Top 10 Loan Apps that Can Borrow up to 150k

If you are looking to borrow 150k in Nigeria, there are a number of mobile loan apps that can help you. Here are 10 of the best:

1. Branch

Branch is one of the most popular mobile loan apps in Nigeria. It offers loans from ₦1,500 to ₦200,000 with repayment terms of 4 to 64 weeks. The interest rate on Branch loans ranges from 14% to 28%.

2. FairMoney

FairMoney is another popular mobile loan app in Nigeria. It offers loans from ₦1,500 to ₦500,000 with repayment terms of 61 days to 1 year. The interest rate on FairMoney loans ranges from 2.5% to 30%.

3. Palmcredit

Palmcredit is a virtual credit card that offers instant loans of up to ₦100,000. The interest rate on PalmCredit loans ranges from 15% to 30%.

4. Carbon

Carbon is a mobile loan app that offers loans from ₦1,500 to ₦1 million with repayment terms of 3 to 12 months. The interest rate on Carbon loans ranges from 5% to 35%.

5. Okash

Okash is a mobile loan app that offers loans from ₦500 to ₦50,000 with repayment terms of 1 to 6 months. The interest rate on Okash loans ranges from 5% to 30%.

6. Aella Credit

Aella Credit is a mobile loan app that offers loans from ₦5,000 to ₦1 million with repayment terms of 3 to 12 months. The interest rate on Aella Credit loans ranges from 20% to 40%.

7. QuickCheck

QuickCheck is a mobile loan app that offers loans from ₦2,000 to ₦100,000 with repayment terms of 1 to 6 months. The interest rate on QuickCheck loans ranges from 5% to 30%.

8. Umba

Umba is a mobile loan app that offers loans from ₦5,000 to ₦500,000 with repayment terms of 3 to 12 months. The interest rate on Umba loans ranges from 9% to 29%.

9. Renmoney

Renmoney is a mobile loan app that offers loans from ₦50,000 to ₦6 million with repayment terms of 6 to 730 days. The interest rate on Renmoney loans ranges from 15% to 30%.

10. KiaKia

KiaKia is a mobile loan app that offers loans from ₦5,000 to ₦150,000 with repayment terms of 1 to 6 months. The interest rate on KiaKia loans ranges from 5% to 30%.

Criteria for borrowing from a mobile loan app

The criteria for borrowing from a mobile loan app vary from app to app. However, there are some general criteria that most apps follow:

● You must be a Nigerian resident.

● You must be at least 18 years old.

● You must have a valid bank account.

● You must have a valid phone number.

● Some apps may also require you to have a regular source of income.

● How to borrow money from a mobile loan app

To borrow money from a mobile loan app, you will typically need to download the app from the Google Play Store or the Apple App Store.

Once you have downloaded the app, you will need to create an account and provide your personal information. The app will then review your information and determine your eligibility for a loan.

If you are approved for a loan, the app will typically deposit the money into your bank account within a few minutes. You will then need to repay the loan according to the terms of your loan agreement.

Benefits of borrowing from a mobile loan app

There are a number of benefits to borrowing from a mobile loan app, including:

Convenience: Mobile loan apps are very convenient to use. You can apply for a loan from anywhere at any time, all you need is your phone and an internet connection.

Speed: Mobile loan apps are very fast. You can typically get a loan decision within minutes and the money can be deposited into your bank account within a few hours.

Flexibility: Mobile loan apps offer a variety of loan terms and amounts to choose from.

This gives you the flexibility to find a loan that meets your needs.

No collateral: Most mobile loan apps do not require collateral. This makes it a good option for people who do not have any assets to pledge as collateral.
Drawbacks of borrowing from a mobile loan app

There are also some drawbacks to borrowing from a mobile loan app, including

High interest rates: Mobile loan apps typically have high interest rates. This is because they are taking on a risk by lending money to people without collateral.

Short repayment terms: Mobile loan apps typically have short repayment terms. This can be difficult to manage for people who do not have a lot of money coming in each month.

Hidden fees: Some mobile loan apps may charge hidden fees, such as late fees and origination fees. Be sure to read the loan agreement carefully before you apply for a loan so that you know what fees you may be charged.

How to choose the best mobile loan app for you

Interest rates: Compare the interest rates offered by different apps to find the best deal.

Repayment terms: Choose an app that offers repayment terms that you can afford.

Hidden fees: Be sure to read the loan agreement carefully before you apply for a loan so that you know what fees you may be charged.

Customer reviews: Read customer reviews of different apps to get an idea of how other people have experienced them.

FAQs

What is the highest amount I can borrow from a mobile loan app in Nigeria?

The highest amount you can borrow from a mobile loan app in Nigeria varies from app to app. However, most apps offer loans of up to ₦1 million.

What is the shortest repayment term for a mobile loan in Nigeria?

The shortest repayment term for a mobile loan in Nigeria varies from app to app. However, most apps offer repayment terms of at least 1 month.

What is the longest repayment term for a mobile loan in Nigeria?

The longest repayment term for a mobile loan in Nigeria varies from app to app. However, most apps offer repayment terms of up to 2 years.

What is the interest rate on a mobile loan in Nigeria?

The interest rate on a mobile loan in Nigeria varies from app to app. However, most apps charge interest rates of between 5% and 30%.

Also Read: Loan Apps in Nigeria with Low Documentation