Loan Apps That Give Higher Amount: Seeking which loan app gives more money in Nigeria? You’ve landed on the right post.
In recent years, loan apps have become increasingly popular in Nigeria due to their convenience and accessibility. Whether you need funds to start a business, pay bills, or cover unexpected expenses, loan apps offer a quick and easy way to access cash.
Despite offering quick cash, most loan apps in Nigeria usually come with very low limits like N2,000 to N20,000.
However, that doesn’t mean there is no loan app with higher amount, or as Nigerians will call it, a “Higher Loan App”.
In this article, we’ll be discussing the top loan apps that give higher amounts in Nigeria. That means you’ll get to know the loan apps that give up to millions of Naira, their interest rates, loan tenor, and how they operate.
So, if you’re ready to know that, follow me and let’s explore this post together!
Best Loan Apps that Give Higher Amounts in Nigeria
Here are the top loan apps that give higher amounts in Nigeria:
1. Carbon
Carbon is one of the most popular loan apps in Nigeria, with over 1 million downloads on the Google Play Store. Carbon offers loans ranging from ₦1,500 to ₦20 million with a repayment period of between 2 weeks to 6 months.
This app’s loan interest rates range from 2% to 30%. However, this depends on the loan repayment period and the amount of money you wish to borrow.
To apply for a loan, you need to have a Bank Verification Number (BVN), a valid bank account, and a source of income.
Check Out: How to Get 2 Million Naira LOan without Collateral
2. Branch
Branch is another popular loan app that gives higher amount in Nigeria, with over 5 million downloads on the Google Play Store.
Branch offers loans ranging from ₦1,000 to ₦500,000 with a repayment period of between 4 weeks to 15 months. To apply for a loan, you need to have a valid bank account and a source of income.
Related: How to Borrow Money from Access Bank
3. FairMoney
FairMoney is a loan app that offers loans ranging from ₦1,500 to ₦1,000,000 with a repayment period of between 61 days to 180 days. Loan interest rate on Fairmoney ranges from 10%-30% monthly.
To apply for a loan, you need to have a valid bank account, a BVN, and a source of income. FairMoney claims to disburse loans within 5 minutes of approval.
4. KwikMoney
Another loan app with higher amount in Nigeria is KwikMoney. Formally known as Migo loan, this app offers loans ranging from ₦500 to ₦500,000 with a repayment period of between 14 days to 6 months with an interest rate of 10% to 25%.
To apply for a loan, you need to have a valid bank account, a BVN, and a source of income. KwikMoney claims to disburse loans within 1 hour of approval.
5. RenMoney
RenMoney is another higher loan app in Nigeria. The app offers loans ranging from ₦6,000 to ₦6 million with a repayment period of between 3 months to 24 months.
To apply for a loan, you need to have a valid bank account, a BVN, and a source of income. For loans worth millions of Naira, RenMoney usually requires collateral in the form of a car or landed property.
Read Also: How to Borrow Money from Renmoney
6. Okash
Okash is another popular loan app in Nigeria. This app offers higher loan limits ranging from ₦6,000 to ₦500,000 with relatively low-interest rates.
It is very easy to apply for Okash loans. All you need to do is download the app, register an account, filling the online loan application form, and your loan will be disbursed into your bank accounts in minutes.
7. Aella Credit
Seeking which loan app gives higher loan amounts in Nigeria? Aella credit is another higher loan app to try. You can access loan amounts ranging from ₦2,000 to ₦1,500,000.
Aella loan comes with a low interest rate ranging from 2% to 20% per month, and a relatively long tenor of up to a year.
You can apply for the Aella Credit loan via their website, or by downloading the app. The major loan requirements of this app are a good credit score, a steady source of income, and BVN.
Read Also: List of Loans for Salary Earners in Nigeria
8. KiaKia
If you are a business owner seeking which loan app gives more money in Nigeria, KiaKia is a good one to try. This app offers quick and convenient loans just like its name “KiaKia” meaning fast in Yoruba.
You can access loans worth hundreds of thousands of Naira from KiaKia. However, keep in mind that the maximum and minimum amounts that can be accessed at any time depend on your income level, employment type and loan request.
9. QuickCheck
QuickCheck is another loan app that lets you access loans worth up to 1,000,000 on your phone. This loan comes with low interest rates and relatively long tenors.
Keep in mind that you can only get 10,000 if it is your first time borrowing from QuickCheck. However, as time goes on, you’ll be eligible for higher loan amounts.
10. P2Vest
Last but not least on this list of the best loan apps that gives higher amount in Nigeria is P2Vest. This is a P2P lending platform that offers loans worth up to 2,000,000 for a period of up to 12 months with low interest rates.
The list above is all the loan apps with higher amount in Nigeria. Now, let’s compare the top 5.
See Also: How to Get Business Loans with Low Interest Rate in Nigeria
Comparison of Loan Apps that Give Higher Amounts in Nigeria
To help you choose 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 | 5% – 15% | BVN, bank account, and source of income |
| Branch | ₦1,000 – ₦500K | 4 weeks – 15 months | 15% – 34% | 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 | 5% – 15% | BVN, bank account, and source of income |
| RenMoney | ₦6,000 – ₦6M | 3 months – 24 months | 4% – 4.5% | BVN, bank account, source of income, and collateral |
With the table above giving you a comparison of loan apps with more money in Nigeria, let’s see how to increase your loan limits to get higher loan amounts.
Factors that Determine the Amount of Loan You Can Get
Now that you’ve known the instant loan app that gives higher amount in Nigeria, it is important you know what determines the loan amount you would be eligible for.
The amount of loan you can get from a loan app depends on several factors. Here are some of the factors that determine how much loan you can get:
Credit Score
Your credit score is a critical factor that determines how much loan you can get from a loan app. The higher your credit score, the more likely you are to get approved for a higher loan amount.
Income
Your income is another critical factor that determines how much loan you can get. Loan apps typically require borrowers to have a steady source of income to approve a loan application.
The higher your income, the more likely you are to get approved for a higher loan amount.
Repayment History
Loan apps typically check your repayment history to determine your creditworthiness. If you have a history of repaying loans on time, you are more likely to get approved for a higher loan amount.
Check Out: List of Available Federal Government Loans for Small Businesses
Tips for Getting Approved for a Higher Loan Amount
If you’re looking to get approved for a higher loan amount from a loan app, here are some tips that can help:
Improve your Credit Score
A higher credit score can increase your chances of getting approved for a higher loan amount. Make sure to pay off your existing loans on time and avoid defaulting on any loans.
Check Out: Apps that Give Loans in Minutes in Nigeria
Provide Accurate Information
Make sure to provide accurate information when applying for a loan. Any discrepancies or false information can hurt your chances of getting approved for a higher loan amount.
Increase your Income
Having a higher income can also increase your chances of getting approved for a higher loan amount. Consider taking up a side hustle or freelancing to increase your income.
Related: Loan Apps that Give 100K in Nigeria
Higher Loan Apps in Nigeria – FAQs
Which loan app gives the highest loan in Nigeria?
In Nigeria, Carbon, Renmoney, and KiaKia offer the highest loan amounts depending on your creditworthiness.
Which app can borrow me up to 20k?
QuickCheck app can lend up to NGN 20,000 or more, contingent on your credit score and history.
Which loan app gives more money in Nigeria?
RenMoney, recognized for substantial loan offers, is an app in Nigeria that lends significant amounts based on eligibility.
Conclusion
Loan apps offer a convenient and accessible way to access funds in Nigeria. The loan apps listed above offer higher loan amounts with competitive interest rates and flexible repayment periods.
So, if you are seeking loan apps that give higher amount in Nigeria, we believe you’ve gotten your answers above.
Before applying for a loan, make sure to assess your financial situation and choose a loan app that suits your needs. Remember to borrow responsibly and make timely repay
