Access to loans has become significantly easier in Nigeria with the advent of loan apps. These apps provide quick, convenient, and flexible solutions for individuals and businesses in need of financial assistance. For those looking for apps that offer higher loan amounts, this article highlights the top 10 options in Nigeria for 2024.
List of Top 10 Loan Apps that Give Higher Amounts in Nigeria
1. Carbon (Formerly Paylater)
Loan Amount: Up to ₦1,000,000
Carbon is a popular loan app offering high loan amounts with competitive interest rates. The app provides loans without collateral and offers a user-friendly interface.
- Features:
- Flexible repayment options.
- Rewards for timely repayment.
- Additional financial services like bill payments and investments.
2. Branch
Loan Amount: Up to ₦500,000
Branch is known for its seamless application process and quick disbursement. The app evaluates creditworthiness using a mix of phone data and financial behavior.
- Features:
- No hidden charges.
- Competitive interest rates.
- Flexible repayment periods.
3. FairMoney
Loan Amount: Up to ₦1,000,000
FairMoney is a digital bank and loan platform that provides higher loan amounts based on a user’s credit history.
- Features:
- Instant approval and disbursement.
- Loans for personal and business purposes.
- Additional services like bill payments.
4. PalmPay
Loan Amount: Up to ₦300,000
PalmPay is not just a payment platform but also offers credit services. It provides loans tailored to a user’s spending behaviour on the app.
- Features:
- Quick disbursement.
- Cashback rewards for repayments.
- Integration with other PalmPay services.
5. Aella Credit
Loan Amount: Up to ₦1,000,000
Aella Credit is designed for individuals and businesses looking for higher credit limits. It also provides financial planning tools.
- Features:
- Simple application process.
- Interest rates are tailored to credit scores.
- Additional services like insurance and investments.
6. QuickCheck
Loan Amount: Up to ₦500,000
QuickCheck offers flexible loan options for individuals with steady income sources. It focuses on improving financial inclusion.
- Features:
- AI-driven credit scoring.
- No paperwork required.
- Option to extend repayment periods.
7. Okash (Powered by Opay)
Loan Amount: Up to ₦500,000
Okash is one of the fastest loan platforms in Nigeria, offering high loan limits and flexible repayment plans.
- Features:
- Instant loan approval.
- Integration with Opay services.
- No collateral required.
8. Renmoney
Loan Amount: Up to ₦6,000,000
Renmoney is a top choice for individuals and businesses needing substantial amounts. It offers longer repayment periods and lower interest rates.
- Features:
- Physical branch presence.
- Loans for self-employed individuals.
- Transparent fees and charges.
9. Kuda Bank
Loan Amount: Up to ₦500,000
Kuda Bank offers credit services to its account holders, making it an excellent choice for individuals with a good banking history.
- Features:
- Low interest rates.
- Instant disbursement to Kuda accounts.
- Integration with other banking services.
10. Migo (Formerly Kwikmoney)
Loan Amount: Up to ₦500,000
Migo is known for its simplicity and ease of access. It doesn’t require a dedicated app, as loans can be accessed via USSD or web platforms.
- Features:
- Instant disbursement.
- Loans accessible via phone number.
- No collateral required.
FAQs
Which loan app offers the highest loan amount in Nigeria?
Renmoney offers the highest loan amount, up to ₦6,000,000, making it suitable for personal and business needs.
Are these loan apps safe to use?
Yes, these apps are safe as long as they are downloaded from official app stores. Ensure you read the terms and conditions before applying.
Do I need collateral to get a loan from these apps?
No, most of these loan apps do not require collateral. However, they may assess your creditworthiness through your financial behaviour and phone data.
What is the average interest rate on these loan apps?
The interest rates vary but typically range between 2% and 30% monthly, depending on the loan amount and repayment period.
These loan apps are excellent options for Nigerians seeking higher loan amounts in 2024. Always ensure you compare interest rates, repayment terms, and fees before choosing a platform.
Also Read: 10 Best Loan Apps for Students in Nigeria 2024 [Low Interest Rates]