BorrowNow Loan App Review: Fast and Efficient Loan in Nigeria
BorrowNow is a simple and efficient application that allows you access to quick, legit and guaranteed payday loans and cheap personal credit loans to get money. The Nigerian Money Lender provides secure and easy short-term cash loans for both personal and business use to meet urgent cash needs.
The app uses AI to analyze your bank records and validate your BVN to take lending decisions based on your credit score. The loan is 100% online, with no collateral required and you can apply at anytime, any day of the week.
How to Apply for BorrowNow loan?
- Download and Install the BorrowNow App from the Play Store.
- Register an account with your 11 digit BVN
- Select the product you would like to apply for.
- Fill out your basic information, then submit the application.
- Bind your bank ATM card to your account.
- E-sign the loan agreement after the approval.
- After the E-sign, the approved loan amount will be disbursed into your account shortly and a SMS notification will be sent.
BorrowNow interest rate?
The interest rate charged by BorrowNow is between 0.1% up to 1% daily. With Origination Fee Range from NGN 1,229 – NGN 6,000 for a one-time charge
For example, 91-day loan payment terms have a processing fee of 41% and an interest of 9.1%. For the loan processed with a principal amount of NGN 3,000, the processing fee would be NGN 1,229, the interest would be NGN 273, the total amount due would be NGN 4,502.The total amount due in the first month would be N1,512, the processing fee would be N419, the interest would be N93, the total amount due in the second month would be N1,495, the processing fee would be N405, the interest would be N90, the total amount due in the third month would be N1,495, the processing fee would be N405, the interest would be N90.
Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts. See how loan apps make lending decisions for first time borrowers and how to increase your loan limits.
Is BorrowNow legit?
Yes, BorrowNow loan is legit and secure. The app has over 10,000 downloads so far on the app store, a lot of customers have testified to receiving a loan from them. Read other customer’s reviews on Google play store.
When you download BorrowNow, it will ask for your permission to scan your financial location data and other information in order to verify your identity, creditworthiness, and provide you with an instant loan. It also use this to help you better understand and improve your finances with us. The app takes privacy seriously – all data you choose to share is encrypted and your personal data will never be shared without your consent.
How to repay my BorrowNow loan?
- There’s a one click repayment button in BorrowNow Loans App
- Also remember you can also make partial payments before the due date
What BorrowNow loan can improve.
BorrowNow loan app is relatively easy to use and has a fast and efficient loan disbursement compared to other loan apps in Nigeria.
However, a lots of customers have complained about their high interest rates, especially for first time borrowers.
Others have also complained about a bug that causes the app to malfunction in its recent update. If you’re experiencing these malfunctions, contact customer service.
Personal Loan Eligibility
- You are a Nigerian Citizen
- You are at least 18 years or older
- You have a source of income
- You have a Nigerian Bank account.
- You should have your BVN available
- You should have Available bank card
How much can I borrow with BorrowNow?
BorrowNow will offer you a loan range between N3000 to N250000. Monthly loan payments, interest rates, and loan terms will vary depending on your credit score.
