Welcome Today we’ll talk about Best Long-Term Loan Apps in Nigeria.
Taking a long-term loan can help fund major expenses like home renovation, weddings, education or business expansion. Long-term loans typically have a tenure of 1-5 years for repayment. In Nigeria, there are several loan apps that provide accessible long-term loans completely online through mobile apps.
In this comprehensive guide, we list the best loan apps for long-term loans in Nigeria. We cover their key features, interest rates, repayment plans, eligibility and application process. Read on to make an informed choice.
Benefits of Long-Term Loans
Some major benefits of long-term loans are:
- Bigger loan amount to fund large expenses
- Lower EMIs due to longer tenor of 12 months to 5 years
- Interest savings compared to short-term loans
- Builds credit profile with on-time repayments over years
- Flexible repayment plans – Monthly, Quarterly, Half-yearly, Annually
Factors to Consider Before Taking a Long-Term Loan
Consider these factors when choosing a long-term loan:
- Interest rate – Compare rates between lenders
- Processing fee and charges – Opt for minimal fees
- Repayment tenure – As per repayment ability
- EMI affordability – Optimize tenure for affordable EMI
- Early repayment option – With/without foreclosure charges
- Lender reputation – Track record in long-term loans
Top Long-Term Loan Apps in Nigeria
1. Carbon
Carbon offers feature-rich long-term loans via their mobile app. It is ideal for big-ticket expenses like home renovation, higher education, weddings etc.
- Loan amount – N100,000 to N5,000,000
- Tenure – 12 months to 60 months
- Interest rate – From 1.5% per month reducing balance
- Repayment frequency – Monthly, Quarterly, Annually
Download the Carbon app, complete the application in minutes and get approved quickly for the long-term loan in Nigeria.
2. Renmoney
Renmoney provides long-term loans in Nigeria with flexible repayment tenors up to 3 years and competitive interest rates.
- Loan amount – N100,000 to N5 million
- Tenure – 12 months to 36 months
- Interest rate – From 1.33% monthly reducing balance
- Repayment frequency – Monthly, Quarterly, Annually
Apply directly through their website or dedicated mobile app to get long-term funds for your needs.
3. Page Financials
Page offers affordable long-term loans in Nigeria through their user-friendly mobile app for tenors 12-60 months.
- Loan amount – N50,000 to N5,000,000
- Tenure – 12 months to 60 months
- Interest rate – From 1.5% monthly reducing balance
- Repayment frequency – Monthly, Quarterly, Annually
Download their app, apply for long-term funds conveniently and get quick approval.
4. OKash
OKash offers long-term loans up to 3 years tenor with flexible repayment frequencies via their mobile app.
- Loan amount – N50,000 to N5 million
- Tenure – 12 months to 36 months
- Interest rate – From 1.33% monthly reducing balance
- Repayment frequency – Monthly, Quarterly, Annually
Get the OKash app, apply for substantial long-term financing conveniently for your needs.
5. QuickCheck
QuickCheck offers long-term installment loans for tenors from 1 to 3 years through their easy-to-use mobile app.
- Loan amount – N50,000 to N5 million
- Tenure – 12 months to 36 months
- Interest rate – From 1.5% monthly reducing balance
- Repayment frequency – Monthly, Quarterly, Annually
Download their app, complete the application in minutes and get approved for long-term funds quickly.
6. Kiakia
Kiakia provides long-term loans in Nigeria for tenors from 1 to 3 years through their mobile app with minimal documentation.
- Loan amount – N50,000 to N5 million
- Tenure – 12 months to 36 months
- Interest rate – From 1.5% monthly reducing balance
- Repayment frequency – Monthly, Quarterly, Annually
Get their app, apply for substantial long-term financing conveniently for your needs.
7. FairMoney
FairMoney offers long-term loans in Nigeria up to 3 years tenor through their mobile app with flexible repayment frequencies.
- Loan amount – N50,000 to N5 million
- Tenure – 12 months to 36 months
- Interest rate – From 1.5% monthly reducing balance
- Repayment frequency – Monthly, Quarterly, Annually
Download the FairMoney app and apply conveniently for long-term financing for your needs.
8. Branch
Branch provides long-term loans in Nigeria up to 24 months tenor via their user-friendly mobile app.
- Loan amount – N5,000 to N500,000
- Tenure – 6 months to 24 months
- Interest rate – From 1.5% monthly reducing balance
- Repayment frequency – Monthly
Get their app and apply quickly for long-term funds with flexible repayment schedules.
FAQs About Best Long-Term Loan Apps in Nigeria
1. What is the maximum loan amount I can get?
You can get N100,000 to N5 million loan amount from most long-term loan apps in Nigeria.
2. What is the longest repayment tenor available?
Most apps offer long-term loans with repayment tenors from 1 year to 5 years maximum.
3. What costs are involved in long term loans?
You need to pay processing fee of 1-2% of loan amount. Interest is charged monthly on reducing balance.
4. How soon can I get the loan amount disbursed?
Loan apps disburse the approved long-term loan amount to your bank account within 24-48 hours.
5. Can I pay my EMI through other modes like cash/cards?
Most apps facilitate auto-debit of EMI from your linked bank account only.
6. Can I foreclose the loan anytime?
Yes, most lenders allow foreclosure of long-term loans with some charges. Check terms.
7. Will a long-term loan impact my credit score?
It can positively boost your credit score if you service EMIs on time over the long tenure.
8. What documents do I need to apply?
Just basic KYC documents are needed like ID proof, address proof, passport photo, bank statement etc.
9. How does the lender assess my repayment ability?
They check your income, credit score, existing loans to assess eligibility and repayment ability before approving.
10. Can I apply through the mobile app or website?
Yes, you can conveniently apply online through the lender’s mobile app or website with minimal documentation.
11. How do I repay the loan?
Repayment happens automatically on due date by auto-debit of EMI from your linked bank account.
12. What happens if I miss my EMI repayment?
Late payment fees apply. It also negatively impacts your credit score and future loan eligibility.
13. Are there any hidden charges in long-term loans?
No. Leading apps provide complete information on applicable interest, fees and charges upfront.
14. Can I repay my loan ahead of tenure?
Yes, most lenders allow foreclosure by paying the balance outstanding and closure charges.
15. Are the long-term loans from apps safe?
Yes, leading loan apps are secure, regulated by banking authorities, and protect your personal data safety.
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Conclusion
Long-term loans allow you to fund major expenses conveniently. Leading loan apps in Nigeria like Carbon, Renmoney, Page etc. make it easy to get long-term loans completely online. Compare interest rates, charges, and EMIs to pick the best loan app for your needs. Assess repayment ability before applying. Make timely repayments to maintain healthy credit profile. Use long-term funds only for productive purposes for overall financial well-being.
After reading this blog you know about Best Long-Term Loan Apps in Nigeria.
