Where Can I Get a Loan of 100k in Nigeria? Looking for an answer to that? Fortunately, you just landed on the right post.
In Nigeria, loan apps have made it easier for individuals to access loans without the need for collateral or a high credit score. However, due to a lack of trust in Nigerians, lots of loan apps in Nigeria only offer small loans of ₦5,000 to ₦10,000.
Thankfully, a few loan apps offer loans of ₦100,000 and even more to borrowers that meet their requirements. In this post, we will be discussing five loan apps that give 100K in Nigeria.
So, if you’re seeking “loan app that can borrow me 100k”, join me and let’s explore this post together!
Top 9 Loan Apps That Give 100K and Above in Nigeria 2023
Finding a reliable loan app that can borrow up to 100k isn’t a walk in the park, especially in Nigeria. But don’t worry, we’ve got your back!
We’re breaking down four awesome loan apps you can check out. Whether it’s for emergency costs or starting a small biz, these apps got you covered:
1. Page Financials
First up is Page Financials. If you’re in a hurry for that 100k loan in Nigeria or even more, this app is your go-to. No collateral, no stress. Just open their website or download the app, and you’re good to start.
You’ll only need to provide your personal details, BVN, and a bank statement. They specialize in quick loans, so if you’re wondering how to get 100k loan in Nigeria, Page Financials makes it easy and speedy.
Features
- Loan Tenure: 3 – 12 Months
- Loan Amount: ₦100,000 to ₦5,000,000
- Interest Rate: 3.1%
2. Lendigo
Another strong option is Lendigo. Like Page Financials, Lendigo is all about urgency. Their application process is streamlined, requiring only basic stuff like your personal details, BVN, and bank statement.
What makes Lendigo special is its transparent pricing. So, no need to worry about hidden fees or charges that pop out of nowhere. This is a loan app that can borrow you 100k without nasty surprises.
Features
- Loan Tenure: 1 – 6 months
- Loan Amount: ₦100,000 to ₦10,000,000
- Interest Rate: 4% – 8%
3. Branch Loan App
The third loan app on our list is Branch. Branch offers loans of up to ₦500,000 with a flexible repayment period of up to 15 months.
The app has over 10 million downloads on the Google Play Store and offers loans at competitive interest rates.
To be eligible for a loan on Branch, you must be a Nigerian resident with a valid bank account, a BVN, and a source of income.
To apply for a loan, simply download the Branch app, register, and fill in your personal and financial details.
Features
- Loan Tenure: 1 – 12 months
- Loan Amount: ₦1,000 to ₦500,000
- Interest Rate: 15% – 34%
Related: Top 10 Loan Apps that Give Higher Amounts in Nigeria
4. Fairmoney
FairMoney is another loan app that gives 100K in Nigeria. In fact, on this app, you can access loans of up to ₦500,000 with a repayment period of up to 6 months.
The Fairmoney app has over 1 million downloads on the Google Play Store and offers loans at competitive interest rates, making it very trustworthy.
To be eligible for a loan on FairMoney, you must be a Nigerian resident with a valid bank account and a source of income. To apply for a loan, simply download the FairMoney app, register, and fill in your personal and financial details.
Features
- Loan Tenure: 1 – 18 months
- Loan Amount: ₦1,500 to ₦500,000
- Interest Rate: 2.5% – 30%
Read Also: 8 Good Loan Apps Like Fairmoney in Nigeria
5. Carbon Loan App
If you own a business and asking where can I get a loan of 100k in Nigeria, Carbon doesn’t only give 100K loans, but you can access up to ₦1,000,000 on the app.
Carbon loan come with fair interest rates and a flexible repayment period ranging up to 6 months. Just like Fairmoney, the app has over 1 million downloads on the Google Play Store, which means it is reliable.
With just a valid bank account, a source of income, and a BVN, you can be eligible for Carbon loan. Also, no collateral whatsoever, or a guarantor is needed to get your loan application approved on the Carbon loan app.
Features
- Loan Tenure: 1 – 6 months
- Loan Amount: ₦1,500 to ₦1,000,000
- Interest Rate: 1.75% – 30%
6. Aella Credit
If you’re still asking, “Which loan app can give me 100k?”, Aella Credit has got to be on your list. With a minimum loan amount of 1,500 Naira, they’re a good choice for anyone in need of a 100k loan in Nigeria.
What’s even cooler? The app offers loans at a relatively low-interest rate. To apply, you’ll need a valid bank account, a BVN, and a source of income. Once approved, they’ll send you the cash in no time.
Features
- Loan Tenure: 2 – 12 months
- Loan Amount: ₦1,500 to ₦1,500,000
- Interest Rate: 2% – 20%
7. Renmoney
The fourth loan app on our list is RenMoney. RenMoney is one of the most popular loan apps that give 100k and above in Nigeria. With a repayment period of up to 24 months, borrowers get loan offers worth millions of Naira on Renmoney.
The app has no collateral or paperwork requirements, making it easy to access loans. To be eligible for a loan on RenMoney, you must be a Nigerian resident between the ages of 22 to 59 years old, have a verifiable source of income, and a valid bank account and means of identification.
To apply for a loan, simply visit the RenMoney website or download the RenMoney app, fill in your personal and financial details, and wait for loan approval.
Features
- Loan Tenure: 3 to 24 Months
- Loan Amount: ₦5,000 to ₦6,000,000
- Interest Rate: 2.4% – 9.33%
Check Out: How to Get Loan in Minutes in Nigeria
8. PalmCredit
Next on our list of loan apps that give 100,000 Naira in Nigeria is PalmCredit. PalmCredit offers loans of up to ₦100,000 with a repayment period of up to 180 days.
The app has been in existence for a very long time and has over 1 million downloads on the Google Play Store.
To be eligible for a loan on PalmCredit, you must be a Nigerian resident between the ages of 18 to 55 years old, have a valid bank account, and a verifiable source of income.
To apply for a loan, simply download the PalmCredit app, register, fill in your personal and financial details, and wait for loan approval.
Features
- Loan Tenure: 1 – 3 months
- Loan Amount: ₦2,000 to ₦100,000
- Interest Rate: 14% – 24%
9. ALAT By Wema
Last but not least, ALAT by Wema is for those who want a tech-friendly loan experience. Designed for today’s digital age, ALAT ensures you get your 100k without breaking a sweat.
All you need are your personal details, BVN, and a bank statement. And voila! The money is yours.
Their interest rates are also competitive, making it one of the loan apps that can give 100k without causing a budget headache.
Features
- Loan Tenure: Up to 18 Months
- Loan Amount: ₦50,000 and above
- Interest Rate: 2%
So, if you’re seeking loan apps that can borrow you 100k, those (above) are the popular loan apps that give 100k in Nigeria.
However, it is important you compare the apps before settling for one. Let’s discuss more on that.
Things to Consider While Choosing the Best 100K Loan Apps for You
In comparing the loan apps listed above, it is important to consider the following factors:
- Loan amount: The maximum loan amount offered by each app.
- Interest rate: The interest rate charged on loans by each app.
- Loan tenure: The repayment period for each loan.
- Eligibility requirements: The requirements needed to be eligible for a loan.
- Application process: The ease and speed of the application process.
Note: Before applying for a loan on any of these apps, it is important to read and understand the terms and conditions, interest rates, and repayment schedule.
It is also important to note that failure to repay loans on time can lead to additional fees, penalties, and a negative impact on your credit score.
How to Apply for a 100K Loan in Nigeria
We’ve talked about the loan apps that can give you 100k, but how do you actually go about applying? Don’t worry; the process is simpler than you might think.
Choose the Right Lender
First off, you’ll want to choose where to apply. Your options could range from loan apps that can borrow up to 100k to traditional banks and even microfinance institutions.
Look at interest rates, requirements, and ease of application to find your best fit.
Prepare the Necessary Documents
Even though some apps offer a loan without much paperwork, it’s generally a good idea to prepare essential documents. These usually include your personal details, BVN, and bank statement.
Complete the Application Process
When you ask; “loan apps that can borrow me 100k” most have made the application process pretty straightforward.
You can typically complete it online, saving you tons of time and effort. Just follow the app’s steps, and you’re good to go.
Attend Verification Interviews (if required)
Some lenders might want to dig a bit deeper and verify your information. If that’s the case, they’ll likely schedule a quick verification interview.
But many online apps skip this part for 100k loans, focusing on speed and simplicity.
Wait for Approval
The final step is the most exciting. You’ve done all the work, and now you’re waiting for that “approved” notification.
With some lenders, this happens in a flash, and you’ll find yourself thinking, “I really got my 100k loan in Nigeria today!”
And that’s it! By following these steps, you can secure a 100k loan in Nigeria without breaking a sweat. Now, you know exactly what you’re getting into, and you won’t need a finance degree to understand it.
So the next time you or a friend are wondering which loan app can give me 100k, you’ll know not just where to go but also how to secure that loan.
See Also: List of Loan Websites in Nigeria
Conclusion
Loan apps are a great option for individuals in Nigeria looking to access loans of up to ₦100,000 quickly and conveniently. However, many Nigerian loan apps offer low amounts.
With this post containing the ones that give 100,000 Naira and above, I believe we’ve given the perfect answer to the question “Where can I get a loan of 100k in Nigeria”.
