This article delves into the world of loan apps, particularly Loan Apps that Give Higher Amount. We will explore the loan apps in Nigeria that extend loans reaching millions of Naira, dissect their interest rates, loan durations, and operational processes, helping you make informed decisions about your borrowing options.

Unveiling the Factors Determining Your Loan Eligibility

Before we delve into the realm of loan apps with higher borrowing limits in Nigeria, it’s crucial to understand the factors that dictate the loan amount you can secure. Several key factors influence the amount you can obtain from a loan app. Here are the primary determinants:

Credit Score

Your credit score is a pivotal factor that shapes your eligibility for loan amounts from these apps. The higher your credit score, the greater the likelihood of securing approval for a larger loan.

Income

Another critical determinant is your income. Loan apps typically require borrowers to demonstrate a steady source of income as a prerequisite for loan approval. A higher income generally equates to a higher loan amount.

Repayment History

Loan apps routinely scrutinize your repayment history to assess your creditworthiness. A history of timely loan repayments increases your chances of being approved for higher loan amounts.

Exploring Loan Apps that Give Higher Amount in Nigeria

Now, let’s embark on an exploration of the top loan apps in Nigeria that provide higher loan amounts:

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1. Carbon

Carbon stands as one of Nigeria’s most popular loan apps, boasting over 1 million downloads on the Google Play Store. Carbon offers loans ranging from ₦1,500 to ₦20 million, with repayment periods spanning from 2 weeks to 6 months. The interest rates on Carbon loans vary between 2% and 30%, depending on the loan repayment duration and the desired loan amount.

To apply for a Carbon loan, you need to have a Bank Verification Number (BVN), a valid bank account, and a verifiable source of income.

2. Branch

Branch is another well-known loan app in Nigeria, amassing over 5 million downloads on the Google Play Store. It provides loans ranging from ₦1,000 to ₦500,000, with repayment periods extending from 4 weeks to 15 months. To qualify for a Branch loan, you are required to possess a valid bank account and a source of income.

3. FairMoney

FairMoney offers loans ranging from ₦1,500 to ₦1,000,000, with repayment periods extending from 61 days to 180 days. The interest rates on FairMoney loans range from 10% to 30% on a monthly basis. To apply for a loan with FairMoney, you need a valid bank account, a BVN, and a source of income. FairMoney prides itself on disbursing loans within 5 minutes of approval.

4. KwikMoney

Formerly known as Migo Loan, KwikMoney is another loan app in Nigeria that offers substantial loan amounts. It provides loans ranging from ₦500 to ₦500,000, with repayment periods spanning from 14 days to 6 months. The interest rates on KwikMoney loans range from 10% to 25%. Similar to other loan apps, applicants must have a valid bank account, a BVN, and a verifiable source of income. KwikMoney boasts a speedy loan disbursement process, with funds typically transferred within 1 hour of approval.

5. RenMoney

RenMoney is another significant player in the higher loan app sector in Nigeria. This app extends loans ranging from ₦6,000 to ₦6 million, with repayment periods spanning from 3 months to 24 months. To qualify for a RenMoney loan, you must possess a valid bank account, a BVN, and a verifiable source of income. It’s worth noting that RenMoney often requires collateral, such as a car or landed property, for loans worth millions of Naira.

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6. Okash

Okash is a popular loan app in Nigeria that offers higher loan limits, ranging from ₦6,000 to ₦500,000, with relatively low-interest rates. Applying for Okash loans is straightforward – download the app, register an account, complete the online loan application form, and your loan will be disbursed into your bank account within minutes.

7. Aella Credit

For those seeking loan apps that provide substantial loan amounts in Nigeria, Aella Credit is a noteworthy option. Loan amounts range from ₦2,000 to ₦1,500,000, accompanied by a low interest rate ranging from 2% to 20% per month. Aella Credit allows you to apply for loans via their website or by downloading the app. The primary requirements for this app include a good credit score, a steady source of income, and a BVN.

8. KiaKia

KiaKia is an ideal choice for business owners seeking loan apps that offer higher loan amounts in Nigeria. The app lives up to its name, “KiaKia,” which means “fast” in Yoruba. While the specific loan amounts may vary depending on your income level, employment type, and loan request, KiaKia grants access to loans worth hundreds of thousands of Naira.

9. QuickCheck

QuickCheck is yet another loan app in Nigeria that allows borrowers to access loans worth up to ₦1,000,000 via their mobile phones. While the initial borrowing limit is capped at ₦10,000 for first-time users, this limit can increase over time as you build a positive borrowing history with QuickCheck.

10. P2Vest

P2Vest completes our list of loan apps that offer higher loan amounts in Nigeria. This is a peer-to-peer (P2P) lending platform that offers loans worth up to ₦2,000,000 for a period of up to 12 months, with low-interest rates.

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Comparing Loan Apps Offering Higher Amounts

To assist you in selecting the best loan app that suits your needs, here’s a comparison of the loan apps listed above:

Loan App Loan Amount Repayment Period Interest Rate Requirements
Carbon ₦1,500 – ₦20M 2 weeks – 6 months 2% – 30% BVN, bank account, and source of income
Branch ₦1,000 – ₦500K 4 weeks – 15 months 10% – 25% Bank account and source of income
FairMoney ₦1,500 – ₦1M 61 days – 180 days 10% – 30% BVN, bank account, and source of income
KwikMoney ₦500 – ₦500K 14 days – 6 months 10% – 25% BVN, bank account, and source of income
RenMoney ₦6,000 – ₦6M 3 months – 24 months Varies BVN, bank account, source of income, and collateral

Tips for Securing a Higher Loan Amount

If you aspire to obtain a larger loan amount from a loan app, consider these tips:

1. Improve Your Credit Score

A higher credit score can significantly enhance your chances of securing a larger loan amount. Make timely payments on existing loans and avoid defaults.

2. Provide Accurate Information

Ensure that all the information you provide in your loan application is accurate. Any discrepancies or false information can jeopardize your chances of approval.

3. Increase Your Income

Boosting your income can also increase your eligibility for a higher loan amount. Consider taking on side hustles or freelance work to augment your earnings.

Frequently Asked Questions

1. Which loan app offers the highest loan amount in Nigeria?

In Nigeria, Carbon, RenMoney, and KiaKia are known to offer the highest loan amounts, depending on your creditworthiness.

2. Are there loan apps that can lend me up to ₦20,000?

Yes, QuickCheck is an app that can lend up to ₦20,000 or more, depending on your credit score and history.

3. Which loan app provides the most substantial loan amounts in Nigeria?

RenMoney is renowned for offering significant loan amounts in Nigeria, catering to eligible borrowers.

Conclusion

Loan apps have transformed the landscape of borrowing in Nigeria, offering a convenient and accessible means of accessing funds. The loan apps mentioned in this article not only provide higher loan amounts but also offer competitive interest rates and flexible repayment periods. When considering borrowing from these apps, it’s crucial to evaluate your financial situation carefully and select an app that aligns with your needs. Remember to borrow responsibly and ensure timely repayments to maintain your financial well-being.

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