How to Increase Loan Limit on Mobile Loan Apps

Apps that allow you to borrow money are becoming increasingly popular. But what if you need more money than the app allows? There is a way to get around this. Keep reading to find out how to increase your loan limit on mobile loan apps.

If you’re like most people, then the answer is probably yes. You want to borrow as much money as possible to get what you need when you need it.

If you’re looking for ways to ensure that you have enough funds in your account, this is the article for you!

We’ll show you how easy it is to increase the loan limit on mobile apps so that borrowing more becomes an option once we’ve shown you how there won’t be any reason not! It’s time to take control of your finances and get what YOU need when YOU need it with our step-by-step instructions below.

Read also List of Top Money Lending Apps in Kenya.

How to increase Mobile Loan App loan limit

Here are some creative ways to increase the loan amount using different mobile apps.

1. Download the app in advance.

By downloading and keeping the mobile app on your phone, you are giving it the chance to read your phone usage. This helps determine your creditworthiness.

When the time comes to get a loan, the app might give you a higher limit

2. Use mobile payments frequently

Most mobile loan apps read your phone usage before granting you a loan. To increase your app’s trust in you, make sure that you use mobile payments frequently. Transactions will give the app a good impression of your creditworthiness and lead to a higher loan limit.

4. Don’t delete mobile payment SMS messages

If you want to increase your app’s trust in you, avoid deleting SMS messages your payment platform sends. This is another way for apps to see how frequently you use mobile payments and gauge your creditworthiness.

5. Activate your social media status

Your digital footprint is essential for apps to determine if you’re a suitable candidate for a loan. To increase your chances of receiving a larger loan, activate as many social media as possible and set them as public so that the app can see them.

Some apps require a social account to verify your identity.

6. Invest in a reliable smartphone device

A suitable smartphone device is beneficial in helping you get a higher loan limit. If the app has to estimate your income and expenditure, having a high-quality smartphone will make it easier for the app to determine what level of phone usage you can afford every month. The better the device, the more information an app can gather about you and your lifestyle.

7. Repay your loans before the deadline

It might seem obvious, but if you want to increase your loan limit, make sure you repay on time. This is the only way for the app to see how reliable you are with paying back the money.

Being proactive in repaying your loans will lead to an increase in credit limits.

8. Request for a loan occasionally

This is an important step that many people tend to forget. If you want an app to view you as reliable, make sure you request a loan now and again, even if you don’t need one.

These signals will make the app believe you’re responsible for your finances. This will help you get a higher loan limit and save on interest.

9. Use multiple mobile apps for loans

This can be an effective way to increase your loan limit if done correctly. Apps will give the person who requests the most loans with it a higher assessment of their creditworthiness.

If you need money, try requesting a loan on every app available.

10. Save frequently

Some loan providers, especially those with the backing of banks, require you to save with them first before they grant you a loan. So if you’re planning on getting a larger loan, keep with the app. This way, your creditworthiness will be increased.

In Summary

To increase your loan limit on a mobile app, you must first set up an account with the lender. Once that’s done, follow the tips above to increase your creditworthiness and get a higher loan limit.

Simon Mwangi
Simon Mwangi
As a freelance writer with a background in banking and accounting, Simon has the financial know-how to produce quality content on various topics. His experience gives him a strong foundation in understanding complex financial concepts and communicating them in an easy-to-understand way. Follow him on Linkedin

Related

Continue reading

How to Apply for Hustler Fund in Kenya

Do you have a great business idea but don't have the money to make it happen? The Hustlers Fund may be just what you need. This program provides financial assistance to entrepreneurs starting or expanding small businesses in Kenya. This article...

Frequently Asked Questions About Loan Apps in Kenya

There is an increase in the number of mobile loan apps in Kenya. So, here are some of the most asked questions regarding loan apps in Kenya. How can I get a mobile loan in Kenya?To get a loan from...

14 Best Mobile Loan Apps in Kenya in 2022

Have you been looking for a loan in Kenya? Well, read through this list of the best local apps. I've tested them all and have firsthand experience with their quality, so today, we will be taking an honest look...

Guide to KCB Mpesa Loan Application in 2022

The KCB MPESA Loan product is a partnership between the Kenya Commercial Bank and Safaricom PLC. The mobile-based account enables Safaricom’s customers to access instant loans at low-interest rates of 1.16% per month with a one-off negotiation fee of 2.5%. The...