 – ₦6M | 3 months – 24 months | 4% – 4.5% | BVN, bank account, income source, collateral for larger amounts |
Tips to Get Approved for a Larger Loan
If you’re aiming for a bigger loan amount, consider these tips:
- Improve Your Credit Score: Timely loan repayments enhance your credit score, boosting your chances of approval for larger loans.
- Provide Accurate Details: Furnish accurate information during the loan application to avoid setbacks.
- Increase Income: A higher income improves your chances of securing a larger loan. Exploring additional income sources could help.
Remember, while these apps offer higher loan amounts, responsible borrowing and repayment remain essential.