Loading, please wait ...

Go back to blog homepage

10 Best Loan Apps in Nigeria Giving More Than 100k Loans
Share article

10 Best Loan Apps in Nigeria Giving More Than 100k Loans

Identifying the 10 best loan apps in Nigeria that provide more than 100k loans is not as difficult as it may seem. These days, with the right platforms, you can compare loans to get the best interest rates and of course, the best offers. nairaCompare’s loan aggregator tool, for instance, can help you get the best deals on loans, making an informed loan decision. 

How to get loans in Nigeria 

Getting loans in Nigeria has been made easy, with the process highly simplified. Whether you are going for a payday loan, a quick loan, a business loan, or a personal loan, if you meet the requirements, you can get your money in minutes. 

Mobile loan apps in Nigeria are known to offer loans from ₦2,000 to as high as ₦5m. They also come with some benefits. With mobile loan apps, access to loans is assured at any time of the day or any day of the week.  

They do not require collateral or any tedious paperwork. Also, you can access the fund swiftly. Some apps promise to make funds available to the borrower in under two minutes. 

All you need to do is to download the app, fill in the requirements and wait for a loan decision.  

Some of the requirements by loan apps in Nigeria include; 

  • Proof of residence 
  • Bank Verification Number (BVN) 
  • Proof of employment for salary earners
  • Proof of income for business owners, as well as 
  • Government-issued means of identification 

Tips to help you get approved for a higher loan amount 

Usually, for first-time borrowers, loan apps offer a small amount with short-term repayment.   

However, as you keep using their platforms, you can take steps to possibly unlock higher loan amounts. Some loan apps are known to offer borrowers money amounting to millions of naira.  

Below are some steps you can take to increase your loan amount. 

A good first step is to look at your credit report. If you already have a great credit score, you can’t do much to raise it significantly. But if you have a credit score that could stand some improvement, then take action. 

When you improve your credit score, a lender may be willing to increase your preapproval amount. Additionally, a higher credit score may be able to lower your interest rate. 

  • Pay off previous loans on schedule 

As stated earlier, there are enormous advantages to paying off your loan when due.  

In determining how much you can borrow, a lender will compare your monthly debt payments to your gross monthly income to determine your debt-to-income ratio (DTI). If you have an extensive monthly debt burden, your preapproval amount will be lower.  

  • Find a different lender 

One of the benefits of comparing loans in Nigeria is that you get to know the different offers from different lenders. nairaCompare has taken the burden off you with its loan aggregator tool that can help with identifying the 10 best loan apps in Nigeria.

Not all lenders view things in the same way. If a lender provides a low amount, then you may decide to find another lender who offers a higher amount. In some cases, you may find that switching lenders makes all the difference. 

  • Apply for a longer loan term 

A loan with a longer term allows you to stretch out your loan over more payments.  

In most cases, a longer term, such as a three months repayment plan, will calculate into more affordable monthly payments. As a result, a lender may be willing to lend you more. 

10 Best Loan Apps in Nigeria Giving More Than 100k Loan 

1. Carbon  

One of the most prominent loan apps in Nigeria with a very high number of downloads, Carbon offers loan amounts for anything from ₦1,000 to over ₦1,000,000.  

Its instant loans can be used to grow small businesses or fix personal emergencies and are collateral-free, requiring no guarantors or paperwork. 

It also offers cashback on interest paid once borrowers repay on time. 

2. Branch 

A big player in the digital finance industry, Branch offers loan sizes ranging from ₦2,000 to ₦500,000. If you repay loans as scheduled, the amount that you can borrow will increase. 

As a borrower, the loan offers you see depend on a number of factors, including your repayment history with Branch. If you repay each installment by its due date, you may unlock access to larger loans over time.  

 3. Alat 

Alat, a product of Wema Bank, says it is Nigeria’s first fully digital bank. With Alat, you can open an account and manage your money without ever going to a branch.  

This app also gives you access to exclusive group and personal savings, a free debit card, lifestyle benefits, and up to 4% annual interest. 

Its salary-based loan offers a maximum loan amount of ₦4m with a maximum repayment period of two years. 

4. PalmCredit 

With interest rates of between 14% to 24%, Palmcredit offers loans of up to ₦100,000. Also, note that you can adjust the maximum amount at any time! Its loan term is between 14 days to 180 days.  

5. Aella Credit 

Aella Credit offers borrowers who apply from the app access to money in minutes. With Aella, borrowers can access non-collateralized loans up to ₦1,000,000 to cushion the shock of some expenses. 

It also makes access to loans affordable as there are no late fees attached to its loans.  

6. QuickCheck 

This loan app says that it is fully devoted to ensuring users are supported in micro-lending. However, it offers business financing over time. 

With QuickCheck, borrowers’ loan cap increases as they pay their loans on time and build trust with the system. 

QuickCheck offers digital financial services to help borrowers get closer to their personal and business goals. 

7. FairMoney 

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 behaviour, the more you can access and the longer the period! 

All borrowers have to do is download the FairMoney app from the Google Play Store, sign up with the phone number linked to their BVN, answer a few questions, and confirm their identity to receive a loan offer.  

8. Umba 

Umba is a loan app that offers borrowers a seamless process of accessing money in minutes.  

It offers smart and affordable loans with low-interest rates. It also makes paying back easy for borrowers and offers loans as much as ₦100,000 for those who meet the criteria.  

9. FairCredit 

Loan amounts on the FairCredit loan app range from ₦1,500 to ₦1,000,000 with repayment periods from 95 days to 18 months. It also offers monthly interest rates that range from 2.5% to 30%. 

10. Xcredit 

Although not very popular, Xcredit is one of the loan apps in Nigeria that has put together a good loan package for customers. Currently, they offer a minimum loan of ₦2,000 and a maximum of ₦500,000. Also, their loan range spans about five months and they do not require collateral.  



Was this post helpful?

Find the best loan.

Borrow money online when you need it, at a rate you can afford!

Scroll to Top

Sign up for our newsletters now for the latest updates on loan offerings, money tips, and qualify to check your credit score ₦600 free!

By continuing, you agree to our Terms & Conditions and Privacy Policy.