By Opeyemi Abdulsalam 
In Nigeria today, online loan apps have become a fast and convenient way to access financial support compared to traditional banks. Whether you need funds for emergencies, bill payments, or personal projects, having a higher loan limit can make a significant difference.
However, many users struggle with low loan limits and often wonder why their borrowing power remains stagnant—sometimes not exceeding ₦5,000. Contrary to popular belief, loan approvals and limits are not manually determined. Instead, they rely on advanced automated systems that assess borrowers based on specific criteria. So, if your loan limit hasn’t increased, it’s not a personal issue—it’s simply how the system works.
The good news? You can increase your loan app borrowing limit. This article will walk you through practical strategies to boost your online loan app limit and unlock greater financial flexibility.
How to Increase Your Online Loan App Limit
What can you do to improve your online loan app limit? Here is a list of what you can do:
1. Build a Positive Credit History
Your credit history is a record of how responsibly you repay debts. This information is compiled in your credit report—a detailed financial record sourced from banks, credit card companies, collection agencies, and government institutions. From this credit history, a numerical score called a credit score is generated. This score helps lenders determine if you are creditworthy.
When you apply for a loan with FairMoney, a quick check is performed on your credit history. If the process is unsuccessful, it usually means one of two things:
- You have a poor credit history – You have defaulted on past loans, missed payments, or have unpaid installments.
- You have no credit history – You have never taken a loan before, or your credit report could not be found.
How to Build a Positive Credit History
To improve your credit history and increase your loan limit:
✔ Pay your bills and loan installments on time. Timely payments boost your creditworthiness.
✔ Avoid defaulting on loans. Late or missed payments negatively impact your credit score.
✔ Use credit responsibly. Taking small loans and repaying them promptly helps build a strong credit record.
Over time, maintaining a positive credit history will increase your chances of qualifying for higher loan limits and better financial opportunities.
2. Use the Phone Number Linked to Your BVN
Always apply for loans using the phone number registered with your Bank Verification Number (BVN) and make sure it has a clean record. A BVN can be flagged by the bank if there are traces of fraudulent or suspicious activities associated with it.
READ ALSO:
How to Check Your Bank Verification Number (BVN)
3. Provide a Bank Statement or Enable SMS Alerts
Make sure you receive credit and debit alerts on the device and phone number used for your loan application. Alternatively, you can upload your bank account statement during the application process.
4. Keep Your Social Media Active
In today’s digital world, having no online presence is almost unheard of. Being active on social platforms like Facebook and Twitter can work in your favor, as many loan apps require linking your account—especially Facebook—to verify your identity and improve your loan eligibility.
5. Use the Loan App Regularly
Building a strong relationship with your lender is key to increasing your loan limit. Regularly using the loan app for transactions like buying airtime, data, and paying utility bills (since many loan apps offer these services) can boost your credibility.
Start with smaller loan amounts and gradually increase them by maintaining a good repayment record. Lenders often reward responsible borrowers with higher limits, so make it a habit to use the app wisely and always repay your loans on time.
6. Pay Off Existing Debts
Paying off outstanding debts can greatly improve your chances of increasing your loan app limit. Lenders assess your debt-to-income ratio—the percentage of your income used to repay existing debts—before approving higher loan amounts. Lowering this ratio signals responsible financial management and reassures lenders that you can handle more credit.
Consider setting up a structured repayment plan to gradually clear your debts and improve your financial standing.
7. Engage with Your Lender
Don’t hesitate to reach out to your loan provider. Maintaining a good relationship with the lender can significantly boost your chances of getting a higher limit.
If you have a solid repayment history and need an increased limit, communicate your request and explain your financial situation. Lenders sometimes adjust limits for reliable borrowers.
Also, if you’re facing difficulties repaying your loan, let them know. Many lenders offer flexible repayment options and may be willing to assist during financial challenges. Open and honest communication builds trust, which can work in your favor when requesting a higher borrowing limit.
READ ALSO:
Top 10 Best Loan Apps in Nigeria and Their Interest Rates
FAQs On How to Increase Your Online Loan App Limit
Can I Apply for Another Loan If I Already Have One?
Yes, you can apply for another loan even if you have an existing one. However, approval depends on factors such as your creditworthiness, income level, and the policies of the loan provider. Keep in mind that handling multiple loans at once requires careful financial planning to ensure you can meet all repayment obligations without defaulting.
How Can I Increase My Loan Amount?
Increasing your loan amount follows the same principles as increasing your loan limit. Maintaining a strong credit history, having a steady source of income, and managing your debts responsibly all improve your chances of qualifying for a higher loan. Additionally, staying active on the loan app and building a good relationship with the lender can further increase your borrowing capacity.
How Many Loans Can I Take at Once?
The number of loans you can get at a time depends on your creditworthiness and the policies of the loan providers you are dealing with. While some apps allow multiple loans, it’s important to assess your financial situation and ensure you can manage multiple repayments without straining your finances.