How to Increase Your Online Loan App Limit in 2023
How to Increase Your Online Loan App Limit
In Nigeria today, online loan apps have become a convenient and accessible way to meet your financial needs faster than securing loans from traditional banks. Whether it’s for emergencies, paying bills, or funding a personal project, having access to higher loan limits can be a game-changer.
However, In this article, I will show you how to increase your online loan App limit in Nigeria in 2023.
To get started, here are everything you need to know:
How to Increase Your Online Loan App Limit In Nigeria In 2023
To increase your online loan app limit in Nigeria, there are certain things you need to follow. It doesn’t just happen. Here are steps to take:
Use Multiple Mobile Apps for Loans
One of the most effective ways to increase your online loan app limit is to diversify your options by using multiple loan apps. Here’s how it works:
Research and Download Multiple Apps
Start by researching and downloading several reputable online loan apps available in your region.
Each app may have different criteria and algorithms for determining your loan limit.
Build a Positive Credit History with Each App
Use each app responsibly by borrowing and repaying loans on time. This helps build a positive repayment history with each provider, which can increase your trustworthiness as a borrower.
Avoid Defaulting on Loans
Ensure that you never default on your loan repayments. Defaulting not only harms your credit score but also decreases your chances of receiving higher loan limits.
Save Frequently
Another crucial factor that lenders consider when determining your loan limit is your financial stability.
Saving money regularly can demonstrate your ability to handle larger loan amounts responsibly.
Read: How to Remove Your BVN from Credit Bureau Blacklist in Nigeria
To get that done, follow the guidelines mentioned here:
Create a Savings Plan
Set up a savings plan that suits your income and expenses. Even small, consistent contributions to your savings account can show financial discipline.
For instance, the fairmoney loan app promises a drastic drop in loan interest. Instead of paying an N2000 interest rate on a loan taken for a month from Fairmoney, you might end up paying an N1,000 interest rate.
Maintain a Healthy Balance
Keep a healthy balance in your savings account to show lenders that you have a financial cushion to fall back on in case of unexpected expenses.
Show Income Growth
As your income grows, update your financial information with the loan apps.
This can lead to an increase in your loan limit as it reflects an improved ability to repay loans.
Improve Your Credit Score
Your credit score plays a significant role in determining your loan limit.
Here are some ways to enhance your creditworthiness:
Check Your Credit Report
Regularly review your credit report for errors and discrepancies.
Dispute any inaccuracies to ensure that your credit score is an accurate reflection of your financial history.
Pay Bills on Time
Timely payments of bills, including credit card bills and utilities, can have a positive impact on your credit score.
Reduce Outstanding Debt
Lower your credit card balances and other outstanding debts to improve your credit utilization ratio, which is a key factor in your credit score.
Communicate with Lenders
Don’t hesitate to communicate with your loan app providers.
If you have a good repayment history and a valid reason for needing a higher limit, reach out to them and explain your situation.
They may be willing to increase your limit based on your credibility as a borrower.
Maintain Stable Employment
Lenders often prefer borrowers with stable employment history.
A consistent source of income can increase your chances of receiving a higher loan limit.
FAQs On How to Increase Your Online Loan App Limit In Nigeria In 2023
Here are some frequently asked questions on How to Increase Your Online Loan App Limit in Nigeria with answers:
How do you increase your loan limit?
Increasing your loan limit usually involves a combination of responsible borrowing and maintaining a positive financial profile. Here are some steps to consider:
- Build a positive repayment history by repaying loans on time.
- Improve your credit score by managing your finances responsibly.
- Use the loan app frequently and establish trust with the provider.
- Maintain a stable income source and show income growth.
- Request for a loan limit increase with the app provider when you have a valid reason and a positive borrowing history.
Which app can lend me up to 20K?
In Nigeria, some popular loan apps may offer loans up to N20,000. Some of them are Fairmoney, Renmoney, Nicenaira, Flypay Pro, Palmcredit, Migo, Palmpay, Easemoni, etc.
Which loan app can lend me 50k?
Many loan apps in Nigeria can lend you 50k instantly but do note that this is not possible for first term borrowers.
Before you can get a loan of 50k from a loan app, ensure you keep building your credit score, this will increase your chance of getting a loan of 50k.
Some loan apps that can provide you with a loan of 50k in Nigeria are:
Moniepoint, Fairmoney, Renmoney, Migo, Palmcredit, etc.
Can I apply for another loan if I already have one?
Yes, you can apply for another loan even if you already have one.
However, whether you are approved for the new loan will depend on several factors, including your creditworthiness, income, and the policies of the loan app provider.
Keep in mind that managing multiple loans simultaneously requires careful financial planning to ensure you can meet all repayment obligations.
How many loans can you get at once?
The number of loans you can get at once depends on your creditworthiness and the policies of the loan app providers you are dealing with.
Generally, it’s possible to have multiple loans simultaneously, but you should assess your ability to manage multiple repayment schedules and avoid overextending yourself financially.
