Looking for the 10 best loan apps in Nigeria with more than 3 months repayment period? Look no further as nairaCompare has curated a list for you. In trying to access money in minutes, several factors determine the loan amount and interest rate. One of them is the repayment period. Your repayment period or loan tenor is the time frame you have to pay back your loan. Generally, the longer the tenor , the higher the interest rate offered. On the other hand, shorter tenor will offer lower interest rates.
10 best loan apps with more than 3 months repayment period
Getting loans in Nigeria is now more competitive than ever. Despite the recent increase in interest rates by the Central Bank of Nigeria, activities in that sector have not slowed down. Below is a list of loan apps that offer borrowers money in minutes with a convenient repayment plan.
1. Aella Credit
Aella’s loan size ranges from about ₦1,500 to ₦1,000,000 and is determined by a variety of factors. Its loan tenors also vary per individual but are usually within a month or 3 months repayment period.
Aella also rewards borrowers for repaying loans on time, every time by giving cash back on the interest paid.
With a base interest rate of 17%, borrowers on the EazyCredit platform are assured of competitive returns with very minimal risk. Its loan duration ranges from a month up to 18 months.
You can borrow money online with the Palmcredit app. All you have to do is apply for an instant loan with a flexible repayment plan and favorable interest rate. Palmcredit’s loan limit range from ₦10,000 to ₦300,000 and comes with a flexible repayment between 91days and 365days.
Umba loans are automatically determined by a number of factors. They also increase over time as borrowers continue to make repayments on schedule.
As borrowers build credit on Umba, they get longer repayment offers.
As a first-time user of the QuickCheck platform, you can access up to ₦10,000 for a period of 30 days. Early repayment guarantees higher amounts and lower interest rates. Borrowers are also offered weekly payment plans to make loan repayment easier and more flexible.
OKash makes it efficient for borrowers to access credit anytime, anywhere. Its loan tenor required that loyal borrowers can have their payments spread over 91 days to 365 days.
Carbon not only offers loans to borrowers, but it also provides digital banking services. It gives affordable loans without the hassle of late fees, rollover fees, or processing costs. Its loans also come with a 3- 6 months installment payment plan.
One of the most prominent lending platforms in Nigeria, Branch Loan is designed to fit individual needs and help its users grow. As you build credit with Branch, you unlock larger loan amounts. All loans are approved, disbursed, and repaid directly from the app. You also get the opportunity to spread your payments over three months or more, depending on your creditworthiness.
FairMoney offers loans from loans of up to a million Naira for a period of up to 18 months. The better your lending history and positive behavior, the more you can access and the longer the period.
10. Kuda Bank
A full-fledged digital bank, Kuda offers overdrafts and short-term loans to customers who bank on its platform. These loans are offered without paperwork and with a 0.3% daily interest.
The loans also come with a 90 days tenor.
What happens when you default on loan repayment?
Borrowers default on a loan repayment when they fail to meet up with their obligations at the stipulated time.
When a loan defaults, it is sent to a debt collection agency whose job is to contact the borrower and receive the unpaid funds.
Defaulting will drastically reduce your credit score, impact your ability to receive future credit, and can lead to the seizure of personal property.
If you can’t make payments on time, it’s important to contact your lender or loan servicer to discuss restructuring your loan terms.
Defaulting on a loan will cause a substantial and lasting drop in the debtor’s credit score, as well as extremely high-interest rates on any future loan.
For loans secured with collateral, defaulting will likely result in the pledged asset being seized by the bank. The most popular types of consumer loans that are backed by collateral are mortgages, auto loans, and secured personal loans or unsecured debts like credit cards and student loans, the consequences of default vary in severity according to the type of loan. In the most extreme cases, debt collection agencies can garnish wages to pay back the outstanding debt.
Tips for getting the best loan repayment plans
Most people have a big problem with the interest rates of their loans. The interest rate of a loan is the amount that you have to pay every month. The higher the interest rate, the more you will have to pay than the amount you received.
If you are thinking about getting a loan, you need to know about these things before going for one. Here, we will go over seven tips on how to get the best loan repayment plan in the year 2022.
Know the terms of the loan
In taking a loan, you need to know the terms of that loan. You need to know about the terms of the loan to compare them with other lenders. You will be able to see if there are any differences in terms of loans.
Read the fine print
As a borrower, you need to know about everything in detail. However, many people do not read the fine print before getting a loan because they are unaware of it.
You need to understand that there are certain things that you will have to pay when you get a loan. If you get a higher interest rate than what you should pay, it will be more expensive for you.
Do your research
Many lenders offer a loan repayment plan that is affordable and suitable for you. If you want to get an affordable loan, you need to research the best loan repayment plan.
You can get a hold of a few different information from online and other sources.
Many lenders offer affordable loans, but you need to know the interest rates and other things.
In getting the best loan repayment plan in 2022, you need to ask other people. You can ask the people you know if they have had a similar situation and if they can get the best loan repayment plan.
Think about your income
If you are not getting a good income, you need to take a low-interest-rate loan. It is better to take out a loan with a low-interest rate so that your monthly payments will be less, and you will be able to pay it off as soon as possible. If you are worried about the interest rate, getting a loan with an adjustable rate is better.
Consider your credit score
When you want to take out a loan, it is essential to consider your credit score. Your credit score will indicate how much you can afford to pay, and how much you can borrow. If you want to get a loan with a low-interest rate, it is essential to have a good credit score. You should check your credit score before applying for the best loan repayment plan in 2022.