Majority of the loan apps offer very little starter amounts that cannot satisfy a borrower’s need and as a result find themselves applying to other apps in-order to accumulate a considerable amount.
However, the downside of this is that individual lenders offer varying loan tenures and interest rates which may consequently overwhelm the borrower thus resulting to loan default.
While this situation may be salvaged by lenders simply increasing loan limits, this is easier said than done since most are reluctant to such increments and as a substitute, prefer to incorporate various features like loan extensions or temporary limit increase coupons.
Despite the above, there is a loan that guarantee limit increases albeit at certain conditions.
This app has been widely featured in a variety of our articles as not doing CRB checks before issuing loans, deducting interest prior to disbursements in addition to offering coupons and prize rewards.
This app generally offers a two- repayment plan option which include interest only and full repayment.
It also clearly states that upon choosing the;
- Interest only repayment plan, one needs to pay the interest on the loan amount at least 4 times then pay back the full loan, your limit will be increased.
- Full repayment plan, one needs to pay the full loan 5 times and your limit will be increased.