Home Finance How To Increase Your Online Loan App Limit

How To Increase Your Online Loan App Limit

Many people rely on online loan apps to get quick money. If you want to borrow more from these apps, you’re in the right place. We’ll show you how to do it in simple terms.

Imagine you have an unexpected expense, like a medical bill or a car repair, and you need more money than your usual loan limit. Or perhaps you’re planning to invest in something important. Knowing how to increase your loan limit can be a big help.

So, in this guide, we’ll talk about easy ways to make the loan apps lend you more money. It’s like having a higher spending limit on your credit card. We’ll cover everything from managing your money wisely to building a good borrowing history. By the end, you’ll know how to get more from your online loan apps and have more financial freedom.

Build a Positive Borrowing History

Building a positive borrowing history is crucial when it comes to increasing your online loan app limit. Lenders want to see that you have a track record of responsible borrowing and timely repayments. To do this, make sure you always pay your loans on time and in full. 

Avoid missing any payments or defaulting on your loans. Additionally, consider diversifying your borrowing sources and maintaining a healthy credit utilization ratio. By consistently demonstrating good borrowing habits, you can improve your chances of accessing higher loan amounts and better loan terms in the future.

Increase Your Income

Looking to increase your online loan app limit? One effective way is to increase your income. This can be achieved through various means, such as taking on a side job, freelancing, or starting a small business. By boosting your income, you’ll not only have more money to cover your expenses but also demonstrate to lenders that you have the ability to repay larger loan amounts. 

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Consider exploring different avenues to earn extra income and watch as your online loan app limit grows, giving you access to the funds you need when you need them.

Improve Your Credit Score

Improving your credit score is essential if you want to increase your online loan app limit. Start by checking your credit report for any errors and addressing them promptly. Then, focus on paying your bills on time and reducing your credit card balances. 

Avoid applying for multiple credit cards or loans within a short period, as this can negatively impact your credit score. Consider using credit monitoring services or credit-building tools to track your progress. By taking steps to improve your credit score, you can increase your chances of accessing higher loan amounts and better loan terms.

Use Collateral or Guarantor

If you’re struggling to increase your online loan app limit, consider using collateral or a guarantor. Collateral is an asset that you pledge as security for the loan, such as your car or home. Having collateral can give lenders the confidence to approve you for higher loan amounts. 

Alternatively, you can find a guarantor who will vouch for your ability to repay the loan. This person will be responsible for the loan if you are unable to make payments. Using collateral or a guarantor can help you gain access to larger loan amounts and improve your chances of getting approved.

Maintain Responsible Borrowing:

Maintaining responsible borrowing habits is crucial for increasing your online loan app limit. This means making timely repayments, avoiding missed payments or defaults, and staying within your means. It’s important to only borrow what you can afford to repay and to use loans for necessary expenses rather than unnecessary luxuries. 

By showing lenders that you are a responsible borrower, you build trust and increase your chances of accessing higher loan amounts in the future. So, make sure to budget wisely, prioritize loan repayments, and only borrow when it’s necessary and manageable for you.

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FAQS

How can I increase my loan limit?

To increase your loan limit on FairMoney, you can do the following:

  • Repay your loans on time and in full.
  • Build a good credit history on the FairMoney platform.
  • Increase your income or assets.
  • Provide additional information about your financial situation, such as your bank statement or salary slip.

Can I get another loan if I already have one?

Yes, you can get another loan from FairMoney if you already have one, but you must meet the following criteria:

  • You have repaid your previous loan in full and on time.
  • You have made at least two payments on your previous loan.
  • You have a good credit history on the FairMoney platform.
  • You meet the FairMoney eligibility criteria for a new loan.

How much can I borrow from FairMoney for the first time?

The maximum loan amount that you can borrow from FairMoney for the first time depends on a number of factors, including your credit history, income, and assets. However, most first-time borrowers can borrow up to ₦100,000.

What is the maximum loan amount for FairMoney?

The maximum loan amount that you can borrow from FairMoney is ₦1,000,000.

How do I extend my loan on FairMoney app?

To extend your loan on the FairMoney app, follow these steps:

  1. Open the FairMoney app and log in to your account.
  2. Tap on the “My Loans” tab.
  3. Select the loan that you want to extend.
  4. Tap on the “Extend Loan” button.
  5. Enter the new loan term and repayment schedule.
  6. Tap on the “Submit” button.

Please note that there is a fee for extending your loan. You will be able to see the fee before you submit your request.

Conclusion 

In conclusion, increasing your online loan app limit is possible with a few strategic steps. Building a positive borrowing history, increasing your income, improving your credit score, and considering collateral or a guarantor are all effective methods. However, the most important aspect is maintaining responsible borrowing habits. 

By demonstrating responsible financial behavior, you not only increase your chances of accessing higher loan amounts but also create a strong foundation for your financial future. Remember to budget wisely, prioritize loan repayments, and only borrow what you can afford. With these strategies, you’ll be on your way to securing the funds you need with ease.